Verett Mims
About Verett Mims
Independent director of Sunstone Hotel Investors (SHO) since April 29, 2021; age 62. Currently Chief Financial Officer of Blum Capital Partners, L.P. (long‑term strategic equity investment manager). Prior roles include senior treasury and international finance leadership at Boeing and FX advisory roles at major banks. Education: MBA (Stanford GSB), MS Physics (MIT), BS Physics (Southern University). Audit Committee member and designated Audit Committee Financial Expert; independent under NYSE rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blum Capital Partners, L.P. | Chief Financial Officer | Current | Leads Finance, Operations, Compliance, and Tax; builds processes/systems for efficiency and cost savings |
| The Boeing Company | Assistant Treasurer, Global Treasury Operations; Director, International Finance | 2002–early 2020 | Oversaw FX, commodity and inflation hedging, cash investments, and global banking; drove tech-enabled efficiency and cost savings |
| Citibank; NationsBank; Bank of Montreal | FX sales/advisory | ~7 years pre‑2002 | Built profitable client book; pioneered early CRM‑like system |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Sila Realty Trust, Inc. | Director | Public | Current public company directorship |
| Steppenwolf Theatre of Chicago | Director | Non‑profit | Current board role |
| Various prior non‑profit/academic boards | Director/Trustee/Advisor | Non‑profit | Arts & Business Council of Chicago; San Miguel Schools; Illinois Student Assistance Commission; Southern University MBA Board of Advisors; Muntu Dance Theatre; Illinois Humanities |
Board Governance
- Committee assignments (2025): Audit Committee member (not Chair); designated Audit Committee Financial Expert; Nominating & Governance membership not indicated for Mims. All committees comprised solely of independent directors.
- Independence: Board determined all directors other than the CEO are independent; Audit Committee members meet NYSE and SEC independence standards.
- Attendance: In 2024 the Board met six times; all directors attended 100% of Board meetings and 100% of the committee meetings on which they served. Executive sessions of independent directors held each regular Board meeting.
- Anti‑hedging/pledging: Hedging and pledging of company stock by directors is prohibited. Trading is restricted during blackout periods and must be pre‑cleared.
- Conflict policy and related parties: Conflicts and related‑party transactions require Nominating & Corporate Governance Committee approval; no related‑party transactions over $120,000 since the beginning of fiscal 2024.
Fixed Compensation
2024 Director Compensation – Verett Mims
| Component | Amount (USD) |
|---|---|
| Cash fees earned | $77,500 |
| Stock awards (grant‑date fair value; fully vested) | $100,942 |
| Matching charitable contributions | $0 |
| Total | $178,442 |
Board‑wide Compensation Structure (2024 term unless noted)
| Element | Amount/Terms |
|---|---|
| Annual cash retainer (independent directors) | $70,000 (increased from $60,000 effective 2024 elected term) |
| Annual equity retainer | $105,000 (fully vested; vests upon grant) |
| 2025 equity retainer | $115,000 (beginning 2025) |
| Committee chair fee (Audit/Comp/NCG) | $20,000 each |
| Committee member fee (Audit/Comp/NCG) | $10,000 each |
| Meeting fees | $1,500 per meeting beyond 8 meetings per year (Board or for a given Committee) |
| Board Chair additional retainers | $60,000 cash and $60,000 equity per year |
| Equity limit for non‑employee directors (plan) | Cash + grant‑date fair value of awards may not exceed $750,000 per year |
| Share calculation method (directors) | Shares for equity retainer determined by dividing grant amount by 20‑day average closing price ending three trading days before grant |
Performance Compensation
- Directors receive fully vested stock awards as the annual equity retainer; there are no performance conditions, options, or PSUs for directors under the standard program. Equity vests upon grant and is recorded at grant‑date fair value.
- No meeting‑based performance pay except for limited fees above an 8‑meeting threshold, and no option repricings allowed under the plan.
Other Directorships & Interlocks
| Company | Nature of relationship | Potential interlock/conflict note |
|---|---|---|
| Sila Realty Trust, Inc. | Current independent director | No SHO‑disclosed related‑party transactions; any such transactions require NCG approval; none reported since start of 2024 |
| Blum Capital Partners, L.P. | CFO (executive role) | Any transactions involving entities in which directors have >5% interest require prior NCG approval; none disclosed with SHO since start of 2024 |
Expertise & Qualifications
- Audit Committee Financial Expert; experience in accounting, treasury, enterprise risk, capital markets, and governance.
- Degrees: MBA (Stanford), MS Physics (MIT), BS Physics (Southern University).
- Board skills matrix indicates broad capabilities across finance, risk management, governance, and REIT experience across the current Board; Mims is listed among nominees with accounting/financial expertise.
Equity Ownership
| Metric | Value |
|---|---|
| Shares beneficially owned (3/5/2025) | 38,098 shares |
| Shares outstanding (for % calc) | 201,198,892 shares (as of 3/5/2025) |
| Ownership as % of shares outstanding | ~0.019% (38,098 / 201,198,892) |
| Director ownership guideline | ≥5x annual cash retainer for independent directors |
| Compliance status | As of Jan 1, 2025, each applicable independent director met or exceeded the ownership requirement |
| Hedging/pledging | Prohibited for directors |
Governance Assessment
- Strengths: Independent director with deep treasury/finance background; Audit Committee member and financial expert designation; 100% meeting attendance; strong anti‑hedging/pledging policy; robust ownership guidelines with confirmed compliance; no related‑party transactions reported since start of 2024. These factors support investor alignment and effective financial oversight.
- Compensation alignment: Director pay mix is balanced (cash + fully vested equity), with modest increases to retain market competitiveness (cash retainer to $70k in 2024; equity retainer to $115k in 2025). Non‑employee director pay capped by plan at $750k per year.
- Shareholder signals: Company received 96.9% support on 2024 say‑on‑pay, indicative of broad shareholder approval of pay practices and governance framework.
- Watch items: Concurrent executive role at an investment firm and external public board service warrant routine monitoring for potential conflicts; Company policy requires pre‑approval of any related‑party transactions, and none are disclosed.