Joe Lenz
About Joe Lenz
Joe Lenz (age 36) is an Independent Director of Anywhere Real Estate Inc. (HOUS), appointed February 13, 2024 via a Cooperation Agreement with Angelo Gordon affiliates; the Board determined him independent under NYSE standards despite that affiliation . He is Partner and Co‑Head of Research of TPG AG Credit Solutions (approximately $17B strategy within TPG Angelo Gordon) and has capital markets and accounting expertise; he previously worked in Morgan Stanley’s investment banking division for two years prior to 2012 and served on Northern Oil and Gas Inc.’s board in 2018–2019 . He is currently nominated for re‑election at the 2025 Annual Meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TPG Angelo Gordon (TPG AG Credit Solutions) | Partner and Co‑Head of Research | Since 2019 | Co-leads ~$17B credit solutions strategy; capital markets and accounting expertise cited as Board qualification |
| Morgan Stanley | Investment Banking Division | ~2010–2012 (two years prior to joining AG in 2012) | Investment banking experience (debt/equity, transactions) |
| Northern Oil and Gas Inc. | Director | 2018–2019 | Public company board governance experience |
External Roles
| Organization | Role | Current/Prior | Notes |
|---|---|---|---|
| TPG Angelo Gordon (a TPG platform) | Partner & Co‑Head of Research, AG Credit Solutions | Current | Affiliated with TPG GPA A, LLC, a principal HOUS stockholder (8.7%); independence reviewed by Board |
| Northern Oil & Gas Inc. | Director | Prior (2018–2019) | Prior public company directorship |
Board Governance
- Independence: Board affirmatively determined Lenz is independent under NYSE and company criteria; review considered a Note Repurchase with Angelo Gordon and the Cooperation Agreement .
- Committee assignments: None as of Dec 31, 2024 (not on Audit, Compensation & Talent, Nominating & Governance, or Product & Technology) .
- Attendance: In 2024, each Director attended at least 75% of Board and applicable committee meetings; twelve Directors attended the 2024 virtual annual meeting .
- Board size/composition: 13 Directors; 92% independent; Independent Chairman structure; Lenz is part of the slate nominated for election in 2025 .
Fixed Compensation
- Pursuant to the Cooperation Agreement, Lenz does not receive compensation for Board or any future committee service .
| Component | Amount ($) | Notes |
|---|---|---|
| Annual Director Retainer – Cash | 0 | Exempt; no director pay under Cooperation Agreement |
| Annual Director Retainer – RSUs (grant-date FV) | 0 | No RSU grants to Lenz under Cooperation Agreement |
| Committee Member/Chair Fees | 0 | Not a committee member; Cooperation Agreement excludes compensation |
| Reimbursements | N/A | Company reimburses independent directors’ reasonable expenses; Lenz’s compensation is otherwise excluded |
Performance Compensation
- Directors at HOUS generally receive time‑based RSUs (no performance metrics), but Lenz receives no equity awards under the Cooperation Agreement; therefore, no director performance-based pay applies to him .
| Award Type | Metric | Target | Outcome |
|---|---|---|---|
| Director equity (RSUs) | None (time‑based vesting) | N/A | Not applicable to Lenz (no grants) |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock | Potential Conflict Note |
|---|---|---|---|
| Northern Oil & Gas Inc. | Director (2018–2019) | Prior | None disclosed |
| TPG GPA A, LLC (principal stockholder in HOUS) | Affiliate via TPG Angelo Gordon | Current ownership 8.7% | Cooperation Agreement appointing Lenz; Investor Parties agreed to vote and standstill; Board reviewed and affirmed independence |
| Angelo, Gordon & Co., L.P. funds | Noteholder in HOUS notes | Company repurchased $24M notes from AG funds for $17M+AI (Q3 2024) | Related person transaction approved by Audit Committee; reviewed in independence determination |
Expertise & Qualifications
- Capital markets and accounting expertise; public company board experience; finance/business background .
| Skill Area | Indicated for Lenz |
|---|---|
| Accounting/Financial | Yes |
| Capital Markets | Yes |
| Public Company Board | Yes |
Equity Ownership
- Beneficial Ownership: No shares reported as of March 10, 2025; “—” and <1% .
- Shares Outstanding: 111,795,256 (for context) .
- Ownership Guidelines: Independent Director stock ownership guidelines exempt Lenz under the Cooperation Agreement .
- Hedging/Pledging: Prohibited for Directors; no waivers permitted .
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Joe Lenz | — | <1% | No RSUs reported; exempt from ownership guidelines |
Governance Assessment
- Strengths: Independent status affirmed despite investor affiliation; Board has robust related‑party review, and Audit Committee approved Cooperation Agreement and note repurchase with AG funds; hedging/pledging banned; strong governance framework and independent Chair .
- Risks/RED FLAGS:
- Investor‑affiliated director appointed via Cooperation Agreement with standstill/voting provisions; while reviewed, this creates potential perceived influence from a principal stockholder (TPG GPA A, LLC, 8.7%) .
- No committee assignments in first year may limit direct oversight impact; watch for future committee placements to assess engagement depth .
- No director compensation or equity grants under Cooperation Agreement reduces pay‑based alignment, though he is exempt from ownership guidelines; direct skin‑in‑the‑game is minimal per beneficial ownership table .
- Engagement: Board‑wide investor outreach is strong; attendance thresholds met; Lenz part of a broadly independent Board with clear risk and technology oversight structures .
Overall, Lenz brings capital markets and accounting expertise and prior public board experience; governance scrutiny and formal independence determinations mitigate—but do not eliminate—perceived conflict risks from his affiliation with a principal stockholder. Monitoring his committee assignments, participation in executive sessions, and any changes to the Cooperation Agreement will be key to assessing board effectiveness and investor confidence .