Jay Kesslen
About Jay Kesslen
Jay Kesslen is an executive officer of RENN Fund, Inc. (NYSE: RCG), serving as Vice-President (2025) and previously as Chief Compliance Officer, with documented tenure at least since December 2019 based on SEC filing signatures . He beneficially owns 42,863 RCG shares (0.61% of shares outstanding) as of June 30, 2025, up from 40,363 shares (0.58%) as of June 30, 2024, indicating meaningful skin-in-the-game at the fund level . Age, education, and role-specific performance metrics (TSR, revenue, EBITDA) are not disclosed in company filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RENN Fund, Inc. | Vice-President | 2025 | Signed 8‑K implementing board changes and Code of Ethics updates |
| RENN Fund, Inc. | Chief Compliance Officer | 2019–2024 | Signed 8‑Ks and proxy materials; executed governance and policy updates |
| RENN Fund, Inc. | Vice-President, Chief Compliance Officer | 2019 | Investor communications contact; executed press release 8‑K |
External Roles
No external directorships or roles for Jay Kesslen are disclosed in RCG’s proxy statements or recent 8‑Ks.
Fixed Compensation
Officer cash compensation (base salary, target/actual bonus) is not disclosed for RCG’s executive officers in proxy statements; disclosed compensation tables cover directors only . The proxy notes the CEO does not receive compensation from the Fund for his director role, aside from indirect benefit via the adviser’s management fee, underscoring the adviser-paid model typical of closed-end funds .
Performance Compensation
No disclosure of equity awards (RSUs/PSUs), options, performance metrics, vesting schedules, clawbacks, or guidance-linked incentive frameworks for executive officers in RCG filings .
Equity Ownership & Alignment
| Metric | FY 2024 (as of 6/30/24) | FY 2025 (as of 6/30/25) |
|---|---|---|
| Shares Beneficially Owned (units) | 40,363 | 42,863 |
| Ownership (% of shares outstanding) | 0.58% | 0.61% |
| Shares Outstanding (context) | 7,015,786 | 7,015,786 |
| Pledged Shares | Not disclosed | |
| Vested vs. Unvested Breakdown | Not disclosed | |
| Compliance with Ownership Guidelines | No ownership guideline disclosure for officers |
Employment Terms
- Titles and tenure: Vice‑President (2025), previously Chief Compliance Officer; continuous SEC signatory presence since at least 2019 .
- Governance and policy: Board accepted director resignation and appointed new Chair; Code of Ethics updated—Kesslen signed corresponding 8‑Ks .
- Section 16 compliance: Filings for officers/directors and >10% owners were timely for FY 2024 and FY 2023 .
- Employment agreement, severance, change‑of‑control, non‑compete/garden leave: Not disclosed in proxy or 8‑K filings .
Investment Implications
- Alignment: Direct ownership of 0.61% supports alignment; incremental increase vs 2024 suggests continued engagement. Lack of pledging disclosure avoids a common red flag, though absence of data prevents definitive assessment .
- Compensation risk: Adviser‑paid model and absence of disclosed officer pay/targets limit pay‑for‑performance analysis and reduce visibility into potential retention levers or insider selling pressure (no Form 4 data in filings reviewed) .
- Governance execution: Frequent SEC signatory role and involvement around governance/code updates indicate operational centrality; no legal proceedings disclosed at the board level, and Section 16 compliance was timely, supporting governance quality .
- Data gaps: Without disclosed bonus metrics, vesting schedules, or hedging/pledging policies, trading signals tied to compensation events are limited; monitor future proxies and Form 4s for activity around meeting dates or policy changes .
Key follow-ups: Track upcoming proxy filings for any officer compensation disclosure or ownership changes; monitor Section 16 Forms for Kesslen to assess selling pressure and potential pattern changes around governance events .