Bonnie S. Biumi
About Bonnie S. Biumi
Independent trustee at Kite Realty Group Trust since 2021; age 63. Former President and CFO of Kerzner International Resorts with 40+ years across public accounting and senior finance roles; B.S. in Accounting (University of Florida) and certified public accountant. Joined KRG’s board via the Retail Properties of America merger in October 2021; designated Audit Committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kerzner International Resorts, Inc. | President & CFO | 2007–2012 | Led finance and operations at global resorts/casinos operator |
| NCL Corporation Ltd. (Norwegian Cruise Line) | Senior finance roles | Not disclosed | Senior-level financial leadership |
| Royal Caribbean Cruises Ltd. | Senior finance roles | Not disclosed | Senior-level financial leadership |
| Neff Corporation (now United Rentals) | Senior finance roles | Not disclosed | Senior-level financial leadership |
| Peoples Telephone Company, Inc. | Senior finance roles | Not disclosed | Senior-level financial leadership |
| Price Waterhouse | Public accounting | Not disclosed | CPA experience |
External Roles
| Organization | Role | Committee | Tenure |
|---|---|---|---|
| Caesars Entertainment, Inc. (NASDAQ: CZR) | Director | Audit Committee member | Current |
| MarineMax (NYSE: HZO) | Director | Audit Committee Chair | Current |
| Virgin Cruises Limited | Director | Audit Committee Chair | Current (private) |
| Virgin Cruises Intermediate Limited | Director | Audit Committee Chair | Current (private) |
| Isle of Capri Casinos, Inc. | Director | Not disclosed | 2012–2017 |
| Home Properties, Inc. | Director | Not disclosed | 2013–2015 |
Board Governance
- Independence: Board affirmatively determined all nominees except the CEO are independent; Biumi is independent.
- Committee assignments: Audit Committee member; Audit Committee designated all members (including Biumi) as “audit committee financial experts.” Audit met 4 times in 2024.
- Attendance/engagement: Board met 4 times in 2024; each trustee attended at least 75% of Board/committee meetings; all trustees attended the annual shareholder meeting. Executive sessions of non-management trustees held at least quarterly under the Lead Independent Trustee.
- Board limits: KRG guidelines state trustees should not serve on >3 other public company boards and Audit Committee members should not serve on >2 other public company audit committees; Biumi’s disclosed public audit roles (Caesars, MarineMax) are within this limit.
- Audit oversight practices: Robust audit/non-audit pre-approval policy; chair pre-approval authority up to $200,000 with reporting to the full committee.
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual cash fees (retainer + committee) ($) | $97,500 | $97,500 |
| Equity grant (grant-date fair value) ($) | $130,008 | $130,020 |
| Equity grant (shares; annual grant date) | 6,308 shares; May 10, 2023 | 6,233 shares; May 30, 2024 |
| Program detail (Board-wide) | Cash retainer $85,000; Audit Committee member fee $12,500; equity $130,000 (common shares); chair/lead independent fees per schedule | Same schedule for 2024–2025 service year |
Notes: Cash paid quarterly; trustees can elect deferral into share units under the Trustee Deferred Compensation Plan; annual equity grants vest over one year; new trustees receive 750 restricted shares vesting in one year.
Performance Compensation
KRG non-employee trustees do not receive performance-conditioned equity or cash incentives; annual director equity is time-based restricted common shares (one-year vest).
Other Directorships & Interlocks
- Compensation Committee interlocks: None disclosed for KRG in 2024–2025.
- Related party transactions: Company discloses no significant related party transactions; Corporate Governance & Nominating Committee oversees related-party reviews.
Expertise & Qualifications
- CPA; former public-company CFO and President with deep REIT and public accounting experience.
- Designated Audit Committee financial expert under SEC rules.
- Sector expertise across hospitality, leisure, and consumer services (Kerzner, NCL, Royal Caribbean).
Equity Ownership
| Metric | Dec 31, 2023 | Dec 31, 2024 | Mar 26, 2025 |
|---|---|---|---|
| Unvested restricted common shares outstanding (#) | 6,308 | 6,233 | — |
| Total beneficial ownership (# of shares and units) | — | — | 68,069 |
| Ownership as % of shares outstanding | — | — | <1% (“*” per proxy table) |
Additional alignment policies:
- Anti-hedging policy prohibits trustees from hedging Company stock.
- Director stock ownership guidelines require holding at least 5x annual cash retainer within 5 years of board appointment.
No pledging disclosed for Biumi; pledging footnotes in Principal Shareholders section reference other trustees/executives (e.g., CEO, Steven P. Grimes).
Governance Assessment
- Strengths: Independent status; Audit Committee financial expertise; consistent attendance; robust audit pre-approval processes; anti-hedging policy; director ownership guidelines; no significant related-party transactions; no Compensation Committee interlocks. Collectively supportive of investor confidence.
- Alignment: Director pay structure balances cash retainer and annual equity with one-year vest, and optional deferral to share units, promoting equity alignment. Year-over-year director pay for Biumi was stable ($97,500 cash; ~$130k equity).
- Workload considerations: KRG policy caps Audit Committee service at ≤2 other public company audit committees; Biumi’s public audit roles (Caesars, MarineMax) fit within this threshold, mitigating overboarding risk.
- RED FLAGS: None specific to Biumi disclosed. Company-level red flags to monitor include any future pledging by trustees (currently not disclosed for Biumi) and maintenance of >75% attendance.