David L. Rosenblum
About David L. Rosenblum
Independent director and Vice Chairman of the Board of Hanmi Financial Corporation since 2014; age 72. Designated Audit Committee Financial Expert, with deep strategy, M&A, and corporate development experience from a 34-year career at Deloitte Consulting LLP (Senior Principal; National Managing Director of Consulting Corporate Development; leader in Strategy & Operations). Education: B.A. Economics (Wesleyan University) and M.B.A. Finance (Wharton). Independent under Nasdaq rules; all directors except the CEO are independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte Consulting LLP | Senior Principal; National Managing Director of Consulting Corporate Development; Strategy & Operations leader | 1979–2013 | Led corporate development and strategy programs; prior service on Deloitte Consulting board |
| Deloitte Consulting LLP (Board) | Director | Not specified | Governance oversight (historical role) |
| Wesleyan University | Trustee | Not specified | University governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sage Partners, LLC | Member | Current | Strategic advisory work |
| Interlock Equity LP | Operating Partner | Current | PE operating partner across mid/low-mid market businesses |
| Apply Digital (Interlock portfolio) | Board Member | Current | Portfolio company board oversight (private) |
| Library Foundation of Los Angeles | Director; Finance Committee Chair; Executive Committee member | Current | Finance chair and executive governance |
| NACD Pacific Southwest Chapter | Chair-Emeritus | Prior | Director education and governance best practices leadership |
Board Governance
- Vice Chairman of the Board; exercises Chairman duties if the Chair is absent or disabled .
- Committee memberships: Audit, Compensation & Human Resources (CHR), and Risk, Compliance & Planning (RCP). Audit Committee Financial Expert designation .
- Independence: Board affirmed Rosenblum as independent (only the CEO is non-independent) .
- Attendance: Board held 9 joint meetings in 2024; all directors attended more than 75% of Board and committee meetings and all attended the 2024 annual meeting .
- Committee workload: Audit met 12 times; CHR met 7; NCG 4; RCP 8 in 2024 (Rosenblum sits on Audit, CHR, RCP) .
Fixed Compensation
| Component (2024) | Amount | Details |
|---|---|---|
| Fees Earned or Paid in Cash | $90,500 | Board/committee retainers plus Vice Chair retainer per policy |
| Stock Awards | $65,004 | Annual restricted stock grant; 4,040 shares vest one year; grant date May 22, 2024; grant-date price $16.09 |
| Total | $155,504 | Cash + equity fair value |
| Non-Employee Director Compensation Policy (Selected Rates) | Amount |
|---|---|
| Annual Board cash retainer | $42,500 |
| Vice Chairman annual cash retainer | $20,000 |
| Committee membership annual cash retainers (Audit / CHR / RCP) | $6,000 / $4,000 / $5,000 |
| Committee chair annual cash retainers (Audit / CHR / RCP) | $12,000 / $9,000 / $10,000 |
| Annual director restricted stock grant target value (2024) | $65,000 |
Directors had no stock options outstanding; each current independent director had 4,040 restricted shares outstanding at year-end 2024 (excl. Ms. Ball) .
Performance Compensation
| Award Type | Performance Metric(s) | Vesting | Units/Value | Grant Date |
|---|---|---|---|---|
| Director Restricted Stock | None (time-based only; no PSUs or options for directors) | 1-year cliff vest | 4,040 shares; $65,004 grant-date fair value at $16.09/share | May 22, 2024 |
Other Directorships & Interlocks
| Company/Organization | Public Co.? | Role | Interlock/Conflict Notes |
|---|---|---|---|
| Apply Digital (Interlock Equity portfolio) | No (portfolio company) | Board Member | Private portfolio company; no related-party transactions disclosed by Hanmi in 2024 |
| Deloitte Consulting LLP | Private | Former Board Member | Historical role; no current related-party transactions |
| Library Foundation of Los Angeles | Non-profit | Director; Finance Chair | Civic governance; no conflicts disclosed |
| NACD PSW Chapter | Non-profit | Chair-Emeritus | Governance best practices; no conflicts disclosed |
- Related party safeguards: Hanmi reports no related-party transactions requiring review/approval in 2024; any director/officer banking relationships are ordinary-course, market terms, and compliant with laws (Reg O) .
Expertise & Qualifications
- Financial expertise; designated Audit Committee Financial Expert .
- Strategic planning, M&A, corporate development; extensive consulting leadership experience .
- Governance leadership via NACD Chair-Emeritus; strengthens board process effectiveness .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial Ownership (common) | 33,736 shares; <1% of outstanding |
| Restricted Shares Outstanding (12/31/2024) | 4,040 shares; no stock options outstanding |
| Pledging/Hedging | Prohibited for directors; may not hold in margin/pledge; no short sales/derivatives allowed |
| Director Ownership Guidelines | Required ≥3x annual retainer; compliance deadline 5 years; as of 12/31/2024, all directors met guidelines except two new directors (Marasco, Ball) |
Governance Assessment
- Board effectiveness: Vice Chair plus Audit/CHR/RCP memberships and FE designation position Rosenblum at the center of financial oversight, compensation governance, and enterprise risk oversight—positive for investor confidence .
- Independence and attendance: Independent; attended >75% of meetings; Board demonstrates strong engagement (100% attendance at annual meeting) .
- Compensation alignment: Director pay balanced between cash retainers and time-based equity; no options; annual RS grant promotes alignment without riskier option structures .
- Shareholder sentiment: Hanmi’s 2024 say‑on‑pay approval was 94.6%, indicating broad support for compensation governance; while NEO-focused, it reflects overall governance credibility .
- Conflicts/related parties: No related‑party transactions requiring approval in 2024; ordinary-course banking relationships on market terms; hedging/pledging ban reduces alignment risks .
- RED FLAGS: None disclosed specific to Rosenblum. Watch areas include shared industry ties among directors (e.g., private equity/investment backgrounds), but no transactions or interlocks indicating conflict were reported in 2024 .
Committee meeting cadence underscores active oversight:
- Audit: 12 meetings (financial reporting, controls, compliance) .
- CHR: 7 meetings (compensation, succession, consultants) .
- RCP: 8 meetings (enterprise risk, strategy, IT/cyber) .
Section 16(a) filings: Company disclosed late reports for certain officers and one director (Marasco) in 2024; no late filings noted for Rosenblum .