Bruce Hack
About Bruce Hack
Bruce Hack, age 76, has served as an independent director of Surf Air Mobility (SRFM) since July 2023, bringing extensive operating and financial expertise and public company board experience . He is founder and CEO of BLH Venture, LLC (since 2010), and previously served as Executive Vice Chairman of Activision Blizzard (2008–2009), CEO of Vivendi Games (2004–2008), Vice-Chairman of Universal Music Group (1998–2001), and CFO of Universal Studios (1995–1998) . He also served as Executive Chairman of PowerUP Acquisition Corporation (Jan 2021–Aug 2023), Chairman of Technicolor, Inc. (2010–2019), and director of MiMedx Group, Inc. (2010–2019) . Hack holds a B.A. from Cornell University and an M.B.A. from the University of Chicago .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Activision Blizzard | Executive Vice Chairman | 2008–2009 | Senior leadership, corporate oversight |
| Vivendi Games | Chief Executive Officer | 2004–2008 | Led operating strategy and execution |
| Universal Music Group | Vice-Chairman | 1998–2001 | Strategic and governance leadership |
| Universal Studios | Chief Financial Officer | 1995–1998 | Financial leadership, capital allocation |
| Technicolor, Inc. | Director then Chairman | 2010–2019 | Board leadership and governance |
| MiMedx Group, Inc. | Director | 2010–2019 | Board oversight |
| PowerUP Acquisition Corp. | Executive Chairman | Jan 2021–Aug 2023 | SPAC leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| BLH Venture, LLC | Founder & CEO | 2010–present | Strategic and financial advisory firm |
| PowerUP Acquisition Corp. | Executive Chairman | Jan 2021–Aug 2023 | SPAC executive role |
| Technicolor, Inc. | Director/Chairman | 2010–2019 | Prior public company directorship |
| MiMedx Group, Inc. | Director | 2010–2019 | Prior public company directorship |
Board Governance
- Committee assignments: Audit Committee (member) and Compensation Committee (member); Audit Committee members: Carl Albert, John D’Agostino (Chair), Bruce Hack; Compensation Committee members: Carl Albert (Chair), Bruce Hack, Edward Mady .
- Independence: Board determined Hack is independent under NYSE rules; the Board consists of a majority of independent directors .
- Attendance and engagement: In fiscal 2024, the Board held 13 meetings; Audit Committee 8; Compensation Committee 5; each director attended at least 75% of aggregate meetings of the Board and committees served .
- Board leadership: Deanna White is CEO; Carl Albert serves as independent Chairman; independent directors hold regular sessions without management .
| Committee | Role | 2024 Meetings | Key Responsibilities |
|---|---|---|---|
| Audit | Member | 8 | Oversees financial reporting, internal controls, auditor oversight, risk policies, and related-party approvals |
| Compensation | Member | 5 | Oversees executive and director compensation, consultants, succession planning, compensation-related risk |
Fixed Compensation
| Component | Policy/Amount | Effective Date/Period |
|---|---|---|
| Board annual cash retainer (non-employee) | $35,000 (reduced 30% from $50,000) | Approved Dec 3, 2024; applies going forward |
| Lead Independent Director cash retainer | $42,000 (reduced 30% from $60,000) | Approved Dec 3, 2024 |
| Committee cash retainers | Audit: Chair $25,000; Member $12,500. Compensation: Chair $20,000; Member $10,000. Nominating: Chair $15,000; Member $7,500 | Paid quarterly in arrears |
| FY2024 actual cash (Hack) | $21,875 | Fiscal year ended Dec 31, 2024 |
| Director Compensation (FY 2024) | Cash Fees ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| Bruce Hack | 21,875 | 80,519 | 12,856 | — | 115,250 |
Performance Compensation
| Equity Component | Detail | Vesting | Notes |
|---|---|---|---|
| Initial RSU grant (non-employee directors) | Target grant date fair value $330,000; July 25, 2023: 13,409 RSUs; Apr 3, 2024: 91,353 RSUs (together represent $330,000 at $3.15 closing price on 7/27/23) | Vested in July 2024 (one-year anniversary; April 2024 RSUs vested alongside July 2023 RSUs) | Target reduced by 30% to $231,000 on Dec 3, 2024 |
| Annual RSU grant for 2024 service | Target grant date fair value $165,000; to be granted around 2025 Annual Meeting; vests in full at grant (for 2024 service) | Full at grant | Will appear in next year’s Director Compensation Table |
| Annual RSU grant beginning 2025 | Target grant date fair value $115,500 (30% reduction approved Dec 3, 2024) | Vests in full on one-year anniversary (except 2024 annual grant vests at grant as noted) | Ongoing policy |
| Director stock options (Hack) | 14,286 options granted Apr 3, 2024 at $6.17 exercise price | 25% vested at grant; remaining 75% vest over three years | Granted for significant additional time on projects outside normal Board duties |
| Performance Metrics (Director Equity) | Target/Threshold | Applies to Director Awards? | Disclosure |
|---|---|---|---|
| Time-based service vesting for RSUs | One-year vesting (or full vest for 2024 annual grant at grant) | Yes | No performance metrics disclosed for director RSUs; awards are service-based |
Other Directorships & Interlocks
| Company | Role | Status | Notes |
|---|---|---|---|
| Technicolor, Inc. | Director then Chairman | Prior | 2010–2019 |
| MiMedx Group, Inc. | Director | Prior | 2010–2019 |
| PowerUP Acquisition Corp. | Executive Chairman | Prior | Jan 2021–Aug 2023 |
| BLH Venture, LLC | Founder & CEO | Current | Advisory firm leadership |
Expertise & Qualifications
- Operational and financial expertise with CEO, CFO, and Vice-Chairman roles at major media and gaming companies .
- Public company board leadership experience, including Chairman roles and SPAC executive chairmanship .
- Academic credentials: BA Cornell; MBA University of Chicago .
Equity Ownership
| Ownership Measure | Amount/Detail |
|---|---|
| Beneficial ownership (common stock) | 35,160 shares; % of outstanding: “*” as reported |
| Outstanding awards as of 12/31/2024 | 14,966 RSUs; 14,286 options outstanding |
| Stock ownership guidelines | Minimum 5x annual cash retainer; 5 years to comply; as of Apr 1, 2025, all non-employee directors either met requirement or had time remaining |
Insider Trades (Form 4)
| Transaction Date | Type | Shares Granted | Post-Transaction Ownership | Link |
|---|---|---|---|---|
| 2025-06-26 | Award (RSUs/stock) | 33,724 [computer:///tmp/insider_trades_20251120_032817.json] | 111,547 [computer:///tmp/insider_trades_20251120_032817.json] | https://www.sec.gov/Archives/edgar/data/1936224/000095017025091121/0000950170-25-091121-index.htm |
| 2025-06-26 | Award (RSUs/stock) | 62,857 [computer:///tmp/insider_trades_20251120_032817.json] | 77,823 [computer:///tmp/insider_trades_20251120_032817.json] | https://www.sec.gov/Archives/edgar/data/1936224/000095017025091121/0000950170-25-091121-index.htm |
| 2023-07-25 | Award (RSUs) | 13,409 [computer:///tmp/insider_trades_20251120_032817.json] | 13,409 [computer:///tmp/insider_trades_20251120_032817.json] | https://www.sec.gov/Archives/edgar/data/1439316/000121390023060386/0001213900-23-060386-index.htm |
| 2023-07-25 | Form 3 | — [computer:///tmp/insider_trades_20251120_032817.json] | — [computer:///tmp/insider_trades_20251120_032817.json] | https://www.sec.gov/Archives/edgar/data/1439316/000121390023059725/0001213900-23-059725-index.htm |
Governance Assessment
- Independence and committee roles: Hack is an independent director and serves on Audit and Compensation Committees, placing him at the center of financial reporting oversight and pay governance .
- Attendance and engagement: Directors attended at least 75% of meetings; Hack’s committees met frequently (Audit: 8; Compensation: 5), indicating ongoing involvement in key oversight areas .
- Compensation consultant independence: Compensia was retained and assessed as independent with no conflicts, a positive signal for pay governance quality .
- Alignment signals: 30% reductions to director cash retainers and equity targets (initial and ongoing) reflect sensitivity to shareholder alignment and cost discipline .
- Option award to director: Hack received an option grant for “significant additional time” on projects outside normal Board duties; while it recognizes extra effort, option grants to directors can blur lines between oversight and operational roles—monitor for scope creep and potential independence perceptions .
- Related-party environment: The company disclosed multiple related-party transactions (e.g., aircraft leases and Park Lane reimbursement agreement with board observer rights); Hack’s Audit Committee reviews and approves related-party transactions, underscoring the importance of rigorous oversight to protect investor confidence .
Overall, Hack’s deep operating and finance background, independence, and committee roles support board effectiveness; continued vigilance on related-party transactions and clarity around director equity/use of options remain important governance watchpoints .