Daniel Tredwell
TRIMASAbout Daniel P. Tredwell
Independent director since 2002; age 67. Co‑founder and Managing Partner of CoveView Advisors LLC and CoveView Capital LLC (since 2009), Managing Member of Heartland Industrial Partners, L.P. (since 2006), and former Managing Director at Chase Securities Inc. He is designated by the Board as an audit committee financial expert and serves on multiple committees, reflecting finance, corporate strategy and M&A expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chase Securities Inc. (predecessor to J.P. Morgan Securities, Inc.) | Managing Director | Not disclosed | Investment banking leadership |
| Heartland Industrial Partners, L.P. | Managing Member | Since 2006 | Private equity governance |
| Springs Industries, Inc. | Director (former) | Not disclosed | Board oversight |
| Metaldyne Corporation | Director (former) | Not disclosed | Industrial operations oversight |
| Asahi Tec Corporation | Director (former) | Not disclosed | International industrial governance |
| Companhia de Tecidos Norte de Minas (Coteminas) | Director (former) | Not disclosed | Consumer/industrial governance |
| Springs Global Participacoes S.A. | Director (former) | Not disclosed | Consumer/industrial governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CoveView Advisors LLC / CoveView Capital LLC | Co‑founder & Managing Partner | Since 2009 | Private equity/advisory |
| Current public company directorships | None | — | Confirmed “Current Directorships: None” |
Board Governance
- Committee assignments: Audit; Compensation; Governance & Nominating Committee Chair .
- Independence: Board determined Tredwell is independent under Nasdaq and Corporate Governance Guidelines .
- Financial expert: Board designated him as an “audit committee financial expert” (also financially literate) .
- Attendance: All directors attended at least 75% of Board and applicable committee meetings in 2024; Annual Meeting attendance expected .
- Board activity and leadership: 20 Board meetings; 8 Audit; 5 Compensation; 4 Governance & Nominating. Independent Board chair and regular executive sessions of independent directors; committees composed exclusively of independent directors .
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $110,000 | Fees earned or paid in cash for Tredwell |
| Equity (RSUs grant-date fair value) | $99,991 | Annual director grant; generally 1‑year vest |
| Total director compensation | $209,991 | Sum of cash + equity |
Director fee schedule (TriMas policy):
- Independent director annual cash retainer: $100,000
- Committee chair cash retainers: Audit $20,000; Compensation $15,000; Governance & Nominating $10,000; Board Chair $100,000 . Tredwell’s $110,000 cash aligns with independent director retainer plus Governance & Nominating chair retainer .
Performance Compensation
- Director equity structure: Annual RSUs with ~1‑year service vesting; no options and no performance‑conditioned equity for directors . | Grant | Date | Units | Grant‑Date FV | Vesting | |---|---|---:|---:|---| | Annual RSU (director) | Mar 14, 2024 | 4,068 | $99,991 | 1 year (service-based) |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Prior public company boards | Springs Industries; Metaldyne; Asahi Tec; Coteminas; Springs Global Participacoes |
| Compensation Committee interlocks | No current/prior member of 2024 Compensation Committee (incl. Tredwell) was an officer/employee or had relationships requiring Item 404 disclosure |
Expertise & Qualifications
- Board-designated audit committee financial expert; deep experience in corporate strategy, finance, banking, M&A, asset management, risk management, executive compensation, crisis management, corporate oversight, and audit .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | RSUs Outstanding (12/31/2024) |
|---|---|---|---|
| Daniel P. Tredwell | 60,248 | 0.148% (60,248 / 40,716,445) | 4,068 |
- Director stock ownership guidelines: Increased in 2024 to 5x annual cash retainer (excluding chair retainers); directors have 5 additional years to meet increased guideline; as of Dec 31, 2024, all independent directors were compliant or on track .
- Hedging/pledging: Company prohibits directors/executives from hedging, short sales, and pledging of Company stock .
Insider Trades
| Date (Filed/Trade) | Type | Shares | Price/Detail | Source |
|---|---|---|---|---|
| May 12, 2025 (trade) / May 14, 2025 (filed) | Open market purchase | Noted multiple purchases | Weighted avg; trades ranged from $24.716+ | |
| Nov 11, 2025 (trade) / Nov 14, 2025 (filed) | Open market purchase | 2,000 | Weighted average price (multiple transactions) | |
| Nov 12–13, 2025 (deemed) / Nov 14, 2025 (filed) | Acquisition (retainer/DRIP-like fractional) | 73.598 | Deemed execution 11/13/2025 | |
| Mar 6, 2025 (trade) | Open market purchase | ~96 | Avg price $22.776 |
Signal: Multiple 2025 open‑market purchases by Tredwell indicate incremental alignment; fractional share entries are consistent with administrative acquisitions rather than discretionary purchases .
Governance Assessment
-
Strengths
- Independent director; chairs Governance & Nominating; member of Audit and Compensation; designated audit committee financial expert .
- Regular independent executive sessions; committees fully independent; independent Board Chair structure .
- Attendance threshold met; Board and committee evaluation processes; robust meeting cadence (20 Board; 8 Audit; 5 Comp; 4 Gov/Nom) .
- Director ownership guidelines raised to 5x retainer; all independents compliant or on track; anti‑hedging/pledging policy enhances alignment .
- Compensation Committee interlocks: no Item 404 related‑party conflicts reported for members (incl. Tredwell) .
- Shareholder support backdrop: ~85% Say‑on‑Pay approval in 2024, indicating compensation program credibility (board oversight context) .
-
Watch items / potential red flags
- Long tenure (Board since 2002) can raise entrenchment concerns for some investors despite independence; continued committee leadership mitigates with active oversight .
- Individual ownership is <1% of outstanding; while guidelines are strengthened, absolute stake remains modest; ongoing insider purchases partially offset alignment concerns .
- Leadership transitions in 2025 (CEO and CFO changes) elevate governance and succession oversight demands on committees Tredwell serves; continuity plans are disclosed .
-
Related‑party / conflicts
- Company policies require Audit Committee review/approval of related‑party transactions; Governance & Nominating handles director conflicts; no specific related‑party transactions disclosed involving Tredwell .
Overall: Tredwell’s finance/M&A background and committee breadth (including chairing Governance) support board effectiveness during leadership transition. Insider buying and enhanced ownership guidelines are positive signals; tenure length and modest personal stake warrant continued monitoring, but formal independence, attendance, and financial expertise are strong governance positives .