Joshua S. Horowitz
About Joshua S. Horowitz
Joshua S. Horowitz (age 47) is an independent director appointed to the KFS Board on March 31, 2025. He is a portfolio manager and managing director at Palm Management (US) LLC, overseeing the Palm Global Small Cap Master Fund, with prior roles at Berggruen Holdings (Director of Research) and Crossway Partners LP (research analyst). He holds a BS in Management from Binghamton University and brings 23+ years of investing and board leadership experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Palm Ventures LLC / Palm Management (US) LLC | Portfolio Manager, Managing Director | 2012–present | Oversees Palm Global Small Cap Master Fund; portfolio management and governance |
| Berggruen Holdings | Director of Research | Prior to 2012 (not specified) | Led investment research at multi-billion family office |
| Crossway Partners LP | Research Analyst | Prior to Berggruen (not specified) | Value strategy research, special situations |
External Roles
| Company | Exchange/Ticker | Role | Tenure |
|---|---|---|---|
| BK Technologies Corporation | NYSE: BKTI | Director | Current |
| NeuroMetrix Inc. | Nasdaq: NURO | Director | Current |
| Barnwell Industries, Inc. | NYSE: BRN | Director | Current |
| Limbach Holdings, Inc. | Nasdaq: LMB | Director | Current |
Board Governance
- Independence: Independent under NYSE and SEC standards .
- Years of service: Appointed March 31, 2025 (under 1 year as of the 2025 proxy) .
- Board meeting cadence: Board met eight times in 2024; each director attended at least 75% of board/committee meetings . 2024 annual meeting attendance exceptions: Douglas Levine and Joseph D. Stilwell did not attend .
- Board leadership: Independent, non-executive Chairman (Terence M. Kavanagh) presides at executive sessions and sets agendas .
| Committee | Chair | Members (as of Apr 9, 2025) | Horowitz Member? |
|---|---|---|---|
| Audit | Gregory P. Hannon | Hannon, Charles Frischer, Corissa B. Porcelli | No |
| Compensation & Management Resources | Joseph D. Stilwell | Stilwell, Terence M. Kavanagh | No |
| Nominating & Corporate Governance | Gregory P. Hannon | Hannon, Joseph D. Stilwell | No |
| Investment | Douglas Levine | Levine, Terence M. Kavanagh | No |
Fixed Compensation
- Director compensation framework: Non-employee directors receive an $80,000 annual retainer; Board Chair and Audit Chair receive an additional $40,000 each, all paid quarterly in advance .
| Item | Amount | Notes |
|---|---|---|
| Annual retainer (non-employee directors) | $80,000 | Cash; quarterly in advance |
| Chairman of the Board fee | $40,000 | Cash; quarterly in advance |
| Audit Committee Chair fee | $40,000 | Cash; quarterly in advance |
- 2024 director compensation (Horowitz): Not applicable—appointed March 31, 2025; no 2024 fees reported .
| Name | 2024 Fees Earned or Paid in Cash ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|
| Joshua S. Horowitz | — | — | — |
Performance Compensation
- No equity grants, stock options, or performance-based pay disclosed for directors; program is cash-based retainers and chair fees .
Other Directorships & Interlocks
- Current public boards: BKTI, NURO, BRN, LMB (see External Roles) .
- No disclosed interlocks with KFS customers/suppliers or related-party transactions involving Horowitz in the latest proxy .
Expertise & Qualifications
- Professional investor with 23+ years in portfolio management, special-situations investing, and board leadership .
- Education: Binghamton University, BS in Management .
- Multi-board experience across industrials, technology, and energy sectors enhances capital allocation and oversight skills .
Equity Ownership
| Holder | Shares | % Outstanding | Detail |
|---|---|---|---|
| Joshua S. Horowitz (personal) | 10,000 | <1% | Direct ownership |
| Palm Global Small Cap Master Fund LP | 115,000 | <1% (combined total basis) | Managed by Palm Management (US) LLC; Horowitz may be deemed beneficial owner due to roles but disclaims except to pecuniary interest |
| Total beneficial (Horowitz + Palm Global) | 125,000 | <1% | As reported in beneficial ownership table |
- Hedging policy: KFS prohibits hedging or monetization transactions by directors, officers, employees, and covered persons .
Governance Assessment
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Strengths
- Independent status; extensive investment and board leadership background; multi-company governance experience .
- KFS adopts majority voting in uncontested elections, requiring resignation if a director fails to secure a majority “FOR” vote—an accountability mechanism for board effectiveness .
- Clear prohibition on hedging/monetization enhances alignment and reduces opportunistic risk by insiders .
-
Watch items / potential conflicts
- Fund-related beneficial ownership: Horowitz is associated with Palm Global Small Cap Master Fund LP, which holds KFS shares; although beneficial ownership is disclaimed except for pecuniary interest, his dual role as portfolio manager and director can present perceived conflicts around trading or control influence—monitor trading windows, recusal practices, and Related Party Transaction Policy adherence .
- Bandwidth risk: Concurrent public board service at BKTI, NURO, BRN, and LMB may constrain capacity for committee work and deep engagement at KFS; currently, Horowitz is not seated on any board committees, reducing direct oversight involvement .
- Attendance data for Horowitz not yet available given 2025 appointment; ensure 2025–2026 attendance meets expectations (board benchmark ≥75%) .
-
Overall implication for investor confidence
- Alignment through personal and fund holdings is positive, but committee non-membership limits near-term governance impact. The majority voting policy and independent chair help mitigate risks; continued monitoring of Palm-related activities and future committee assignments will be important signals of governance quality .