William A. Lamkin
About William A. Lamkin
William A. Lamkin (age 65) is an Independent Trustee of Service Properties Trust (SVC) since 2007 and serves as Chair of the Audit Committee. He is a former partner at Ackrell Capital LLC (2003–2019), previously a senior vice president in ABN AMRO’s investment banking division, and practiced law before entering finance, bringing financial and legal expertise relevant to audit oversight .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ackrell Capital LLC | Partner | 2003–2019 | Investment banking and capital raising experience |
| ABN AMRO | SVP, Investment Banking (division) | Pre-2003 | Financial and transactional expertise |
| Legal Practice | Attorney | Pre-finance career | Legal/regulatory acumen |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Office Properties Income Trust (OPI) | Independent Trustee | Since 2019 | RMR-managed client board |
| Seven Hills Realty Trust (SEVN) | Independent Trustee | Since 2021 | RMR-managed client board |
| Tremont Mortgage Trust | Director | 2020–Sep 2021 (merged into SEVN) | RMR-managed client board |
| Select Income REIT | Director | 2012–Dec 2018 (merged into OPI) | RMR-managed client board |
| Ackrell SPAC Partners I Co. | Director | 2020–2022 | SPAC board role |
Board Governance
- Committee assignments: Audit Committee Chair; other members include Laurie B. Burns, Robert E. Cramer, Donna D. Fraiche, John L. Harrington, and Rajan C. Penkar; Audit Committee met 8 times in 2024 .
- Independence: Board determined Lamkin is independent under Nasdaq/SEC rules; Independent Trustees comprised the committee memberships .
- Attendance: Each Trustee attended at least 75% of aggregate Board and applicable committee meetings; Board held 6 meetings in 2024 .
- Lead Independent Trustee: Donna D. Fraiche; independent trustees meet in executive session at least twice per year .
- Audit Committee role: Oversees financial reporting, internal audit, risk management including cybersecurity and AI, and compliance; issued the 2024 Audit Committee Report (Lamkin signed as Chair) .
Fixed Compensation
| Component | Amount | Details |
|---|---|---|
| Annual cash retainer | $85,000 | Independent Trustee retainer |
| Audit Committee Chair fee | $20,000 | Additional annual fee for Audit Chair |
| Meeting fees | None disclosed | Compensation structured as retainer + chair fees |
| 2024 cash paid (Lamkin) | $105,000 | Retainer + Audit Chair fee |
Performance Compensation
| Grant Type | Grant Date | Shares Granted | Fair Value | Vesting |
|---|---|---|---|---|
| Annual Trustee Common Shares | Jun 14, 2024 | 18,255 | $89,997 | Fully vested at grant |
Other Directorships & Interlocks
| Company | Relationship to RMR | Role |
|---|---|---|
| OPI | RMR Client | Independent Trustee |
| SEVN | RMR Client | Independent Trustee |
| Tremont Mortgage Trust | RMR Client | Former Director (merged) |
| Select Income REIT | RMR Client | Former Director (merged) |
Note: SVC has extensive related-person transactions with its manager, The RMR Group LLC, and Sonesta (controlled by ABP Trust); Board has policies to review/approve these transactions and determined Independent Trustees (including Lamkin) do not have material relationships that impair independence .
Expertise & Qualifications
- Financial expertise (investment banking, capital markets); legal/regulatory background; CRE/REIT industry knowledge; risk oversight and audit literacy .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent Outstanding | Additional Information |
|---|---|---|---|
| William A. Lamkin | 73,255 | <1% | Held in a trust (Lamkin and Janet W. Lamkin, Trustees U/T/D 9-28-18); Lamkin may be deemed to have voting/investment power |
| Ownership guideline (trustees) | 35,000 shares requirement | — | As of Mar 18, 2025, all Trustees have met or are expected to meet guidelines |
| Shares outstanding (baseline) | 166,636,537 | — | As of Mar 18, 2025 |
Governance Assessment
- Strengths: Long-tenured Audit Chair with finance/legal background; Audit Committee active (8 meetings) and issued formal report; Board independence affirmed; executive sessions and Lead Independent structure in place; prohibition on hedging applies to Trustees .
- Alignment: Director ownership guideline of 35,000 shares; Lamkin holds 73,255 shares, exceeding guideline; annual equity grants enhance alignment though they are fully vested at grant .
- Potential conflicts: Multiple interlocks with RMR-managed issuers; SVC depends on RMR for management and has substantial related party activity (e.g., $29.7 million net business management fees to RMR in 2024; Sonesta agreements with $189.4 million returns and $258.3 million capex); Board states independence after review, but investors may monitor interlocks and RMR incentive structures .
- Compensation mix: 2024 Lamkin compensation comprised $105,000 cash and $89,997 equity; no meeting fees; equity grants are fixed-value, immediately vested—no explicit performance metrics tied to director pay .
- Signals to watch: Continued reliance on RMR and Sonesta, changes to equity plan (increase to 6.1 million shares, 10-year term) that may affect dilution; audit and related-party oversight effectiveness remains central to investor confidence .