Dan Starr
About Dan Starr
Dan Starr was appointed as an independent director of Lakeland Financial Corporation and its subsidiary Lake City Bank on May 13, 2025. He serves on the Company’s Nominating and Corporate Governance Committee (NCGC). Starr is the CEO of Do it Best Corp., a Fort Wayne–based, member‑owned hardware, lumber and building materials buying cooperative; previously he was a partner at Barnes & Thornburg LLP. He holds a J.D. (magna cum laude) from the Indiana University School of Law and is an active community leader, including service as chairman of the Parkview Health Board of Directors. Tenure at LKFN: since May 2025. Education: J.D., Indiana University School of Law (magna cum laude). Core credentials: CEO experience, legal background, governance leadership.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Do it Best Corp. | President & CEO | 2016–present | Leads a global member-owned cooperative with thousands of locations; strategic, operating and governance responsibility |
| Barnes & Thornburg LLP | Partner; Business, Tax & Real Estate departmental administrator (Fort Wayne) | Pre‑2016 (prior to Do it Best) | Legal, transactional and departmental leadership experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Parkview Health | Chairman of the Board | Current | Board leadership for major regional health system |
| Manchester University | Board of Trustees Outreach Committee | Current | University trustee outreach engagement |
| Do it Best Foundation | Board Member | Current | Philanthropic governance |
| Northeast Indiana Innovation Center; St. Francis Family Business Center; Fort Wayne Ballet | Prior board leadership roles | Prior | Community and innovation leadership roles |
Board Governance
- Appointment and Committees: Appointed Director on May 13, 2025; member, Nominating and Corporate Governance Committee (NCGC). The Company states NCGC members are independent under Nasdaq rules; the committee identifies director nominees, oversees governance policies, and oversees ESG.
- Independence status: The NCGC is comprised of independent directors per LKFN’s 2025 proxy; Starr’s assignment to the NCGC aligns with independence expectations.
- Attendance and engagement: Board held six meetings in 2024 and all incumbent directors attended ≥75% (pre‑dating Starr’s appointment). 2025 attendance for Starr will be reported in the next proxy.
- Lead Independent Director framework and executive sessions are established governance practices at LKFN (two executive sessions in 2024).
Fixed Compensation (Director)
Board policy for non‑employee directors (2024/2025 structure):
| Component | Amount | Notes |
|---|---|---|
| Annual Director Retainer (cash) | $35,000 | Paid to non‑employee directors |
| Lead Independent Director Retainer | $15,000 | Additional to base retainer |
| Committee Chair Retainer – Audit | $15,000 | |
| Committee Chair Retainer – Governance | $10,000 | |
| Committee Chair Retainer – Compensation | $10,000 | |
| Committee Chair Retainer – Corporate Risk (Bank) | $10,000 | Bank committee |
Additional features:
- Directors’ stock ownership guideline: minimum 5,000 shares within five years of becoming a director; all non‑employee directors were in compliance as of 12/31/2024. As a new director in May 2025, Starr would be subject to the 5,000‑share guideline within five years.
- Hedging prohibited; pledging requires prior NCGC approval.
- Insider trading policy includes blackout windows around earnings.
- Directors Fee Deferral Plan available; fees may be deferred into phantom stock units tracking LKFN stock.
Performance Compensation (Director Equity)
| Equity Element | Grant Structure | Vesting/Terms | Notes |
|---|---|---|---|
| Annual Stock Grant | 1,300 shares per non‑employee director in 2025 (two grants of 650 shares, typically January and July) | Fully vested stock awards | Program set by board; specific proration for mid‑year appointees not disclosed |
| Phantom Stock (Deferral) | Phantom stock units credited when fees deferred | Settles into common stock after director retirement; non‑transferable; expires after retirement | Example: 1 phantom stock unit credited to Starr on 08/05/2025 at $61.5128 under the deferral program |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed in LKFN filings or company press release announcing his appointment. |
| Non‑profit/academic boards | Parkview Health (chair); Manchester University Board of Trustees Outreach Committee; Do it Best Foundation; prior roles at Northeast Indiana Innovation Center, St. Francis Family Business Center, Fort Wayne Ballet. |
| Related party transactions | None disclosed relating to Starr at appointment. LKFN highlights related‑party review by the NCGC and describes existing related‑party arrangements for other directors, not involving Starr. |
Expertise & Qualifications
- CEO/operator with two decades at Do it Best and CEO since 2016, bringing scale, supply chain, and distribution expertise.
- Legal background as former partner at Barnes & Thornburg LLP.
- Governance leadership: chairs Parkview Health’s board; appointed to LKFN’s NCGC which oversees director nominations, governance policies, and ESG.
Equity Ownership
| Item | Detail |
|---|---|
| Initial beneficial ownership (Form 3) | Form 3 filed May 23, 2025 (initial statement of beneficial ownership) – amounts not detailed in LKFN proxy; see filing. |
| Insider transaction (Form 4) | On 08/05/2025, 1 phantom stock unit was credited to Starr under the director deferral plan at $61.5128; phantom units settle after board retirement. |
| Ownership guidelines | Directors must hold 5,000 shares within five years of becoming a director (applies to Starr from May 2025). Hedging prohibited; pledging requires approval. |
Fixed Compensation (Reference – Board Policy; applies to Starr)
| Metric | Amount | Source |
|---|---|---|
| Annual cash retainer | $35,000 | |
| Equity grant (2025 policy) | 1,300 shares (650 in Jan; 650 in Jul) | |
| Fee deferral availability | Yes (phantom stock; settles post‑retirement) |
Performance Compensation (Reference – Board Policy)
| Metric | Structure | Source |
|---|---|---|
| Equity mix for directors | Fully vested stock awards; no director options outstanding as of 12/31/2024 | |
| Clawback / risk controls | Company maintains clawback policy compliant with SEC/Nasdaq; robust hedging/pledging and insider trading policies |
Other Signals and Context
- Appointment disclosure: 8‑K confirms committee assignment and that there were “no arrangements or understandings” pursuant to which Starr was selected as a director.
- Governance environment: 96% say‑on‑pay support in 2024; independent committee chairs; robust risk oversight including Corporate Risk Committee at the bank.
Governance Assessment
- Strengths: Independent director placed directly on the governance/nomination/ESG oversight committee; seasoned CEO with legal training; adheres to LKFN’s stock ownership guideline and anti‑hedging/pledging regime; fee deferral into phantom stock aligns interests with shareholders.
- Potential conflicts/related‑party exposure: None disclosed at appointment; monitor any commercial relationships between LKFN/Lake City Bank and Do it Best Corp. (if any). The Company’s related‑party policy requires NCGC evaluation and pre‑approval of non‑lending material transactions and insider loans on market terms per bank policy.
- Attendance/engagement: Too early to assess (appointed mid‑2025). Prior‑year board attendance was strong among incumbents; 2025 attendance will be reported in the next proxy.
- RED FLAGS: None disclosed specific to Starr. No hedging/pledging reported; no late filings noted (Form 3 filed 05/23/2025; Form 4 filed 08/06/2025 for phantom unit credit). Continue monitoring for pledging, hedging, or related‑party transactions.