George Muñoz
LAUREATE EDUCATIONAbout George Muñoz
George Muñoz (age 73) is an independent director of Laureate Education, Inc., serving since 2013. He chairs the Audit and Risk Committee (designated audit committee financial expert) and is a member of the Compensation Committee. A CPA and attorney, Muñoz previously served as President & CEO of the Overseas Private Investment Corporation (1997–2001) and as CFO/Assistant Secretary of the U.S. Treasury (1993–1997). His education includes a B.B.A. (University of Texas), J.D. and M.P.P. (Harvard), LL.M. in Taxation (DePaul), and M.A. (Theology) (Catholic Distance University). He is currently a director of Altria Group, Inc. and a Trustee of the National Geographic Society, and formerly served on the boards of Marriott International, Inc. (2002–2023) and Anixter International, Inc. (2004–2020). The Board affirms his independence under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Overseas Private Investment Corporation (OPIC) | President & CEO | 1997–2001 | Led U.S. development finance agency; relevant to risk oversight and international finance |
| U.S. Treasury Department | CFO & Assistant Secretary | 1993–1997 | Senior federal finance leadership; strengthens audit/controls expertise |
| Chicago Board of Education | President (three terms) | Mid‑1980s | Public sector governance experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Altria Group, Inc. | Director (current) | Not disclosed | Current U.S. public company board service |
| National Geographic Society | Trustee (current) | Not disclosed | Non‑profit governance |
| Marriott International, Inc. | Director (prior) | 2002–2023 | Long‑tenured prior public board service |
| Anixter International, Inc. | Director (prior) | 2004–2020 | Prior public board service |
Board Governance
- Independence: Board determined all nominees are independent except the CEO; Muñoz is independent.
- Committee assignments:
- Audit and Risk Committee: Chair; designated “audit committee financial expert.” Meetings in 2024: 9.
- Compensation Committee: Member. Meetings in 2024: 6.
- Attendance and engagement:
- Board meetings in 2024: 7; committees collectively: 30; all directors attended at least 75% of Board and applicable committee meetings. Each current director attended the 2024 annual meeting of stockholders.
- Audit and Risk Committee remit includes overseeing financial reporting and internal controls, enterprise risk (including cybersecurity), compliance, litigation, and related‑party transactions.
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual Board Cash Retainer | $75,000 | Standard director cash portion of $200,000 board retainer ($75k cash / $125k RSUs) |
| Audit & Risk Committee Chair Fee (cash) | $25,000 | Chair retainer |
| Compensation Committee Member Fee (cash) | $10,000 | Member retainer |
| Total Cash Earned (reported) | $110,000 | Matches Muñoz’s 2024 cash fees in director comp table |
Performance Compensation
| Component (2024) | Grant Value | Vesting/Terms | Performance Metrics |
|---|---|---|---|
| Director RSUs (annual) | $125,004 | Granted May 30, 2024; RSUs vest ratably in three installments at the end of Q2, Q3, and Q4 of 2024, subject to service | None (time‑based RSUs; no performance conditions) |
Director stock ownership guidelines: Covered directors must hold shares equal to 5x the cash portion of the annual board retainer; until met, retain 75% of net profit shares. No required time limit to attain. Hedging and pledging are prohibited.
Other Directorships & Interlocks
| Company | Relationship to LAUR | Muñoz Role | Notes |
|---|---|---|---|
| Altria Group, Inc. | None disclosed | Director (current) | Outside board; different industry (tobacco) |
| Marriott International, Inc. | None disclosed | Director (prior) | 2002–2023 |
| Anixter International, Inc. | None disclosed | Director (prior) | 2004–2020 |
| National Geographic Society | None disclosed | Trustee (current) | Non‑profit |
No related‑party transactions involving Muñoz are disclosed. The Audit & Risk Committee, which he chairs, reviewed and approved certain related‑party share repurchases from entities affiliated with significant shareholders (e.g., Snow Phipps and Torreal) in 2024–2025.
Expertise & Qualifications
- CPA and attorney; former federal CFO and Assistant Secretary of the U.S. Treasury; former OPIC CEO.
- Designated audit committee financial expert under SEC rules; deep financial reporting, controls, and risk oversight experience.
- International development and finance background; extensive board governance tenure at large public companies.
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 113,809 shares (as of March 25, 2025) |
| % of shares outstanding | <1% (asterisked in ownership table) |
| Stock ownership guidelines (directors) | 5x cash portion of board retainer; retain 75% of net profit shares until met |
| Hedging/pledging | Prohibited for directors under policy |
Governance Assessment
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Strengths
- Experienced audit chair with formal “financial expert” designation; robust remit over financial reporting, enterprise risk (including cybersecurity), compliance, and related‑party transactions.
- Independence affirmed; high engagement: all directors ≥75% attendance; Muñoz’s committees met frequently (Audit 9; Compensation 6).
- Transparent director pay structure with balanced cash/equity; equity in time‑vested RSUs aligns with shareholder interests; clear ownership guidelines; anti‑hedging/pledging.
- Say‑on‑pay support was 96.5% in 2024, signaling broad investor confidence in compensation governance.
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Potential Watch Items
- Related‑party transactions with significant shareholders (e.g., Snow Phipps) require sustained rigorous oversight; Audit & Risk Committee approval is disclosed. As chair, Muñoz’s continued strict application of the conflicts policy is critical.
- CEO pay ratio is elevated (733:1 in 2024), which can attract scrutiny of compensation oversight, though shareholder support remains strong.
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Signal Summary
- Net effect is governance‑positive: deep financial oversight credentials, independent status, solid attendance, structured director pay with ownership alignment, and strong shareholder support on pay. Oversight of related‑party activity and sustained attention to compensation optics should remain priorities.