Lorin Selby
About Lorin Selby
Rear Admiral (ret.) Lorin Selby, age 61, was appointed to the NextNav Inc. (NN) Board effective May 1, 2025 and is nominated for election at the May 22, 2025 Annual Meeting; the Board has determined he is independent under Nasdaq rules . He retired from the U.S. Navy in 2023 after nearly 37 years of service, most recently serving as Chief of Naval Research (May 2020–June 2023) overseeing a $4 billion budget and leading technology development initiatives; prior roles include Chief Engineer of the U.S. Navy and Deputy Commander at NAVSEA (June 2016–May 2020) . Selby holds a B.S. in Nuclear Engineering (University of Virginia) and an M.S. and Nuclear Engineer Degree from MIT, with extensive executive coursework; post-retirement, he advises technology companies and leads Selby Partners Consulting LLC .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Navy – Office of Naval Research | Chief of Naval Research | May 2020 – June 2023 | Led 3,800 personnel; established Navy’s Hedge Strategy to deploy thousands of attritable unmanned systems; ran $4B budget; initiated Integrated Battle Problem experimentation series |
| U.S. Navy / NAVSEA | Chief Engineer of the U.S. Navy; Deputy Commander for Ship Design, Integration, and Naval Engineering | June 2016 – May 2020 | Drove innovation and performance optimization across ship design and engineering |
| Naval Surface Warfare Centers | Commander | Not stated | First submarine officer to lead a surface warfare R&D hub; innovation-focused mandate |
| USS GREENEVILLE (SSN 772) | Commanding Officer | Not stated | Nuclear fast-attack submarine command at sea |
| Navy Office of Legislative Affairs | Deputy Director to the U.S. House of Representatives | Not stated | High-visibility liaison role, policy engagement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Selby Partners Consulting LLC | President & CEO | 2023–present | Advises small and mid-sized technology companies |
| Mare Liberum Capital Partners | Founding Partner | 2023–present | Maritime-focused growth equity fund |
Board Governance
- Independence: Board determined all nominees other than CEO Mariam Sorond are independent under Nasdaq rules; this includes Selby .
- Committee assignments: “Board Committees: Not Applicable” for Selby at appointment; committee memberships are not assigned prior to the Annual Meeting .
- Board structure: CEO serves as Chair; Board appoints a Lead Independent Director when roles are combined. Alan Howe served as Lead Independent Director since May 2024; Board elected John Muleta as Lead Independent Director effective May 2025 .
- Board/committee activity (FY2024): Board held 6 meetings; Audit 4; Compensation 2; Nominating 5. All directors then serving attended ≥75% of meetings; Selby was not on the Board in 2024 .
- Executive sessions and governance practices: Corporate Governance Guidelines call for a majority-independent Board, regular executive sessions of independent directors, annual self-evaluations, and access to independent advisors .
- Conflicts oversight: Nominating Committee monitors changes or potential conflicts impacting director independence; Audit Committee reviews and approves related-party transactions .
- Alignment policies: Anti-hedging and anti-pledging policy prohibits directors from hedging/pledging company stock; insider trading policy in place; clawback policy (Rule 10D-1) applies to incentive comp for executives (not directors) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Member Retainer (Non-Employee Directors) | $45,000 | Prorated for partial-year service; applies May 16, 2024 through next election |
| Committee Member Retainer (per committee) | $5,000 | Annual; prorated |
| Committee Chair – Audit | $20,000 | In lieu of committee member fee |
| Committee Chair – Compensation | $10,000 | In lieu of committee member fee |
| Committee Chair – Nominating | $10,000 | In lieu of committee member fee |
| Lead Independent Director | $100,000 | Separate role; not applicable to Selby |
Directors are reimbursed for travel; no meeting fees; Q1 2024 compensation was in restricted shares, then cash for remainder of 2024 .
Performance Compensation (Director Equity)
| Equity Element | Grant Value / Shares | Vesting | Performance Metrics |
|---|---|---|---|
| Annual equity grant to non-employee directors (May 17, 2024) | $150,000; 17,740 restricted shares | Vest on May 1, 2025 (service-vesting) | None disclosed; time-based vesting only |
| Lead Independent Director grant (Alan Howe, May 17, 2024) | 125,000 restricted shares; grant date value $1,012,500 | 20% each May 1 for five years (service-vesting) | None disclosed |
Note: Selby joined May 1, 2025; the proxy discloses the program and 2024 grants to then-serving directors. 2025 director grant specifics for Selby are not disclosed in the proxy .
Other Directorships & Interlocks
- Other public company boards: None disclosed for Selby in the proxy .
- Interlocks: Selby was recommended to the Board by director John Muleta; no related-party transactions involving Selby are disclosed .
Expertise & Qualifications
- Education: B.S. Nuclear Engineering (University of Virginia); M.S. Nuclear Engineering and Nuclear Engineer Degree (MIT); extensive executive business coursework .
- Technical/strategic expertise: Defense technology innovation, unmanned systems strategy (Navy’s Hedge Strategy), large-scale R&D leadership, systems engineering, experimentation and rapid prototyping .
- Board qualifications: Leadership of complex technical organizations, oversight of multi-billion-dollar budgets, and technology commercialization interfaces; Board deemed him “well qualified” to drive technological advancement .
Equity Ownership
- Proxy security ownership table (Record Date: March 25, 2025) lists directors and nominees but does not include Selby’s beneficial ownership; as a newly appointed director effective May 1, 2025, his ownership was not disclosed in that table .
- Insider filings:
- Form 3 (Initial Statement of Beneficial Ownership) filed May 2, 2025 .
- Form 4 (Statement of Changes in Beneficial Ownership) filed July 1, 2025 .
Anti-hedging/anti-pledging policy prohibits hedging and pledging of NN securities by directors, supporting alignment .
Governance Assessment
- Strengths: Independent status; deep technology and systems engineering leadership aligned to NextNav’s PNT innovation agenda; robust governance framework (independence oversight, executive sessions, RPT review); strong alignment policies (anti-hedging/pledging) .
- Compensation alignment: Director pay mixes cash retainers with time-vested equity; no performance metrics for director equity grants, reducing risk of misaligned incentives; equity promotes long-term orientation .
- Engagement/attendance: Board and committee cadence transparent; Selby’s attendance will be assessed beginning with FY2025 disclosures (he was not a director in 2024) .
- Conflicts/related parties: No Selby-related transactions disclosed; Audit Committee screens RPTs; recent financing involved Fortress and a Subin-affiliated entity but not Selby .
RED FLAGS to monitor:
- Initial lack of committee assignment may limit near-term influence; watch for committee placements post-Annual Meeting .
- External consulting relationships: confirm no engagements with NN counterparties that could create perceived conflicts; Nominating Committee monitors changes impacting independence .
- Insider activity/ownership: track future Form 4 activity and any ownership guideline disclosures (none specified for directors in proxy) .