Josh Connor
Frontier Group HoldingsAbout Josh Connor
Independent director of Frontier Group Holdings (ULCC) since 2015; age 51; serves on Audit, Compensation, and Finance Committees. Background spans 25+ years in transportation-focused investing and investment banking; B.A. in Economics from Williams College. ULCC’s Board affirms his independence under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Duration Capital Partners | Co-CEO & Co-Portfolio Manager | Jul 2024–present | Transportation-focused investment leadership |
| Oaktree Capital Management | Managing Director & Co-Portfolio Manager, Infrastructure Investing | Apr 2017–Jul 2024 | Alternative strategies; infrastructure focus |
| Barclays Capital | MD & Co-Head Industrials; Global Head Transportation Banking | Oct 2013–Jul 2015; Apr 2011–Oct 2013 | Led global transport coverage |
| Morgan Stanley | Co-Head Global Transportation & Infrastructure Investment Banking | ~15 years prior to 2011 | Built transport/infra franchise |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Copa Holdings S.A. | Director | Jan 2016 | Airline board experience |
| Watco Companies LLC | Director | Dec 2018 | Transportation services |
| U.S. Rail & Logistics, LLC | Director | Jun 2021 | Terminal & logistics services |
| Neighborhood Property Group, LLC | Chairman | Nov 2020 | Real estate investment |
Board Governance
- Independence status: Independent director under Nasdaq rules .
- Committees and meeting cadence:
- Audit Committee: Member; committee met 6 times in 2024; oversees auditor, financial reporting, related-party approvals, and cybersecurity .
- Compensation Committee: Member; met 5 times in 2024; engaged Willis Towers Watson; oversees pay, plans, and risk .
- Finance Committee: Member; met 5 times in 2024; reviews budgets, capital, hedging, covenants .
- Board meeting attendance: Board met 6 times in 2024; each director attended at least 75% of aggregated Board/committee meetings; 10 directors attended the 2024 annual meeting .
- Lead Independent Director: Robert J. Genise .
- Classified Board: Class I (including Connor) up for election in 2025; new term runs to 2028 .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual cash retainer ($) | $96,014 | $100,000 |
| Committee chair fees ($) | None disclosed for Connor | None disclosed for Connor |
| Travel benefits (UATP bank) | $5,500 (standard for non-employee directors; $13,750 for Chair) | $5,500 (standard for non-employee directors; $13,750 for Chair) |
Performance Compensation
| Equity Award | Grant Date | Shares | Fair Value ($) | Vesting |
|---|---|---|---|---|
| Annual RSU | May 25, 2023 | 17,722 | 140,000 | Vests in full May 23, 2024 |
| Annual RSU | May 25, 2024 | 24,955 | 140,000 | Vests in full May 15, 2025 |
- Structure: Non-employee director equity is time-based RSUs; no performance metrics disclosed for director equity grants .
Other Directorships & Interlocks
| Potential Interlock | Description | Relevance |
|---|---|---|
| Indigo Partners relationship | ULCC pays Indigo Partners $375k per quarter under a Professional Services Agreement; several directors affiliated with Indigo; Connor is independent and serves on Audit and Compensation Committees that review/approve related-party transactions . | |
| Airline network relationships | ULCC codeshare with Volaris; Connor is not a Volaris director (others are); no disclosed direct conflict for Connor . |
Expertise & Qualifications
- Transportation finance and investing (Morgan Stanley, Barclays, Oaktree, Duration Capital) .
- Board experience across airlines and logistics (Copa, Watco, U.S. Rail & Logistics) .
- Education: B.A. in Economics, Williams College .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Josh T. Connor | 116,550 | <1% | Reported as of Mar 14, 2025; based on 227,658,883 shares outstanding . |
| Stock ownership guidelines | $350,000 value by Apr 1, 2026 or within 5 years of election; includes RSUs; options excluded . | — | Compliance status not disclosed . |
| Anti-hedging policy | Hedging transactions prohibited for directors . | — | Alignment safeguard . |
Governance Assessment
- Committee influence: Connor’s seats on Audit and Compensation place him at the center of financial reporting, related-party oversight, and pay governance—positive for board effectiveness if independence is maintained .
- Independence and attendance: Confirmed independent; Board and committees exhibited regular cadence and minimum attendance thresholds; no attendance red flags disclosed .
- Compensation alignment: Director pay mix balanced between cash and time-based equity; UATP travel benefits are modest; no director options or performance-conditioned equity, typical for governance best practice .
- Potential conflicts: Company’s ongoing Indigo Partners management services and multiple Indigo-affiliated directors represent structural conflicts; Connor’s independent status and Audit Committee role mitigate via required review/approval of related-party transactions .
- RED FLAGS: Structural related-party exposure with Indigo Partners; monitor committee rigor on transaction reviews and board independence posture as ULCC transitions post-loss of “controlled company” status in 2024 .