Efrain Rivera
JONES LANG LASALLEAbout Efrain Rivera
Efrain Rivera (age 68) has served as an independent director of JLL since 2021 (4 years of tenure). He is Senior Advisor to the CEO and former CFO of Paychex, and previously held senior finance roles including Corporate VP and CFO at Bausch & Lomb. He holds a Doctor of Management (Case Western Reserve University), an MBA (University of Rochester), a JD (New York University), and is a certified management accountant (CMA) . He is independent under NYSE standards (12 of 13 nominees are independent; CEO excepted) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Paychex, Inc. | Senior Advisor to CEO; former SVP & CFO | Not disclosed | Oversaw risk management and M&A, including the $1.2B acquisition of Oasis Outsourcing; participated on the company’s cybersecurity committee . |
| Bausch & Lomb | Corporate VP and CFO | Not disclosed | Managed global operations across Latin America and Canada; led M&A function . |
| Higher education administration | Senior roles (unspecified) | Not disclosed | Administrative leadership experience (details not specified) . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Franklin Covey Co. (NYSE: FC) | Director | Since 2023 | Serves on the audit committee . |
| EQT Partners | Senior Advisor | Not disclosed | Strategic advisory to a global investment firm . |
Board Governance
- Committee assignments: Audit and Risk Committee (member); Nominating, Governance and Sustainability Committee (member). He is designated an “audit committee financial expert” by the Board .
- Independence: The Board determined all non-executive directors (including Rivera) are independent; only the CEO is non-independent .
- Attendance and engagement: The Board held 7 meetings in 2024; each director attended at least 80% of Board and committee meetings during periods served. The Audit & Risk Committee met 9 times in 2024 with 98% attendance by all members; the Nominating, Governance and Sustainability Committee met 4 times with 98% attendance by all members .
- Cybersecurity oversight: The Audit and Risk Committee oversees enterprise risk and cybersecurity; in 2024 the Board created a Cybersecurity Subcommittee that meets quarterly and reports to the Audit & Risk Committee .
- Executive sessions: Non-employee directors met in executive session eight times in 2024; the Chairman presides .
- Related-party review: The company maintains a formal policy for review/approval of related-party transactions; the Board’s independence review concluded considered transactions were routine/immaterial and did not impair independence .
Fixed Compensation
| Component | Structure/Amount | Notes |
|---|---|---|
| Annual cash retainer | $115,000 (effective June 1, 2024; previously $100,000) | Paid quarterly; Chairman receives an additional $60,000 . |
| Committee fees | Audit & Risk Chair $25,000; member $10,000. Compensation Chair $25,000; member $10,000. Nominating Chair $15,000; member $5,000 | Paid annually in Q3 . |
| 2024 Fees Earned (Rivera) | $123,750 | Actual cash fees received in 2024 . |
| Compensation limit | $750,000 total (cash + equity) per director per year | To align with governance best practices . |
| Perquisites/meeting fees | No meeting fees; no perquisites to Board members | Travel expenses reimbursed . |
Approximately 63% of base Board compensation is in JLL stock (equity-heavy mix) .
Performance Compensation
| Component | Structure/Amount | Vesting/Design |
|---|---|---|
| Annual equity grant | $200,000 in JLL common stock (Chairman: +$110,000) | Granted annually after the shareholder meeting; directors may elect to receive cash retainers in stock and may use the Deferred Compensation Plan to defer equity/cash . |
| Options | None | No option awards reported for directors in 2024 . |
| Rivera 2024 stock award | $200,000 | Grant date fair value reported . |
Other Directorships & Interlocks
| Company | Role | Committee | Potential Interlock/Conflict |
|---|---|---|---|
| Franklin Covey Co. (NYSE: FC) | Director | Audit Committee | No disclosed related-party transactions or competitive interlocks with JLL in proxy; Board independence review found no material relationships . |
Expertise & Qualifications
- Financial leadership: Former public-company CFO at Paychex and Bausch & Lomb; CMA; designated audit committee financial expert at JLL .
- M&A execution: Led M&A functions and oversaw Paychex’s $1.2B Oasis Outsourcing acquisition; supports strategic development and capital allocation oversight .
- Global operations: Managed European operations/strategy for Paychex; led in Latin America and Canada for Bausch & Lomb .
- Cyber and risk: Member of Paychex cybersecurity committee; oversight of risk management in prior roles .
- Education: Doctor of Management (CWRU), MBA (Rochester), JD (NYU) .
Equity Ownership
| Metric | Value | Source/Notes |
|---|---|---|
| Shares directly owned | 6,050 | As of March 31, 2025 . |
| RSUs | 0 | Directors’ RSUs not listed for Rivera; table shows none . |
| Total shares | 6,050 | . |
| Disclosure price | $247.91 | JLL closing price on March 31, 2025 . |
| Holding value | $1,499,856 | 6,050 × $247.91 . |
| Director ownership guideline | $575,000 within 5 years of election | Rivera (elected 2021) already exceeds guideline value based on disclosed holdings . |
| Pledging/hedging | Prohibited; derivatives/short sales banned; hedging strongly discouraged with preclearance | Insider trading policy . |
Governance Assessment
-
Strengths for investor confidence
- Deep finance and M&A credentials; designated audit committee financial expert; supports rigorous Audit & Risk oversight .
- Strong alignment via equity: $200,000 annual stock grant; 2024 cash fees of $123,750; ownership value ~$1.50M vs. $575k guideline .
- Independence affirmed; Board maintains robust related-party review and prohibitions on pledging/hedging; strong committee attendance culture (A&R 98%) and Board attendance ≥80% for each director .
- Engagement on risk and cybersecurity through A&R Committee structure and Board-level cyber subcommittee .
-
Potential conflicts or red flags
- No related-party transactions or material relationships disclosed affecting independence; no options/repricing for directors; no tax gross-ups; perquisites not provided to directors .
- No pledging allowed under policy; no pledging disclosed; insider trading policy enforces preclearance and blackout periods .
-
Committee workload and effectiveness
- Rivera contributes across Audit & Risk and Nominating, Governance & Sustainability—key levers for enterprise risk, financial reporting quality, and board composition; his prior CFO and cyber committee experience align with JLL’s expanded cyber oversight mandate .
RED FLAGS: None identified in the proxy related to independence, attendance, related-party exposure, or misaligned director pay .