Kevin Bannon
About Kevin J. Bannon
Kevin J. Bannon (year of birth: 1952) is an Independent Board Member of PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) and oversees 104 portfolios in the PGIM fund complex; all Board Members, including Bannon, joined the Board in October 2020 . Bannon’s background includes senior investment leadership roles: Managing Director (Apr 2008–May 2015) and Chief Investment Officer (Oct 2008–Nov 2013) at Highmount Capital LLC; Executive Vice President and Chief Investment Officer (Apr 1993–Aug 2007) at Bank of New York Company; and President (May 2003–May 2007) of the BNY Hamilton Family of Mutual Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Highmount Capital LLC | Managing Director | Apr 2008 – May 2015 | Senior executive at registered investment adviser |
| Highmount Capital LLC | Chief Investment Officer | Oct 2008 – Nov 2013 | Led investment function |
| Bank of New York Company | EVP & Chief Investment Officer | Apr 1993 – Aug 2007 | Senior investment leadership |
| BNY Hamilton Family of Mutual Funds | President | May 2003 – May 2007 | Oversight of mutual fund family |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Urstadt Biddle Properties (REIT) | Director | Sep 2008 – Aug 2023 | Public company board service |
Board Governance
- Independence: Bannon is categorized as an Independent Board Member (not an “interested person” under the 1940 Act) .
- Committee leadership and membership: Chair, Nominating & Governance Committee; Member, Dryden Investment Committee .
- Engagement: In FY ended July 31, 2024, the Board met eight times; each Board Member attended all Board and committee meetings of which they were a member .
- Board leadership: The Board is chaired by an Independent Board Member; Keith F. Hartstein is the Independent Chair .
- Committee activity levels (FY2024): Audit Committee met 4 times; Nominating & Governance met 3 times; Dryden Investment met 4 times; Compliance met 4 times .
Committee assignments and meeting cadence:
| Committee | Role | FY2024 Meetings | Attendance |
|---|---|---|---|
| Nominating & Governance | Chair | 3 | Attended all committee meetings (statement applies to all Board Members) |
| Dryden Investment | Member | 4 | Attended all committee meetings (statement applies to all Board Members) |
Fixed Compensation
| Metric | FY 2023 (older) | FY 2024 (newer) |
|---|---|---|
| Aggregate Fiscal Year Compensation from SDHY (USD) | $1,893 | $1,877 |
| Pension or Retirement Benefits Accrued as Part of Fund Expenses | None | None |
| Annual Benefits Upon Retirement | None | None |
| Total Compensation from PGIM Fund Complex for Most Recent Calendar Year (Funds/Portfolios) | $336,000 (31/101) | $343,000 (33/105) |
Notes:
- Independent Board Members may receive additional compensation for committee service and can elect to defer fees under a deferred fee agreement; the proxy identifies specific deferrals by certain trustees, not including Bannon in 2024–2025 examples .
Performance Compensation
- The proxy discloses annual fees for Independent Board Members; it does not disclose performance-based bonuses, stock awards (RSUs/PSUs), or option awards for directors of SDHY .
- No performance metric framework (e.g., TSR, revenue growth, ESG goals) tied to director compensation is disclosed for Independent Board Members .
Other Directorships & Interlocks
| Company | Type | Role | Tenure | Potential Interlock Considerations |
|---|---|---|---|---|
| Urstadt Biddle Properties | Public REIT | Director | Sep 2008 – Aug 2023 | None disclosed with SDHY operations |
- Historical affiliation note: The Fund’s custodian is The Bank of New York Mellon (BNY Mellon); Bannon previously served at Bank of New York Company (ended in 2007). The proxy does not disclose any related-party transactions arising from this historical connection .
Expertise & Qualifications
- The Board highlighted Bannon’s suitability based on extensive senior executive experience in asset management over 25+ years, including CIO roles and fund leadership .
- Oversees 104 portfolios across the PGIM complex, indicating broad governance scope across investment vehicles .
Equity Ownership
| As-of Date | Dollar Range of Equity Securities in SDHY | Aggregate Dollar Range in All Registered Investment Companies Overseen (Fund Complex) |
|---|---|---|
| Dec 31, 2023 | None | Over $100,000 |
| Dec 31, 2024 | None | Over $100,000 |
- As of Dec 31, 2024, none of the Independent Board Members or their immediate family owned securities in the investment adviser, principal underwriter, or any controlling/controlled/common-control entities of the Manager or Subadvisers, reinforcing independence .
Governance Assessment
- Independence and conflicts: Classified as independent; share ownership disclosures show no SDHY holdings and no adviser/underwriter holdings by Independent Board Members or immediate family, reducing related-party risk .
- Committee leadership: Chairing the Nominating & Governance Committee places Bannon at the center of board composition, governance practices, and director nominations—an important lever for board effectiveness .
- Attendance and engagement: The Board met eight times in FY2024; universal attendance across Board and committee meetings signals high engagement and oversight rigor .
- Historical affiliation context: Fund custodian is BNY Mellon while Bannon previously served at Bank of New York Company (ended 2007); proxy discloses no related-party transactions—context suggests low present conflict risk .
- Retirement policy: Board retirement policy sets retirement at age 75; with Bannon’s 1952 birth year, succession planning should be monitored over the medium term (policy and birth year are disclosed; no age computed here) .
- Section 16 compliance: The Fund reports that all Section 16(a) filing requirements were met for FY ended July 31, 2024, indicating good compliance hygiene among insiders and trustees .
RED FLAGS: None disclosed in proxy regarding related-party transactions, director equity grants/option repricing, tax gross-ups, or delinquent Section 16 filings for Bannon; ongoing monitoring warranted due to historical BNY affiliation and approaching retirement policy threshold .