Arthur L. Havener, Jr.
About Arthur L. Havener, Jr.
Independent director of Nobility Homes, Inc. since 2019; age 58. He is principal of Stampede Capital LLC (since 2007), a real estate advisory and investment firm. Previously Vice President and Head of Real Estate Research at A.G. Edwards & Sons. Past board roles include Local Trustee of Boardwalk REIT (TSX) from 1997–2022 and director/chair of Audit and member of Nominating & Governance at Life Storage, Inc. (NYSE: LSI) from 2015–2022; LSI was acquired by Extra Space Storage (NYSE: EXR) in July 2023. Graduate of the Director Education Program at the Institute of Corporate Directors. Address on file: 9825 Sunset Greens Drive, St. Louis, MO 63127 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| A.G. Edwards & Sons Inc. | Vice President; Head of Real Estate Research | Before forming Stampede Capital LLC (2007) | Sell-side leadership in real estate research |
| MDC North American Real Estate Fund I (private) | Director | 2007–2009 | Private real estate equity fund board experience |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Boardwalk REIT (TSX) | Local Trustee | 1997–2022 | Canadian REIT trustee role |
| Life Storage, Inc. (NYSE: LSI) | Director; Chair, Audit; Member, Nominating & Governance | 2015–2022 | Company acquired by Extra Space Storage (NYSE: EXR) in July 2023 |
| Stampede Capital LLC | Principal | 2007–present | Real estate advisory/investment firm leader |
Board Governance
- Independence: Determined independent under NASDAQ rules; NOBH board is 4 members, half independent (Havener and Saltsman) .
- Committees: Member – Compensation, Audit, Nominating; not identified as chair (Audit chair is Robert Saltsman; Audit Committee Financial Expert is Saltsman) .
- Attendance: “All directors attended all” board and committee meetings in FY2024; Board met 4 times; Audit met 4; Compensation met 4; Nominating did not meet separately .
- Executive sessions: Non-management directors meet in executive session on a regular basis .
- Shareholder vote support (re-election):
Year Votes For Votes Withheld Broker Non-Votes 2024 2,673,793 44,387 0 2025 2,957,140 35,298 0
Governance note: The company changed auditors in 2023–2024 (Daszkal → CohnReznick → Hancock Askew). Disclosure notes a disagreement with CohnReznick regarding the scope and nature of audit evidence for capitalization of finished goods inventory costs; Audit Committee (Saltsman chair, Havener member) oversaw transitions and financial reporting and recommended inclusion of audited financials in the 10-K .
Fixed Compensation
| Component | Structure | FY2024 Amount |
|---|---|---|
| Board meeting fees | $3,000 per board meeting (4 meetings in FY2024) | $12,000 |
| Audit Committee chair premium | $1,250 per meeting; paid to Audit Chair (Saltsman), not Havener | $0 |
| Travel reimbursement | Reimbursed travel expenses | $3,757 |
| Total cash | Fees + reimbursements | $15,757 |
- Policy: Independent directors receive cash fees only; no equity awards, options, or other benefits; “No directors hold any stock options or other awards under our stock option plan” .
Performance Compensation
- Equity awards: None granted to independent directors; no RSUs/PSUs/options outstanding for directors .
- Performance metrics tied to director pay: Not applicable; compensation is not performance-based for independent directors .
| Performance Vehicle | Grant Date | Shares/Units | Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| N/A (no director equity) | — | — | — | — | — |
Other Directorships & Interlocks
- Current public company boards: None disclosed beyond NOBH .
- Prior public boards: Life Storage, Inc. (2015–2022), Boardwalk REIT (1997–2022) .
- Potential interlocks/conflicts: None disclosed with NOBH competitors/suppliers/customers; related-party transactions disclosed involve Trexler-affiliated TLT, Inc., not Havener .
Expertise & Qualifications
- Real estate investment and capital markets expertise (sell-side research head; principal of investment firm) .
- Significant audit committee leadership (former Audit Chair at LSI) and governance experience (N&G member) .
- Formal director education (Institute of Corporate Directors – Director Education Program) .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Class |
|---|---|---|
| Arthur L. Havener, Jr. | 0 (listed as “—”; less than 1%) | <1% |
- Shares pledged/hedged: Not disclosed. Insider Trading Policy in place for directors and employees; Section 16 filings deemed timely for FY2024 .
- Shares outstanding as of record date: 3,268,829 (for context) .
Governance Assessment
- Strengths:
- Independent director with deep real estate and public REIT board experience; prior Audit Chair and N&G oversight at LSI; formal director education credentials .
- Full attendance at board/committee meetings; participates across Audit, Compensation, and Nominating committees .
- Board maintains regular executive sessions of non-management directors; Havener is one of two independent directors .
- Watch items:
- Alignment: No equity ownership and a cash-only, per-meeting director pay structure reduces long-term alignment signals; total FY2024 director fees modest and partially travel reimbursement ($3,757) .
- Audit environment: Recent auditor turnover and noted disagreement over audit evidence requirements (finished goods inventory capitalization) heighten the importance of rigorous Audit Committee oversight; Havener is a member but not chair or financial expert .
- Shareholder support: Strong re-election vote counts in 2024 and 2025 with low withhold votes; no say-on-pay item disclosed in 2024/2025 8-K voting results .
- Related-party/Conflicts: No related-party transactions disclosed for Havener; RPTs involve Trexler affiliates; no interlocks noted that create supplier/customer conflicts .
RED FLAGS to monitor: Absence of director equity ownership; auditor changes/disagreement over audit evidence (inventory capitalization) indicate elevated oversight risk areas requiring continued scrutiny .