Doyle Simons
About Doyle R. Simons
Independent director of Iron Mountain (IRM); former President & CEO of Weyerhaeuser (retired). Age 61; appointed to IRM’s board in 2019–2020 cohort with five years of tenure as of April 18, 2025. Education: BBA, Baylor University; JD, University of Texas. Core credentials: REIT CEO experience, corporate finance, and strategic planning; currently chairs IRM’s Finance Committee and serves on the Compensation Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Weyerhaeuser Co. | President & CEO | Aug 2013 – Dec 2018 | Led public timber REIT; prior director (2012–2018) |
| Temple-Inland, Inc. | Chairman & CEO | Dec 2007 – Feb 2012 | Public corrugated packaging/building products company; director (2008–2012) |
External Roles
| Company | Role | Start Date | Notes |
|---|---|---|---|
| Fiserv, Inc. | Director | 2007 | Global financial services technology provider (public) |
| Union Pacific Corporation | Director | Jul 2023 | Class I railroad (public) |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board affirmatively determined all non‑employee directors, including Simons, are independent under NYSE standards |
| Committees | Finance Committee – Chair; Compensation Committee – Member |
| Committee mandates | Finance: capital structure, leverage, capital allocation, dividends/buybacks, derivatives/hedging, credit ratings, investor relations |
| Board leadership | Independent Chair (Pamela Arway); executive sessions at each Board and committee meeting |
| Attendance (2024) | Board held 4 meetings; each incumbent director attended ≥75% of Board and applicable committee meetings; all directors standing for re‑election attended the 2024 Annual Meeting |
| Related parties | No new related person transactions requiring Audit Committee review in 2024 |
| Policies | Hedging and pledging of company stock by directors prohibited; all directors compliant as of Apr 18, 2025 |
Fixed Compensation (Non‑Employee Director)
| Component | 2024 Amount/Terms | Source |
|---|---|---|
| Annual Board retainer (cash) | $85,000 | |
| Committee member retainer (each) | $15,000 | |
| Committee chair retainer (each) | $20,000 | |
| Independent Chair retainer | $160,000 | |
| 2024 Director RSU grant | $190,000 grant value; RSUs vested immediately at grant (May 30, 2024) | |
| 2025 plan changes | Board retainer increased to $90,000; annual stock grant increased to $220,000 |
| 2024 Director Compensation — Doyle R. Simons | Amount (USD) |
|---|---|
| Fees earned or paid in cash | $135,000 (elected to defer 100% to DDCP) |
| Stock awards (RSUs) | $189,941 (elected to defer 100% to DDCP) |
| Total | $324,941 |
| 2024 RSU units granted | 2,385 RSUs on May 30, 2024 (for each non‑employee director except noted exceptions) |
Notes: The Director Deferred Compensation Plan (DDCP) permits 5–100% deferral of cash retainers and some/all of annual RSU grants into phantom stock; dividends accrue on phantom stock; payouts occur in Common Stock per elections. Simons deferred 100% of both his cash retainer and 2024 RSUs.
Performance Compensation
- Non‑employee director pay has no performance‑based component; annual RSUs are time‑based and (in 2024) vested immediately at grant. No STI/LTI performance metrics apply to directors.
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflicts Disclosed |
|---|---|---|
| Fiserv, Inc. | Director | None disclosed by IRM; no related‑party transactions in 2024 |
| Union Pacific Corporation | Director | None disclosed by IRM; no related‑party transactions in 2024 |
Board overboarding policy: non‑executive directors limited to ≤4 public boards including IRM; Simons’ current total (IRM + 2) is within policy.
Expertise & Qualifications
- Former public REIT CEO (Weyerhaeuser) with financial and strategic planning expertise, aligning with IRM’s REIT structure and capital allocation needs; nominated for finance and strategy depth.
- Serves as IRM Finance Committee Chair overseeing capital structure, leverage, and capital returns—areas critical to investor outcomes.
Equity Ownership
| Item | Detail |
|---|---|
| Common stock beneficially owned (Mar 5, 2025) | — shares reported; “less than 1%” |
| Phantom stock (vested) | 40,613 phantom shares under DDCP (economic equivalent of Common Stock; payable in stock per elections) |
| Director ownership guideline | 6x annual cash retainer (excludes unexercised options and PUs) |
| Compliance status | All non‑employee directors in compliance as of Apr 18, 2025 |
| Hedging/pledging | Prohibited; all directors compliant as of Apr 18, 2025 |
Governance Assessment
- Strengths: Independent status; chairs Finance (capital allocation oversight); member, Compensation Committee; strong attendance; strict anti‑hedging/pledging; no related‑party transactions; director ownership guidelines met; say‑on‑pay support 96% in 2024 signaling investor alignment.
- Alignment and incentives: Deferred 100% of cash and equity into stock‑denominated phantom units, increasing long‑term alignment; annual director equity moving to $220k in 2025 further links compensation to share value.
- Workload/overboarding: Holds 2 other public directorships (Fiserv, Union Pacific) within IRM’s limit of four for non‑executives—no policy breach.
- RED FLAGS: None disclosed—no attendance shortfalls, no related‑party issues, no hedging/pledging, and no committee interlocks. Continue monitoring for potential customer/supplier relationships with Fiserv or Union Pacific; none disclosed by IRM in 2024.