Glyn Aeppel
About Glyn Aeppel
Glyn Aeppel (age 66) has served as an independent director of Maui Land & Pineapple Company, Inc. since July 2022. She is President and CEO of Glencove Capital (founded 2010), with prior senior roles at Andre Balazs Properties (CIO, 2008–2010) and Loews Hotels (EVP, Acquisitions & Development, 2006–2008). She holds an MBA from Harvard Business School and a BA Honors in Economics and Government from Principia College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Glencove Capital | President & CEO | 2010–present | Lifestyle hospitality investment/advisory leader |
| Andre Balazs Properties | Chief Investment Officer | Oct 2008–May 2010 | Led investment for luxury lifestyle hotels |
| Loews Hotels | EVP, Acquisitions & Development; Exec Committee member | Apr 2006–Oct 2008 | Corporate development leadership |
| Aeppel & Associates | Principal | Apr 2004–Apr 2006 | Assisted Fairmont Hotels expansion in U.S. and Europe |
| Le Meridien, Interstate Hotels & Resorts, FFC Hospitality, Holiday Inn Worldwide, Marriott | Various executive roles | Pre‑2004 | Hospitality operating and development experience |
External Roles
| Organization | Role | Committees |
|---|---|---|
| Simon Property Group (NYSE: SPG) | Director | Chair, Governance & Nominating Committee |
| AvalonBay Communities (NYSE: AVB) | Director | Nominating, Governance & Corporate Responsibility; Investment & Finance Committees |
| Concord Hospitality Enterprises (Private) | Director | Not disclosed |
| Exclusive Resorts LLC (Private) | Director | Not disclosed |
| Gilbane Inc. (Private) | Director | Not disclosed |
| Prior public boards | Director | Key Hospitality Acquisition Corp.; Loews Hotels Corp.; Sunrise Senior Living, Inc. |
Board Governance
- Committee assignments: Audit Committee member; Nominating & Corporate Governance Committee member .
- Independence: Board determined all directors are independent under NYSE and SEC rules .
- Attendance: 100% Board and committee meeting attendance in FY2024; Board met 4x, Audit 6x, Compensation 2x, Nominating & Governance 1x; all directors attended the 2024 annual meeting .
- Board leadership: CEO and Chair roles separated; no current Lead Independent Director .
- Audit Committee oversight: Reviewed 2024 10-K and 2023 10-K/A restatement and related filings; confirmed auditor independence .
Fixed Compensation
| Component (FY2024) | Amount (USD) |
|---|---|
| Annual cash retainer | $40,000 |
| Quarterly retainer structure | $10,000 per quarter (non‑Chair) |
Notes:
- Chairperson of the Board is separately compensated; Aeppel is not Chair .
Performance Compensation
| Equity Component (FY2024) | Detail | Amount/Units |
|---|---|---|
| Stock awards (restricted stock) | Annual grant; vests quarterly; directors granted 5,600 shares; 3,124 vested by Dec 31, 2024, remaining vest through Dec 31, 2025 | $120,000 fair value; 5,600 shares; 3,124 vested |
| Option awards | Granted in 2024; vest quarterly under 2017 Plan | $579,733 fair value |
| Option program detail (company-wide plan data) | Six directors received 385,500 options in May 2024 at $22.25 strike (weighted avg exercise price across all outstanding options $15.09) | 385,500 options at $22.25; W.A. $15.09 |
| Option term (plan) | Options may not exceed 10-year term | ≤10 years |
| Performance metrics tied to director awards | None disclosed for directors (time-based vesting) | N/A |
Policies:
- Clawback: Equity awards subject to clawback per Board policy and law .
- No hedging/pledging: Hedging and pledging prohibited; Audit Committee may grant case-by-case exceptions .
Other Directorships & Interlocks
| External Board | Overlap/Interlock Risk to MLP |
|---|---|
| Simon Property Group (Retail REIT) | Limited operating overlap with MLP’s Hawaii land and development; governance expertise benefit outweighs conflict risk . |
| AvalonBay Communities (Multifamily REIT) | Potential adjacency on real estate practices; not a direct competitor to MLP’s Maui portfolio; governance/finance committee experience valuable . |
| Private company boards | No related-party transactions disclosed with MLP since Jan 1, 2024 . |
Expertise & Qualifications
- Hospitality and real estate investment/development executive; extensive board governance (chairs SPG’s Governance & Nominating) .
- Financial literacy: Audit Committee member; Board deems Audit Committee members “financial experts” .
- Education: MBA Harvard; BA Honors Principia College .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership | 132,258 shares; <1% of outstanding |
| Restricted stock (2024 grant) | 5,600 shares granted; 3,124 vested by 12/31/24; 2,476 unvested continue vesting through 12/31/25 |
| Options (as of 12/31/24) | 16,344 unvested option shares; 65,375 unexercised option shares (total options outstanding) |
| Pledging/hedging | No pledging disclosed for Aeppel; company policy prohibits hedging/pledging (exceptions possible); large stockholder Steve Case disclosed pledging of shares (contextual governance risk) |
Governance Assessment
-
Positives
- Independent director with 100% attendance and active service on Audit and Nominating & Governance, supporting board effectiveness and oversight .
- Strong external governance credentials (chairs SPG Governance & Nominating; AVB committee roles), adding process discipline and industry perspective .
- Equity alignment via restricted stock and options; clawback in place; no related-party transactions involving Aeppel disclosed .
-
Watch items / RED FLAGS
- Director option awards (material value in 2024) can reduce independence of judgment if equity becomes significant; Compensation Committee plans to eliminate options in 2025 in favor of RS to improve valuation certainty, but RS lowers performance sensitivity vs options .
- No Lead Independent Director, which may blunt independent board voice despite overall director independence .
- Company permits case-by-case pledging exceptions; large stockholder (and director) pledging of shares could introduce collateral pressure risk; no such pledging disclosed for Aeppel, but board policy context matters for investor confidence .
- Audit Committee oversight included a 2023 10‑K/A restatement; while the committee engaged appropriately, restatements warrant continued scrutiny of controls and financial reporting risk .
-
Overall
- Aeppel’s committee participation, attendance, and governance expertise support board effectiveness. Compensation structure shifting away from options in 2025 should improve predictability of director pay and reduce repricing risk, though investors should monitor equity magnitude and multi-board time commitments alongside MLP’s evolving capital allocation and internal control environment .