Geoffrey M. Garrett
About Geoffrey M. Garrett
Geoffrey M. Garrett, age 66, has served as an independent director of Park Hotels & Resorts Inc. since 2017. He is currently the Dean of the University of Southern California’s Marshall School of Business (since July 2020), and previously served as Dean of the Wharton School (2014–2020). He holds a BA (Honors) from Australian National University, and MA/PhD from Duke University as a Fulbright Scholar, with prior faculty appointments at Oxford, Stanford, Yale, and Wharton .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Pennsylvania (Wharton) | Dean | 2014–2020 | Led top-tier business school; global strategic initiatives |
| University of New South Wales Business School | Dean | Jan 2013–Jun 2014 | Academic leadership across Australia |
| University of Sydney Business School | Dean | Jan–Dec 2013 | Transition leadership |
| United States Studies Centre (Sydney) | Founding CEO; Professor of Political Science | 2008–2012 | Built U.S.-Australia policy institute |
| Pacific Council on International Policy | President | 2005–2009 | Policy leadership in Los Angeles |
| UCLA International Institute | Dean | 2001–2005 | Led global programs at UCLA |
| Oxford, Stanford, Yale, Wharton | Professor/Faculty | Various | Senior academic appointments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USC Marshall School of Business | Dean | Jul 2020–present | Current role |
| Other public company boards | — | — | None |
Board Governance
- Independence: The Board has affirmatively determined that Mr. Garrett is independent under NYSE and company guidelines .
- Committee assignments: Audit Committee member; Compensation & Human Capital Committee member .
- Committee attendance and cadence: Audit Committee met 4 times with 100% attendance for the committee; Compensation Committee met 7 times with 97% attendance for the committee in 2024 .
- Board attendance: In 2024, the Board met 8 times; each director attended at least 75% of Board and applicable committee meetings; all nine directors attended the 2024 annual meeting in person .
Fixed Compensation
- Program structure (independent directors): Annual cash retainer $80,000; committee member fee $7,500 per committee; committee chair fees higher; equity grants in restricted stock vesting at the next annual meeting; up to 30 complimentary room nights per year; no tax gross-up on travel perquisite .
- 2024 compensation for Mr. Garrett:
| Component | 2024 Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 95,000 |
| Stock Awards (Grant Date Fair Value) | 139,988 |
| All Other Compensation (incremental room costs) | 475 |
| Total | 235,463 |
- Composition insight: $95,000 cash aligns with $80,000 base retainer + $7,500 Audit Committee member fee + $7,500 Compensation Committee member fee .
- Equity grant details: As of Dec 31, 2024, each non‑employee director held 8,668 unvested restricted shares from the April 2024 annual grant (vesting at the April 25, 2025 annual meeting) .
Performance Compensation
- No director performance-based pay disclosed; independent director equity awards are time-based restricted stock (no PSUs/options for directors; PSUs are used for executives) .
| Performance Metric | Applicable to Director Pay? |
|---|---|
| TSR, EBITDA, RevPAR | Not used in director compensation |
Other Directorships & Interlocks
- Current public company boards: None .
- Compensation committee interlocks: None; Committee members (including Mr. Garrett) were not Park executives, and Park executives did not serve on other companies’ boards/compensation committees that interlock with Park’s committee .
Expertise & Qualifications
- Extensive leadership and management experience as dean of leading global business schools; diverse perspective from international policy and academia; advanced degrees (MA/PhD) and Fulbright credentials .
- Board skills snapshot: Financial literacy and board experience across the Board; Garrett is listed among directors with executive and management experience relevant to strategy oversight .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 39,190 shares (<1%) |
| Shares outstanding reference | 201,864,175 shares as of Mar 3, 2025 |
| Unvested restricted stock (Dec 31, 2024) | 8,668 shares (annual director grant) |
| Ownership guidelines | 5x annual cash retainer ($400,000 in stock); measured annually; includes unvested restricted stock |
| Compliance status | Company states each independent director satisfied or on track to meet guidelines as of Jan 2, 2025 |
| Hedging/pledging | Prohibited for directors (no hedging; no pledging) |
Governance Assessment
- Board effectiveness: Garrett’s dual committee service (Audit, Compensation) supports financial oversight and human capital/pay governance—committees are fully independent and active (11 total meetings across both in 2024) .
- Independence and alignment: Confirmed independent; director stock ownership guidelines with stated compliance enhance alignment; hedging/pledging prohibitions reduce misalignment risk .
- Compensation mix and signals: Balanced cash retainer plus time-based equity; no director performance metrics; no changes to director pay levels since 2018–2024 period; 2024 grant vests at 2025 annual meeting, reinforcing near-term alignment without leverage risk from options .
- Conflicts/related-party: No related-party transactions disclosed for directors; governance policy requires Board/committee approval of any related-person transactions; directors recuse on any interested transactions . Indemnification agreements are standard; no pending material litigation involving directors .
- Attendance/engagement: At least 75% attendance standard met across directors; all directors attended 2024 annual meeting; regular executive sessions bolster independent oversight .
RED FLAGS: None disclosed specific to Mr. Garrett. No pledging/hedging, no related-party transactions, and guideline compliance mitigates alignment risks .