Jordan Bleznick
About Jordan Bleznick
Jordan Bleznick (age 69) serves as Director and Chairman of the Board of CVR GP, LLC, the general partner of CVR Partners, LP; he joined the Board in 2023 and is a former Vice President/Taxes and Chief Tax Counsel for affiliates of Icahn Enterprises L.P. . He holds a B.A. in Economics from the University of Cincinnati, a J.D. from Ohio State University College of Law, and an L.L.M. in Taxation from NYU School of Law . His core credentials span legal, tax, finance/accounting, and executive compensation, with a 22-year private practice background including partner roles at DLA Piper and Gordon Altman Weitzen Shalov & Wein .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Icahn-affiliated entities | Vice President/Taxes and Chief Tax Counsel | 2002–2023 | Senior tax counsel leadership across Icahn-affiliates |
| DLA Piper | Partner (Attorney) | Part of 1980–2002 | Private practice leadership |
| Gordon Altman Weitzen Shalov & Wein | Partner (Attorney) | Part of 1980–2002 | Private practice leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Enzon Pharmaceuticals, Inc. | Director | 2020–present | Not disclosed |
Board Governance
- Role: Chairman of the Board of CVR GP, LLC (general partner); Board leadership cited in 2024 10-K .
- Independence: Not identified as an “independent” director; the Board’s three independent, non‑employee directors are Donna R. Ecton, Frank M. Muller Jr., and Peter K. Shea .
- Committee assignments: Compensation Committee member (Compensation Committee chaired by Frank M. Muller Jr.; 3 meetings in 2024) ; Special Committee member (acted by written consent twice in 2024) .
- Conflicts oversight: A separate Conflicts Committee (independent directors Ecton (Chair) and Muller) reviews and approves conflict matters; approvals are conclusively deemed fair and reasonable to the Partnership .
- Governance structure risk: As an MLP, unitholders do not elect the GP’s directors; fiduciary duties are contractually limited, and the GP (controlled by CVR Energy/Icahn affiliates) may resolve conflicts favoring affiliates, with a presumption of good faith in conflict resolutions .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Director Fee (non‑employee) | $35,000 | Standard annual fee for non‑employee directors in 2024 |
| Compensation Committee Member Fee | $5,000 | Non‑chair member fee |
| Meeting Fees (above threshold) | $1,500 per meeting above thresholds | Board threshold 6; Compensation Committee threshold 6 |
| Total Fees Earned (Bleznick, 2024) | $40,000 | No unit awards; cash only |
Performance Compensation
- Equity awards to directors: None outstanding as of Dec 31, 2024; directors had no equity awards in place .
- 2025 LTIP (subject to unitholder approval): Authorizes up to 550,000 units; individual annual limit of 55,000 for options/UAR/performance units; performance units capped at $7.5 million per participant annually; minimum one‑year vesting; no discounted options/UAR and no repricing without unitholder approval .
| Performance Metric Tied to Director Pay | Disclosed? | Notes |
|---|---|---|
| TSR percentile, revenue/EBITDA, ESG goals | Not disclosed | No director performance metrics disclosed; LTIP enables awards but metrics/targets not specified |
Other Directorships & Interlocks
- Current public company boards: Enzon Pharmaceuticals, Inc. (since 2020) .
- Compensation Committee interlocks: None disclosed; no interlocking relationships with other companies’ compensation committees .
Expertise & Qualifications
- Key skills: Public company governance; executive leadership; finance & accounting; legal/regulatory/compliance; human resources/executive compensation .
- Legal and tax depth: Former Chief Tax Counsel for Icahn-affiliated companies; advanced tax law degree (LL.M.) .
Equity Ownership
| Holder | Units Beneficially Owned | % of Outstanding | As-of Date |
|---|---|---|---|
| Jordan Bleznick | 0 | 0.0%* | April 8, 2025 (Record Date) |
*Less than 1%; total units outstanding: 10,569,637 .
Context on control/affiliates:
- GP Sole Member (UAN Services, indirect wholly owned by CVR Energy) owns ~3,892,000 units (~37%) and 100% of the GP; GP Sole Member received ~$26.0 million in 2024 distributions on its units .
- Icahn-related entities collectively beneficially own ~39%–38.5% across 2024–2025 filings .
Governance Assessment
- Red flags:
- Non‑independent Chair with former Icahn affiliate officer background; potential alignment with controlling affiliate rather than public unitholders .
- Zero direct unit ownership as of the record date; weak “skin‑in‑the‑game” signal for a board leader in a capital‑allocation‑sensitive MLP .
- Contractually reduced fiduciary duties and presumption of good faith in conflict resolutions; GP (controlled by CVR Energy/Icahn affiliates) may prioritize affiliate interests over public unitholders in conflict scenarios .
- Mitigants:
- Independent Conflicts Committee (Ecton, Muller) with sole authority to engage advisors and approve conflict resolutions deemed fair to unitholders .
- No disclosed compensation committee interlocks; independent directors chair key oversight committees (Audit, Conflicts, EH&S) .
- Compensation signals:
- Cash‑only director compensation in 2024; no equity grants—reduces dilution but weakens long-term alignment; LTIP could introduce equity for directors post‑approval with governance guardrails (no repricing/discounting; min vesting) .
- Ownership/control context:
- Concentrated affiliate control (CVR Energy/Icahn) over GP and ~37% of units; public unitholders do not elect directors and have limited influence, elevating the importance of independent committee rigor and documented conflict processes .