Alan D. Schwartz
Madison Square Garden SportsAbout Alan D. Schwartz
Alan D. Schwartz (age 75) is a Class B director of Madison Square Garden Sports Corp. (MSGS) since September 30, 2015. He is independent under NYSE and SEC rules, not a member of any board committee, and currently serves as Executive Chairman of Guggenheim Partners; previously he was CEO of Bear Stearns and a consultant to Rothschild Inc. . He attended at least 75% of Board/committee meetings in FY2025; the Board met six times and all incumbent directors attended the 2024 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Bear Stearns Companies, Inc. | Chief Executive Officer | Jan 2008–Mar 2008 | Senior leadership during crisis period |
| The Bear Stearns Companies, Inc. | President & Co-Chief Operating Officer | 2007–2008 | Operational leadership |
| The Bear Stearns Companies, Inc. | Co-President | 2001–2007 | Executive management |
| Rothschild Inc. | Consultant | 2008–2009 | Advisory role |
| MSG Networks | Director | 2010–2015 | Prior Dolan-controlled affiliate board |
| AMC Networks | Director | 2011–2016 | Prior Dolan-controlled affiliate board |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Guggenheim Partners, LLC | Executive Chairman | 2009–present | Investment advisory firm leadership |
| Marvin & Palmer Associates, Inc. | Director | Current | Investment advisory firm director |
| NYU Langone Health | Trustee | Current | Non-profit governance |
| Duke University | Trustee Emeritus | Current | Non-profit/academic board |
| Robin Hood Foundation | Board Member | Current | Non-profit governance |
| Clinton Health Access Initiative | Board Member | Current | Non-profit governance |
| National Medal of Honor Museum | Board Member | Current | Non-profit governance |
Board Governance
- Classification and tenure: Class B Director since Sept 30, 2015; Committee Membership: None .
- Independence: Board determined Schwartz is independent under NYSE/SEC, despite prior service and occasional services to Dolan-controlled affiliates (AMC Networks); Board deemed those relationships not material .
- Attendance: Board met 6 times in FY2025; each director attended at least 75% of Board/committee meetings; all incumbents attended the 2024 annual meeting .
- Governance structure: MSGS is a “controlled company” (Class B holders elect up to 75% of Board); Board not majority independent; Audit and Compensation Committees are fully independent; regular executive sessions of independent directors .
- Committees composition (for context): Audit—Seidenberg (Chair), Tese, Vinciquerra; Compensation—Cohen (Chair), Tese, Vinciquerra .
Fixed Compensation
| Compensation Element | Compensation |
|---|---|
| Annual Cash Retainer | $75,000 |
| Annual Equity Retainer (RSUs) | $160,000 |
| Audit/Compensation Committee Member Fee | $15,000 |
| Audit/Compensation Committee Chair Fee | $25,000 |
| FY2025 Director Compensation (Schwartz) | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 75,000 |
| Stock Awards (RSUs fair value, Topic 718) | 161,737 |
| Total | 236,737 |
| FY2025 RSU Grants (Schwartz) | Grant Date | Units |
|---|---|---|
| Annual director equity grant | Dec 2024 | 709 RSUs (each non-employee director) |
| Deferred cash retainer election grant | Feb 2025 | 350 RSUs (Schwartz election) |
Key features:
- Directors may make an annual irrevocable election to defer cash fees into RSUs; RSUs are fully vested at grant but subject to a holding requirement until 90 days after separation; settlement in stock or, at committee discretion, cash .
- RSU settlement for directors occurs after service ends; reinforces long-term alignment .
Performance Compensation
- No performance-based equity or cash metrics apply to non-employee director compensation at MSGS; director equity is time-based RSUs with mandatory post-vesting holding until separation .
Other Directorships & Interlocks
| Company | Current/Former | Role | Tenure |
|---|---|---|---|
| AMC Networks | Former | Director | 2011–2016 |
| MSG Networks | Former | Director | 2010–2015 |
| Public company directorships (current) | — | None | — |
- Independence note: Board reviewed Schwartz’s occasional services/compensation from AMC Networks and determined they were not material for independence .
Expertise & Qualifications
- Senior investment banking and financial leadership (Bear Stearns CEO, President/COO; Guggenheim Partners Executive Chairman) .
- Prior public company board experience (AMC Networks, MSG Networks) and extensive non-profit trusteeships .
- Board concluded his capital markets and executive experience merit service on MSGS’s Board .
Equity Ownership
| Security | Beneficial Ownership | Percent of Class |
|---|---|---|
| Class A Common Stock | 6,163 shares | * (immaterial) |
| Class B Common Stock | — | — |
| Director RSUs held (as of Jun 30, 2025) | 7,933 units | — |
Notes:
- Insider Trading Policy prohibits directors and covered persons from hedging transactions and pledging/margining Company securities, enhancing alignment and reducing risk of forced sales .
- Director RSUs are subject to mandatory holding until 90 days post-separation, then settled in stock or cash at Compensation Committee discretion .
Governance Assessment
- Effectiveness: Schwartz brings deep financial expertise and prior board experience; he is independent and met attendance expectations; however, he holds no committee assignments, limiting direct oversight roles (audit/comp) relative to peers .
- Alignment: Demonstrated alignment via deferral of cash retainer into RSUs (350 RSUs in Feb 2025) and meaningful director RSU holdings (7,933 units), combined with anti-hedging/anti-pledging policy and post-service holding requirements .
- Conflicts: Prior services to AMC Networks (a Dolan-controlled affiliate) and prior board roles at Dolan-controlled companies are potential perceived conflicts; Board determined these were not material for independence .
- Structure risk: MSGS’s “controlled company” status means the Board is not majority independent and Class B holders elect up to 75% of directors, which can dampen investor confidence in minority protection despite independent audit/comp committees and regular executive sessions .
RED FLAGS
- Controlled company with non-majority independent Board, Class B elects up to 75% of directors .
- Historic and occasional ties to Dolan-controlled affiliates (AMC Networks) require continued monitoring, though deemed not material for independence .
Positive Signals
- Independent status; participation in RSU deferral program; strong financial/board credentials; adherence to anti-hedging/pledging policies .