Daniel B. Silvers
About Daniel B. Silvers
Daniel B. Silvers (age 48) is an independent director of ModivCare Inc., appointed April 24, 2025; he serves on the Audit Committee, Nominating and Governance Committee, and the Strategic Alternatives Committee. He is an Audit Committee financial expert and was identified and recommended to the Board by the Company’s lenders pursuant to the Credit Agreement; the Board has affirmatively determined he is independent under Nasdaq rules . He holds a B.S. in Economics and an MBA in Finance from The Wharton School, University of Pennsylvania, and earned a Corporate Governance certification from UCLA Anderson .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Inspired Entertainment, Inc. (Nasdaq: INSE) | EVP & Chief Strategy Officer | 2016–2023 | Executive leadership in strategy for gaming technology company |
| Leisure Acquisition Corp. (Nasdaq: LACQ) | CEO & Director | 2017–2021 | Led SPAC through public-company governance and M&A process |
| Matthews Lane Capital Partners LLC | Managing Member | 2015–present | Investment firm leadership (capital allocation, governance) |
| Western Liberty Bancorp | President | 2009–2010 | Acquisition-oriented holding company leadership |
| SpringOwl Asset Management LLC | President | 2009–2015 | Investment management leadership |
| Fortress Investment Group LLC | Vice President | 2005–2009 | Alternative asset management – investment role |
| Bear, Stearns & Co. Inc. | Senior member, Real Estate/Gaming/Lodging IB | 1999–2005 | Corporate finance and capital markets experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| MRC Global Inc. (NYSE: MRC) | Director | Apr 2024–present | Current public company directorship |
| Avid Technology, Inc. (Nasdaq: AVID) | Director | 2018–2023 | Prior public company board |
| Leisure Acquisition Corp. (Nasdaq: LACQ) | Director (also CEO) | 2017–2021 | Prior public company board |
| Universal Health Services; Forestar Group; PICO Holdings; Ashford Hospitality Prime; India Hospitality Corp. | Director (prior) | N/A | Additional prior public boards per Company release |
Board Governance
- Committee assignments: Audit (member), Nominating & Governance (member), Strategic Alternatives (member) .
- Independence: Board determined Mr. Silvers is independent under Nasdaq rules .
- Financial expertise: Designated “audit committee financial expert” .
- Board leadership and structure context: Chair and CEO roles are separated; all committees chaired by independent directors .
- Board and committee activity (culture indicator): 24 Board meetings in 2024; Audit (7), Compensation (6), Nominating & Governance (7). All 2024 directors met at least 75% attendance; Silvers was appointed in 2025, so 2024 attendance stats predate his service .
- Strategic Alternatives Committee mandate: Oversees sales processes for Monitoring and Personal Care Services businesses and supports cost optimization; formed pursuant to the Credit Agreement .
- Election and support: At the 2025 annual meeting, Silvers received 10,535,292 votes “For,” 103,687 “Against,” 5,451 abstentions; all measures passed .
Fixed Compensation
Director compensation framework (non-employee directors; 2024 baseline):
| Component | Amount / Policy | Notes |
|---|---|---|
| Annual cash retainer | $85,000 | Standard non-employee director retainer |
| Committee chair retainers | Audit: $35,000; Compensation: $20,000; Nominating & Governance: $20,000 | Paid to chairpersons |
| Committee member retainers | Audit: $15,000; Compensation: $7,500; Nominating & Governance: $7,500 | Non-chair members |
| Board Chair retainer | $100,000 (effective Dec 2024; previously $35,000) | Chair premium in addition to base retainer |
| Equity retainer (target) | $130,000 | Based on closing stock price on grant date |
| Form of payment | Monthly cash; optional stock in lieu of cash | Two directors elected stock in 2024 |
| Expense reimbursement | Reasonable expenses reimbursed | Standard policy |
The 2024 director compensation table (pre-dating Silvers’ appointment) shows total cash/equity mix for then-serving directors; no amounts are disclosed for Silvers for 2024 since he joined in 2025 .
Performance Compensation
- Equity retainer: Non-employee directors are eligible for an annual equity retainer with $130,000 target value; historical grants to directors in 2024 were restricted stock that vested after one year (e.g., Feb 14, 2024 grants vested Feb 14, 2025) .
- Ownership alignment policies: Director stock ownership guideline set at 5x annual retainer; until guideline is met, directors may not sell compensatory shares (limited exceptions for tax/exercise) .
- Hedging/pledging: Company policy prohibits hedging or pledging by directors .
Other Directorships & Interlocks
| Company | Overlap/Interlock Relevance |
|---|---|
| MRC Global Inc. (current) | No disclosed supplier/customer overlap with ModivCare in proxy; no related-party transaction disclosed involving Silvers . |
| Prior boards (AVID, LACQ, UHS, Forestar, PICO, Ashford Hospitality Prime, India Hospitality Corp.) | Prior experience; no ModivCare interlock or related-party transaction disclosed . |
Expertise & Qualifications
- Capital allocation, corporate finance and markets expertise from roles at Inspired, Fortress, Bear Stearns, and investment firm leadership; Wharton BS/MBA; UCLA Anderson governance certificate .
- Audit Committee financial expert designation underscores financial reporting and oversight capabilities .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership at Record Date (Apr 21, 2025) | Reported as “—” (no shares) for Silvers in the beneficial ownership table; 14,349,099 shares outstanding on Record Date . |
| Initial Section 16 filing | Form 3 (Initial Statement of Beneficial Ownership) filed Apr 28, 2025 (Silvers) . |
| Insider transactions | No Form 4 transactions for Silvers appear in the Company’s Section 16 filings list through mid-2025 (Company SEC filings portal) . |
| Stock ownership guidelines | Directors must hold 5x annual retainer; as of Dec 31, 2024, none of the then non-employee directors had met the guideline (Silvers joined in 2025) . |
| Anti-hedging/pledging | Prohibited for directors . |
Governance Assessment
Key positives
- Independent director, Audit Committee financial expert; sits on three key committees including Strategic Alternatives during a period of portfolio actions—signals strong oversight and financial rigor .
- High investor support at 2025 election (10.54M “For” vs. 0.10M “Against”), supportive of board refresh and governance trajectory .
- Robust governance policies in place: clawback compliant with Nasdaq Rule 10D‑1; anti-hedging/pledging; separated Chair/CEO; all committees chaired by independents .
Potential conflicts and monitoring items
- Appointment recommended by lenders under the Credit Agreement; Board size and formation of the Strategic Alternatives Committee are tied to lender-driven governance—investors should monitor for potential creditor influence on strategic decisions, especially divestitures .
- As of the 2025 Record Date, Silvers reported no share ownership; while within early tenure, ownership build toward director guideline is a focal alignment indicator to track over time .
- Related-party transaction disclosure highlights large transactions with a significant shareholder (Coliseum); no Silvers-related RPTs disclosed, but concentration risk and investor influence remain governance considerations .
Say‑on‑Pay and shareholder feedback
- 2025 Say‑on‑Pay: For 10,257,557; Against 378,006; Abstain 8,867; passed, indicating investor support for compensation program changes and governance oversight .
- 2024 Say‑on‑Pay result (for 2023 comp) approved with approximately 80% support per Company’s CD&A, suggesting improving continuity in shareholder alignment .
Related‑party transactions and policies
- Audit Committee oversees a formal Related Person Transaction Policy; 2025 proxy discloses the Coliseum second‑lien notes purchase/exchange; no Silvers‑related RPTs are disclosed .
Director compensation structure (alignment signals)
- Cash/equity mix with annual equity retainer encourages alignment; anti‑hedging/pledging and strict ownership guidelines strengthen long‑term alignment. Monitor whether Silvers elects stock in lieu of cash and progress toward 5x retainer ownership target .
RED FLAGS
- Lender‑nominated appointment and committee formed pursuant to Credit Agreement—heightened risk of creditor influence on strategic alternatives and capital allocation; monitor decision processes and disclosures around divestitures .
- Low director ownership as of Record Date (no shares reported) for a newly appointed director—track ownership accumulation against guidelines .