Richard Herrera
U-Haul Holding Co /NV/About Richard J. Herrera
Richard J. Herrera (age 71) has served as an independent director of U‑Haul Holding Company since 2017 and also sits on the board of its subsidiary, Amerco Real Estate Company. He previously held multiple roles within U‑Haul, including Marketing Vice President/Retail Sales Manager (1988–2001), and served on the Company’s and U‑Haul boards during 1990–2001; he was a member of the Company’s Advisory Board (2007–2013). Herrera’s career spans fluid power applications, retail executive roles (Eastern Seaboard Packaging, ABUS Lock USA), and later sales roles at Fastenal and BMW Santa Fe; he is NACD-affiliated and has been a professional ski instructor since 2019 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U‑Haul Holding Company | Director | 2017–Present | Independent director |
| Amerco Real Estate Company (subsidiary) | Director | Current | Subsidiary board member; noted in director comp footnotes |
| U‑Haul Holding Company | Director | 1993–2001 | Prior board service |
| U‑Haul International, Inc. | Director | 1990–2001 | Prior U‑Haul board service |
| U‑Haul Holding Company | Advisory Board Member | 2007–2013 | Non-director advisory role |
| U‑Haul International, Inc. | Marketing VP/Retail Sales Manager | 1988–2001 | Senior operating leadership |
| Fluid Power Industry | Applications/Sales (hydraulics/pneumatics) | 1973–1988 | Industrial automation/motion control exposure |
| Eastern Seaboard Packaging | Executive Vice President | Not disclosed | Retail/packaging leadership |
| ABUS Lock USA | Executive Vice President | Not disclosed | Security products leadership |
| Fastenal | Sales Representative | 2015–2017 | Industrial distribution sales |
| BMW Santa Fe | Sales Consultant | 2018–2019 | Retail automotive sales |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Amerco Real Estate Company (subsidiary) | Director | Current | Directorship disclosed; reflected in director comp footnotes |
| Professional Ski Instructors of America | Professional Ski Instructor (certified) | 2019–Present | Post-retirement engagement |
| National Association of Corporate Directors (NACD) | Member | Current | NACD membership |
Board Governance
- Independence: The Board determined Herrera is “independent” under NYSE rules; all members of Audit and Compensation committees meet enhanced independence standards .
- Committee assignments: No current assignments on Audit & Cyber, Executive Finance, Compensation, or Independent Governance committees per the committee roster .
- Meetings and attendance: The Board met 11 times in FY2025; each Director attended at least 82% of Board and applicable committee meetings. Independent directors held executive sessions at each regular meeting, chaired on a rotating basis (Brogan/Grogan). All directors attended the 2024 annual meeting (in person or webcast) .
- Leadership structure: Combined Chairman/President role (Edward J. Shoen); no Lead Independent Director; company operates as a “controlled company” under NYSE standards .
Fixed Compensation
Director fee framework and Herrera’s actual FY2025 fees.
| Item | U‑Haul Holding Company Fee Schedule (FY2025) | Herrera FY2025 |
|---|---|---|
| Board Annual Retainer (cash) | $90,000 | $105,000 total cash fees |
| Audit Committee Member | $55,000 | — (not a member) |
| Executive Finance Committee Member | $25,000 | — (not a member) |
| Compensation Committee Member | $25,000 | — (not a member) |
| Independent Governance Committee Member | $27,500 | — (not a member) |
| Equity grants to directors | None (no options/equity grants to directors other than ESOP allocations) | None disclosed |
Notes:
- Director compensation is cash-based; the Company reimburses incidental costs for Board/committee attendance .
- Herrera’s $105,000 reflects total cash fees in FY2025 as reported; committee membership at the holding company is not indicated for him .
Performance Compensation
- The Company does not currently offer stock options or equity grants to directors (other than ESOP allocations), and director compensation is not tied to specific performance metrics; no separate meeting fees are disclosed .
- For executives, the Company historically does not benchmark or tie compensation directly to specific performance metrics; this philosophy is articulated in the CD&A, but it does not apply to director pay design .
Other Directorships & Interlocks
| Category | Company | Role | Notes |
|---|---|---|---|
| Public company board | None disclosed for Herrera | — | No public company directorships other than U‑Haul Holding Company |
| Subsidiary board | Amerco Real Estate Company | Director | Service noted; also reflected in director comp footnotes |
| Potential interlocks | None disclosed for Herrera | — | No disclosed shared directorships with competitors/customers/suppliers |
Expertise & Qualifications
- Operations and sales leadership across industrial hydraulics/pneumatics, retail packaging, security products, and automotive retail; prior senior operating role at U‑Haul (Marketing VP/Retail Sales Manager) .
- Board experience within U‑Haul entities and Amerco Real Estate Company; NACD affiliation .
Equity Ownership
| Security | Shares Beneficially Owned | % of Class |
|---|---|---|
| Voting Common Stock | 10 | <1% |
| Non‑Voting Common Stock | 270 | <1% |
Additional alignment considerations:
- The Company does not maintain a policy prohibiting directors from entering into hedging transactions; pledging status for Herrera is not disclosed .
Governance Assessment
- Strengths: Board‑affirmed independence; prior deep operational knowledge of U‑Haul; consistent attendance (≥82%) and participation in annual meetings; NACD affiliation .
- Areas to monitor:
- Controlled company with combined Chair/President and no Lead Independent Director; may reduce independent counterbalance and investor confidence in oversight .
- No current committee assignments for Herrera (Audit, Compensation, Governance, Executive Finance), limiting direct influence over key oversight areas (audit risk, pay, governance policy) .
- Minimal personal share ownership (<1%), implying limited “skin‑in‑the‑game” alignment relative to standard director ownership expectations (no formal director ownership guidelines disclosed) .
- Company environment includes significant related‑party transactions with entities controlled by the Shoen family (e.g., management fees $37.1M in FY2025; dealer commissions $106.2M), elevating inherent governance conflict risk; no Herrera‑specific RPTs disclosed .
- Insider compliance: All Section 16 filings were timely for FY2025; insider trading policy is part of the Code of Ethics (Section 6) .
RED FLAGS:
- Controlled company structure with no Lead Independent Director .
- Limited demonstrated ownership alignment for Herrera (<1% holdings) .
- Extensive company‑level related‑party transactions (not attributed to Herrera) present ongoing governance risk context for the Board’s oversight .