Alex Blumenfrucht
About Alex Blumenfrucht
Alex Blumenfrucht (age 37) has served on Reliance Global Group’s Board since 2018; he previously served as RELI’s Chief Financial Officer from 2018 until June 1, 2022 and is currently CFO of Future Care Consultants, following Audit & Assurance experience at Deloitte & Touche (2015–2018) . The Board cites his internal control, financial analysis, and public company reporting expertise as central to RELI’s finance and controls .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Reliance Global Group, Inc. | Chief Financial Officer | 2018 – June 1, 2022 | CFO overseeing financial vision, cash flow, budgeting, financial planning |
| Deloitte & Touche LLP | Audit & Assurance Professional (Audit Senior) | Sept 2015 – May 2018 | Led audits of public and private companies |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Future Care Consultants | Chief Financial Officer | 2022 – Present | Unaffiliated company serving nursing homes |
Board Governance
- Committee assignments: Not listed on key Board committees. Audit, Compensation, and Nominating & Corporate Governance Committees are comprised of independent directors Scott Korman, Ben Fruchtzweig, and Sheldon Brickman; chairs are Korman (Audit), Fruchtzweig (Compensation), Brickman (Nominating & Governance) .
- Attendance and engagement: Board held 14 meetings in FY2024; each incumbent director attended at least 75% of Board and applicable committee meetings. All directors virtually attended the 2024 Annual Meeting; all expected for 2025 Annual Meeting .
- Independence designation: The proxy identifies committee members as independent; Alex is not included on committees. The filing does not explicitly state his independence status for Board purposes .
- 2025 shareholder vote support: Re-elected with 1,090,972 votes “For,” 15,851 “Abstain,” broker non-votes 710,958 .
Fixed Compensation (Director)
| Metric (FY2024) | Amount |
|---|---|
| Annual cash fees | $45,000 |
| Stock awards (grant-date fair value) | $11,766 |
| Options | None disclosed |
| Total | $56,766 |
Performance Compensation
- Non-employee director equity cap: Under the 2025 Equity Incentive Plan, non-employee directors may not receive awards with grant-date fair value exceeding $300,000 in any fiscal year .
- Plan features: Options/SARs must be granted at or above fair market value; awards may include performance-based vesting .
- Performance metric framework (available for awards under the plan; not specifically tied to Alex’s 2024 director award): | Metric Category | Examples | |---|---| | Profitability | Net income, operating income, EPS | | Growth/Revenue | Gross revenue, net revenue, sales | | Returns | ROE, ROA, return on capital | | Cash/Capital | Cash flow, free cash flow, debt to capital | | Market-based | Stock price, total shareholder return | | Operational | Overhead reductions, recruiting/retention |
Other Directorships & Interlocks
- No public company directorships disclosed for Alex; current external role is CFO at Future Care Consultants (private) .
Expertise & Qualifications
- Internal control, financial analysis, and public company reporting expertise recognized by the Board .
- Audit pedigree from Deloitte & Touche (public and private company audits) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| Alex Blumenfrucht | 36,733 | 1.23% |
| Shares Outstanding (Record Date 3/31/2025) | 2,974,869 | — |
- Anti-hedging/anti-pledging: Company policy prohibits hedging or pledging of company stock for all employees and directors .
Governance Assessment
- Strengths
- Financial controls and reporting expertise; prior CFO tenure and audit background enhance Board effectiveness in oversight of finance and controls .
- Meaningful ownership (1.23%), aligning interests with shareholders; anti-hedge/pledge policy supports alignment .
- Engagement: At least 75% attendance standard met by incumbents; shareholder support in 2025 director election indicates investor confidence .
- Watch items / Red flags
- Committee independence: He is not on Audit, Compensation, or Nominating & Governance committees (each composed of independent directors), limiting his role in key oversight forums; independence status for Board purposes not explicitly disclosed .
- Former executive overlap: Served as RELI CFO until June 1, 2022; continued Board service may raise independence considerations even as the filing does not expressly designate director independence by individual .
- Section 16 compliance: One late Form 4 filing in FY2024 noted for Alex (each director mentioned had one late filing), a minor compliance lapse to monitor .
Related-Party Exposure
- Family relationships: None disclosed for Alex; only Ezra and Yaakov Beyman are father/son among officers/directors .
- Transactions: No related-party transactions involving Alex disclosed in the proxy; anti-hedging/pledging policy in place .
Say-on-Pay & Shareholder Feedback (context)
- 2025 Say-on-Pay passed: For 1,082,884; Against 21,626; Abstain 2,313; broker non-votes 710,958, indicating strong support for compensation framework .
Compensation Structure Notes (context)
- Equity plans: The company expanded long-term incentive design via the 2024 Omnibus Plan (1,000,000 shares reserved) and proposed 2025 Equity Plan (2,000,000 shares), with performance features and non-employee director caps; repricing restrictions require shareholder approval under plan rules .
Risk Indicators
- Legal proceedings: No director or executive (including Alex) involved in legal/regulatory proceedings under Item 401(f) in the past 10 years .
- Anti-hedging/pledging policy reduces alignment risks .
- Late Section 16 filings: Alex noted for one late Form 4 in FY2024 .