David A. Preiser
NVRAbout David A. Preiser
Independent director since 1993 (age 67), currently Vice-Chairman of Houlihan Lokey; previously Co‑President (2013–2024), Board member (2001–2024), and Chairman of Houlihan Lokey–Europe through 2024, bringing deep financial, capital markets, M&A, and restructuring expertise. The Board classifies him as independent; he attended 100% of Board and applicable committee meetings in 2024 and attended the 2024 Annual Meeting in person. He is one of nine director nominees and is not listed as serving on any other public company boards as of the 2025 proxy.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NVR, Inc. | Director | 1993–present | Compensation, Nominating, Executive Committees (member) |
| Houlihan Lokey, Inc. | Vice‑Chairman | Current | Leads investment banking; real estate and restructuring activities |
| Houlihan Lokey, Inc. | Co‑President | 2013–2024 | Senior leadership of global platform |
| Houlihan Lokey, Inc. | Director | 2001–2024 | Governance oversight (left Board in 2024) |
| Houlihan Lokey – Europe | Chairman | 2005–2024 | Led European investment banking and restructuring |
External Roles
| Organization | Role | Status | Committee Roles |
|---|---|---|---|
| Houlihan Lokey, Inc. | Vice‑Chairman | Active | N/A (management role) |
| Houlihan Lokey, Inc. | Director | Ended 2024 | Board member until 2024 |
| Other public company boards | — | None disclosed | — |
Board Governance
- Independence: The Board affirmatively determined all directors except the Executive Chairman are independent; Preiser is independent.
- Committee assignments (2024): Compensation (member), Nominating (member), Executive (member). Meeting counts: Audit 5, Compensation 3, Nominating 5, Executive 0.
- Attendance: 100% attendance for Board and all committees of membership in 2024; all directors attended the 2024 Annual Meeting.
- Lead Independent Director: Rotates annually among Audit, Compensation, Nominating chairs; Alfred E. Festa serving currently, Audit Chair expected post‑2025 meeting.
- Governance practices: Majority voting, proxy access, special meeting right (25% ownership threshold), robust pre‑clearance for trading; prohibitions on short sales, hedging, pledging by directors.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $75,000 | Standard for non‑employee directors |
| Committee retainer (cash) | $8,000 | Per committee; excludes Executive Committee |
| Chair fees (if applicable) | N/A | Preiser is not a chair |
| Total fees earned (2024) | $91,000 | Board retainer + two committee retainers |
Performance Compensation
| Equity Award | Grant Date | Vesting (Ratable on Dec 31) | Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|---|---|---|
| Stock options | 05/10/2018 | 2020, 2021, 2022, 2023 | 250 | — | $3,022.99 | 05/09/2028 |
| Stock options | 05/04/2022 | 2024, 2025, 2026, 2027 | 143 | 431 | $4,475.53 | 05/03/2032 |
- 2024 director equity grants: None; NVR weights director pay more heavily to long‑term equity via periodic grants (last in 2022); no changes to director cash compensation in 2024.
- Stock ownership guidelines for directors: Required minimum holdings equal to 5× annual retainer ($375,000); all directors are in compliance.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None listed for Preiser in 2025 proxy |
| Compensation Committee interlocks | None; no executive officer served on boards/comp committees of companies with reciprocal relationships in 2024 |
| Related party transactions | None reportable in 2024; policy requires independent director approval of any related person transactions |
Expertise & Qualifications
- Executive leadership, financial expertise, capital markets knowledge, M&A and restructuring experience; public company board experience.
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 632 | Includes 393 shares underlying vested options counted in “Number of Shares” |
| Vested options (included above) | 393 | Counted within beneficial ownership |
| Unvested options | 431 | From 2022 grant; vest through 2027 |
| % of shares outstanding | ~0.021% | 632 / 2,969,005 shares outstanding as of 3/5/2025 |
| Pledged/hedged shares | Prohibited | Directors are prohibited from hedging or pledging NVR stock |
| Director ownership guideline | $375,000 minimum | 5× $75,000 retainer; all directors in compliance |
Governance Assessment
- Board effectiveness and engagement: Independent status, 100% attendance across Board and committees, and service on Compensation and Nominating committees indicate strong engagement in pay, succession, and ESG oversight; independent lead director framework and executive sessions bolster independent oversight.
- Alignment and incentives: Director pay combines modest cash retainers with periodic long‑dated stock options, and strict ownership and trading policies (no hedging/pledging), supporting alignment with long‑term TSR.
- Conflicts and related party exposure: Despite Preiser’s investment banking role at Houlihan Lokey, the proxy reports no related person transactions in 2024 and outlines a robust RPT approval policy; Compensation Committee interlocks are explicitly absent. This reduces near‑term conflict risk, though his external role should be monitored for any future engagements.
- Investor confidence signals: Strong say‑on‑pay support (95% in 2024) and disciplined governance controls (majority voting, proxy access, special meeting at 25%, independent consultant) underpin credibility with shareholders.
- Red flags: None disclosed for attendance, hedging/pledging, RPTs, or legal proceedings. Potential perceived conflict could arise if Houlihan Lokey provides services to NVR; current disclosures show no such transactions in 2024.