Greg Monahan
About Greg Monahan
Gregory Monahan, 51, is an independent director of Southland Holdings, Inc. (SLND) and has served on the Board since November 2021. He is Senior Managing Director at Crescendo Partners (since 2005), Portfolio Manager at Jamarant Capital (since January 2016), and CEO and a director of Legato Merger Corp. III (since February 2023). He previously served as CEO of Legato Merger Corp. II (Legato II) until the February 2023 business combination with Southland. Monahan holds a B.S. in Mechanical Engineering from Union College and an MBA from Columbia Business School, and is designated by SLND’s Board as an audit committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Southland Holdings, Inc. | Director | Nov 2021–Present | Member of Audit, Compensation, and Nominating & Governance Committees; Board determined independent under NYSE rules. |
| Legato Merger Corp. II | Chief Executive Officer | Nov 2021–Feb 2023 | Led SPAC through business combination with Southland; role concluded at transaction close. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Crescendo Partners, L.P. | Senior Managing Director | 2005–Present | Investment leadership; governance experience (no SLND-related transactions disclosed). |
| Jamarant Capital, L.P. | Portfolio Manager | Jan 2016–Present | Portfolio oversight; capital markets expertise. |
| Legato Merger Corp. III | CEO; Director | Feb 2023–Present | SPAC leadership and board role. |
| Absolute Software Corp. | Director | Dec 2012–Aug 2023 | Prior public board experience (security software). |
| Primo Water Corporation | Director | Jun 2008–May 2023 | Prior public board experience (water solutions). |
| BSM Technologies | Director | Jun 2016–May 2019 | Prior public board (fleet telematics). |
| COM DEV International | Director | Apr 2013–Apr 2016 | Prior public board (space hardware). |
| ENTREC Corporation | Director | May 2015–May 2016 | Prior public board (heavy haul/crane). |
| SAExploration Holdings | Director | Jun 2013–Jul 2016 | Prior public board (seismic services). |
| O’Charley’s Inc. | Director | Mar 2008–Apr 2012 | Prior public board (restaurants). |
| Bridgewater Systems | Director | May 2009–Aug 2011 | Prior public board (telecom software). |
Board Governance
- Committee assignments: Monahan serves on all three standing committees—Audit, Compensation, and Nominating & Governance; he is not a chair.
- Independence: The Board determined Monahan to be independent under NYSE rules; SLND is a “controlled company” but currently complies with NYSE governance requirements for non-controlled companies.
- Financial expertise: The Board designated Monahan (and all Audit Committee members) as “audit committee financial experts” under SEC rules.
- Attendance: The Board met four times in 2024; each director attended at least 75% of Board and applicable committee meetings. Committees (Audit/Compensation/Nominating & Governance) each met 4 times in 2024.
- Leadership structure: CEO Frank Renda serves as acting interim Chairman; SLND has no lead independent director.
- Executive sessions and policies: Independent directors meet regularly without management; insider trading policy prohibits hedging by directors and officers.
Fixed Compensation
| Component | Jan–May 2024 | Jun–Dec 2024 | Full Year 2024 |
|---|---|---|---|
| Annual cash retainer (program terms) | $15,000 annualized (non-employee directors) | $75,000 annualized (non-employee directors) | — |
| Committee chair premiums (program terms) | Audit Chair: +$10,000; Other committee Chairs: +$5,000 | Audit Chair: +$10,000; Other committee Chairs: +$5,000 | — |
| Greg Monahan – Fees earned or paid in cash | — | — | $45,000 |
Notes:
- Monahan is not a committee chair; his 2024 cash fees reflect program changes mid-year.
Performance Compensation
| Director Equity Award | Grant Date | Shares | Grant Date Fair Value ($) |
|---|---|---|---|
| RSUs (annual grant to non-employee directors) | Jun 25, 2024 | 19,956 | 91,398 |
- No performance-based metrics were disclosed for director equity grants; director RSUs are structured as time-based awards.
Other Directorships & Interlocks
- Current: Legato Merger Corp. III (CEO and director).
- Legacy transaction ties: Monahan was CEO of Legato II, which combined with Southland in Feb 2023; no related-party transactions involving Monahan are disclosed in SLND’s proxy.
Expertise & Qualifications
- Education: B.S. Mechanical Engineering (Union College); MBA (Columbia Business School).
- Designation: Audit committee financial expert; extensive public board experience across technology, industrials, energy, and consumer sectors.
- Investment and M&A experience: Senior roles at Crescendo Partners and Jamarant Capital; SPAC leadership at Legato II and III.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Direct Shares | Derivative/Other |
|---|---|---|---|---|
| Gregory Monahan | 644,304 | 1.2% | 641,804 | 2,500 warrants exercisable within 60 days |
- Ownership base: SLND had 53,996,404 shares outstanding as of April 24, 2025.
- Pledging/Hedging: Hedging of SLND securities by insiders is prohibited; no pledging by Monahan disclosed.
Governance Assessment
- Positives: Monahan is independent, serves on all three key committees, and is designated an audit committee financial expert—supportive of board oversight in financial reporting, compensation, and nominations.
- Alignment: Monahan received a meaningful equity grant (19,956 RSUs; $91,398 fair value) and holds 644,304 shares (1.2%), indicating skin-in-the-game alongside cash fees of $45,000 in 2024.
- Risk indicators: SLND lacks a lead independent director and operates as a controlled company (though electing compliance), which can constrain independent oversight leverage.
- Related-party context: Significant related-party loans and a sale-leaseback involving senior executives were disclosed; while not tied to Monahan, his Audit Committee role heightens responsibility to oversee RPTs and internal controls.
- Attendance/engagement: Board and committee frequency (4 meetings each in 2024) and 75%+ attendance support baseline engagement; additional director education program noted.
RED FLAGS to monitor: absence of a lead independent director; controlled company status; ongoing related-party transactions involving management (not Monahan-specific). Continued robust Audit Committee oversight and transparent RPT approval processes are critical for investor confidence.