Teresa A. Glasser
About Teresa A. Glasser
Independent director (age 65) serving since May 2018; PhD and MA in Economics from Fordham University; BS from Fairleigh Dickinson University. Career spans risk management, data, and technology leadership, including CRO at Bunge, Deputy Director at U.S. Treasury’s Office of Financial Research, and Managing Director/Chief Data Officer roles at JPMorgan; prior roles at Credit Suisse, Merrill Lynch, IBM, KPMG, and academia (Rutgers, Bentley). She brings deep expertise in risk, data strategy, and analytics; currently serves on OPY’s Audit and Compliance Committees with 100% 2024 attendance (Board 7/7; Audit 5/5; Compliance 4/4).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JPMorgan Chase | Managing Director; led Capital Stress Testing Analytics; later Chief Data Officer, Asset & Wealth Mgmt | 2013–2016 | Enterprise risk analytics; data governance; stress testing leadership |
| Office of Financial Research (U.S. Treasury) | Deputy Director | 2011–2013 | Systemic risk research; data standards; regulatory analytics |
| Bunge Ltd. | Chief Risk Officer | 2007–2010 | Corporate risk oversight; commodity/market risk |
| Credit Suisse First Boston | Managed risk/analytics teams | 2002–2005 | Market/credit risk functions |
| Merrill Lynch, Pierce, Fenner & Smith | Managed risk/analytics teams | 1987–1998; 2001 | Trading/market risk; analytics |
| IBM Corp. | Led financial services teams | 2002–2005 | Tech-enabled financial services solutions |
| KPMG LLP | Led financial services teams | 1999–2000 | Risk/process advisory |
| Rutgers University | Assistant Professor of Finance | 1984–1986 | Academic research/teaching |
| Bentley College | Assistant Professor of Finance | 1986–1987 | Academic research/teaching |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| FRG (risk & data consulting) | Data Strategy & Analytics Principal | Since 2017 | Consulting principal |
| Global Legal Entity Identifier Foundation (GLEIF) | Independent Board Member; Chair since 2023 | Director since 2021 | Data standards leadership; chair role |
| Federal Advisory Committee, Office of Financial Research (U.S. Treasury) | Member | Since 2023 | Policy advisory |
Board Governance
- Independence: Board determined Glasser is independent under NYSE rules; 7 of 9 directors are independent.
- Committees: Audit and Compliance member; not listed on Compensation or Nominating committees.
- Attendance: Overall 100% in 2024; Board 7/7; Audit 5/5; Compliance 4/4.
- Compliance Committee oversight: Receives and reviews regulatory reports, whistleblowing channels; ensures CCO independence via sessions outside management. Chair: Paul M. Friedman. Members include Glasser.
- Audit Committee responsibilities include related-party approval; financial experts designated (Behrens, Dwyer), not Glasser.
Fixed Compensation
| Component | Amount/Terms | 2024 Amount (Glasser) |
|---|---|---|
| Annual retainer (cash) | $50,000 | $86,000 fees earned in cash |
| Board meeting fee | $5,000 per in-person; $2,000 telephone/virtual | Included in fees |
| Committee meeting fee | $1,000 per meeting | Included in fees |
| Committee chair fees | $25,000 (Lead Director/Audit Chair); $15,000 other chairs | Not applicable to Glasser in 2024 |
- 2024 total director compensation: Cash $86,000; Stock awards grant-date fair value $119,670; Total $205,670.
Performance Compensation
| Grant Date | Shares (Restricted Class A) | Vesting Schedule | Grant-Date Fair Value |
|---|---|---|---|
| Jan 27, 2022 | 2,500 | 25% on Jul 26, 2022; Jan 26, 2023; Jan 26, 2024; Jan 26, 2025 | See Outstanding Equity values below |
| Jan 26, 2023 | 2,500 | 25% on Jul 25, 2023; Jan 25, 2024; Jan 25, 2025; Jan 25, 2026 | See Outstanding Equity values below |
| Jan 25, 2024 | 3,000 | 25% on Jul 24, 2024; Jan 24, 2025; Jan 24, 2026; Jan 24, 2027 | $119,670 |
| Jan 29, 2025 | 1,500 | 25% on Jul 28, 2025; Jan 28, 2026; Jan 28, 2027; Jan 28, 2028 | Director annual grant; shares per policy |
- Non-employee directors receive annual restricted stock awards; time-based vesting only; no performance metrics tied to director equity.
- 2024 vesting realized by Glasser: 2,625 shares; value realized $114,549.
Other Directorships & Interlocks
| Company | Public/Private | Role | Interlocks / Conflicts Disclosed |
|---|---|---|---|
| GLEIF | Foundation (non-public) | Board Member; Chair | None disclosed with OPY |
| Other public company boards | — | — | None disclosed for Glasser |
- Compensation Committee interlock: Company discloses no interlocking relationships for comp committee; Glasser not a member.
Expertise & Qualifications
- Advanced economics training (PhD/MA) and deep risk/data/technology background spanning bulge-bracket banks, Treasury OFR, and CRO experience.
- Audit and compliance oversight experience at OPY; not designated SEC “financial expert” (designation assigned to Behrens and Dwyer).
Equity Ownership
| Holder | Class A Shares | % of Class A | Notes |
|---|---|---|---|
| Teresa A. Glasser (as of Mar 1, 2025) | 13,375 | <1% | Held directly; meets 6,000-share guideline |
Director Stock Ownership Guidelines and Policy:
- Directors must accumulate and hold at least 6,000 Class A shares within 3 years of joining; all sitting directors meet or are on track. Short-selling and derivative transactions on OPY stock prohibited.
Outstanding Unvested Director Equity (as of Dec 31, 2024):
| Award Block | Unvested Shares | Market Value ($) | Footnote/Grant Details |
|---|---|---|---|
| 2022 grant remaining | 625 | $40,056 | 2,500 shares granted 1/27/2022; 25% vest each period; remaining 25% vests 1/26/2025 |
| 2023 grant remaining | 1,250 | $80,113 | 2,500 shares granted 1/26/2023; vesting semi-annual/annual dates as disclosed |
| 2024 grant remaining | 2,250 | $144,203 | 3,000 shares granted 1/25/2024; vesting schedule as disclosed |
Recent Insider Transactions (Form 4):
| Filing Date | Transaction Date | Type | Shares | Ownership After | Link |
|---|---|---|---|---|---|
| 2025-01-31 | 2025-01-30 | J (Other) – director stock grant update | 1,500 | 17,000 | https://www.sec.gov/Archives/edgar/data/791963/000174116325000002/0001741163-25-000002-index.htm |
| 2024-01-29 | 2024-01-25 | A (Award) – annual director grant | 3,000 | 15,500 | https://www.sec.gov/Archives/edgar/data/791963/000174116324000002/0001741163-24-000002-index.htm |
| 2023-01-30 | 2023-01-26 | A (Award) | 2,500 | 12,500 | https://www.sec.gov/Archives/edgar/data/791963/000143574123000007/0001435741-23-000007-index.htm |
| 2022-01-27 | 2022-01-27 | A (Award) | 2,500 | 10,000 | https://www.sec.gov/Archives/edgar/data/791963/000079196322000010/0000791963-22-000010-index.htm |
| 2021-01-29 | 2021-01-28 | A (Award) | 2,500 | 7,500 | https://www.sec.gov/Archives/edgar/data/791963/000174116321000001/0001741163-21-000001-index.htm |
Governance Assessment
- Strengths: Independent director with 100% attendance and active service on Audit and Compliance—functions central to oversight of controls, regulatory responsiveness, and CCO independence. Equity grants are time-based and coupled with share ownership guidelines, reinforcing alignment without pay-for-performance gaming.
- Compensation structure: Clear, fee-based cash retainer plus meeting fees; equity grants disclosed with vesting cadence; no options; no director-specific performance metrics—reduces risk of short-term incentive misalignment.
- Conflicts/related-party exposure: Audit Committee pre-approves related-party transactions; company reports no director/executive indebtedness as of Dec 31, 2024; margin accounts disclosed only for AG/RS Lowenthal; no Glasser-related transactions disclosed. Code prohibits conflicts; no waivers in 2024–2025.
- Ownership alignment: Glasser holds 13,375 Class A shares as of Mar 1, 2025, exceeding the 6,000-share guideline; continued RS grants improve skin-in-the-game. Hedging/derivatives prohibited.
- Risk indicators: Dual-class voting concentration (AG Lowenthal controls 97.5% of Class B) is a structural governance risk, though board independence remains majority; no red flags for Glasser on attendance, pledging, or related-party ties.
RED FLAGS: None identified specific to Glasser (no low attendance, no related-party transactions, no pledging). Structural risk persists at company level due to Class B control concentration.