Glenn Cohen
About Glenn G. Cohen
Glenn G. Cohen (age 61) is an independent director of Piedmont Office Realty Trust and currently serves as Executive Vice President and Chief Financial Officer of Kimco Realty Corp. He joined Piedmont’s board in 2020, is designated an audit committee financial expert, and chairs the Compensation Committee while also serving on the Audit and Capital Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kimco Realty Corp. (NYSE: KIM) | EVP & CFO; oversees accounting, reporting/planning, tax, treasury/capital markets; member of cybersecurity committee and oversees technology | CFO since 2010; prior roles: Treasurer (1997–2024), Director of Accounting & Taxation (since 1995) | Financial and capital strategy leadership at a large public REIT; cybersecurity oversight experience |
| Quality Care Properties, Inc. (NYSE: QCP) | Independent Director; Audit Committee member | 2016–2018 | Public company board and audit committee experience |
External Roles
| Organization | Position | Nature |
|---|---|---|
| Kimco Realty Corp. | EVP & CFO; Cybersecurity committee member | Current operating role at public REIT; technology/cyber oversight |
| NAREIT; ICSC | Member | Industry affiliations |
Board Governance
- Committee assignments: Chair, Compensation Committee; Member, Audit Committee; Member, Capital Committee; designated audit committee financial expert .
- Independence: Board determined Mr. Cohen is independent under NYSE standards .
- Attendance: Each 2024 director attended in excess of 75% of board and applicable committee meetings; meetings held in 2024—Board (9), Audit (6), Nominating & Governance (4), Compensation (6), Capital (4) .
- Leadership structure: Independent Chair separate from CEO; Chair presides over executive sessions of independent directors .
- Majority voting & term limits: Majority voting policy with resignation tender upon >AGAINST than FOR; 15-year term limit guideline for non-employee directors .
- Compensation Committee interlocks: None; committee members not employed by the company; no reciprocal interlocks with company executives .
- Say-on-pay: 2024 say‑on‑pay received ~93% support, indicating investor alignment with compensation oversight (relevant to Comp Committee effectiveness) .
Fixed Compensation (Director)
| Component | 2024 Policy (Cash) | 2025 Policy (Cash) | Notes |
|---|---|---|---|
| Base annual retainer (non-employee director) | $80,000 | $85,000 | |
| Audit Committee member retainer (excl. Chair) | $87,500 (vs. $80k base for other directors) | $95,000 | Premium for Audit members |
| Committee Chair retainers | Audit: $22,500; Compensation: $17,500; Nominating & Governance: $15,000; Capital: $12,500 | Each increased by $2,500 | |
| Board Chair additional retainer | $50,000 | $60,000 | Not applicable to Cohen |
| Cohen—Cash actually paid (2024) | $105,000 | — | Implies base + Audit member premium + Compensation Chair fee |
| Equity for Directors | 2024 | 2025 | Vesting/Details |
|---|---|---|---|
| Annual equity grant (grant-date value) | $100,000 | $105,000 | Vests at earlier of next annual meeting or 1-year anniversary; 2024 grant date May 7, 2024, grant fair value priced at $6.95/share |
| Cohen—Total 2024 Director Compensation | Cash | Stock Awards | Total |
|---|---|---|---|
| Amounts paid | $105,000 | $100,000 | $205,000 |
Performance Compensation
| Element | Structure | Metrics |
|---|---|---|
| Director incentives | None disclosed for directors; equity is time-based only | N/A |
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| Quality Care Properties, Inc. | Director; Audit Committee member | 2016–2018 | Prior public company board |
| Compensation Committee interlocks at PDM | None | — | No interlocks or insider participation disclosed |
Expertise & Qualifications
- CPA; ~25 years of leadership and financial management; CFO responsible for capital strategy, accounting, reporting, tax, treasury, and capital markets at Kimco .
- Audit committee financial expert; qualified to chair Compensation and serve on Audit and Capital committees; experience with public company compensation programs and alignment principles .
- Cybersecurity oversight (member of Kimco cybersecurity committee; PDM Audit Committee oversees cyber risk; PDM Chair holds NACD cybersecurity certificate, reinforcing board-level governance context) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Ownership Guidelines | Pledging/Hedging |
|---|---|---|---|---|
| Glenn G. Cohen | 52,478 | 0.04% | Directors must own lesser of 22,000 shares (27,500 effective Jan 1, 2025) or $400,000; company states all directors meet requirement except certain named new or departing directors (Cohen not listed) | Company policy prohibits hedging/pledging; none of directors’ or executives’ shares are pledged |
Governance Assessment
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Strengths
- Independent director; audit committee financial expert; chairs Compensation Committee; broad REIT CFO experience with treasury/capital markets and cybersecurity oversight—supports board effectiveness in financial, risk, and pay governance .
- Strong investor alignment signals: high 2024 say‑on‑pay support (~93%); director stock ownership guidelines; prohibition on hedging/pledging; no related‑party transactions reported since Jan 1, 2024 .
- Professionalized director pay structure with balanced cash/equity; committee chair fees align incentives with workload; clear vesting and annual grant cadence .
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Potential Conflicts/Considerations
- External role as CFO of Kimco (public REIT) creates an inter-company time-commitment consideration; sector focus differs (open-air retail vs. office), reducing direct competitive conflict; board affirms Cohen’s independence .
- As Compensation Committee Chair, ongoing monitoring of peer selection and performance metrics remains important; current disclosures show independent consultant (FPC) and well-defined metrics/constraints for NEO pay, which mitigates risk .
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RED FLAGS
- None disclosed: no related‑party transactions, no share pledging/hedging, no compensation interlocks; attendance above threshold; majority voting and term-limit policies in place .