J. Phillip Holloman
About J. Phillip Holloman
Independent director of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) since 2021; year of birth 1955. His principal occupations include Interim Executive Chairman, President and Chief Executive Officer of Vestis Corporation (since 2025) and previously President and Chief Operating Officer of Cintas Corporation (2008–2018), indicating deep operating and leadership credentials in services businesses . The MIY board has 10 members, of which 8 are independent under the 1940 Act; Holloman is listed among the independent board members in MIY’s proxy materials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cintas Corporation | President and Chief Operating Officer | 2008–2018 | Senior operating leadership at a large services firm |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vestis Corporation | Interim Executive Chairman, President & CEO; Director | Since 2025 | Public company directorship; uniforms and facilities services |
| BlackRock-advised funds (Fixed-Income Complex) | Director/Trustee across fund complex | Since 2021 at MIY | Oversees 68 registered investment companies (RICs) consisting of 103 portfolios |
Board Governance
- Structure and independence: MIY’s board has 10 members; 8 are independent (non-“interested persons” under the 1940 Act). The Chair is R. Glenn Hubbard (independent) and Vice Chair is W. Carl Kester (independent). The two “interested” directors are Robert Fairbairn and John M. Perlowski .
- Tenure policy: Independent directors serve until a successor is elected or until December 31 of the year they turn 75 (case-by-case extensions possible). Interested directors’ retirement age is 72 .
- Activism/engagement context: On January 20, 2025, each Fund (including MIY) and the investment advisor entered a standstill agreement with Saba Capital through the earlier of the 2027 annual meeting or August 31, 2027, under which Saba agreed to customary standstill covenants and to vote in line with the Board’s recommendations during the period .
- Committee disclosures: The special-meeting proxy does not include committee rosters; no committee assignments or chair roles for Holloman are disclosed in this document .
Fixed Compensation
- The special-meeting proxy does not provide an Independent Board Member fee schedule (cash retainer, committee chair fees, or meeting fees) for MIY. Independent directors may participate in a deferred compensation plan (footnote reflects “share equivalents owned under the deferred compensation plan in the Supervised Funds”), but no award values or elections for Holloman are provided here .
Performance Compensation
- Independent directors are not paid on performance metrics in this document; no PSU/RSU or option awards, performance targets, vesting schedules, clawbacks, or severance/CoC provisions are disclosed for directors in this proxy .
Other Directorships & Interlocks
| Company | Board Role | Committee Roles | Interlocks/Notes |
|---|---|---|---|
| Vestis Corporation | Director | Not disclosed here | Also serving as Interim Executive Chairman, President & CEO |
Expertise & Qualifications
- Executive operating experience: Former President & COO of Cintas (2008–2018); current Interim Executive Chairman, President & CEO of Vestis (since 2025), indicating depth in operations, services, and corporate leadership relevant to oversight of a complex fund family .
- Independent oversight experience: Oversees 68 RICs/103 portfolios across the BlackRock Fixed-Income Complex, underscoring experience with regulated funds and governance processes .
Equity Ownership
| Metric (as of Dec 31, 2024) | MIY | MVT | MVF | MYI (Acquiring Fund) | Aggregate in Supervised Funds |
|---|---|---|---|---|---|
| Aggregate dollar range of common shares | None | None | None | None | Over $100,000 (includes share equivalents under the deferred compensation plan) |
- Related-party and advisor securities: As of Dec 31, 2024, independent board members (and immediate family members) did not beneficially own securities of the investment advisor or its affiliates (other than registered funds). No material interest in transactions with the Funds, BlackRock, or affiliates was disclosed for the most recent two years .
Governance Assessment
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Positives
- Independent majority and independent board leadership (Chair and Vice Chair) support robust oversight; Holloman appears among the independent directors, enhancing board effectiveness .
- No related-party transactions and no advisor/affiliate securities ownership by independent directors mitigate conflict risk .
- Significant fund-governance scope (68 RICs/103 portfolios) suggests experience with fiduciary obligations and regulatory regimes .
-
Watch items / potential red flags
- Ownership alignment: Holloman reported “None” for MIY share ownership as of Dec 31, 2024; while directors may hold interests across the complex (aggregate “Over $100,000”), lack of MIY-specific holdings can be viewed as a modest alignment gap for this vehicle .
- Activism environment: The 2025 Saba standstill provides near-term stability but may attract future scrutiny regarding board responsiveness once the standstill expires or if circumstances change .
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Unknown/Not disclosed in this proxy
- Committee assignments and chair roles; attendance rates; director fee schedule (cash/equity mix, retainers, chair fees); stock ownership guidelines and compliance status; hedging/pledging policies for directors .