Elizabeth Leykum
LANDS' ENDAbout Elizabeth Leykum
Elizabeth Leykum, 46, has served on the Lands’ End Board since March 2014. She is the founder of Serenade Capital LLC (2016–present) and previously held senior investing roles at HEG Capital, Rand Group, ESL Investments, and Goldman Sachs’ Principal Investment Area. She is affirmed independent under Nasdaq rules, designated an Audit Committee Financial Expert, and holds a Harvard College A.B. magna cum laude and Harvard Business School MBA, plus certificates in AI Essentials (HBS Online, 2024) and Cybersecurity for Non-Technical Executives (MIT Sloan, 2023) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Serenade Capital LLC | Founder | May 2016–present | Investment firm founder |
| HEG Capital LLC | Founding Principal | Oct 2013–Apr 2016 | Registered investment adviser |
| Rand Group | Vice President | Jun 2012–Sep 2013 | Investment management services |
| ESL Investments, Inc. | Vice President | Jul 2004–Jun 2012 | Value-focused investment firm |
| Goldman, Sachs & Co. | Principal Investment Area | 2000–2002 | Private equity-style principal investments |
External Roles
| Organization | Role | Tenure | Committee/Impact |
|---|---|---|---|
| Valaris Ltd. | Director; Chair of the Board | Since May 2021 | Board leadership role |
| IES Holdings, Inc. | Director | Apr 2021–Sep 2024 | Board service concluded 2024 |
Board Governance
- Committees: Audit Committee (member; Audit Committee Financial Expert), Compensation Committee (member). Audit Committee members: McClain (Chair), Hartogensis, Linden, Leykum; Compensation Committee members: Galvin (Chair), Hartogensis, Leykum, Linden .
- Independence: Board affirmed Leykum meets Nasdaq independence standards; audit committee members meet heightened independence; Leykum designated “audit committee financial expert” .
- Attendance: Board met 7 times in FY2024; all directors attended over 75% of Board and committee meetings on which they served .
- Executive sessions: Independent directors meet in executive session regularly; at least twice per year .
- Related-party transaction oversight: Audit Committee reviews/approves related-party transactions per charter and policy .
Fixed Compensation
| Component | Policy Amount (Annual) | Source |
|---|---|---|
| Board Member Retainer (cash) | $100,000 | |
| Audit Committee Chair | $20,000 | |
| Audit Committee Member (Non-Chair) | $12,500 | |
| Compensation Committee Chair | $15,000 | |
| Compensation Committee Member (Non-Chair) | $10,000 | |
| Other Committee Chair | $10,000 | |
| Other Committee Member (Non-Chair) | $7,500 | |
| Director Gift Card | $10,000 |
| Director | FY2024 Fees Earned (Cash) | Stock Awards | Gift Card | Total |
|---|---|---|---|---|
| Elizabeth Leykum | $120,000 | $0 | $10,000 | $130,000 |
Notes:
- Directors may annually elect to receive all or part of retainer in Lands’ End common stock; no health plan participation by non-employee directors currently .
Performance Compensation
| Element | Performance Metric | Target/Threshold | Notes |
|---|---|---|---|
| Director compensation | None disclosed | N/A | Director pay consists of cash retainers, committee fees, elective stock; no performance-linked metrics disclosed . |
Other Directorships & Interlocks
| Entity | Type | Relationship to LE | Interlock/Conflict Considerations |
|---|---|---|---|
| ESL Investments and related entities | Shareholder | 55.5% beneficial ownership of LE common stock (as of Mar 28, 2025) | Leykum previously worked at ESL (2004–2012); Board affirms independence; potential alignment with controlling shareholder merits monitoring . |
| Affiliate of Josephine Linden | Office license agreement | LE pays $9,600 per month for NY office space/services; approved by disinterested Audit Committee members | Not linked to Leykum; shows related-party oversight practices . |
Expertise & Qualifications
- Capital markets and investment management experience; prior roles at ESL and Goldman Sachs’ Principal Investment Area .
- Audit Committee Financial Expert designation; strong financial oversight credentials .
- Education: Harvard College A.B. (Phi Beta Kappa, magna cum laude) and Harvard Business School MBA (with distinction) .
- Technical upskilling: AI Essentials (HBS Online, 2024), Cybersecurity for Non-Technical Executives (MIT Sloan, 2023) .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Ownership Guidelines Compliance | Hedging/Pledging Policy |
|---|---|---|---|---|
| Elizabeth Leykum | 12,299 | <1% | All non-employee directors in compliance with guideline to acquire shares equal at cost to annual retainer within three years | Company policy prohibits hedging and pledging of Company stock; margin accounts also prohibited . |
Governance Assessment
- Strengths: Independent director with Audit Financial Expert designation and service on both Audit and Compensation Committees; adequate attendance; Board conducts executive sessions; robust related-party oversight; director stock ownership guidelines in place and met; anti-hedging/anti-pledging policy; strong say-on-pay support (~99% in 2024) indicating investor confidence in compensation governance .
- Potential red flags to monitor:
- Control shareholder influence: ESL owns 55.5%; Leykum’s prior ESL employment could present perceived alignment with controlling shareholder—Board affirms independence, but investors should monitor decisions involving ESL .
- Related-party transaction (Chair’s affiliate office license): Not involving Leykum; approved by disinterested Audit Committee members, but ongoing oversight is prudent .
- Equity alignment: Leykum elected no stock retainer in FY2024 ($0 stock awards), though she owns shares and guidelines are met; continued tracking of personal holdings supports alignment .
