Thomas D. Eckert
About Thomas D. Eckert
Independent director of Park Hotels & Resorts since 2019; age 77. He chairs the Compensation & Human Capital Committee and serves on the Audit Committee. Former Chairman, CEO and President of Capital Automotive Real Estate Services, Inc.; previously led Capital Automotive REIT; holds a BBA from the University of Michigan. Current public company directorship: NVR, Inc.; since December 2024, trustee of BIGI REIT (affiliate of Bridge Investment Group).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Capital Automotive REIT (Nasdaq: CARS) | President, CEO, Trustee | 1997–2005 | Led REIT from founding until going private |
| Capital Automotive Real Estate Services, Inc. | President & CEO; Chairman | 2005–2011; 2011–2014 | Oversight of net-leased auto retail real estate |
| Pulte Home Corporation | Executive roles | 1983–1997 | Homebuilding operations experience |
| Arthur Andersen LLP | Audit/CPA | 7+ years (pre-1983) | Public accounting experience |
| Dupont-Fabros Technologies, Inc. (NYSE: DFT) | Director | 2007–2017 | Data center REIT governance |
| Chesapeake Lodging Trust (NYSE: CHSP) | Trustee | 2010–2019 | Service concluded upon Park’s acquisition of CHSP in 2019 |
| The Munder Funds (mutual fund group) | Chairman | 2006–2014 | Oversight of $10B fund complex |
| The Victory Funds | Trustee | 2014–2015 | Oversight of $20B fund complex |
| Gramercy Property Trust | Trustee | 2015–2018 | Industrial/office REIT governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NVR, Inc. (NYSE: NVR) | Director | Current | Public company board service |
| BIGI REIT (Bridge Investment Group affiliate) | Trustee | Since Dec 2024 | Private industrial income trust |
| The College Foundation at the University of Virginia | Emeritus Trustee | Current | Non-profit governance |
Board Governance
| Committee | Role | 2024 Meetings | Committee Attendance | Executive Sessions |
|---|---|---|---|---|
| Compensation & Human Capital | Chair | 7 | 97% | 4 |
| Audit | Member; Audit Committee Financial Expert | 4 | 100% | 4 |
- Independent director since 2019; nominee slate shows Eckert as independent with Audit and Compensation committee memberships.
- Board held 8 meetings in 2024; every director attended at least 75% of Board and applicable committee meetings, and all attended the 2024 annual meeting in person.
- Audit Committee determined Eckert qualifies as an “audit committee financial expert” per SEC rules; all Audit members are independent and financially literate.
- Compensation Committee duties include CEO/executive pay oversight, succession planning, risk assessment of incentives, and use of independent consultants; all members are independent and authority cannot be delegated to management.
- Compensation consultant Ferguson Partners Consulting L.P. (FPC) engaged by the Comp Committee; assessed independent in 2024; FPC did not work for management or receive other fees.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 107,500 | 107,500 |
| Stock Awards – Grant Date Fair Value ($) | 139,990 | 139,988 |
| All Other Compensation ($) | 60 | — |
| Total ($) | 247,550 | 247,488 |
Breakdown of 2024 cash fees (program schedule):
- Annual cash retainer: $80,000; Compensation Committee Chair: $20,000; Audit Committee member: $7,500 (sum equals $107,500).
Perquisites:
- Up to 30 complimentary room nights/year at Park-owned properties; valued at incremental cost; no tax gross-ups.
Stock ownership guidelines:
- Independent directors required to hold 5x annual cash retainer ($400,000 equivalent); as of Jan 2, 2025, each independent director satisfied or was on track.
Performance Compensation
| Attribute | FY 2023 Grant | FY 2024 Grant |
|---|---|---|
| Grant Date | April 26, 2023 | April 19, 2024 |
| Award Type | Restricted Stock (time-based) | Restricted Stock (time-based) |
| Shares Granted (unvested as of year-end) | 12,173 restricted shares (held as of Dec 31, 2023) | 8,668 restricted shares (held as of Dec 31, 2024) |
| Grant Date Fair Value ($) | 139,990 | 139,988 |
| Vesting | Vests at 2024 annual meeting (Apr 19, 2024) | Vests at 2025 annual meeting (Apr 25, 2025) |
| Dividends | Receives dividends, if any, on restricted stock | |
| Performance Metrics | None disclosed for director equity; time-based vesting only |
Director equity framework:
- Annual grants aligned to service period between annual meetings; next grant expected around the 2025 annual meeting for service to the 2026 annual meeting.
Other Directorships & Interlocks
| Company/Entity | Type | Role | Notes |
|---|---|---|---|
| NVR, Inc. | Public | Director (current) | Homebuilder; governance experience |
| BIGI REIT (BRDG affiliate) | Private | Trustee (since Dec 2024) | Industrial income trust; affiliate of Bridge Investment Group (NYSE: BRDG) |
| Chesapeake Lodging Trust (CHSP) | Public (prior) | Trustee (2010–2019) | Service ended with Park’s acquisition of CHSP |
| Dupont-Fabros Technologies (DFT) | Public (prior) | Director (2007–2017) | Data center REIT |
| Gramercy Property Trust | Public (prior) | Trustee (2015–2018) | REIT governance |
| The Munder Funds | Mutual funds | Chairman (2006–2014) | $10B fund complex |
| The Victory Funds | Mutual funds | Trustee (2014–2015) | $20B fund complex |
| UVA College Foundation | Non-profit | Emeritus Trustee | Philanthropic governance |
Director stock plan governance:
- Board seeking stockholder approval in 2025 to amend and restate the Director Stock Plan: extend term by 10 years and add 875,000 shares (total available 1,825,000; ~1,018,583 remaining post-approval).
Expertise & Qualifications
- Audit committee financial expert designation; accounting/financial literacy; extensive REIT, real estate, management and risk oversight experience.
- Executive leadership in REIT and homebuilding; capital markets exposure; retail experience relevant to hospitality.
- Education: Bachelor’s degree in Business Administration, University of Michigan.
Equity Ownership
| Holder | Shares | Notes |
|---|---|---|
| Thomas D. Eckert – Total Beneficial Ownership | 160,478 | Represents <1% of outstanding shares (201,864,175 as of Mar 3, 2025) |
| Indirect: Sopris I LLC | 12,000 | Eckert has investment authority |
| Indirect: Sopris III LLC | 11,000 | Eckert has investment authority |
Policies impacting ownership alignment:
- No pledging: independent directors prohibited from pledging or margining Company securities.
- Director stock ownership guidelines: 5x annual cash retainer; compliance measured annually; all independent directors satisfied/on track as of Jan 2, 2025.
Insider Trades
| Date | Type | Shares | Price | Value | Ownership After |
|---|---|---|---|---|---|
| Mar 4, 2025 | Open market purchase | 20,000 | $11.75 | $235,000 | 157,478 direct; plus 12,000 Sopris I LLC and 11,000 Sopris III LLC |
| May 9–10, 2024 | Open market purchase | 30,000 | $15.79 (reported) | $473,700 | Not disclosed |
Governance Assessment
- Chair of Compensation & Human Capital Committee with robust remit (CEO/executive pay, incentive risk review, succession planning) and strong attendance (97% across 7 meetings; 4 executive sessions), signaling active oversight of human capital and pay-for-performance.
- Audit Committee membership with 100% committee attendance and “audit committee financial expert” qualification supports board effectiveness in financial reporting and cybersecurity risk oversight.
- Insider purchases in 2024 and 2025 (30,000 shares at ~$15.79; 20,000 shares at $11.75) demonstrate skin-in-the-game alignment; post-2025 purchase, direct holdings reported at 157,478 shares, with additional indirect ownership via Sopris entities.
- Director compensation mix remains balanced (cash retainer plus modest committee fees; time-based restricted stock vesting annually); no options, no tax gross-ups on perquisites, and stringent no-pledging policy—positive signals for investor alignment.
- Related-person transaction governance: formal policy requiring Board/Committee approval and director recusal; proxy does not indicate any related-party transactions involving Eckert.
- Board engagement: each director met attendance thresholds; Park’s leadership structure features independent committee chairs and a strong Lead Independent Director, with ongoing stockholder outreach (~52% of outstanding shares engaged in 2024).
RED FLAGS: None disclosed for Eckert regarding pledging, related-party transactions, option repricing, or attendance shortfalls. Continue monitoring for potential interlocks/conflicts given external roles (e.g., BIGI REIT trustee), though no conflicts are disclosed.