Lorenzo A. Flores
About Lorenzo A. Flores
Independent Director of the BlackRock MuniHoldings Fund, Inc. (NYSE: MHD). Year of birth: 1964; director since 2021. Background includes senior finance leadership in semiconductors: CFO, Lattice Semiconductor (since 2025); CFO, Intel Foundry (2024–2025); Vice Chairman, Kioxia (2019–2024); CFO and Corporate Controller, Xilinx (2008–2019). Oversees 66 registered investment companies across 101 portfolios in the BlackRock Fixed‑Income Complex; no public company directorships reported over the past five years .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lattice Semiconductor (LSCC) | Chief Financial Officer | Since 2025 | Semiconductor finance leadership |
| Intel Foundry | Chief Financial Officer | 2024–2025 | Foundry financial operations |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Strategic leadership in memory/storage |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | Corporate finance oversight |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | Financial reporting and controls |
External Roles
| Organization | Role | Status |
|---|---|---|
| Public company directorships (past five years) | — | None |
| BlackRock Fixed‑Income Complex | Director overseeing 66 RICs / 101 portfolios | Active |
Board Governance
- Independence: Listed among Independent Board Members; not an “interested person” under the 1940 Act .
- Years of service: Director since 2021 .
- Board composition: 10 total directors; 8 independent .
- Board leadership: Chair—R. Glenn Hubbard; Vice Chair—W. Carl Kester .
- Committee assignments: Not individually disclosed for directors in the provided proxy. Audit complaints can be addressed to the Chair of the Audit Committee for the funds, but committee membership details are not specified here .
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed in past five years |
Expertise & Qualifications
- Finance and accounting executive with multi‑year CFO and controller experience; relevant to audit, financial reporting, capital allocation, and semiconductor industry dynamics .
- Broad fund oversight exposure (66 RICs / 101 portfolios) within the BlackRock Fixed‑Income Complex, indicating familiarity with closed‑end fund governance and fixed‑income strategies .
Equity Ownership
| Metric | Value |
|---|---|
| Aggregate dollar range of MHD common shares | None |
| Aggregate dollar range of common shares in Supervised Funds (across the complex) | Over $100,000 |
| Officers and Board Members as a group – % of MHD common shares outstanding | Less than 1% |
Governance Assessment
- Independence and conflicts: No beneficial ownership of BlackRock or its affiliates by Independent Board Members or immediate family; no material related‑party interests disclosed over the past two years—reduces conflict risk .
- Alignment: No direct ownership in MHD (None), while aggregate holdings across Supervised Funds are “Over $100,000.” Lack of MHD‑specific ownership may be viewed as weaker fund‑level alignment despite complex‑wide exposure .
- Board effectiveness environment: The Boards entered standstill agreements with Karpus (effective until 2027) and Saba (effective until 2027), signaling an activist backdrop and heightened governance scrutiny; such agreements commit those holders to vote with Board recommendations during the period .
- Capacity/engagement signal: Significant external executive responsibilities (current CFO role at Lattice) coupled with oversight of 66 RICs may create bandwidth considerations; however, attendance data and committee engagement are not disclosed in this proxy, limiting assessment of meeting participation .
- Audit and controls channel: Shareholders may communicate accounting concerns directly to the Chair of the Audit Committee, indicating an established pathway for financial oversight and issue escalation .
RED FLAGS:
- No MHD-specific share ownership (None) could be interpreted as limited fund-level skin‑in‑the‑game .
- Committee assignments and attendance not disclosed—reduces transparency into director’s specific governance role and engagement .
Positive Signals:
- Extensive finance leadership (CFO/controller) and semiconductor industry experience—valuable for audit and risk oversight .
- No related‑party transactions or affiliate securities ownership among Independent Board Members—strong conflict‑mitigation stance .
- Unanimous Board approvals around strategic reorganization context indicate cohesive governance processes amidst activist engagement .