John M. Perlowski
About John M. Perlowski
John M. Perlowski serves as Director (since 2015) and President & Chief Executive Officer (since 2010) of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), and is an “interested person” of the Fund based on his positions at BlackRock, Inc.; he was born in 1964 and is also a Managing Director of BlackRock, Inc. and Head of BlackRock Global Accounting and Product Services, roles he has held since 2009 . He oversees 98 BlackRock-advised registered investment companies consisting of 273 portfolios and serves as Advisory Director of Family Resource Network (charitable foundation) since 2009 . Executive officers, other than the Chief Compliance Officer, receive no compensation from the Funds, and the proxy materials do not disclose MIY-specific pay metrics or targets for Perlowski because compensation is set and paid by BlackRock rather than the Fund . As Director and CEO, Perlowski’s dual role reflects interested status under the 1940 Act, with interested directors serving until December 31 of the year in which they turn 72; the Board for the BlackRock Fixed‑Income Complex comprises ten members, eight of whom are independent .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director | Since 2009 | Senior leadership within BlackRock |
| BlackRock, Inc. | Head, Global Accounting and Product Services | Since 2009 | Oversight of accounting and product services functions for fund complexes |
| MIY (BlackRock MuniYield Michigan Quality Fund, Inc.) | President & Chief Executive Officer | Since 2010 | Principal executive oversight of Fund operations |
| MIY | Director | Since 2015 | Board oversight across 98 RICs/273 portfolios in BlackRock Fixed‑Income Complex |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Family Resource Network (charitable foundation) | Advisory Director | Since 2009 | Community engagement and advisory support |
Fixed Compensation
- Executive officers of MIY (other than the CCO) receive no compensation from the Funds; compensation is paid by BlackRock, not by MIY .
| Component | MIY Disclosure |
|---|---|
| Base salary | Not paid by MIY; executives receive no Fund compensation |
| Cash bonus | Not paid by MIY; executives receive no Fund compensation |
| Director fees (interested director) | Not disclosed specifically for Perlowski; Board biographical section notes interested status |
Performance Compensation
- MIY’s proxy does not provide performance metric targets, weights, or payouts for Perlowski because Fund executives are compensated by BlackRock (not by the Funds), and the Acquiring Fund compensates only the CCO for CCO services .
Equity Ownership & Alignment
| Item | MIY Disclosure |
|---|---|
| Aggregate dollar range of MIY common shares (Perlowski) | None |
| Aggregate dollar range across “Supervised Funds” in Fixed‑Income Complex (Perlowski) | Over $100,000 |
| Director status | Interested person of each Fund based on BlackRock positions |
| Shares pledged as collateral | Not disclosed in the proxy sections returned |
| Ownership as % of shares outstanding | Not disclosed in the proxy sections returned |
Employment Terms
| Term | MIY Disclosure |
|---|---|
| Officer service / term | Officers serve at the pleasure of the Board |
| Director tenure policy | Interested directors (including Perlowski) serve until December 31 of the year in which they turn 72; Board may extend Independent terms case‑by‑case |
| Compensation source | Executives receive no compensation from the Funds; CCO is compensated by the Acquiring Fund for CCO services |
Board Service & Governance Notes
- Perlowski is Director (since 2015) and President & CEO (since 2010), classified as an “interested person” by virtue of positions at BlackRock; he and Robert Fairbairn are interested directors across the Funds and also serve on the BlackRock Multi‑Asset Complex .
- The Board for MIY’s Fixed‑Income Complex consists of ten members, eight independent, with Independent Board Members including Chair R. Glenn Hubbard and Vice Chair W. Carl Kester overseeing 68–70 RICs and 103–105 portfolios; committee details for Perlowski are not specified in the returned proxy sections .
- Shareholder communications to the Board and Audit Committee chair are facilitated via the Secretary and designated email; standstill agreements with Saba Capital require Saba to vote with Board recommendations through 2027, stabilizing governance dynamics around contested matters .
Investment Implications
- Alignment: Perlowski holds no MIY common shares while holding “Over $100,000” across supervised funds; the absence of MIY holdings may temper fund‑specific alignment, though complex‑wide exposure is present .
- Pay‑for‑performance visibility: Compensation levers (salary, bonus, RSUs/PSUs, metrics, vesting, severance) are not disclosed at the Fund level because executives are compensated by BlackRock; this limits direct investor analysis of MIY‑specific incentive alignment and insider selling pressure .
- Governance: His dual role (CEO + Director) and “interested person” status under the 1940 Act concentrate operational and board influence but operate within a Board that is majority independent; activists’ standstill agreements through 2027 reduce near‑term governance event risk and may support execution continuity .
- Retention/transition risk: Officers serve at the pleasure of the Board; explicit employment agreements, non‑compete, or change‑of‑control terms are not disclosed in the proxy sections returned, so retention economics cannot be evaluated at the Fund level .
- Trading signals: Lack of Form 4‑style insider transactions in the returned materials and absence of MIY share ownership by Perlowski reduce near‑term insider signal utility; governance stabilization via standstill agreements may dampen event‑driven volatility through 2027 .
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