Casey Wold
About Casey Wold
Independent trustee and non-executive Chairperson of Peakstone Realty Trust since April 2023; age 67. CEO and Managing Partner of Vanderbilt Office Properties with 38+ years in real estate investing; prior senior leadership at Tishman Speyer, Trizec Office Properties/TrizecHahn, and Equity Office Properties. The Board has determined he is independent under NYSE standards; he leads executive sessions as Chair and serves on the Compensation Committee and chairs the Nominating & Corporate Governance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vanderbilt Office Properties | CEO & Managing Partner | 2014–present | Founded platform; real estate investment and management |
| Tishman Speyer | Senior Managing Director; member of investment and management committees | 2004–2014 | Investment and management committee service |
| Trizec Office Properties / TrizecHahn Office Properties | CIO & COO (Trizec Office); President (TrizecHahn Office) | 1995–2004 | Senior operating and investment leadership at public REIT |
| Equity Office Properties | EVP, Head of U.S. Acquisitions | 1987–1995 | Led national acquisitions at the largest U.S. office REIT of its time |
External Roles
| Organization | Role | Tenure | Type |
|---|---|---|---|
| Trizec Properties (NYSE) | Director | 2002–2004 | Public company board (former) |
| CTO Realty Growth, Inc. (NYSE) | Director | 2017–2022 | Public company board (former) |
| Captivate Networks, Inc. | Director | 2001–2004 | Private company board (former) |
| Other public boards (current) | — | — | None disclosed in PKST proxy |
Board Governance
- Board leadership: Non-executive Chairperson since April 2023; presides over executive sessions of independent trustees and acts as communication conduit for shareholders and third parties .
- Independence: Board affirmed independence for Wold (and DeWees, Friedman, Tang); Escalante (CEO) is not independent .
- Meetings and attendance: Board held 7 meetings in 2024; each trustee attended at least 75% of Board and committee meetings; all trustees attended the 2024 annual meeting .
- Committee assignments (2024):
- Nominating & Corporate Governance: Chair (3 meetings in 2024) .
- Compensation: Member (8 meetings in 2024) .
- Audit: Not a member .
- Board evaluation & nominations: Annual written self-evaluations facilitated by an outside advisor; NCG oversees governance guidelines, related-party reviews, ESG oversight, and succession planning .
- Policies supporting investor alignment:
- Anti-hedging/anti-pledging policy prohibits hedging, short sales, holding in margin, and pledging (except pre-existing or Board-approved); Company states to its knowledge no shares or OP units beneficially owned by any trustee/executive are pledged .
- Corporate Governance Guidelines include share ownership requirements (details for executives specified; guidelines referenced for trustees) and majority vote resignation policy in uncontested elections .
Fixed Compensation
| Item | Details | Source |
|---|---|---|
| Annual cash retainer (non-employee trustee) | $90,000 | |
| Non-executive Chair supplement | $60,000 | |
| Committee chair fees | Audit: $20,000; Compensation: $15,000; Nominating & Corporate Governance: $15,000 | |
| Meeting fees | None | |
| 2024 Wold fees earned | $165,000 (=$90,000 trustee retainer + $60,000 Chair supplement + $15,000 NCG Chair) | |
| 2024 Wold stock awards (grant-date fair value) | $150,012 | |
| 2024 Wold all other comp (dividend equivalents) | $1,703 | |
| 2024 Wold total compensation | $316,715 |
Notes:
- Trustee equity awards were restricted common shares in 2024 (50% immediate vest; 50% vests earlier of one year or next AGM). Starting 2025, trustees receive RSUs with identical vesting timing and dividend equivalent rights .
Performance Compensation
| Component | 2024 Structure | 2025 Structure | Vesting/Terms |
|---|---|---|---|
| Trustee equity award | Restricted common shares; $150,012 grant-date fair value to Wold | RSUs for all trustees | 50% vests at grant; 50% vests earlier of one-year anniversary or next AGM; distribution equivalents accrue/pay upon vest |
Performance metrics: None disclosed for director equity; trustee awards are time-based to align interests, not performance-conditioned .
Other Directorships & Interlocks
| Company | Overlap with PKST competitors/suppliers/customers | Notes |
|---|---|---|
| Trizec Properties | Not disclosed | Former public REIT directorship (2002–2004) |
| CTO Realty Growth, Inc. | Not disclosed | Former public REIT directorship (2017–2022) |
- Compensation Committee interlocks/insider participation: In 2024, no member (including Wold) was an officer or employee; no transactions >$120,000 with the Company; and no reciprocal executive-compensation committee relationships disclosed .
Expertise & Qualifications
- Real estate investment and operations leadership; capital markets and corporate finance; strategic planning; risk management; property/asset management; business transformation; other public board experience; regional market expertise (as defined by the Company’s skills matrix) .
- Education: M.S. Real Estate, Southern Methodist University; B.S. Finance, University of Illinois .
Equity Ownership
| Holder | Beneficial Ownership (Common + OP Units) | % of Shares Outstanding | Unvested Restricted Shares (12/31/2024) | Pledged? |
|---|---|---|---|---|
| Casey Wold | 10,511 | <1% | 6,727 | Company states none pledged for any trustee/executive to its knowledge |
| Sources |
Additional alignment policies:
- Anti-hedging/anti-pledging policy applies to trustees and executives .
- Corporate Governance Guidelines include share ownership requirements (executive specifics disclosed; guidelines referenced for trustees) .
Related-Party Transactions (context for conflicts)
- The NCG Committee reviews related-party transactions under a written policy .
- 2024 disclosures reflect transactions with entities controlled by 5% holder Kevin A. Shields (registration rights; OP unit redemptions/distributions; headquarters sublease with adjusted rent) — no transactions disclosed involving Wold personally .
Governance Assessment
Key positives
- Independent, experienced Chair with deep REIT/operator background and committee leadership (NCG Chair; member of Compensation) — enhances oversight and succession/governance rigor .
- Strong policy framework: anti-hedging/pledging; independent comp consultant (Ferguson Partners) advising the Compensation Committee; annual board/committee self-evaluations with outside-facilitated anonymity .
- Engagement/attendance: Board met 7 times; all trustees ≥75% attendance; all attended the 2024 annual meeting; independent trustee executive sessions at each regular meeting .
- Transparent, balanced trustee pay mix (cash retainer + time-vested equity), with an explicit schedule and a reasonable cap on annual trustee compensation under the plan; 2025 move to RSUs standardizes equity .
Potential watch items
- Structural related-party exposures (legacy ties to 5% holder GC/affiliates: registration rights, OP unit redemptions, corporate HQ sublease) require ongoing robust NCG oversight; while not involving Wold, they represent governance complexity .
- As an active CEO of Vanderbilt Office Properties, time demands should be monitored, though 2024 attendance thresholds were met and committee workloads documented .
Shareholder sentiment signal
- 2024 say-on-pay support at 83% suggests adequate but not overwhelming support; continued alignment emphasis may be warranted as strategy pivots to IOS and deleveraging .
RED FLAGS
- None specific to Wold disclosed in the proxy (no pledging; independence affirmed; no related-party transactions involving him). Broader Company related-party arrangements with a significant shareholder exist and merit continued oversight by NCG (chaired by Wold) .