Daniel Roller
About Daniel J. Roller
Daniel J. Roller, age 44, is an independent director of Horizon Kinetics Holding Corporation (HKHC) and serves as the Board’s Lead Independent Director. He is designated an “Audit Committee financial expert” and sits on the Audit, Compensation, and Nominating & Corporate Governance Committees. Roller is the founder, President, and Chief Investment Officer of Maran Capital Management (est. 2015), and previously served as Chairman of the Board of Scott’s Liquid Gold-Inc. He holds a B.S.E. in Electrical Engineering and Computer Science from Duke University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Scott’s Liquid Gold-Inc. | Chairman of the Board | Not disclosed | Led board prior to HKHC merger |
| Various public and private companies (advisory) | Advisor on M&A, capital allocation, governance, strategy | Not disclosed | Advised numerous companies; long-term, fundamental investing focus |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| Maran Capital Management, LLC | Founder, President & CIO | 2015–present | Concentrated, fundamental long-term investments in small-caps; advises companies |
Board Governance
- Board leadership: CEO is also Chairman; Roller is designated Lead Independent Director to serve as liaison between management and non-management directors .
- Committee assignments: Roller is a member of Audit, Compensation, and Nominating & Corporate Governance committees; he is an Audit Committee financial expert under SEC rules .
- Independence: All members of the Audit, Compensation, and Nominating & Corporate Governance Committees are independent directors .
- Attendance and engagement: Board met 2 times in 2024; all director nominees who served during 2024 attended all meetings. Audit Committee met 2 times, Compensation Committee met 2 times, and Nominating & Corporate Governance Committee met once; “all board members were in attendance” at committee meetings .
- Risk oversight: Audit oversees financial reporting, cybersecurity, compliance; Compensation oversees compensation-related risks including clawback policy; Nominating & Governance oversees board composition and governance framework. Audit Committee sessions regularly include executive sessions with the external auditor without management present .
Fixed Compensation
- Non-management director compensation set at $100,000 per year (inclusive of all committee service), paid in cash quarterly, effective August 13, 2024 .
- 2024 actual director fees: Roller earned $50,000 in cash; no stock awards were granted to directors in 2024 .
| Director Compensation (2024) | Amount ($) |
|---|---|
| Annual non-management director retainer policy | $100,000 (cash; quarterly) |
| Roller – Fees Earned or Paid in Cash | $50,000 |
| Roller – Stock Awards | $0 |
| Roller – Total | $50,000 |
Other Directorships & Interlocks
| Company | Board Role | Current/Prior | Committees |
|---|---|---|---|
| Scott’s Liquid Gold-Inc. | Chairman of the Board | Prior | Not disclosed |
- No other current public company directorships for Roller are disclosed in the proxy .
Expertise & Qualifications
- Designated Audit Committee financial expert (SEC definition) .
- 20+ years of investment research and management; governance and strategy advisory experience .
- Technical education: B.S.E. in Electrical Engineering and Computer Science (Duke University) .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Direct vs Indirect |
|---|---|---|---|
| Daniel J. Roller | 262,707 | 1.4% | 9,500 shares directly; remainder deemed beneficially owned via Maran entities (as sole managing member of Maran Partners LP and related entities) |
- Shares outstanding at record date (April 21, 2025): 18,635,321, used for percentage calculations .
Governance Assessment
- Alignment: Roller holds 1.4% beneficial stake (9,500 shares direct plus fund-controlled positions), suggesting meaningful personal alignment despite cash-only director compensation .
- Independence and oversight: Lead Independent Director designation and financial expert status strengthen board counterbalance to combined CEO/Chair structure and enhance oversight of complex financial/reporting matters .
- Engagement: 100% attendance in 2024 at board and committee meetings; Audit and Compensation met twice, Nominating & Governance met once, indicating functioning committees though overall board meeting count is modest (2) .
- Related-party complexities (Board-level oversight needed): The Company maintains multiple related-party arrangements (e.g., FRMO revenue share of 4.2% and 4.4% ownership; CMSC and HM Tech arrangements). Audit Committee must approve all related party transactions under policy; this is a governance focal point and potential red flag if not tightly overseen .
- Risk controls: Compensation Committee references clawback policy for incentives tied to financial restatements due to misconduct or fraud (company-wide policy), supporting a risk-aware posture .
Notes on Insider Filings
- Section 16(a) compliance: Company states directors and officers complied timely with SEC beneficial ownership reporting requirements (Forms 3/4/5). Specific HKHC Form 4 transactions for Roller are not detailed in the proxy .
- Indemnification: The Company filed a form of indemnification agreement for directors and officers in connection with the August 1, 2024 merger 8‑K .
Additional Context
- Board nominees: Roller is one of seven nominees; he is categorized as a non-management director .
- Company TSR (context for governance environment): Cumulative TSR was 169.86 from merger completion (Aug 1, 2024) through Dec 31, 2024; net income was ~$92.5 million in FY 2024 (company-level, not director-specific) .