Douglas A. Hacker
About Douglas A. Hacker
Independent Director of Columbia Seligman Premium Technology Growth Fund (STK); director since January 2022 with current term proposed through 2028. Year of birth: 1955. Former Executive Vice President – Strategy and Chief Financial Officer at United Airlines/UAL Corporation; independent business executive since 2006. Education disclosed externally: A.B. magna cum laude, Princeton University; M.B.A., Harvard Business School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| United Airlines / UAL Corporation | EVP Strategy; President, UAL Loyalty Services; EVP & CFO | Dec 2002–May 2006; Sep 2001–Dec 2002; Jul 1999–Sep 2001 | Senior finance and strategy leadership in public-company setting |
| American Airlines | Finance and planning roles | 1981–1993 | Early career finance and planning |
| Nash Finch Company | Director | 2005–2013 | Chair of Compensation and Audit & Finance Committees (prior) |
| SeaCube Container Leasing Ltd. | Director | 2010–2014 | Director experience in asset leasing |
| Travelport Worldwide Limited | Director | 2014–2019 | Director in travel IT services |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| SpartanNash Company (Nasdaq: SPTN) | Director; Chair of the Board | Director since 2013; Chair since May 2021 | Former Lead Independent Director; previously chaired Nominating & Corporate Governance |
| Aircastle Limited | Director; Chair, Audit Committee | Since Aug 2006 | Audit Committee Chair; designated “financial expert” at Aircastle; other committee roles noted post-merger |
Board Governance
- Independence: Listed as an Independent Director nominee for STK; all standing committees are comprised solely of Independent Directors; Audit Committee members are “independent” per NYSE standards .
- Committee assignments (STK): Audit; Board Governance; Contracts; Investment Review .
- Attendance: The Fund confirms each incumbent Director attended at least 75% of Board and committee meetings in 2024; Board met 5 times in 2024. Committee meeting cadence: Board Governance (6), Compliance (4), Contracts (5), Investment Review (4), Audit (6) during 2024 .
- Board leadership: Independent Chair of the Board (Pamela G. Carlton) with enhanced responsibilities to ensure independence in agenda-setting and oversight .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Aggregate compensation from STK (2024) | $3,619 | Fund-level fees (attendance/retainer/committee) |
| Total compensation from Columbia Funds Complex (2024) | $426,000 | Includes all funds overseen, and any deferred cash elections if applicable |
| Pension/retirement benefits (Fund-level) | $0 | No pension accruals at Fund level |
| Independent Director compensation structure (effective 1/1/2025) | Retainer $275,000; Committee Chair +$25,000; Subcommittee Chair +$15,000; Board mtg $6,000/day (in-person); Committee mtg $3,000/day (in-person, separate day); Special virtual mtg $3,000 | Applies to Columbia Funds Complex; STK closed-end fund pays annual fee of $10,000 per independent Director (plus one other closed-end fund) |
- Deferred Compensation Plan: Independent Directors may defer up to 100% of compensation into notional investments in Columbia Funds; distributions in lump sum or over years; plan unfunded for tax purposes .
Performance Compensation
- No performance-based compensation, bonuses, stock options, RSUs/PSUs, or performance metric-linked awards are disclosed for STK independent Directors; compensation is cash retainers and meeting fees, with optional deferral into fund exposures .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| SpartanNash (SPTN) | Board Chair | Consumer goods/supply chain exposure; no direct overlap with STK’s tech mandate; role indicates significant time commitment |
| Aircastle Limited | Audit Committee Chair | Aircraft leasing; independent role; designation as “financial expert”; no direct overlap with STK’s tech holdings |
| Columbia Funds Complex | Oversees 172 funds | Standard for mutual fund independent directors; committees at STK are independent from the Manager |
Expertise & Qualifications
- Deep accounting and financial management expertise from tenure as CFO and EVP Strategy of a major airline; audit committee service across entities .
- Education: A.B. magna cum laude (Princeton); M.B.A. (Harvard Business School) .
- Oversees 172 funds in the Columbia Funds Complex, indicating broad investment oversight experience .
Equity Ownership
| Holder | STK Ownership (Dollar Range) | Aggregate Columbia Funds Complex Ownership (Dollar Range) |
|---|---|---|
| Douglas A. Hacker | $1–$10,000 | Over $100,000 |
- Group ownership: Directors and officers as a group owned less than 1% of STK common stock as of Dec 31, 2024 .
- Deferred compensation: Some Directors elected deferrals in 2024; no deferral election disclosed for Mr. Hacker .
Governance Assessment
- Positives: Independent status; multiple governance committee assignments (Audit, Board Governance, Contracts, Investment Review); sufficient attendance (≥75%) with a robust cadence of Board and committee meetings; Audit Committee independence and formal charter; independent Board Chair enhances oversight of Manager .
- Alignment: Direct STK ownership is modest ($1–$10k), but aggregate Columbia Funds exposure exceeds $100k and the Deferred Compensation Plan can align economic interests with fund performance .
- Compensation structure: Transparent, cash-based, set by Independent Directors with benchmarking to comparable complexes; no performance pay or equity grants that could misalign incentives .
- RED FLAGS: Time-commitment risk from external leadership roles (Board Chair at SpartanNash; Audit Chair at Aircastle) combined with oversight of 172 funds; monitor for any impact on engagement and attendance going forward . No pledging/hedging or related-party transactions are disclosed for Mr. Hacker in the STK proxy sections reviewed .
Overall, governance signals are favorable: independent status, audit experience, and transparent, non-incentivized director pay structure support investor confidence. The primary monitoring item is workload/commitment across multiple boards relative to STK’s governance demands .