Mitchell Sabshon
About Mitchell Sabshon
Mitchell Sabshon, age 73, has served on Seritage Growth Properties’ Board since 2022 and, as of April 2025, holds the Lead Independent Trustee role . He is independent under NYSE rules and financially literate, and in March 2025 was appointed to the Audit Committee effective April 11, 2025; he chairs the Compensation Committee and serves on the Investment Committee . The Board met four times (plus one special meeting) in 2024 and all trustees, including Mr. Sabshon, attended at least 75% of Board and relevant committee meetings and the 2024 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| InPoint Commercial Real Estate Income, Inc. (public company) | Chairman, CEO, Director | 2016–2024 | Led CRE income platform; public company governance experience |
| Inland InPoint Advisor, LLC | CEO | 2016–2024 | Advised/managed InPoint Commercial Real Estate Income, Inc. |
| Inland Private Capital Corporation | Chairman, Director | 2016–2024 | Oversaw private capital REIT programs |
| Inland Real Estate Income Trust, Inc. (publicly registered, non-listed REIT) | CEO, Director | 2014–2024 | Multi-tenant retail REIT leadership |
| Inland Real Estate Investment Corporation | CEO, Director | 2013–2024 | Real estate investment sponsor leadership |
| Goldman Sachs | President & CEO, Goldman Sachs Commercial Mortgage Capital | ~10 years (prior to Lehman) | Structured finance; CMBS leadership |
| Lehman Brothers | SVP, Real Estate Investment Banking | Prior to Goldman tenure | Investment banking execution in real estate |
| Skadden, Arps, Slate, Meagher & Flom LLP | Attorney (corporate and real estate structured finance) | Prior | Legal/structured finance expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Emperus Strategic Advisors, LLC | Managing Member | 2024–present | Privately held financial services consulting |
Board Governance
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Audit | Member (appointed March 26, 2025; effective April 11, 2025) | 7 | Financially literate; audit committee meets heightened independence criteria |
| Compensation | Chair | 0 (addressed admin matters by correspondence; 2024 exec comp set in 4Q23) | Chairs committee that approves executive comp and arrangements |
| Nominating & Corporate Governance | — | 2 | Oversees governance guidelines and Board composition |
| Investment | Member | 0 (acted by unanimous written consents) | Oversees transactions and strategic investments |
- Lead Independent Trustee as of April 2025, providing non-management leadership and independent oversight .
- Independence confirmed by the Board (NYSE standards); financially literate designation for Audit Committee service .
- Attendance: at least 75% of Board and committee meetings in 2024; attended 2024 annual meeting .
- Executive sessions: Corporate Governance Guidelines call for independent trustee executive sessions at least twice per year .
Fixed Compensation
| Component | Amount | Frequency/Timing | Notes |
|---|---|---|---|
| Annual cash retainer (non-employee trustee) | $150,000 | Paid quarterly | Standard trustee retainer |
| Committee chair retainer (per chair role) | $15,000 | Paid quarterly | Applies to Compensation Committee chair |
| Chairman of the Board retainer (if applicable) | $50,000 | Paid quarterly | Not applicable to Mr. Sabshon |
| Meeting fees | $0 | N/A | No meeting fees disclosed |
| 2024 fees earned (Mr. Sabshon) | $165,000 | 2024 | Sum of base + chair fee |
| Equity awards to trustees | None | N/A | Company does not award equity compensation to trustees |
Performance Compensation
| Metric/Instrument | Structure | Grant Date(s) | Vesting/Performance Conditions | 2024 Outcome |
|---|---|---|---|---|
| RSUs/PSUs for trustees | Not granted | N/A | N/A | None |
| Stock options for trustees | Not granted | N/A | N/A | None |
| Performance metrics tied to trustee comp | Not used | N/A | N/A | None disclosed |
| Director stock ownership guidelines | Own Class A Shares with cost ≥ annual retainer by 3rd anniversary of election | Guideline ongoing | Applies to non-employee trustees | Mr. Sabshon reported no beneficial ownership as of 4/25/2025, suggesting potential shortfall vs guideline timeline |
Other Directorships & Interlocks
| Company | Public/Private | Role | Years | Potential Interlock/Conflict |
|---|---|---|---|---|
| InPoint Commercial Real Estate Income, Inc. | Public | Chairman, CEO, Director | 2016–2024 | CRE income; no SRG related-party transactions disclosed |
| Inland Real Estate Income Trust, Inc. | Publicly registered, non-listed | CEO, Director | 2014–2024 | Retail REIT; no SRG related-party transactions disclosed |
| Inland Private Capital Corporation | Private | Chairman, Director | 2016–2024 | No SRG related-party transactions disclosed |
| Inland Real Estate Investment Corporation | Private | CEO, Director | 2013–2024 | No SRG related-party transactions disclosed |
| Inland InPoint Advisor, LLC | Private | CEO | 2016–2024 | No SRG related-party transactions disclosed |
- Related party oversight at SRG is centralized in the Audit Committee; disclosed related-party relationships primarily involve ESL/Transform and Winthrop, not Mr. Sabshon .
Expertise & Qualifications
- Real estate executive leadership across public and private REIT platforms; extensive CRE capital markets and structured finance background .
- Prior leadership at Goldman Sachs (Commercial Mortgage Capital) and Lehman Brothers real estate investment banking; legal training/experience at Skadden in structured finance .
- Financially literate; qualified for Audit Committee service .
Equity Ownership
| Holder | Class A Shares Beneficially Owned | % of Class A Outstanding | Hedging/Pledging Status |
|---|---|---|---|
| Mitchell Sabshon | 0 | <1% | Hedging and pledging prohibited by Company policy |
- Trustee stock ownership guideline: acquire Class A Shares with cost at least equal to annual retainer by third anniversary of election; Mr. Sabshon was elected in 2022 and reported zero beneficial ownership as of April 25, 2025, indicating potential non-compliance as of the record date .
Governance Assessment
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Strengths:
- Lead Independent Trustee role enhances independent oversight and board effectiveness .
- Independent and financially literate; added to Audit Committee in April 2025, increasing financial oversight depth .
- Attendance and engagement: met ≥75% attendance thresholds; attended annual meeting .
- Hedging/pledging ban for trustees supports alignment and reduces conflict risk .
-
Concerns / RED FLAGS:
- No reported share ownership as of April 25, 2025 despite guideline to own shares equal in cost to annual retainer by third anniversary; signals alignment gap unless subsequently remedied .
- Director compensation fully cash-based (no equity grants), which may reduce direct equity alignment for trustees; company relies on ownership guidelines to mitigate this .
-
Related-party/conflict monitoring:
- SRG’s significant related-party relationships are with ESL/Transform and Winthrop; Audit Committee (of which Mr. Sabshon is now a member) reviews and approves such transactions, providing oversight .
-
Shareholder feedback:
- Say-on-pay (executive) conducted annually; Board recommends FOR approval for 2025—relevant for overall compensation governance context .