Richard Press
Green Brick PartnersAbout Richard S. Press
Richard S. Press, age 86, is an independent director of Green Brick Partners (GRBK) and has served on the board since October 2014. He holds a B.A. from Brown University (1960) and an MBA from Harvard Business School (1964), and previously served in the U.S. Army. Press’s core credentials center on finance, insurance asset management, risk oversight, and public company board leadership, including chair roles, which directly align with GRBK’s risk and governance needs .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management | Senior Vice President; started and built the firm’s insurance asset management practice | 1994–2006 | Led creation and scaling of insurance asset management offering |
| Stein Roe & Farnham | Senior Vice President | 1982–1994 | Senior leadership in asset management |
| Scudder, Stevens & Clark | Senior Vice President | 1964–1982 | Senior leadership in asset management |
| Controlled Risk Insurance Company of The Harvard Risk Management Foundation | Various committees | 2006–2017 | Governance and risk oversight for captive insurance programs |
| Anesthesia Associates of Massachusetts | Chairman of the Board | Not disclosed | Healthcare practice governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Transatlantic Holdings (NYSE: TRH) | Director and Chairman | Aug 2006–Mar 2012 | Public company board and chair leadership |
| Pomeroy IT Solutions (NASDAQ: PMRY) | Director and Chairman | Jul 2007–Nov 2009 | Public company board and chair leadership |
| Housing Authority Insurance Group | Director | 2008–2015 | Insurance-focused governance |
| Millwall Holdings Limited | Director | Current | UK football holding company directorship |
| The Millwall Football & Athletic Company | Director | Current | UK football club governance |
Board Governance
- Committee assignments: Audit Committee (member), Governance & Sustainability Committee (Chair), Insurance Committee (Chair) .
- Independence: Board determined Press is independent under NYSE standards; Board noted immaterial investments by certain directors (including Press) in Greenlight Funds did not impair independence (no rights, no compensation) .
- Attendance: Board met 5 times in 2024; each director attended at least 75% of board and applicable committee meetings; independent directors hold executive sessions quarterly (Brandler presided in 2024 except last session, which Blake presided) .
- Lead Independent Director: Elizabeth K. Blake serves as Lead Independent Director .
| Committee | Role | 2024 Meetings | Key responsibilities |
|---|---|---|---|
| Audit | Member | 5 | Financial reporting integrity; internal controls; auditor oversight; cybersecurity/information systems risk |
| Governance & Sustainability | Chair | 4 | Board composition, nominations, governance guidelines, board effectiveness, ESG oversight |
| Insurance | Chair | Not disclosed | Oversight of GRBK’s captive insurance subsidiary strategy, structure, compliance, investment policies |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer (independent directors) | $100,000 | Paid quarterly; option to take in restricted stock vesting in 1 year |
| Committee chair fees – Audit Chair | $25,000 | Not applicable to Press (he is not Audit Chair) |
| Committee chair fees – Comp; Governance & Sustainability; Insurance | $20,000 each | Press chairs Governance & Sustainability and Insurance (potential $40,000) |
| Press – Fees earned in cash | $70,000 | Press elected to take a portion of retainer/chair fees in restricted stock |
| Annual director equity grant (restricted stock) | 2,701 shares; $140,000 FV | Granted Mar 5, 2024; vests on first anniversary if serving |
| Press – Stock awards (aggregate grant date FV) | $279,394 | Includes annual equity grant plus elective stock in lieu of cash |
| Press – Total director compensation | $349,394 | Cash + stock awards |
Performance Compensation
- GRBK non-employee directors do not receive performance-based incentives; director equity is time-based restricted stock vesting after one year; no stock options or PSUs are granted to directors .
| Award | Grant date | Shares | Vesting | Fair value |
|---|---|---|---|---|
| Annual director restricted stock (Press) | Mar 5, 2024 | 2,701 | Vests on Mar 5, 2025 if serving | $140,000 |
Other Directorships & Interlocks
- Major shareholder and chairman: David Einhorn/Greenlight beneficially own ~21.5% via affiliates; Einhorn also directly owns additional shares; Board acknowledges margin/pledge arrangements at Greenlight but prohibits director pledging; Press’s independence affirmed despite immaterial Greenlight Fund investments .
- Press’s external board roles (e.g., TRH, PMRY) provide insurance and governance expertise; no GRBK-disclosed related-party transactions involving Press .
Expertise & Qualifications
- Extensive background in finance, insurance, and risk management; public company board and committee experience; governance leadership as committee chair .
- Board skills matrix emphasizes risk management, accounting/finance/capital markets, and public company directorship—areas Press contributes to substantively .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Outstanding | Restricted Stock Outstanding (12/31/2024) |
|---|---|---|---|
| Richard S. Press | 90,919 | Less than 1% | 5,401 |
- Includes 76 shares held as custodian for UGMA accounts (indirect) .
- Stock ownership guidelines: directors expected to hold shares equal to 5x annual cash retainer within five years; until compliant, must retain 100% of net shares from RS/RSU settlements .
- Hedging and pledging: company prohibits director hedging and pledging; limited exceptions only for ≥10% beneficial owners upon Board approval (not applicable to Press) .
- No director-specific pledging/hedging by Press disclosed; insider trading windows and restrictions apply to directors .
Governance Assessment
- Strengths: Press chairs Governance & Sustainability and Insurance committees, aligning his insurance and risk background with oversight of GRBK’s captive insurance and governance framework; Audit Committee service supports financial oversight and cybersecurity risk governance .
- Alignment: Press elected to receive part of his compensation in stock; annual equity grants and 5x ownership guidelines strengthen alignment with shareholders .
- Independence and engagement: Board affirmed Press’s independence; board/committee self-evaluations and regular executive sessions enhance governance effectiveness .
- Shareholder signals: Prior say‑on‑pay support was high (98% in 2023), reflecting investor confidence in compensation governance more broadly .
- Potential watch items: Greenlight’s large ownership and chair presence require continued vigilance for related-party neutrality (Board recusal and related-person transaction policy mitigate risk); captive insurance oversight demands robust regulatory and investment governance; CFO resignation in March 2025 noted (committee oversight of finance and risk ongoing) .
RED FLAGS: None disclosed specific to Press (no related-party transactions or pledging). Company-level related person transaction (CEO’s son in CLH20 minority interest) is governed by committee review/recusal; continued monitoring appropriate .