Fred Perpall
About Fred Perpall
Independent director of Starwood Property Trust (STWD) since 2020; age 50. CEO of The Beck Group (integrated design-build firm) since 2013, with prior roles at Beck since 1999. Education: BS Architecture and M.Arch., University of Texas at Arlington; Harvard Business School Advanced Management Program (183rd class); Former Americas Fellow at Rice University’s Baker Institute. Current public board: FedEx Corporation; former public board: Triumph Financial, Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Beck Group | Chief Executive Officer | 2013–present | Leads one of the world’s largest integrated design-build firms |
| The Beck Group | Various prior roles | 1999–2013 | Progressive operating leadership within design-build |
| Baker Institute (Rice University) | Americas Fellow | Not disclosed | Policy/strategy fellowship |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| FedEx Corporation | Director (current) | Not disclosed | Public company directorship |
| Triumph Financial, Inc. | Director (former) | Not disclosed | Former public company directorship |
| The Carter Center | Board of Councilors (member) | Not disclosed | Non-profit governance |
| United States Golf Association | President | Not disclosed | National governing body leadership |
| Dallas Citizens Council | Chairman (former) | Not disclosed | Civic leadership |
| Dallas COVID-19 Economic Recovery Task Force | Co-Chair (former) | Not disclosed | Public-private crisis response |
Board Governance
- Independence and tenure: The Board determined Mr. Perpall is independent under NYSE standards; director since 2020.
- Committees:
- Audit Committee member (committee met 4 times in 2024; all members independent; members financially literate; chair is Strauss Zelnick, an audit committee financial expert).
- Investment Committee member (committee reviews investments; $250–$400mm equity commitments require Investment Committee approvals at both STWD and Manager; ≥$400mm require full Board plus Manager).
- Attendance and engagement: Board met 4 times in 2024; each director attended at least 75% of Board and committee meetings on which they served; all directors then in office attended the 2024 annual meeting. Executive sessions of non-executive/independent directors occur regularly and are presided over by the Lead Independent Director.
- Outside audit committee load policy: STWD policy limits Audit Committee members to serving on no more than two other public company audit committees.
Fixed Compensation (Non‑Employee Director)
| Component | 2024 Terms/Amount | Detail |
|---|---|---|
| Annual cash retainer | $110,000 | Non-executive director annual retainer |
| Audit Committee member fee | $10,000 | Additional annual cash retainer for members |
| Investment Committee member fee | $2,500 | Additional annual cash retainer for members |
| Mr. Perpall – Fees earned (cash) | $122,500 | Matches retainer + committee roles above |
| Expense reimbursement | Reasonable travel reimbursed | For Board/committee meeting attendance |
| 2025 equity retainer change | $150,000 | Increased annual equity retainer beginning 2025 (restricted shares; 1-year vest) |
Performance Compensation (Director Equity; time-based)
| Award Type | Grant Date | Shares Granted | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|
| Restricted common stock (annual equity retainer) | Sept 30, 2024 | 6,870 | $140,011 (at $20.38 close) | Vests on 1-year anniversary, service-based |
Notes: Non-executive directors receive time-based restricted stock only; no options or performance-based metrics are disclosed for directors. For 2025, annual equity retainer increased to $150,000 (still time-based, 1-year vest).
Other Directorships & Interlocks
- Current public company board: FedEx Corporation (Director). Former: Triumph Financial, Inc.
- Compensation Committee interlocks: None required to be disclosed for 2024; Perpall is not listed as a member of the Compensation Committee.
- Audit committee overboarding safeguard: No member may serve on >2 other public company audit committees.
Expertise & Qualifications
- Real estate, design-build operations, and leadership experience as CEO of The Beck Group.
- Public company governance experience (current director at FedEx; former director at Triumph Financial).
- Educational credentials: BS and M.Arch., UT Arlington; HBS AMP; policy fellowship (Baker Institute).
- Financial literacy: As an Audit Committee member, deemed financially literate under NYSE rules (committee-wide standard).
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Class | Notes |
|---|---|---|---|
| Fred Perpall | 34,276 | <1% | Includes 6,870 unvested restricted shares granted under the 2022 Equity Plan |
- Ownership guidelines: Directors are expected to hold equity equal to at least 3× the value of the annual Board membership cash retainer; directors had 5 years from 2011 implementation or 5 years from election (whichever later) to comply; restricted awards count toward compliance. Company does not disclose per-director compliance status.
- Trading and hedging: Company has an Insider Trading Policy and an anti-hedging restriction requiring prior legal approval; directors, employees, and immediate families may not trade Company or affiliated securities (including derivatives) without prior approval.
Governance Assessment
- Positives for investor confidence:
- Independent status with active roles on Audit and Investment Committees; Audit Committee oversight includes financial reporting, internal controls, auditor independence, risk (including cybersecurity).
- Solid engagement norms: at least 75% attendance for all directors; regular executive sessions of independent directors.
- Alignment signals: annual equity retainer in restricted shares (1-year vest); ownership guideline of 3× cash retainer supports skin-in-the-game; disclosed beneficial ownership (34,276 shares; includes 6,870 unvested).
- No disclosed related-party transactions or independence exceptions for Perpall.
- Watch items:
- Time commitments: Concurrent CEO role at The Beck Group plus FedEx directorship and prominent non-profit leadership roles could stretch bandwidth; STWD addresses audit-committee overboarding and expects directors to devote necessary time, but no per-director attendance detail beyond the ≥75% threshold.
- External management structure: Investment approvals interface with the Manager’s Investment Committee; while this can introduce conflicts at the firm level, oversight exists via Board/committee thresholds. No specific conflicts disclosed for Perpall.
- RED FLAGS observed: None specific to Perpall in 2024 (no related-party transactions, no compensation committee interlocks, no attendance shortfall disclosed).
Director Compensation (Detail)
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) | Notes |
|---|---|---|---|---|
| Fred Perpall | 122,500 | 140,011 | 262,511 | 6,870 restricted shares granted 9/30/2024; 1-year vest |
Board/Committee Participation Snapshot
| Committee | Role | 2024 Meetings | Composition/Notes |
|---|---|---|---|
| Audit Committee | Member | 4 | All members independent; chair is audit committee financial expert; members financially literate |
| Investment Committee | Member | Not disclosed | Reviews investments; ≥$250mm equity requires Investment Committee approvals; ≥$400mm requires full Board approval |
| Board of Directors | Director (independent) | 4 | Each director attended ≥75% of Board/committee meetings in 2024; executive sessions held regularly |
Related-Party/Conflicts Check
- Independence determination: Board affirmatively determined Perpall is independent; independence discussion lists relationship considerations for other directors but none for Perpall.
- Related-party transactions: No Perpall-specific related-party transactions disclosed.
- Management Agreement context: STWD is externally managed; Investment Committee oversight and thresholds described above.
Say-on-Pay & Shareholder Engagement (Context)
- Annual say-on-pay vote (company policy); management engages with investors regularly; directors remain open to engagements.
Summary Signals
- Independent, financially literate director with real estate/operator background; serves on key risk/transaction committees. Compensation is simple and equity-inclusive, with clear ownership expectations; attendance and engagement meet expectations. No disclosed conflicts or related-party exposure specific to Perpall—a constructive governance profile for investor confidence.