Thomas Murphy Jr.
ST JOEAbout Thomas P. Murphy, Jr.
Independent director at The St. Joe Company since 2011; age 76. Founder, Chairman, and CEO of Coastal Construction Group, one of Florida’s leading general contractors. Board biography highlights entrepreneurial construction credentials and prior public board experience; Board determined he is independent under NYSE standards. Attendance was 100% for Board and committee meetings in 2024; he is a member of the Audit, Compensation & Human Capital (CHC), and Governance Committees, but not a chair .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Coastal Construction Group | Founder, Chairman & CEO | Not disclosed | Built one of Florida’s leading general contractors with >$5B in active projects |
| Interval Leisure Group (public company) | Director | 2008–2018 | Company later acquired by Marriott Vacations Worldwide; adds hospitality sector experience |
| Baptist Health Systems of South Florida | Honorary Board Member | Not disclosed | Community/healthcare governance exposure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Construction Industry Round Table | Member | Not disclosed | Industry network and construction policy exposure |
| National Association of Home Builders | Member | Not disclosed | Homebuilding industry network |
| Florida Home Builders Association | Member | Not disclosed | Florida market expertise |
Board Governance
- Independence: Board annually reviews independence; Murphy classified as independent alongside Alvarez and Frank under NYSE standards .
- Committee assignments: Member, Audit; Member, CHC; Member, Governance. Chairs across all three committees are held by Lead Independent Director Howard S. Frank, not Murphy .
- Attendance & engagement: 100% attendance for Board (5 meetings) and committees during 2024; non-management directors meet in regular executive sessions; Frank presides post-October 2024 .
- Lead Independent Director: Howard S. Frank (since 2024), Audit Committee financial expert; presides over executive sessions .
- Committee activity levels (2024): Audit (4 meetings), CHC (2), Governance (3) .
- CHC oversight outcomes: 98% Say-on-Pay support in 2024 considered by CHC, supporting stability in pay philosophy; CHC members (Frank, Alvarez, Murphy) issued the CD&A report .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (non-employee director) | $125,000 | Paid quarterly in cash; no meeting fees; no annual stock grants to non-employee directors |
| Chair add-ons (not applicable to Murphy) | $25,000 each | Chair add-ons for Board, Governance, CHC, Audit; Frank received chair fees |
| 2024 paid to Murphy | $125,000 | Fees earned in cash; no “All Other Compensation” |
| Expense reimbursement | As incurred | Travel and approved seminar reimbursement; not recorded for Murphy in 2024 table |
| Charitable matching program | Up to $5,000 | Matching to charities where director serves as officer/trustee |
Performance Compensation
- Equity grants: Company does not award annual stock grants to non-employee directors; Murphy received no equity grants as a director in 2024 .
- Incentive compensation: None for directors; clawback policy applies to incentive-based compensation broadly to comply with NYSE/SEC rules .
- Anti-hedging: Directors are prohibited from hedging/monetization transactions (e.g., collars, forwards) per policy; no explicit pledging restrictions disclosed in proxy .
Other Directorships & Interlocks
| Company | Public/Private | Role | Dates | Interlocks/Notes |
|---|---|---|---|---|
| Interval Leisure Group | Public | Director | 2008–2018 | Hospitality experience; later acquired by Marriott Vacations Worldwide |
| Baptist Health Systems of South Florida | Non-profit | Honorary Board Member | Not disclosed | Community healthcare involvement |
- CHC interlocks: Proxy states no compensation committee interlocks or insider participation among CHC members in 2024 .
Expertise & Qualifications
- Core credentials: Entrepreneurial builder with extensive Florida construction and development expertise; prior public company board service .
- Skills matrix: Marks for Leadership; Homebuilding & Development per Board’s attributes disclosure .
- Financial oversight: Serves on Audit Committee; Board determined Audit members (including Murphy) meet NYSE/SEC independence and are financially literate .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class |
|---|---|---|
| Thomas P. Murphy, Jr. | 34,116 | * (<1%) |
- Basis: Percent based on 58,222,315 outstanding shares as of March 19, 2025; “*” denotes less than 1% .
- Ownership guidelines: Company references Stock Ownership Guidelines; vesting/transfer restrictions for equity awards generally cite these guidelines, but specific director multiples not disclosed in the proxy .
- Hedging/pledging: Anti-hedging policy in place; no explicit pledging disclosure for Murphy found in proxy .
Governance Assessment
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Strengths
- Independent, long-tenured director with 100% attendance and broad committee participation (Audit, CHC, Governance), indicating active oversight .
- CHC member with strong shareholder support (98% Say-on-Pay in 2024), suggesting alignment with investor expectations on executive pay governance .
- Personal share ownership (34,116 shares) provides some alignment given the absence of director equity grants; anti-hedging policy supports alignment .
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Watch items / potential conflicts
- CEO of Coastal Construction Group operating in JOE’s core geography and sector; while no related-party transactions involving Murphy are disclosed in 2024/2025 proxy, sector overlap warrants ongoing monitoring for contracting relationships or approvals involving entities linked to him. Governance Committee must pre-approve any related-person transactions; directors must recuse on conflicts .
- Director compensation is entirely cash-based with no equity grants, which may reduce formal ownership alignment mechanisms versus peers; alignment currently depends on individual shareholdings and any company-specific ownership guidelines (details not disclosed) .
- Committee chairs consolidated under one Lead Independent Director (Frank), which centralizes oversight; Murphy’s role is member-only across committees, not chair, affecting direct influence on agenda-setting .
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RED FLAGS
- None disclosed specific to Murphy in related-party transactions, legal proceedings, hedging/pledging, or attendance. Fairholme’s significant ownership and prior Chair role are broader governance context, not Murphy-specific .