Steve H. Grunwald
About Steve H. Grunwald
Independent director of The InterGroup Corporation (INTG), age 43, serving since October 2022. He is a hospitality operator with 15+ years of experience, including general manager roles and oversight of multiple hotel properties; he holds a bachelor’s degree from Brussels Business Institute’s College of Hospitality and Tourism Management (2004). He also serves as a director of INTG’s public subsidiary, Portsmouth Square, Inc., since 2019, adding direct operating insight into INTG’s hotel assets .
Past Roles
| Organization | Role | Tenure/Date | Committees/Impact |
|---|---|---|---|
| Le Châtelain Brussels (5-star hotel) | Various roles; later General Manager | Not dated (prior to 2006) | Hands-on luxury operations experience |
| The Progress Hotel | Active participant in construction/opening | 2006 | Ground-up/boutique launch experience |
| Two additional properties | General Manager | 2009 | Multi-property leadership |
| Hotel Siru | Led renovations and reopening; took over management | 2013 | Turnaround/renovation execution |
| Portfolio of four hotels | Managing four hotels (varied styles/categories) | Current | Broad operating and category exposure |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Portsmouth Square, Inc. (public; INTG subsidiary) | Director | 2019 | Creates parent–subsidiary board interlock |
Board Governance
- Independence: INTG states all directors other than the CEO (John V. Winfield) are independent under SEC/NASDAQ rules; Grunwald is an independent director .
- Committee assignments: Audit Committee member; Audit Committee chaired by William J. Nance. Audit Committee Financial Expert designation applies to Nance and John C. Love—not Grunwald .
- Other committees: Not listed as a member of the Compensation, Nominating, or Executive Strategic Real Estate & Securities Investment Committees in 2025 .
- Meeting cadence/engagement: Board held one meeting in FY2024; Audit Committee held four meetings in FY2024; independent directors meet in executive session at least twice annually .
- Attendance disclosure: No director attended fewer than 75% of Board meetings in FY2023 (company-level disclosure; director-level detail not provided) .
- Board leadership: CEO and Chair roles combined under John V. Winfield; the Board cites governance processes and committee structures as mitigating factors .
- Nominating process: Nominating Committee (Murphy, Chair; Love) has no charter and does not consider security-holder nominees; company cites status as a Smaller Reporting Company with more than 72% of voting securities controlled by management as rationale .
Fixed Compensation
| Component | INTG Policy/Structure | Amount/Detail | Source |
|---|---|---|---|
| Annual cash retainer (non-employee directors) | Fixed cash | $12,000 | |
| Audit Committee member fee | Cash per quarter | $1,000/quarter (Chair: $1,500/quarter) | |
| Additional annual cash payment | Cash | $22,000 | |
| Meeting fees | Generally none | No additional fees for attending Board/Committee meetings, except Audit Committee fees above | |
| FY2024 — Steve H. Grunwald total | Cash | $44,000 (includes $6,000 from Portsmouth board fees) |
Notes:
- The FY2024 director compensation table shows no stock awards or other compensation for Grunwald; mix is entirely cash .
Performance Compensation
| Instrument/Metric | FY2024 Disclosure for Directors | Details |
|---|---|---|
| Stock awards (RSUs/PSUs) | None for directors | Director comp table shows “Stock Awards –” for Grunwald |
| Option awards | None for directors | No director option awards disclosed in director compensation section |
| Performance metrics (EBITDA/TSR/ESG, etc.) | Not applicable to directors | No director performance plan disclosed |
Other Directorships & Interlocks
| Company | Type | Role | Interlock/Conflict Consideration |
|---|---|---|---|
| Portsmouth Square, Inc. | Public (INTG subsidiary) | Director (since 2019) | Parent–subsidiary interlock; potential for related-party or intercompany decision overlap |
Expertise & Qualifications
- Hospitality operations and asset management: 15+ years across luxury and boutique properties; renovation/turnaround and multi-property management experience .
- Governance: Audit Committee member at INTG (not designated as financial expert) .
- Education: Bachelor’s degree, Brussels Business Institute’s College of Hospitality and Tourism Management, 2004 .
Equity Ownership
| Item | Status/Value | Source |
|---|---|---|
| Beneficial ownership (individual) | Not separately listed for Grunwald in beneficial ownership table as of April 1, 2025 (table lists Winfield, Nance, Gonzalez, Love, Murphy) | |
| Ownership as % of outstanding | Not disclosed for Grunwald (table shows “*” for holdings that do not exceed 1%, but does not include his line item) | |
| Shares pledged as collateral | Not disclosed | |
| Section 16 compliance | Company reports no untimely Form 4 filings during FY2024 |
Governance Assessment
Strengths
- Independent director with direct, relevant hospitality operating experience aligned to INTG’s hotel assets .
- Active on the Audit Committee, which met four times in FY2024, indicating a functioning oversight cadence; Audit Committee report signed by the three members, including Grunwald .
- Board holds independent director executive sessions at least twice per year, supporting independent oversight .
Watch items / Red flags
- Compensation alignment: Director pay is entirely cash (no equity), reducing long-term ownership alignment; Grunwald’s FY2024 total was $44,000, including $6,000 from the subsidiary board, with no stock awards disclosed .
- Ownership transparency: Grunwald does not appear in the beneficial ownership table, and no equity holdings are disclosed for him—suggesting limited “skin-in-the-game” or simply nondisclosure; either way, investors lack clarity on alignment .
- Control environment: CEO/Chair role combined; more than 70% of shares are controlled by the CEO (70.1% as of April 1, 2025), and management controls more than 72% of voting securities—this concentration can diminish independent board influence and shareholder voice .
- Nominating governance: No charter; does not consider security-holder director nominees, citing high management ownership—limits shareholder input into board composition .
- Meeting cadence: Only one full Board meeting in FY2024 may signal limited board-level deliberation; however, committees were active (e.g., Audit met four times) .
- Parent–subsidiary interlock: Serving on both INTG and its public subsidiary Portsmouth Square may present conflict risks in intercompany matters (though no specific related-party transactions are attributed to Grunwald in disclosures) .
Overall implication
- Grunwald brings valuable operating expertise and participates on the Audit Committee, which is positive for board effectiveness. However, the absence of disclosed equity ownership and an all-cash director pay structure, combined with a highly controlled voting structure and limited nominating processes, reduce perceived alignment and may constrain independent influence on strategy, capital allocation, and executive oversight .