Eric Zinterhofer
Liberty Latin AmericaAbout Eric L. Zinterhofer
Independent director of Liberty Latin America (LILA) since December 2017; age 53. Founding partner of Searchlight Capital Partners with 15+ years investing across cable, fiber, wireless, and satellite; prior senior partner at Apollo Management where he co-led media/telecom investing. Listed as an independent director and currently serves on LILA’s Compensation Committee; his Class I board term runs through the 2027 AGM.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apollo Management, L.P. | Senior partner; co-head of media & telecom investing | 1998–May 2010 | Led large-cap media/telecom transactions and portfolio oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Charter Communications, Inc. | Director; Non-Executive Chairman | Director since Nov 2009; Non-Exec Chair since Dec 2023 (also Non-Exec Chair Dec 2009–May 2016; Lead Independent Director May 2016–Nov 2023) | Board leadership and governance oversight at major U.S. cable operator |
| The Estée Lauder Companies Inc. | Director | Since Jan 2025 | Consumer/brand oversight experience |
| Televisa-Univision Holdings Inc. | Director | Since Dec 2020 | Media/LatAm exposure; potential network ties with fellow LILA director Alfonso de Angoitia (Exec Chair of TelevisaUnivision) |
| GCI Liberty, Inc. (fka General Communication, Inc.) | Director (former) | Mar 2015–Mar 2018 | Prior board experience in cable/telecom |
| Global Eagle Entertainment, Inc. | Director (former) | Mar 2018–Aug 2020 | Inflight connectivity/media |
| Hemisphere Media Group, Inc. | Director (former) | Oct 2016–Sep 2022 | Spanish-language media |
Board Governance
| Item | Detail |
|---|---|
| Independence | Listed among current independent directors (with executive sessions held without management) |
| Committees | Compensation Committee member (committee chaired by Miranda Curtis; other members Paul A. Gould) |
| Chair roles | None at LILA; committee chair roles held by others (Audit: Paul A. Gould; Nominating & Governance: Daniel E. Sanchez) |
| Attendance | In 2024, the Board met 5x; each director attended ≥75% of Board and committee meetings; 9 of 10 directors attended the 2024 AGM |
| Executive sessions | Independent directors held two executive sessions in 2024 |
| Term/class | Class I director; term expires at the 2027 AGM |
| Compensation interlocks | Compensation Committee members (Curtis, Gould, Zinterhofer) had no related-party transactions with LILA in 2024; no executive “committee swapping” interlocks disclosed |
Fixed Compensation (Director)
| Component | 2024 Amount/Structure |
|---|---|
| Annual cash retainer | $100,000 |
| Committee fees | Compensation Committee member: $10,000 (chair roles earn $20,000; no fees for Nominating & Governance) |
| Reported 2024 cash paid (Eric) | $110,000 (fees earned or paid in cash) |
| Annual equity for directors (policy) | RSUs in LILA/LILAK at 1:2 ratio; combined grant date fair value $150,000 for 2024; vests in full on March 15 of following year |
| Reported 2024 stock awards (Eric) | LILA RSUs $48,504; LILAK RSUs $97,953; total $146,457 (grant-date fair value accounting) |
| Equity outstanding (as of 12/31/24) | RSUs outstanding: LILA 7,874; LILAK 15,748 (typical director grant) |
| Fees taken in shares | ~ $114,235 of 2024 fees elected in common shares; transferred to Searchlight Capital Partners, LP |
Note: Directors may elect to receive quarterly fees in LILA/LILAK shares; Eric elected shares and transferred such shares to Searchlight affiliates. Director RSUs vest based on continued service (not performance-based).
Performance Compensation (Director)
- No performance-based director pay disclosed. Annual director RSUs are service-vested, not tied to financial or ESG metrics.
Other Directorships & Interlocks
| Company | Overlap/Interlock Relevance |
|---|---|
| Televisa-Univision Holdings Inc. | Eric is a director; LILA director Alfonso de Angoitia is Executive Chairman of TelevisaUnivision, indicating network connectivity across boards in media/LatAm |
| Charter Communications | Eric serves as Non-Executive Chairman; governance leadership experience potentially transferable to LILA |
Expertise & Qualifications
- Founding partner at Searchlight Capital Partners, with extensive investing experience in cable, fiber, wireless, and satellite; background in banking/investments (Apollo).
- Governance leadership at Charter (Non-Executive Chairman), and multi-sector board experience (media and consumer).
- Brings capital structure, M&A, and financing strategy expertise to LILA’s board and Compensation Committee.
Equity Ownership
| Class | Beneficial Ownership | Percent of Class | Notes |
|---|---|---|---|
| LILA (A) | 53,582 shares | <1% | Includes 7,874 RSUs scheduled to settle within 60 days (as of 2/28/25) |
| LILAK (C, non-voting) | 12,330,528 shares | 7.9% | Held largely via Searchlight affiliates; includes 15,748 RSUs scheduled to settle within 60 days (as of 2/28/25) |
| Pledged shares | 12,068,289 LILAK pledged to UBS AG, London Branch | — | Shares pledged as collateral; Eric disclaims beneficial ownership beyond any indirect pecuniary interest, and does not alone have voting/dispositive power over affiliated holdings |
Governance Assessment
-
Strengths
- Independent director with deep sector expertise (cable/telecom) and significant governance experience (Non-Executive Chairman at Charter).
- Active on Compensation Committee; the committee is fully independent and reported no related-party transactions involving members in 2024.
- Board process: independent executive sessions (2x in 2024) and broad director attendance (≥75% for each director).
-
Risks and Red Flags
- Shares pledged: 12,068,289 LILAK shares pledged to UBS (collateral/margin call risk; potential misalignment during stress). RED FLAG.
- Affiliation with a significant shareholder (Searchlight) that holds a large stake; Eric transferred director share compensation to Searchlight affiliates (monitor for potential perceived conflicts; audit committee oversight of related-party matters remains critical). RED FLAG.
- Hedging policy: while short sales are prohibited and pre-clearance is required, LILA does not specifically prohibit hedging by directors/officers (less stringent than some peers). Governance risk awareness warranted.
- Board time commitments: multiple major boards (Charter Chair; Estée Lauder; Televisa-Univision) may raise capacity questions for some investors despite strong attendance metrics.
-
Additional governance context
- Say-on-pay support was ~93% at the 2024 AGM, signaling broad investor alignment with compensation governance.
- Clawback (recoupment) policy adopted per SEC/Nasdaq rules; no recoveries to date.
Appendix: Key Board/Committee References
- Committee membership (2024): Eric L. Zinterhofer – Compensation Committee member.
- Independent directors list includes Eric.
- Board meetings and attendance; AGM attendance.
- Director compensation structure and 2024 amounts (cash/equity; fee elections to shares).
- Beneficial ownership and pledging footnotes for Eric/Searchlight affiliates.