Peter L. Lynch
About Peter L. Lynch
Independent trustee of Kite Realty Group Trust since October 2021 (joined following the merger with Retail Properties of America, Inc.); age 73 as of the 2025 proxy. He is a former Chairman, President and CEO of Winn-Dixie Stores and held senior operating roles at Albertson’s and Jewel/Osco, with a B.S. in Finance from Nichols College. Core credentials include leadership of a Nasdaq-listed retailer, financial management, strategic planning, and M&A across retail and non-retail operations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Winn-Dixie Stores, Inc. | Chairman, President & CEO; CEO | CEO: 2004–2006; Chairman/President/CEO: 2006–Mar 2012 | Led a major supermarket chain; public company leadership (Nasdaq) |
| Albertson’s, Inc. | President & COO; EVP-Operations | 1998–2003 | Senior operating leadership across large national retail chain |
| Jewel/Osco (ACME division) | President (ACME); SVP Store Operations | Prior to 1998 (dates not specified) | Division leadership; store operations expertise |
| Star Markets Company | VP Operations; VP HR; President | Early career (dates not specified) | Regional retailer leadership; human capital and operations oversight |
| Retail Properties of America, Inc. (RPAI) | Director | 2014–Oct 2021 (KRG merger) | Board experience at a public REIT prior to merger with KRG |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Alcanna Inc. (formerly Liquor Stores N.A. Ltd.) (TSX: CLIQ) | Director | Current per KRG bio | Public company board (TSX) |
| Sid Wainer & Son (private) | Director | Current per KRG bio | Private company board |
| Nichols College | Board of Trustees member | Current per KRG bio | Academic governance |
| Willowbend Country Club | Trustee | Current per KRG bio | Private club governance |
Board Governance
- Independence: The Board affirmatively determined Lynch is independent under NYSE rules; all committee members are independent .
- Committee assignments: Member, Corporate Governance and Nominating Committee (CGNC); CGNC chaired by Caroline L. Young; other members include Christie B. Kelly and Barton R. Peterson .
- Attendance and engagement: Board met four times in 2024; each trustee attended at least 75% of Board and applicable committee meetings; all trustees attended the 2024 annual meeting . CGNC met four times in 2024 . Independent trustees hold executive sessions at least quarterly under the lead independent trustee (currently Derrick Burks) .
- Risk oversight participation: CGNC monitors Board operations, governance guidelines effectiveness, ESG oversight and potential related party transactions .
Fixed Compensation
Director compensation structure (2024–2025 service year):
- Annual cash retainer: $85,000; Committee member cash: CGNC $10,000; Committee chair cash: CGNC $20,000; Annual equity grant: $130,000 in common shares; Lead independent trustee cash: $35,000 .
- Trustee deferred compensation plan allows trustees to elect cash retainer into fully vested deferred share units; annual equity grants vest over one year .
Individual compensation for Peter L. Lynch:
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Fees Paid in Cash | $95,000 | $95,000 |
| Common Share and Unit Awards (Grant-date FV) | $130,008 | $130,020 |
| Total | $225,008 | $225,020 |
Performance Compensation
- Equity design: Annual director equity grants are time-based restricted common shares with one-year vesting; no performance-conditioned equity for trustees disclosed .
- Unvested restricted share awards outstanding (year-end):
- 6,308 shares as of Dec 31, 2023
- 6,233 shares as of Dec 31, 2024
| Equity Detail | FY 2023 | FY 2024 |
|---|---|---|
| Unvested Restricted Common Shares Outstanding (#) | 6,308 | 6,233 |
| Vesting | One-year time-based | One-year time-based |
Other Directorships & Interlocks
- Current public boards: Alcanna Inc. (TSX: CLIQ) .
- Interlocks: KRG disclosed no compensation committee interlocks or insider participation in 2024; Lynch is not a member of the Compensation Committee .
Expertise & Qualifications
- Senior leadership of a large grocery retailer; deep operating acumen across store operations, financial management, strategic planning, and M&A .
- Sector experience in retail operations complements KRG’s open-air retail real estate portfolio; adds customer/tenant perspective and execution discipline to governance .
Equity Ownership
- Beneficial ownership: 70,250 shares/units as of March 26, 2025; less than 1% of outstanding shares .
- Stock ownership requirement for non-employee trustees: Must own at least 5× annual cash retainer within five years of joining the Board .
- Hedging policy: Company prohibits trustees from engaging in hedging transactions against losses from share ownership .
| Ownership Metric | As of Mar 26, 2025 |
|---|---|
| Shares and Units Beneficially Owned (#) | 70,250 |
| % of All Shares | <1% |
| Unvested Time-based Restricted Shares (latest FY year-end) | 6,233 (12/31/2024) |
| Ownership Guideline | ≥5× annual cash retainer within 5 years |
Governance Assessment
- Board effectiveness: Lynch’s independent status and CGNC membership support robust governance, including CEO succession, ESG oversight, and related-party transaction review; CGNC met four times in 2024, indicating active oversight .
- Attendance/engagement: Board-wide attendance thresholds were met; executive sessions occur quarterly under a strong lead independent structure, supporting independent deliberation .
- Alignment: Director pay mix balances cash retainer and time-based equity; Lynch’s 2024 total compensation ($225,020) aligns with program levels, and his beneficial ownership (70,250) plus 5× retainer guideline and anti-hedging policy support shareholder alignment .
- Conflicts/related party exposure: CGNC explicitly oversees related party transactions; KRG states no significant related party transactions and maintains a formal related person transaction approval policy. Disclosed related party activities involve entities connected to the Kite family and executives, not Lynch; approvals included independent trustee oversight and third-party valuation support, mitigating conflict risk .
- RED FLAGS: None disclosed specific to Lynch. No attendance shortfalls noted; no hedging/pledging disclosures implicating Lynch; director equity is time-based (not repriced) and there are no director options or tax gross-ups disclosed for trustees .