Sherrie Schwartz
About Sherrie Schwartz
Sherrie Sage Schwartz is Executive Vice President and Chief Human Resources Officer of Kilroy Realty Corporation (KRC) since March 10, 2025; she is 58 and holds a B.A. in Psychology from the University of Michigan . Prior to KRC, she served as CHRO at Creative Artists Agency (2015–2025) and held senior HR roles at Activision Blizzard (2011–2014), Levi Strauss & Co. (2000–2011), Warner-Lambert/Pfizer (1999–2000), and Kraft Foods (1990–1999) . Company performance context: in 2024 KRC signed ~1.78M square feet of leases, achieved +8.2% GAAP rent change on executed leases, and ended the year with ~$1.3B liquidity; executive incentive designs tie long-term equity to FFO thresholds, relative TSR vs office REIT peers, and net debt/EBITDA with three-year vesting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Creative Artists Agency | Chief Human Resources Officer | 2015–2025 | Led HR at a major entertainment agency through industry cycles; organizational design, talent systems, and leadership development |
| Activision Blizzard | Human Resources leadership roles | 2011–2014 | Supported HR in a global gaming enterprise; scaled talent/comp frameworks |
| Levi Strauss & Co. | Human Resources roles | 2000–2011 | Multi-year HR leadership at global apparel company; transformation and mobility programs |
| Warner-Lambert (Pfizer subsidiary) | Human Resources role | 1999–2000 | HR integration and process rigor in pharma/consumer health context |
| Kraft Foods | Human Resources roles | 1990–1999 | Early-career HR roles; foundational employee relations, compensation, and development |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| LA Ronald McDonald House | Board Member | Not disclosed | Community health and family support governance |
| Music Matters at University of Michigan | Board Member | Not disclosed | Arts/education nonprofit involvement |
Fixed Compensation
- KRC’s 2025 proxy identifies Ms. Schwartz’s appointment and biography but does not disclose her base salary, target bonus %, or initial equity grant values; no Item 5.02 8-K detailing her compensatory arrangements was filed around her March 2025 start date based on SEC search (no 8-K 5.02 between Mar 1–Apr 30, 2025) [ListDocuments, 2025-03-01 to 2025-04-30 returned none].
Performance Compensation
Company executive incentive framework (applies to NEOs; CHRO-specific metrics or payouts for 2025 not disclosed).
| Metric | Weighting | Target Definition | Payout Determination | Vesting |
|---|---|---|---|---|
| Annual cash incentive (short-term) | Program-level weighting set by Compensation Committee; ESG weighting reduced in 2024; 2025 adds liquidity ratio | Pre-established financial/operational goals incl. ESG; objective threshold and max levels | 2024 NEO payouts ranged ~123.8%–126.8% of target based on Company and individual performance | Paid annually; no vesting applicable |
| Performance-based RSUs – FFO gate | Gate (threshold) | Threshold level of FFO per share for 2024 must be achieved to unlock PBRSU vesting | If gate met, vesting determined by exceeding FFO threshold plus TSR and net debt/EBITDA outcomes | Three-year vesting |
| Performance-based RSUs – Relative TSR | 50% of performance-based RSUs | TSR vs office-focused REITs over three years | Vesting scales with percentile performance vs peers | Three-year vesting |
| Performance-based RSUs – Net debt/EBITDA | 50% of performance-based RSUs | Average ratio over three-year period | Vesting scales with leverage improvement vs targets | Three-year vesting |
| Time-based RSUs | Complement to PBRSU mix | Time-based service condition | Straight-line or scheduled vesting (details not specified in excerpt) | Three-year vesting |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging policies are in place for executives and directors, alongside a clawback policy and no option repricing without stockholder approval—foundational alignment practices that reduce misalignment/hedging risk .
- Executive stock ownership guidelines exist; for NEOs, CEO requirement is 600% of base salary and other NEOs 300%, with six years to attain and mandatory net-share holding until compliant. CHRO-specific ownership requirement is not disclosed; Governance Committee administers stock ownership guidelines .
- No single-trigger change-in-control vesting; equity acceleration requires qualifying termination in connection with a change-in-control (double trigger) .
- Insider activity: Form 4 filings for Ms. Schwartz on April 9, 2025 and October 10, 2025 indicate RSU-related transactions, including dividend-equivalent RSU grants tied to underlying RSUs; these reflect accruals rather than open-market selling, and specific share counts/values should be confirmed directly from the Form 4s .
Employment Terms
- Appointment: Executive Vice President, Chief Human Resources Officer effective March 10, 2025; responsibilities encompass all HR matters across KRC .
- Contract specifics: No public disclosure of Ms. Schwartz’s employment agreement, severance multiple, or change-of-control terms; however, KRC policy framework includes double-trigger CIC (no single-trigger), no excise tax gross-ups, and a clawback policy administered by the Compensation Committee .
- Insider trading policy filed with 2024 10-K exhibits governs transactions by officers/directors; reinforces compliance and trading windows .
Performance & Track Record
- HR leadership track record across entertainment, technology, apparel, pharma, and consumer sectors; board service in community nonprofits .
- Company execution in 2024: highest leasing volume since 2019 (~1.78M SF), +8.2% GAAP rent change on executed leases, and ~$1.3B year-end liquidity; these operational results underpin incentive frameworks and platform stability during her onboarding period .
Board Governance and Shareholder Feedback
- Compensation governance: independent consultant (Korn Ferry), stockholder engagement (~75% of shares contacted), refinements to short-term incentives and ESG weighting; long-term incentives remain majority performance-based .
- 2025 Say-on-Pay approved: For 94,892,335; Against 10,603,180; Abstain 73,282; Broker non-votes 3,337,098—indicative of broad support for current pay design .
- Governance best practices: independent chair, anti-hedging/anti-pledging, clawback, no single-trigger CIC, no excise tax gross-ups, and regular board self-evaluations .
Investment Implications
- Alignment: Company-wide anti-hedging/anti-pledging, clawback, and double-trigger CIC provisions reduce misalignment risk; long-term incentives anchored in TSR and leverage improvement promote equityholder alignment; Ms. Schwartz’s CHRO role supports execution on human capital and ESG goals embedded in short-term incentives .
- Data gaps: Absence of disclosed CHRO-specific base salary, bonus targets, and grant values limits direct pay-for-performance calibration; monitor future proxy/8-K filings for specifics and ownership guideline compliance timeline [ListDocuments none for 8-K 5.02 in Mar–Apr 2025].
- Trading signals: Form 4s to date reflect RSU/dividend-equivalent accruals rather than sales; continue to track insider transactions for potential selling pressure into vesting events .