J. Phillip Holloman
About J. Phillip Holloman
Independent Trustee of BlackRock MuniYield Pennsylvania Quality Fund (MPA); born 1955; serving on the MPA Board since 2021. Current role: Interim Executive Chairman, President and Chief Executive Officer of Vestis Corporation (since 2025); prior role: President and Chief Operating Officer at Cintas Corporation (2008–2018). He oversees 66 BlackRock-advised registered investment companies (100 portfolios) across the Fixed-Income Complex. Education not disclosed in the proxy.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vestis Corporation | Interim Executive Chairman, President & CEO | Since 2025 | Public company director; operational leadership |
| Cintas Corporation | President & COO | 2008–2018 | Operational leadership; scale services experience |
| BlackRock MuniYield Pennsylvania Quality Fund (MPA) | Trustee (Independent) | 2021–present | Audit Committee member; Governance Committee member; Performance Oversight Committee member |
External Roles
| Organization | Role | Committee Positions (if disclosed) | Notes |
|---|---|---|---|
| Vestis Corporation | Director | Not disclosed | Uniforms and facilities services; current public directorship |
Board Governance
- Independence: Holloman is an Independent Board Member (not an “interested person” under the 1940 Act). The MPA Board consists of 10 members, 8 independent. Chair (R. Glenn Hubbard) and all committee chairs are independent.
- Committee assignments: Audit Committee (member; Chair: Catherine A. Lynch); Governance Committee (member; Chair: W. Carl Kester); Performance Oversight Committee (member; Chair: Arthur P. Steinmetz).
- Meetings and attendance: In FY ended July 31, 2024, the Board met 12 times; no incumbent Board Member attended less than 75% of aggregate Board and committee meetings served (indicating at least 75% attendance). Committee meeting counts (FY 2024): Audit 8; Governance 6; Performance Oversight 4; Discount 1; Securities Lending 2; Executive 1.
- Engagement: Independent directors meet in executive sessions and conduct annual assessments; Board leadership separated from CEO (Chair is independent).
Fixed Compensation
- Structure (Fixed-Income Complex standard): Annual retainer $370,000 for Independent Board Members; additional annual retainers: Chair of Board $140,000; Vice Chair $84,000; committee chairs—Audit $55,000; Performance $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000; committee members—Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000. Fund pays a pro rata portion quarterly.
- Deferred compensation election: Holloman deferred $212,500 of 2024 compensation and had $773,663 in total deferred compensation payable as of December 31, 2024. Deferred amounts notionally track selected BlackRock funds; plan is unfunded and recorded as a liability at the fund level.
- Actual compensation amounts (most recent periods):
| Metric | FY 2024 (Fund-level) | CY 2024 (All BlackRock-advised funds) |
|---|---|---|
| Compensation paid to J. Phillip Holloman | $1,185 | $425,000 |
Performance Compensation
| Component | Detail |
|---|---|
| Annual/target bonus | Not applicable for Independent Board Members; none disclosed. |
| Stock awards (RSUs/PSUs) | None disclosed for Independent Board Members. |
| Options | None disclosed for Independent Board Members. |
| Performance metrics (TSR, EBITDA, ESG, etc.) | None disclosed for Independent Board Members. |
| Clawbacks / gross-ups | None disclosed for Independent Board Members. |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlocks with MPA | Potential Conflict Indicator |
|---|---|---|---|
| Vestis Corporation | Director; also currently Interim Executive Chairman, President & CEO | No MPA-related transactions disclosed; none reported as related party | None disclosed in proxy; independent from BlackRock and affiliates |
Expertise & Qualifications
- The Board cites Holloman’s “many years of business and leadership experience” as an executive and director; his financial and accounting knowledge qualifies him for Audit Committee service. He provides insight into business trends and conditions; serves on Governance and Performance Oversight Committees as an independent member.
Equity Ownership
| Holder | Common Shares | Aggregate Dollar Range in MPA | Share Equivalents in BlackRock Fixed-Income Complex (Deferred Comp) |
|---|---|---|---|
| J. Phillip Holloman | 0 | None | Over $100,000 |
- Ownership percentage in MPA: 0% (no common shares held). No Preferred Shares held.
- Pledging/hedging: Not disclosed.
- Ownership guidelines: Governance Committee reviews director share ownership; specific guideline levels not disclosed.
Governance Assessment
- Positive signals: Independent status and multi-committee service (Audit, Governance, Performance) support board effectiveness; minimum 75% attendance threshold met across FY 2024; independent Chair and committee chairs enhance oversight.
- Compensation alignment: Director pay is retainer-based with committee-role adjustments; Holloman’s 2024 aggregate compensation ($425,000) consistent with complex-wide norms; deferral into fund-tracking equivalents aligns economic exposure to BlackRock fund performance, though he holds no direct MPA shares.
- Conflicts/related party exposure: Proxy states that Independent Board Members and immediate family members had no interest in BlackRock or its controlled entities as of April 30, 2025; no related-party transactions involving Holloman disclosed.
- Shareholder context: Saba Capital owned ~14.73% of MPA common shares as of April 30, 2025; standstill agreements with Karpus (through 2027) and Saba (through 2027) require voting per Board recommendations, potentially reducing activist pressure near term—an environmental factor for board accountability rather than a director-specific issue.