Anthony Grillo
LITTELFUSE INC /DEAbout Anthony Grillo
Independent director of Littelfuse, Inc. (LFUS), age 69, serving on the Board since 1991. Grillo is Chair of the Nominating & Governance Committee and a member of the Audit Committee, designated by the Board as an “audit committee financial expert.” He brings over three decades of financial markets, restructuring, and M&A experience across American Securities, Evercore, Joseph Littlejohn & Levy, and Blackstone; education includes a BA in Economics (Rutgers) and an MBA (Wharton). The Board has affirmatively determined he is independent under NASDAQ/SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder; Managing Director (retired 2018) | 2005–2018 | Co-founded strategy; invested in special situations |
| Evercore Partners (EVR) | Senior Managing Director; founded restructuring practice | 2001–2004 | Built restructuring advisory capability |
| Joseph Littlejohn & Levy | Senior Managing Director (PE) | 1999–2001 | Private equity investing |
| The Blackstone Group (BX) | Senior Managing Director | 1991–1999 | Principal investing/corporate transactions |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Franklin Templeton closed-end funds (16 funds) | Director | Since Nov 2024 | Sixteen closed-end funds advised by Franklin Templeton Fund Adviser, LLC |
| Oaktree Acquisition Corp. II (OACB) | Director | 2020–Jun 2022 | Served until merger with Alvotech Holdings S.A. |
| Oaktree Acquisition Corp. (OAC) | Director | 2019–Jan 2021 | Served until merger with Hims & Hers Health, Inc. |
Board Governance
- Current LFUS committee assignments: Audit Committee (member) and Nominating & Governance Committee (Chair). 2024 meeting cadence: Audit (6), Nominating & Governance (5). Board held 7 meetings in 2024.
- Independence/financial expertise: Independent director; identified as an “audit committee financial expert.”
- Attendance: All directors attended at least 75% of Board meetings and 100% of their committee meetings in 2024, except one director (Mr. Chung) at 85%; implies Grillo met or exceeded thresholds.
- Lead Independent Director exists (Mr. Noglows) and the Board holds regular executive sessions of independent directors; Chairman and CEO roles are separated.
- Stock ownership policy for directors: minimum 5× annual retainer within five years; all directors are in compliance. LFUS prohibits pledging/hedging by directors.
Fixed Compensation (Director)
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual Cash Retainer | $95,000 | Non-employee director retainer (paid quarterly) |
| Committee Chair Fee (Nominating & Governance) | $15,000 | Chair retainer |
| Total Cash Fees (reported) | $110,000 | Grillo’s cash fees for 2024 |
| All Other Compensation | $1,650 | Includes spousal travel expenses |
Director fee deferral: Non-employee directors may defer cash/equity into the Directors Plan; deferrals are invested in LFUS stock and generally paid upon Board departure or elected date.
Performance Compensation (Director Equity)
| Grant Element | Grant Date | Quantity | Grant-Date Value | Vest/Term | Exercise Price |
|---|---|---|---|---|---|
| RSUs | 4/25/2024 | 522 | $117,596 | 1/3 annually over 3 years | — |
| Stock Options | 4/25/2024 | 768 | $57,800 | 1/3 annually over 3 years; expire 7 years | $230.39 |
- Annual director equity program valued at ~$180,000, split 2/3 RSUs and 1/3 options; options at FMV on grant date; time-based vesting (no performance conditions).
Other Directorships & Interlocks
| Company | Relationship to LFUS | Interlock/Conflict Notes |
|---|---|---|
| Franklin Templeton closed-end funds (16) | No disclosed business with LFUS | Potential time-commitment consideration due to number of boards; no LFUS-related transactions disclosed. |
| Oaktree Acquisition Corp. I & II (historical) | None | Historical SPAC roles; no current LFUS interlock disclosed. |
No related-party transactions involving Grillo were disclosed; 2024 related-party items involved ATEC and Briggs & Stratton (other director’s employer).
Expertise & Qualifications
- Financial markets/M&A and restructuring expertise from senior roles at Blackstone, JLL, and Evercore (founded Evercore’s restructuring practice). Designated “audit committee financial expert.”
- Education: BA Economics (Rutgers); MBA (Wharton).
- Governance leadership: Chair, Nominating & Governance Committee; experience across governance, board evaluations, related-party oversight, ESG oversight.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Common | Within 60 Days (Options) | Within 60 Days (RSUs) | Deferred RSUs | Outstanding Options | Outstanding RSUs | Pledged? |
|---|---|---|---|---|---|---|---|---|
| Anthony Grillo | 75,894 | <1% | 5,267 | 496 | 1,296 | 6,018 | 1,774 | None pledged (company-wide note) |
| Sources |
- Company states none of the reported shares in the beneficial ownership table are subject to pledge or lien; Insider Trading Policy prohibits pledging/hedging. All directors comply with ownership guidelines (5× retainer).
Insider Trades and Section 16(a) Compliance
| Date Filed | Transactions Covered | Note |
|---|---|---|
| 1/24/2025 | Late Form 4 covering four transactions on 2/1/2024, 5/2/2024, 8/1/2024, 10/31/2024 | All related to fees deferred under the Directors Plan (late filing). |
Governance Assessment
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Strengths
- Independence and tenure: Independent director with deep transaction and restructuring background; Board-designated audit committee financial expert.
- Governance leadership: Chair of Nominating & Governance; Board uses majority voting, executive sessions, and separate Chair/CEO; strong committee charters and ESG oversight.
- Alignment: Director ownership guideline (5× retainer) and anti-pledging/anti-hedging; deferred director fees invested in LFUS stock; no pledging.
- Engagement/attendance: Board met 7×; Grillo met attendance thresholds and 100% of his committee meetings per company disclosure.
-
Watch items / potential red flags
- Long tenure: On Board since 1991; some investors scrutinize very long tenures for perceived independence erosion, though LFUS affirms independence.
- External time commitments: Simultaneous service on 16 Franklin Templeton closed-end funds could raise workload concerns; no LFUS conflict disclosed.
- Section 16 timing: One late Form 4 (administrative) tied to deferred fees; low severity but worth noting for compliance hygiene.
-
Related-party/conflict check: No related-party transactions involving Grillo disclosed in 2024; committee charters require review of related person transactions.
Say-on-Pay (context): LFUS’s 2024 say-on-pay support was ~93%, signaling broad shareholder acceptance of compensation practices (executive, not director).