Lorenzo A. Flores
About Lorenzo A. Flores
Independent Director of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) since 2021; born 1964. Senior finance executive: CFO, Lattice Semiconductor (since 2025); CFO, Intel Foundry (2024–2025); Vice Chairman, Kioxia (2019–2024); CFO and Corporate Controller, Xilinx (2008–2019). MBA (UCLA) and BS (MIT). Designated Audit Committee Financial Expert across BlackRock closed‑end funds; independent (not an “interested person”).
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lattice Semiconductor (LSCC) | Chief Financial Officer | 2025–Present | External operating role, not at MUC |
| Intel Foundry | Chief Financial Officer | 2024–2025 | External operating role |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | External operating role |
| Xilinx, Inc. | Chief Financial Officer | 2016–2019 | External operating role |
| Xilinx, Inc. | Corporate Controller | 2008–2016 | External operating role |
External Roles
| Organization | Capacity | Status | Notes |
|---|---|---|---|
| BlackRock Fixed‑Income Fund Complex | Oversees 66 RICs / 101 portfolios | Current | Board member across BlackRock fixed‑income funds |
| Other public company boards | Director | None disclosed | “Other Public Company or Investment Company Directorships…: None” |
Board Governance
- Independence and structure: Independent director; part of a 10‑member board (8 independent) for the BlackRock fixed‑income complex; MUC board chair is R. Glenn Hubbard (independent).
- Committees (MUC complex):
- Audit Committee: Member; committee composed of Catherine A. Lynch (Chair), Lorenzo A. Flores, J. Phillip Holloman, Arthur P. Steinmetz; Flores designated an Audit Committee Financial Expert.
- Performance Oversight Committee: Member across BlackRock closed‑end funds (complex‑wide).
- Engagement: MUC board held 8 meetings in FY ended July 31, 2025 (director‑level attendance percentages not disclosed in the documents reviewed).
Fixed Compensation
| Component | FY Reference | Amount | Source |
|---|---|---|---|
| Cash compensation from MUC | Most recent fiscal year | $7,041 | |
| Cash compensation from BFZ (paired fund) | Most recent fiscal year | $2,423 | |
| Aggregate compensation from BlackRock Fixed‑Income Complex (calendar 2024) | 2024 | $420,000 | |
| Deferred compensation payable (balance as of 12/31/2024) | 2024 | $743,845 | |
| Deferred elections during 2024 (portion of aggregate) | 2024 | $210,000 |
Notes:
- Independent director pay is cash‑based with an optional deferred compensation plan (no equity grants by MUC/BFZ).
Performance Compensation
| Feature | Disclosed? |
|---|---|
| Performance‑based cash metrics (e.g., revenue, EPS, TSR) | None disclosed for independent directors (pay is retainer/fee‑based) |
| Equity awards (RSUs/PSUs/options) | None disclosed at the fund level for independent directors |
| Clawbacks/COC/severance | Not applicable to outside directors at MUC (not disclosed) |
Other Directorships & Interlocks
| Item | Status | Source |
|---|---|---|
| Other public company directorships (past 5 years) | None disclosed | |
| BlackRock‑advised funds oversight | 66 RICs / 101 portfolios | |
| Committee roles across complex | Audit Committees (member); Performance Oversight Committees (member) |
Expertise & Qualifications
- Finance/accounting leadership: CFO (Lattice, Intel Foundry, Xilinx); Corporate Controller (Xilinx).
- Audit Committee Financial Expert designation; deep financial reporting, controls, and audit oversight experience.
- Industry/technical: Semiconductors and technology operations.
- Education: MBA, UCLA; BS, MIT.
Equity Ownership
| Holding (as of dates in filings) | Amount | Source |
|---|---|---|
| MUC common shares (dollar range) | None | |
| BFZ common shares (dollar range) | None | |
| Aggregate dollar range in “Supervised Funds” (other funds overseen in the complex) | Over $100,000 | |
| Group ownership (all Board Members and officers as a group, each fund) | <1% of outstanding shares |
No pledging/hedging or related‑party transactions involving Mr. Flores were disclosed in the materials reviewed.
Governance Assessment
- Signals that support investor confidence:
- Independent director with substantial CFO experience in public companies; designated Audit Committee Financial Expert (enhances audit quality and oversight of valuation, leverage, and risk).
- Active committee roles across the complex (Audit and Performance Oversight) provide continuity and process rigor.
- Board held 8 meetings in FY 2025, indicating regular engagement (individual attendance not disclosed).
- Watch items and potential red flags:
- Low direct ownership in MUC and BFZ (“None”), though he holds >$100k across supervised funds; alignment at the specific fund level is limited.
- Significant time commitment: simultaneous CFO role (LSCC) plus oversight across many BlackRock funds; monitor capacity and workload.
- MUC charter includes super‑majority voting and anti‑takeover provisions (66 2/3%) that may insulate boards; activism risk disclosed for the complex.
- Overall view: Flores brings strong finance and audit oversight credentials and independence. The primary alignment gap is lack of direct MUC ownership; however, the complex’s deferred compensation structure and broad fund oversight may still support longer‑term stewardship. Continued monitoring of attendance disclosures and any related‑party matters is prudent.
Appendix: Fund Context (for governance)
- MUC board/complex notes: super‑majority requirements (66 2/3%) for certain control actions; anti‑takeover and activism risk disclosures are present.
- Board and committee service spans a large fixed‑income complex, supporting cross‑fund consistency in leverage, liquidity, and discount management practices.