Dale LeFebvre
LINCOLN NATIONALAbout Dale LeFebvre
Independent director since 2021; age 54. Founder and Chairman of private equity firm 3.5.7.11. Serves on LNC’s Audit and Corporate Governance Committees and is designated an Audit Committee Financial Expert, with expertise in investments, capital management, M&A, risk management, and strategic planning .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| 3.5.7.11 | Founder & Chairman | Since 2008 | Private equity leadership; capital management and M&A expertise |
| AIC International Investments | Managing Partner & Founder | Not disclosed | Investment leadership; strategic management experience |
| Pharos Capital Group | Managing Partner | Not disclosed | Private equity investing; risk and capital management |
| McKinsey & Company | Analyst (career start) | Not disclosed | Strategy and analytical foundation |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Public company boards | — | None | No current other public company directorships |
| Lincoln Life & Annuity Company of New York (subsidiary) | Director | Current | Additional board retainer and meeting fees |
| 3.5.7.11 | Founder & Chairman | Current | Private equity; not a public company |
Board Governance
- Independence: The Board determined LeFebvre is independent; all members of Audit, Compensation, Corporate Governance, and Finance Committees are independent .
- Committees: Audit (member) and Corporate Governance (member); Audit Committee financial expert designation .
- Attendance: In 2024, the Board met six times and each incumbent director attended at least 75% of combined Board and relevant committee meetings; all directors (except Mr. Mee, for health reasons) attended the 2024 Annual Meeting .
- Committee workload: Audit (8 meetings) and Corporate Governance (4 meetings) in 2024 .
Fixed Compensation
| Component | Amount (USD) | Period | Notes |
|---|---|---|---|
| Annual cash retainer | $110,000 | 2024 | Standard for outside directors |
| Audit Committee member fee | $10,000 | 2024 | Committee membership cash fee |
| Deferred LNC Stock Units (annual grant) | $180,000 | 2024 | Equity portion of retainer |
| LNY subsidiary board fees | $21,410 | 2024 | $15,000 retainer + $1,100 per meeting; actual total for 2024 |
| Total cash fees (incl. LNY/committee) | $141,410 | 2024 | Fees earned/paid in cash |
| Total compensation | $321,410 | 2024 | Cash + stock awards; no “All other compensation” |
Additional program elements:
- No regular meeting fees; Corporate Governance Committee may recommend $1,100 for additional meetings (none paid in 2024) .
- Optional deferral of cash retainers into Directors’ DCP with investment options including LNC Stock Fund; amounts payable only upon retirement/resignation; LNC Stock Fund distributions payable in LNC shares .
Performance Compensation
- Directors do not receive performance-based equity; equity is granted as Deferred LNC Stock Units (phantom units) with dividends reinvested and payable only at separation from the Board; no options outstanding for directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Committee interlocks | Compensation Committee disclosed no interlocks requiring related-party disclosure; members were all independent (LeFebvre was not on Compensation Committee in 2024) |
| Related-party transactions | No LeFebvre-specific related-party transactions disclosed; RPTs disclosed involve BlackRock/Vanguard and a CEO family member employment consistent with policy |
Expertise & Qualifications
- Audit Committee Financial Expert designation; finance and accounting oversight experience .
- Extensive experience in investments, capital management, M&A, risk management, strategic planning, product innovation, and human capital management .
- Corporate governance experience via membership on Corporate Governance Committee .
Equity Ownership
| Metric | Value | Date | Notes |
|---|---|---|---|
| Common shares beneficially owned | 0 | Mar 14, 2025 | Less than 1% of class |
| LNC stock units (phantom) | 21,711 | Mar 14, 2025 | Non-voting; track LNC stock |
| Deferred LNC Stock Units | 21,427 | Dec 31, 2024 | From director compensation table |
| Ownership guidelines (directors) | 5x cash retainer ($550k) | Policy | DSUs and common count toward guideline; all outside directors met threshold as of Dec 31, 2024 |
| Pledging/Hedging | Prohibited | Policy | Applies to directors and executives |
Governance Assessment
- Strengths: Independent director; dual committee service (Audit and Corporate Governance); Audit Committee financial expert designation; documented attendance ≥75%; robust director ownership guidelines and prohibition on hedging/pledging; director equity paid as DSUs aligning incentives with shareholders .
- Alignment: Holds material DSUs and meets (as part of cohort) the 5x retainer guideline; director equity is long-term with payout only upon separation, reinforcing long-horizon oversight .
- Conflicts/Red Flags: No related-party transactions disclosed involving LeFebvre; no other public company board interlocks; no “All other compensation” perquisites; overall structure minimizes conflict risk .
- Engagement signals: Service on LNY subsidiary board and core committees with defined oversight mandates; attendance and meeting cadence suggest active engagement .