Derrick Johnson
About Derrick Johnson
Derrick Johnson (age 55) is an independent trustee of LXP Industrial Trust since 2022. He brings deep logistics and operations experience from 20+ years at UPS and currently serves as Senior Vice President of Operations (since March 2021) and Chief Operating Officer (since May 2023) at Agiliti, which was publicly traded until May 2024 . He is independent under NYSE rules and LXP’s Corporate Governance Guidelines, with independence confirmed in the proxy; all trustees other than the CEO were deemed independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| United Parcel Service (UPS) | President, Southeast; various strategic and operational roles | 20+ years | Led logistics operations and strategy in a Fortune 50 environment |
| Citigroup | Associate, Fixed Income Sales | Not disclosed | Capital markets exposure and analytical experience |
| Oliver Wyman (formerly Mercer Management Consulting) | Associate | Not disclosed | Strategy and management consulting foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Agiliti | SVP, Operations (Mar 2021–present); COO (May 2023–present) | Ongoing | Agiliti was a public company until May 2024; role underscores operations and healthcare logistics expertise |
| Georgia Commission on Freight & Logistics | Member | Ongoing | Public/regulatory engagement in logistics infrastructure |
Board Governance
- Committee assignments and chair roles:
- Audit & Cyber Risk Committee member; committee met 8 times in 2024 and oversees financial reporting integrity, auditor performance, internal audit, non-GAAP disclosure practices, ERM, and cybersecurity .
- Nominating & ESG Committee experience noted in nominee profile; proxy grid shows Johnson listed on Nominating & ESG, though the roster lists Noe (Chair), Gray, Handwerker, and Koeneman as current members (minor inconsistency) .
- Independence status: Independent trustee; LXP confirms a majority-independent board and lists Johnson as independent .
- Attendance and engagement:
- Board held 5 meetings in 2024; each trustee attended at least 75% of aggregate board and committee meetings on which they served; all trustees attended the 2024 annual meeting .
- Lead Independent Trustee: Jamie Handwerker (since May 23, 2023) with robust responsibilities per governance guidelines .
- Limits on commitments: Trustees cannot serve on more than three other public company boards; Audit Committee members capped at three public company audit committees; Nominating & ESG reviews outside commitments .
Fixed Compensation
| Year | Cash Retainer ($) | Chair/Lead Premiums ($) | Equity (Vested Common Shares) ($) | Total ($) |
|---|---|---|---|---|
| 2024 (actual) | 60,000 | — | 120,000 | 180,000 |
| 2025 (structure) | 65,000 | Chairs: Audit 25,000; Compensation 20,000; Nominating & ESG 20,000; Lead Independent 40,000 | 130,000 (paid in vested shares, quarterly) | N/A (paid quarterly) |
- Derrick Johnson’s 2024 director compensation totaled $180,000 (fees $60,000; share awards $120,000) .
- Retainers paid quarterly; equity portion based on average closing price for the quarter; travel expenses reimbursed; no options .
Performance Compensation
- LXP’s non-employee trustee program delivers equity as vested common shares (no PSUs/options) with no explicit performance metrics tied to director awards .
- Therefore, no director-specific performance metric table applies; equity grants for trustees are time/vested retainer shares, not performance-conditioned awards .
Other Directorships & Interlocks
| Company | Public Co. | Role | Committee | Notes |
|---|---|---|---|---|
| None disclosed for Johnson | — | — | — | No public company board directorships listed in LXP proxy for Derrick Johnson; primary external role is at Agiliti (operating executive) . |
Expertise & Qualifications
- Logistics and operations: deep career in logistics, including 20+ years at UPS and current COO role at Agiliti .
- Strategic planning: transformational leadership across startups and Fortune 50 corporations .
- Corporate finance/analysis: experience formed through banking and consulting roles and senior roles at publicly traded companies .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Derrick Johnson | 35,295 | <1% | Includes shares counted if acquirable within 60 days; no options outstanding; LXP prohibits hedging/pledging |
- Stock ownership guidelines: Trustees must own shares equal to five times their annual cash retainer within five years; executive officers and trustees were in compliance subject to phase-in periods .
- Anti-hedging/anti-pledging policy in place for trustees and employees .
Governance Assessment
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Board effectiveness: Johnson’s logistics and operations expertise is well-aligned with LXP’s industrial REIT focus and Audit & Cyber Risk oversight (cyber/ERM) enhances risk governance .
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Independence and attendance: Independent status with strong meeting participation across board/committees supports investor confidence .
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Alignment and pay mix: Director compensation emphasizes equity (vested shares) alongside modest cash retainers; 2025 increases are incremental and structured, with no options or performance-conditioned director awards (reduces pay-for-performance risk in director pay) .
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Conflicts/related-party exposure: No related-party transactions disclosed involving independent trustees; charitable contributions did not involve organizations led by independent trustees in 2024; robust related-party review policy .
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Say-on-pay signal: While focused on executives, 96% support in 2024 and ~97% five-year average indicate broad shareholder alignment with compensation governance; a positive proxy signal for overall governance culture .
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RED FLAGS:
- None disclosed regarding hedging/pledging, related-party transactions, attendance, or director pay anomalies; note minor inconsistency in proxy presentation of Nominating & ESG committee membership vs. roster listing (grid shows Johnson on Nominating & ESG; roster names do not include him) .