Todd Boehly
Kennedy-Wilson HoldingsAbout Todd Boehly
Todd Boehly (age 51) is an independent director of Kennedy-Wilson Holdings, Inc. (KW) since 2020 with capital markets expertise from founding and leading Eldridge Industries and prior senior roles at Guggenheim Partners; he holds a B.B.A. from The College of William & Mary and studied at the London School of Economics . He serves on KW’s Capital Markets Committee and was appointed to the board in connection with Eldridge affiliates’ $300 million Series A convertible preferred investment in KW, reflecting deep financing experience and significant ownership alignment .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Eldridge Industries | Co-Founder, Chairman & CEO; controlling member | Founded post-Guggenheim | Led investments in 100+ operating businesses; chairs Security Benefit; owner of sports franchises |
| Guggenheim Partners | President; founded credit business | Prior to Eldridge | Built and led credit platform; capital markets expertise |
| DraftKings | Former director | Prior period (not current) | Sports/entertainment-sector perspective |
| Truebill | Former director (company sold to Rocket Mortgage) | Prior period (not current) | Consumer fintech insight |
External Roles
| Organization | Role | Public/Private | Interlock/Notes |
|---|---|---|---|
| Vivid Seats (NASDAQ: SEAT) | Director | Public | Ticketing/consumer; capital markets exposure |
| Security Benefit | Chairman | Private | Eldridge portfolio company; insurance/capital management |
| Chelsea Football Club | Chairman & owner; board member | Private | Governance of large global sports asset |
| Los Angeles Dodgers, Lakers, Sparks | Owner; on Lakers board | Private | High-profile franchise operations |
| Flexjet | Director | Private | Aerospace/aviation |
| PayActiv | Director | Private | Fintech/payroll-linked finance |
| CAIS | Director | Private | Alternatives distribution |
| Cain International | Director | Private | Real estate partner; JV interlocks with KW |
Board Governance
- Committee assignments: Capital Markets Committee member; committee met three times in 2024 .
- Independence: Board determined Boehly independent under NYSE rules after evaluating Eldridge-related relationships .
- Attendance: He attended less than 75% of Board and Capital Markets Committee meetings in 2024 (RED FLAG) .
- Board and leadership: KW’s board had 12 directors and held 8 meetings in 2024; executive sessions of non-management directors are chaired by Lead Independent Director David A. Minella .
Fixed Compensation
| Component (FY2024) | Amount (USD) | Detail |
|---|---|---|
| Annual cash retainer | $150,000 | Non-employee director base fee |
| Committee chair fees | $0 | Not a committee chair |
| Equity RSUs (grant-date fair value) | $177,275 | Annual grant (generally 17,500 RSUs), three-year pro-rata vesting with acceleration on change-in-control or retirement policy; pro-rated for partial service if applicable |
| Total | $327,275 | Cash + RSU fair value |
| RSUs outstanding (12/31/2024) | 27,333 | Director RSUs unvested/outstanding |
- RSU vesting and holding: Director RSUs vest 33% annually over 3 years; mandatory post-vesting three-year holding; accelerated vesting upon retirement (per policy) or change-in-control .
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Independence determination context | Board assessed Eldridge relationships before affirming independence |
| Eldridge/KW capital ties | Eldridge affiliates purchased $300 million of KW Series A perpetual convertible preferred; Eldridge entities also hold ~$37 million of KW senior notes due 2029/2031 |
| Cain International JV | KW entities provided partner loans to an Eldridge-affiliated Cain entity for JV capital calls; €950k repaid; €1.2m outstanding at 20% interest (maturity March 2025) |
| Familial interlock | Anthony D. Minella (Co-Founder/President of Eldridge) is son of KW Lead Independent Director David A. Minella (RED FLAG for perceived interlock) |
Expertise & Qualifications
- Capital markets, investment management, and credit origination; led Eldridge and Guggenheim credit businesses .
- Board leadership across sports, media, insurance, and fintech; broad network and transaction experience .
- Education: B.B.A., William & Mary; studied at LSE .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (common + convertible) | 12,080,100 shares (includes 80,100 common and 12,000,000 issuable upon conversion of Eldridge-controlled Series A preferred via Dust Bowl Capital) |
| Ownership as % of common outstanding | 8.0% (based on 138,293,288 common shares at 4/15/2025) |
| RSUs outstanding (director grants) | 27,333 units (12/31/2024) |
| Ownership guideline compliance | Non-employee directors must hold ≥3x annual cash retainer; Boehly (appointed 2020) in compliance |
| Hedging/pledging | Company prohibits hedging/pledging; no pledges reported for executives/directors (Minella’s prior pledges grandfathered) |
Related Party Transactions (2024)
| Transaction | Amount | Counterparty | Notes |
|---|---|---|---|
| Dividends on Series A Preferred paid by KW entities | ~$17.3 million | Eldridge-affiliated entities | Cash dividends on perpetual preferred |
| Fees paid to KW by Eldridge affiliates | ~$3.1 million | Eldridge-affiliated entities | Management and one-time acquisition fees on KW/Eldridge JVs |
| Interest paid by KW on bonds held by Eldridge affiliates | ~$1.8 million | Eldridge-affiliated entities | Interest on KW senior notes holdings |
| Eldridge debt holdings | ~$37 million (principal) | Eldridge-affiliated entities | 4.75% due 2029 and 5.00% due 2031 |
| Cain International JV partner loans | €950k repaid; €1.2m outstanding at 20% interest (maturity Mar-2025) | Eldridge-affiliated Cain entity | Short-term partner loans for capital calls |
Audit Committee reviews/approves related-party transactions under charter; all matters above were approved .
Governance Assessment
- Positives: Significant ownership alignment via convertible preferred influence (8% effective stake), capital markets expertise on Capital Markets Committee, compliance with director stock ownership, robust anti-hedging/pledging and clawback policies, and Audit Committee oversight of related-party transactions .
- Red flags and mitigants:
- Attendance: Less than 75% of board and Capital Markets Committee meetings in 2024—weak engagement signal (RED FLAG) .
- Conflicts: Multiple Eldridge-related financial ties (preferred stock, bonds, JVs, partner loans) plus familial interlock between Eldridge co-founder and KW lead independent director—heightened perceived conflicts (RED FLAG). Independence affirmed by board, but ongoing scrutiny warranted, particularly given committee role over equity/debt offerings .
- Concentration risk: Eldridge influence through preferred and debt holdings could affect capital markets decisions; ensure robust recusals and Audit/Nominating oversight on transactions and committee processes (board policies referenced but specific recusals not disclosed) .
Section 16 compliance: All insiders’ filings timely in 2024 (no delinquent reports) .
Say-on-pay (executive): 89% support in 2024; reflects broader shareholder confidence in KW’s pay/governance framework, though director-specific voting not separately reported .