Melinda Newman
About Melinda J. Newman
Melinda J. Newman is an independent Director of RENN Fund, Inc. (ticker: RCG), serving since 2024; she is 59 years old and brings over two decades of senior asset management experience leading corporate credit research teams. She previously led TCW’s credit research group overseeing ~$15 billion, and has expertise in financial analysis, valuation, liquidity management, portfolio construction, risk management, and compliance; she holds an MBA with Honors in Finance from The Wharton School (Palmer Scholar) and is NACD Directorship Certified .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TCW Group | Senior Vice-President and Credit Team Leader | 2015–2021 | Led team with ~$15B invested in corporate credit |
| First Pacific Advisors (FPA) | Senior Vice-President, Head of Corporate Credit Research | 2013–2015 | Led credit research |
| Post Advisory Group (subsidiary of PFG) | Managing Director, Senior Portfolio Manager; Executive Director and Management Committee (prior period) | 2004–2012 | Senior investment/management responsibility |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| FRMO Corp (OTC: FRMO) | Director | 2025 | External public company directorship |
| Algoma Steel (TSX: ASTL; NASDAQ: ASTL) | Director | 2025 | External public company directorship |
| Wharton Alumni for Boards | Director | 2023 | Non-profit/alumni governance role |
Board Governance
| Item | Detail |
|---|---|
| Independence | Independent Director |
| Years of service on RCG board | Since 2024 (standing for election in 2025) |
| Committee memberships | Audit; Nominating & Corporate Governance; Pricing |
| Committee expertise | Designated “audit committee financial expert” (SEC definition) |
| Board attendance (2024) | Board met 4 times; all Directors attended 100%; Newman attended all meetings following appointment |
| Audit Committee meetings (2024) | 3 meetings; Newman a member |
| Nominating & Governance meetings (2024) | 1 meeting; Newman a member |
| Pricing Committee meetings (2024) | 2 meetings; Newman a member |
| Lead independent structure | Chairs of Audit and Governance effectively serve as lead independent Directors; meet without management |
| Legal proceedings | None disclosed involving directors adverse to the Fund |
| Related-party/affiliates | No material related-party transactions (> $120k) for independent directors; independents do not own interests in the Adviser or its affiliates |
Fixed Compensation
| Component | 2024 Amount/Policy | Notes |
|---|---|---|
| Board meeting fee (cash) | $1,800 per board meeting attended (effective March 7, 2024) | Applies to non-interested directors; out-of-pocket expenses reimbursed |
| Total 2024 compensation (RCG) | $3,600 | Disclosed total for Newman for FY2024 |
| Committee/Chair fees | Not disclosed | Only per-meeting board fees disclosed |
Performance Compensation
| Element | Design/Metric | 2024 Detail |
|---|---|---|
| Annual bonus | Not applicable for directors | No bonus structure disclosed |
| Equity awards (RSUs/PSUs) | Not applicable for directors | No equity awards disclosed |
| Options | Not applicable for directors | No option grants disclosed |
| Performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable for directors | No performance-linked pay disclosed |
The director pay program is cash-only per-meeting; no at-risk or equity components are disclosed for directors .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Notes |
|---|---|---|
| FRMO Corp (OTC: FRMO) | Newman: Director (since 2025) | FRMO’s Chairman/CEO is Murray Stahl, who remains RCG’s Co-Portfolio Manager and CEO of the adviser’s parent; Stahl resigned as an RCG Director in June 2025, but retains affiliated leadership roles—this creates a governance interlock across entities to monitor for information flow and independence optics . |
| Algoma Steel (ASTL) | Newman: Director (since 2025) | No disclosed relationship with RCG adviser/affiliates . |
Expertise & Qualifications
- Senior asset management executive; led $15B corporate credit research team at TCW .
- Financial expert: designated audit committee financial expert under SEC rules .
- MBA, Wharton School (Palmer Scholar); NACD Directorship Certified .
- Deep skills in financial analysis, valuation, liquidity, portfolio construction, risk management, compliance, and product development .
Equity Ownership
| As of Record Date | Shares Beneficially Owned | % of Class | Dollar Range |
|---|---|---|---|
| June 30, 2025 | 2,000 | 0.03% | $0–$10,000 |
Insider Trades (Form 3/4)
| Filing Date | Transaction Date | Type | Shares | Price | Post-transaction Ownership | Source |
|---|---|---|---|---|---|---|
| 2024-06-13 | 2024-06-06 | Form 3 (Initial statement) | — | — | 0 | https://www.sec.gov/Archives/edgar/data/919567/000143774924020146/0001437749-24-020146-index.htm |
| 2024-06-13 | 2024-06-10 | Open-market purchase (Form 4) | 2,000 | $1.66 | 2,000 | https://www.sec.gov/Archives/edgar/data/919567/000143774924020147/0001437749-24-020147-index.htm |
Beneficial ownership and percentages from RCG’s 2025 proxy; open-market purchase indicates alignment via personal capital at risk .
Governance Assessment
-
Strengths
- Independent Director with audit committee financial expert designation and full attendance post-appointment—supports board oversight credibility .
- Cash-only, modest director fees ($1,800 per meeting; $3,600 in 2024) reduce pay complexity and potential pay-for-failure risks .
- Personal open-market share purchase (2,000 shares at $1.66) signals alignment; beneficial ownership disclosed in proxies (SEC Form 4: https://www.sec.gov/Archives/edgar/data/919567/000143774924020147/0001437749-24-020147-index.htm).
- No legal proceedings or material related-party transactions disclosed for independent directors .
-
Watch items
- Interlock: Newman joined FRMO’s board in 2025, where RCG’s long-time portfolio manager and affiliate leader Murray Stahl serves as Chairman/CEO; although Stahl resigned from RCG’s board in June 2025, his ongoing affiliated roles could create perceived information-flow or influence risks across entities; continued monitoring of committee independence and recusals is prudent .
- Ownership is relatively small (2,000 shares; 0.03%); there are no disclosed director equity grants or stock ownership guidelines at RCG that might further enhance alignment .
-
Contextual controls and practices
- Chairs of Audit and Governance effectively function as lead independent directors and hold sessions without management—supports independent oversight .
- Audit Committee explicitly tasked with reviewing related-party transactions; Newman serves on Audit, Nom/Gov, and Pricing Committees .
All data above are sourced from RCG’s 2025 and 2024 DEF 14A proxy statements and SEC Form 3/4 filings for Newman as cited.