Jeffrey Scott
About Jeffrey A. Scott
Senior Vice President and Chief Accounting Officer (principal accounting officer) at SITE Centers, evidenced by his signatures on multiple 2025 SEC filings (8‑Ks and the Q3 10‑Q) . While age and education were not disclosed in the filings reviewed, Scott’s role entails principal accounting officer responsibilities, including signing current reports and serving as a named proxy for voting authority, reflecting a core role in financial reporting and controls . During the transformation culminating in the October 1, 2024 Curbline spin‑off, SITE delivered a 45.8% total return from October 27, 2023 to October 1, 2024 vs. 38.8% for the FTSE NAREIT Equity Shopping Centers Index, and exited 2024 with 90.6% occupancy and $19.64 average base rent/SF (pro rata) . 2024 net income increased on gains from asset sales, while FFO declined due to dispositions—context for 2025 pay/retention dynamics in the post‑spin structure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| SITE Centers Corp. | Senior Vice President & Chief Accounting Officer (Principal Accounting Officer) | 2025–present (at least by May–Nov 2025) | Signed 8‑Ks and Q3 10‑Q as principal accounting officer; named as a proxy on the 2025 proxy card, reflecting responsibility for financial reporting and governance processes |
External Roles
No external directorships or outside roles were disclosed for Scott in the filings reviewed.
Fixed Compensation
Detailed compensation for Scott was not disclosed in the 2025 proxy (he was not a named executive officer for 2024). For context, SITE’s 2024 payouts for NEOs were heavily influenced by one‑time structural changes and qualitative assessments post‑spin:
- 2024 annual incentive payouts approved in Feb 2025: CFO Gerald Morgan $87,500 (pro‑rated); GC Aaron Kitlowski $675,000; plus a special $225,000 bonus to Kitlowski tied to the Curbline spin completion .
- 2024 Summary Compensation (selected NEOs):
| NEO (Title) | Salary (2024) | Bonus (2024) | Stock awards (2024 grant‑date FV) | Non‑equity incentive | All other comp | Total |
|---|---|---|---|---|---|---|
| Gerald R. Morgan (EVP & CFO) | $125,000 | $87,500 | — | — | — | $212,500 |
| Aaron M. Kitlowski (EVP & GC) | $445,962 | $900,000 | $1,432,897 | — | $36,158 | $2,815,017 |
Note: Scott’s compensation is not provided in the proxy tables; SITE only discloses Named Executive Officers .
Performance Compensation
Program mechanics disclosed for executives (illustrative of the Company’s incentive architecture; individual data for Scott not disclosed):
- Annual PRSUs (2024 grants) had 0–200% payout based on three‑year performance; at least 50% tied to relative TSR; measured and converted into time‑based RSUs upon the October 1, 2024 spin/adjustments .
- 2024 annual incentives for CFO/GC were based on qualitative assessments given the spin and portfolio reshaping; maximum opportunities were paid for 2024 (pro‑rated for CFO) .
| Metric | Weighting | Target | Actual | Payout | Vesting treatment |
|---|---|---|---|---|---|
| Relative TSR (part of PRSU goals) | ≥50% of PRSUs | Company‑set | Converted at spin measurement | 0–200% design | Converted into time‑based RSUs at spin (Oct 1, 2024) |
| 2024 Annual Incentive (CFO, GC) | Qualitative | Committee assessment | Maximum for both | Paid (CFO pro‑rated) | Cash paid in Feb 2025 |
Equity Ownership & Alignment
| Topic | Status / Policy |
|---|---|
| Beneficial ownership (Scott) | Not listed in the 2025 “Security Ownership of Directors and Management” table; no Scott holdings disclosed there . |
| Stock ownership guidelines (executives) | Eliminated in Nov 2024 for executive officers post‑spin; director ownership guidelines remain . |
| Hedging & pledging | Prohibited for directors and officers VP‑level and above; company reports current compliance . |
| Insider trading policy | SVPs and above must pre‑clear all trades and 10b5‑1 plan activity with GC/Compliance; quarterly blackout windows apply . |
| Clawback policy | Company maintains a clawback to recover excess incentive‑based compensation over an applicable three‑year period . |
Implications: Absent executive ownership guidelines and given no disclosed holdings for Scott, alignment relies on corporate‑level policies (hedging/pledging ban, clawback) rather than quantified ownership multiples .
Employment Terms
No individual employment agreement or severance schedule for Scott was disclosed in the filings reviewed. Relevant company‑level frameworks that apply to officers:
- Insider Trading: Pre‑clearance and blackout restrictions for SVP+ officers (covers Scott’s CAO role) .
- Clawback: recovery of excess incentive‑based compensation per Company policy .
- Governance of executive compensation and agreements resides with the Compensation Committee; the 2024 restructuring (reverse split, spin) drove equitable award adjustments and qualitative bonus determinations for NEOs .
Company Performance Context (during Scott’s tenure)
| Metric | FY 2023 | FY 2024 | Commentary |
|---|---|---|---|
| Net income attributable to common shareholders | $254,547k | $516,031k | Up on gains from asset sales; mix shift from dispositions/spin . |
| FFO attributable to common shareholders | $240,199k | $79,443k | Down due to property dispositions and capital structure actions . |
| Operating FFO attributable to common shareholders | $247,872k | $166,724k | Down; dispositions offset by interest income . |
| Occupancy (pro rata) | 89.5% | 90.6% | Leasing progress, higher small‑shop occupancy . |
| Avg annualized base rent/SF (pro rata) | $19.42 | $19.64 | Rent growth plus mix . |
| Total return (Oct 27, 2023 → Oct 1, 2024) | — | 45.8% (SITC) vs 38.8% (index) | Spin‑related value creation window . |
Investment Implications
- Alignment and trading signal read‑throughs: As CAO, Scott is subject to pre‑clearance and blackout windows, and hedging/pledging is prohibited—reducing adverse trading‑signal risk; however, executive stock ownership guidelines were eliminated in Nov 2024, and Scott’s individual holdings are not disclosed in the proxy’s officer ownership table, limiting visibility into personal “skin‑in‑the‑game” .
- Retention risk: No Scott‑specific employment or severance terms were disclosed; contrast with CFO/GC who have defined severance/change‑in‑control protections. Absent disclosed CAO protections and equity, retention visibility is limited; monitor future proxies and any Item 5.02 filings for CAO terms .
- Pay‑for‑performance culture: 2024 NEO incentives used qualitative judgments amid portfolio overhaul; PRSU design emphasizes multi‑year relative TSR. High say‑on‑pay support (95% in 2024) suggests investor acceptance of the program direction post‑spin .
- Control and reporting quality: Scott’s repeated signatures as principal accounting officer on 2025 current and quarterly reports reinforce his role in disclosure controls during a complex transition period—relevant for assessing financial reporting execution risk .
What to watch: (1) Future proxy inclusion of the CAO as a NEO (if compensation rises), (2) Form 4 activity and any 10b5‑1 plan adoptions by Scott, (3) evolution of executive ownership expectations post‑spin, and (4) internal control certifications and audit committee disclosures as asset sales and capital structure actions progress.
Citations:
- Principal accounting officer signatures: 8‑K (Feb 27, 2025; May 7, 2025; Aug 5, 2025) and Q3 10‑Q (Nov 5, 2025) .
- Proxy program features, say‑on‑pay support, 2024 incentive outcomes, equity adjustments: 2025 DEF 14A .
- Executive ownership guidelines eliminated; hedging/pledging ban; insider trading policy: 2025 DEF 14A .
- Security ownership table (no Scott entry): 2025 DEF 14A .
- Company performance (occupancy, ABR, income/FFO): 2024 10‑K .
- TSR (spin window): 2025 DEF 14A .