Lenore Sullivan
About Lenore Sullivan
Lenore M. Sullivan (age 67) has served on PotlatchDeltic’s board since February 20, 2018 following the Deltic merger; she previously served on Deltic’s board since June 2015. She holds an MBA from Harvard and brings deep expertise in real estate, REITs, financing, and capital markets, including prior CFO and treasury roles. Her background includes portfolio management at Perella Weinberg Partners and senior finance/real estate roles across private equity and operating companies, enhancing board oversight of capital allocation and governance.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Perella Weinberg Partners | Retired Partner; Portfolio Manager, Agility Real Return Asset Fund | 2007–2009 | Investment oversight and multi-asset portfolio management |
| Employee Retirement System of Texas | Investment Advisory Committee Member | 2010–2019 | Institutional advisory on asset allocation and governance |
| University of Texas at Austin (Real Estate and Finance & Investment Center) | Associate Director | 2002–2007 | Academic-industry interface; program development |
| Hunt Private Equity Group, Inc. | Vice President | 2000–2002 | Private equity investing and portfolio management |
| Stonegate Advisors | President & Co-owner | 1992–2000 | Private equity; firm leadership |
| Canizaro Interests | Chief Financial Officer | 1995–1996 | Corporate finance, controls |
| Wyndham Hotel Group | VP, Treasurer and Acting CFO | 1990–1992 | Corporate treasury and acting CFO responsibilities |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| HFF, Inc. (public) | Director | 2007–2019 | Acquired by JLL in June 2019 |
| Parkway Properties, Inc. (public) | Director | 2003–2011 | Public REIT board experience |
| RREEF America II REIT (private) | Director | Since 2015 | Private REIT governance |
| RREEF Core Plus Industrial Fund (private) | Director | Since 2017 | Private fund governance |
Board Governance
- Committee assignments: Audit Committee member; Chair, Nominating and Corporate Governance Committee. Both committees are fully independent under Nasdaq rules.
- Independence: The board determined all directors except Chair Michael J. Covey and CEO Eric J. Cremers are independent; Sullivan is independent.
- Attendance and engagement: Board met four times in 2024; no director attended less than 75% of meetings of the board and applicable committees. Audit met eight times; Nominating met four times. Executive sessions of independent directors are held regularly.
- Board leadership: Lead Independent Director (Vice Chair) is Lawrence S. Peiros, who presides over executive sessions and coordinates independent director matters.
- Related party oversight: Audit Committee administers the Related Person Transactions Policy; there were no related person transactions requiring disclosure in 2024.
Fixed Compensation
| Component | 2024 Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 104,500 |
| All Other Compensation | — |
Director cash retainer schedule (unchanged in 2024):
- Board member retainer: $75,000
- Audit Committee: Member $12,000; Chair $20,000
- Nominating & Corporate Governance: Member $5,000; Chair $12,500
- Lead Director: $25,000; Non-Employee Chair of the Board: $105,000
Notes:
- Directors may defer fees into stock units or cash under the Directors Plan; dividend equivalents accrue on stock units.
- Semler Brossy advises on director pay; no changes were made in 2024; analysis planned in 2025.
Performance Compensation
| Equity Award | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Annual RSU grant | May 9, 2024 | 3,026 RSUs | 130,000 | Vests on 1st anniversary of grant, subject to service (with retirement exception per policy) |
Additional equity-related details:
- Director RSUs accrue dividend-equivalent stock units; directors may also have common stock units from deferred cash fees.
- Sullivan held 20,521 common stock units as of December 31, 2024.
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Risk |
|---|---|---|
| HFF, Inc. (public, now part of JLL) | Director (2007–2019) | No disclosed related-party dealings with PCH |
| Parkway Properties, Inc. (public) | Director (2003–2011) | No disclosed related-party dealings with PCH |
| RREEF America II REIT (private) | Director (since 2015) | No disclosed related-party dealings with PCH |
| RREEF Core Plus Industrial Fund (private) | Director (since 2017) | No disclosed related-party dealings with PCH |
- No related-party transactions with entities where Sullivan has roles were disclosed for 2024.
Expertise & Qualifications
- MBA (Harvard); extensive knowledge of real estate, REITs, financing, and capital markets; prior CFO/treasurer roles in operating companies.
- Public company board experience (HFF, Parkway) and private REIT/fund governance roles, bolstering board oversight of capital allocation and real estate strategy.
- Audit Committee members are “financially literate”; Audit Committee Chair Breard is the SEC-defined “audit committee financial expert.”
Equity Ownership
| Holder | Beneficial Shares | % of Class | Common Stock Units |
|---|---|---|---|
| Lenore M. Sullivan | 7,711 | <1% | 20,521 |
- Director stock ownership guidelines require 5x the annual cash retainer within five years; all non-employee directors were compliant as of Dec 31, 2024.
- Hedging is prohibited and pledging by directors/officers is prohibited except under limited circumstances with Compensation Committee approval.
Governance Assessment
- Independence and roles: Sullivan is an independent director, chairs the Nominating & Corporate Governance Committee, and serves on the Audit Committee—positions that enhance board effectiveness and environmental/governance oversight.
- Engagement: No attendance issues; committees met frequently (Audit: 8; Nominating: 4), indicating active oversight.
- Pay and alignment: 2024 director pay combines cash ($104,500) and equity ($130,000 RSUs), with stock ownership guidelines and prohibition of hedging/pledging supporting alignment.
- Conflicts/related-party exposure: No related person transactions in 2024; Audit Committee administers rigorous review policy.
- Investor confidence signals: Strong say-on-pay support (>96% in 2024) and independent compensation consultant usage point to governance responsiveness; directors’ equity grants and ownership guidelines reinforce alignment.
RED FLAGS: None disclosed for Sullivan—no related-party transactions, no attendance shortfalls, and compliance with ownership guidelines. Ongoing monitoring of any external board/service changes and future director compensation adjustments (post-2025 review) is prudent.