Jonathan C. Locker
LOEWSAbout Jonathan C. Locker
Jonathan C. Locker (age 48) is an independent director of Loews Corporation (ticker: L) since 2023. He is President of Tiger Management, formerly a Partner at Tiger Global Management, and has managed a personal family office since 2014, bringing deep investment portfolio management experience. The Board designates him as an audit committee financial expert; he serves on the Audit Committee and the Nominating & Governance Committee. These roles, coupled with his investment background, position him to contribute to capital allocation oversight and financial controls at Loews .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tiger Global Management | Partner | Prior to 2023 (dates not disclosed) | Public and private equity investing experience applicable to Loews’ diversified holdings . |
| Personal Family Office | Principal | Since 2014 | Multi‑asset investing across public securities, private equity, real estate, venture capital . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tiger Management | President | Current | Investment leadership; relevant to audit committee financial expertise designation at Loews . |
Board Governance
- Independence: The Board determined Locker is independent under NYSE and Loews standards .
- Committees: Member—Audit; Member—Nominating & Governance; designated “audit committee financial expert” .
- Committee chairs: Audit Committee chaired by Walter L. Harris; Nominating & Governance chaired by lead director Paul J. Fribourg (Locker is not a chair) .
- Meetings/attendance: In 2024 the Board met 9 times; Audit 6; Compensation 2; Nominating & Governance 3; each incumbent director other than Anthony Welters attended ≥75% of their meetings; all directors attended the 2024 annual meeting of shareholders .
- Governance practices: Independent executive sessions chaired by the lead director after each regular quarterly Board meeting .
- Director ownership guidelines: Non‑employee directors must own ≥3x the $125,000 annual cash retainer; all were in compliance as of the 2025 proxy .
Fixed Compensation
| Component | Structure | Amount ($) | Year |
|---|---|---|---|
| Annual Board cash retainer | $31,250 per quarter | 125,000 | Policy in effect during 2024–2025 . |
| Audit Committee member retainer | $6,250 per quarter | 25,000 | Policy in effect . |
| Nominating & Governance member retainer | $2,500 per quarter | 10,000 | Policy in effect . |
| Total cash fees received by Locker | Actual fees earned | 156,319 | 2024 . |
| Total cash fees received by Locker | Actual fees earned (partial year) | 42,391 | 2023 . |
Notes: Lead director (+$5,000/quarter) and committee chair premia (Audit +$10,000/quarter; Compensation/N&G +$5,000/quarter) exist, but Locker does not hold these roles .
Performance Compensation
| Element | Grant Date | Units/Shares | Fair Value ($) | Vesting/Terms |
|---|---|---|---|---|
| Annual Director RSU grant | Date of annual meeting | Value-based award of $100,000 | 100,000 | Non‑employee directors receive annual RSUs valued at $100,000 on grant date . |
| Locker 2024 RSU grant | 2024‑05‑14 | 1,288 RSUs | 100,000 | Grant posted on Form 4; director RSUs count toward ownership guideline; vesting terms not specified in proxy . |
Performance metrics table (director equity): None disclosed for non‑management directors; director RSUs are time‑based awards, not tied to specific operating metrics .
Other Directorships & Interlocks
| Company | Role | From–To | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company board service disclosed for Locker in Loews’ proxies . |
Expertise & Qualifications
- Investment portfolio management across public and private markets; President of Tiger Management; prior Partner at Tiger Global—useful for Loews’ capital allocation oversight and diversified holdings .
- Audit committee financial expert designation—supports financial reporting, controls, and auditor oversight .
Equity Ownership
| Metric | 2024 (as of 2024‑03‑19) | 2025 (as of 2025‑03‑18) |
|---|---|---|
| Beneficially owned shares | 16,868 (incl. 998 unvested RSUs) | 24,356 (incl. 1,288 unvested RSUs) |
| % of shares outstanding | <1% | <1% |
| SARs outstanding | 0 | 0 |
| Ownership guideline status | Company reports all non‑employee directors compliant as of 2025 proxy | Company reports all non‑employee directors compliant as of 2025 proxy |
Insider Trades
| Transaction Date | Filing Date | Type | Shares | Price ($) | Post‑Txn Ownership | Source (SEC URL) |
|---|---|---|---|---|---|---|
| 2024‑05‑09 | 2024‑05‑09 | M (exempt)—RSU conversion to common | 998 | 0.00 | 16,868 | |
| 2024‑05‑14 | 2024‑05‑14 | A—RSU award | 1,288 | 0.00 | 1,288 RSUs outstanding | |
| 2024‑07‑30 | 2024‑07‑31 | P—Open market purchase | 5,900 | 80.67 | 23,068 | |
| 2024‑07‑30 | 2024‑07‑31 | P—Open market purchase | 300 | 79.81 | 17,168 (intermediate line item) | |
| 2025‑06‑30 | 2025‑07‑01 | A—Award (common, zero‑cost) | 149 | 0.00 | 23,217 | |
| 2025‑09‑30 | 2025‑09‑30 | A—Award (common, zero‑cost) | 251 | 0.00 | 23,468 |
Observation: Locker executed open-market purchases in July 2024 at ~$80 per share, a positive alignment signal; subsequent small “A” awards and RSU activity reflect routine director equity accruals .
Governance Assessment
- Board effectiveness: Locker strengthens audit oversight (financial expert) and governance nominations; participation on two core committees aligns with Loews’ focus on robust independent oversight .
- Independence and conflicts: No related‑party transactions disclosed involving Locker; Board independence affirmed; related‑party reviews highlight other individuals, not Locker .
- Alignment: Compliance with director ownership guidelines; open‑market share purchases indicate personal capital at risk; Loews prohibits hedging and pledging (with narrow recourse exceptions) which supports long‑term alignment .
- Engagement: Attendance threshold met in 2024; all directors attended the 2024 annual meeting; Audit/N&G committees met regularly, supporting active oversight cadence .
- Compensation signals: Director pay mix is modest, with standardized cash retainer and $100,000 annual RSU grants; no performance metrics or option repricings for directors; 2025 plan caps non‑employee director awards at $500,000 and prohibits single‑trigger acceleration and repricing—shareholder‑friendly features .
RED FLAGS: None disclosed specific to Locker (no related‑party exposure, no pledging/hedging, no attendance deficiencies) .
Say‑on‑Pay context (executive program, broader governance sentiment): 96% approval in 2024; five‑year average ~95%, indicating strong investor support for compensation governance at Loews .