Edward Mady
About Edward Mady
Edward Mady, age 72, has served as an independent director of Surf Air Mobility Inc. (SRFM) since July 2023 and is currently nominated to stand for re‑election as a Class B director through the 2028 annual meeting. He is a seasoned luxury hospitality executive with prior senior leadership roles at Dorchester Collection (Beverly Hills Hotel and Hotel Bel‑Air), The New York Palace, and The Ritz‑Carlton; he studied Hotel Restaurant Management at St. Clair College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Dorchester Collection (Beverly Hills Hotel; oversaw Hotel Bel‑Air) | General Manager; Regional Director | Jul 2011 – Feb 2022 | Led operations and guest experience for flagship luxury properties |
| The New York Palace | General Manager | Jun 2009 – Jun 2011 | Turnaround and operational leadership at a major NYC hotel |
| The Ritz‑Carlton Hotel Company | Vice President; Area General Manager | Nov 1988 – May 2009 | Multi‑property management; brand standards and service excellence |
| Surf Air Global Limited (SAGL) | Senior Advisor; Advisory Board Member | Jan 2017 – Jul 2023 | Aviation/hospitality advisory to SRFM subsidiary prior to listing |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Masterpiece Collection Ltd. | President & COO | Since Dec 2023 | Luxury hospitality company leadership |
| Edward Mady LLC | Principal (Consultant) | Since Dec 2016 | Advises hospitality and aviation brands |
Board Governance
- Committee assignments: Compensation Committee member (committee is chaired by Carl Albert; other members include Bruce Hack) .
- Independence: Board determined Mady is independent under NYSE rules; SRFM board majority is independent .
- Attendance and engagement: Board held 13 meetings in 2024; Compensation Committee held 5; each director attended at least 75% of aggregate meetings of the Board and their committees .
- Election cycle: Class B director; standing for election to serve until SRFM’s 2028 annual meeting .
- Compensation consultant independence: Compensia retained by the Compensation Committee; independence assessed with no conflicts found .
- Stock ownership guidelines: Directors must hold at least 5x annual cash retainer; all non‑employee directors had met requirements or had time remaining as of Apr 1, 2025 .
- Pledging/hedging: Insider Trading Policy prohibits pledging and hedging of company stock by insiders (including directors) .
- Indemnification: SRFM has indemnification agreements with directors .
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Annual Board cash retainer (2024 reset) | $35,000 for non‑employee directors; $42,000 for Lead Independent Director | Reduced 30% from prior levels on Dec 3, 2024 |
| Committee fees (annual) | Audit Chair $25,000; Audit Member $12,500; Compensation Chair $20,000; Compensation Member $10,000; Nominating Chair $15,000; Nominating Member $7,500 | Paid quarterly in arrears |
| 2024 cash received by Mady | $21,000 | As reported in Director Compensation Table for FY2024 |
Performance Compensation
| Grant | Type | Grant Date | Shares/Units | Reported Fair Value | Vesting |
|---|---|---|---|---|---|
| Initial director grant (part 1) | RSUs | Jul 25, 2023 | 13,409 | Included in $330,000 target at listing (priced off $3.15 closing on Jul 27, 2023) | Vested Jul 2024 (one‑year) |
| Initial director grant (part 2 top‑up) | RSUs | Apr 3, 2024 | 91,353 | $80,519 shown in FY2024 director table (SEC rule presentation) | Vested Jul 2024 with initial grant |
| Annual director grant for 2024 service | RSUs | On/around 2025 Annual Meeting | Target $165,000 | Will appear in next year’s table per SEC rules; vests at grant (for 2024 service) | One‑year award; vests at grant |
| Annual director grant beginning 2025 | RSUs | On/around annual meeting | Target $115,500 | Target reduced 30% on Dec 3, 2024 | Vests on one‑year anniversary (service‑based) |
No director performance metrics (e.g., TSR, EBITDA) are tied to Mady’s equity awards; grants are service‑based RSUs. No options granted to Mady in 2024 .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| None disclosed | — | — | SRFM’s proxy does not list any current public company directorships for Mady . |
Expertise & Qualifications
- Extensive luxury hospitality leadership across Dorchester Collection, The Ritz‑Carlton, and The New York Palace; focus on management and client hospitality experience .
- Aviation/hospitality advisory experience with Surf Air Global Limited prior to SRFM’s listing .
- Education: Hotel Restaurant Management, St. Clair College .
- Board qualification: SRFM cites his management and client hospitality experience as key attributes for board service .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Derivative/Equity Awards Outstanding |
|---|---|---|---|
| Edward Mady | 39,786 | * | 16,514 RSUs outstanding; 0 options outstanding as of Dec 31, 2024 |
- Ownership guideline compliance: Directors must hold 5x annual cash retainer; as of Apr 1, 2025, all non‑employee directors either met the requirement or remained within allowed time .
- Pledging/hedging: Prohibited by SRFM policy .
Governance Assessment
- Board effectiveness: Mady’s hospitality operations background adds customer experience and service quality expertise, complementing SRFM’s mobility/hospitality adjacency; he serves on the Compensation Committee, contributing to oversight of pay structures with an independent consultant (Compensia) vetted for conflicts .
- Independence and engagement: Classified as independent; attendance thresholds met for 2024; independent directors hold regular sessions without management, chaired by the independent Chairman, supporting robust oversight .
- Pay/ownership alignment: Director pay mix skews toward equity (e.g., $80,519 stock awards vs $21,000 cash in 2024), with stock ownership guidelines and anti‑pledging rules reinforcing alignment; Mady holds 39,786 shares and service‑based RSUs, with no options .
- Conflicts/related‑party exposure: No related‑party transactions disclosed for Mady; prior SAGL advisory role ended before SRFM listing, and current disclosures do not indicate ongoing related‑party arrangements involving him .
- Signals: The Compensation Committee’s use of an independent consultant and reduced director cash/equity targets (30% reductions approved Dec 3, 2024) indicate cost discipline; absence of performance‑linked director awards is consistent with market practice for non‑employee directors at small‑cap companies .