Gregory Summe
About Gregory Summe
Gregory Summe (age 68) is an independent Class II director of Wheels Up (UP) since August 2024. He is Managing Partner of Glen Capital Partners (since 2014) and a Senior Advisor to Star Mountain Capital (since 2023). Previously he was Vice Chairman of Global Buyout at The Carlyle Group (2009–2014) and Chairman/CEO of PerkinElmer (1998–2009). He holds B.S. and M.S. degrees in Electrical Engineering (University of Kentucky; University of Cincinnati) and an MBA with distinction from Wharton . The Board has determined he is independent under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Carlyle Group | Managing Director & Vice Chairman, Global Buyout | 2009–2014 | Member of Operating Committee; oversaw Financial Services, Infrastructure, Japan, Middle East & Africa buyout funds |
| PerkinElmer, Inc. | Chairman & Chief Executive Officer | 1998–2009 | Led global health sciences company |
| Goldman Sachs Capital Partners | Senior Advisor | 2008–2009 | Advisory role |
| AlliedSignal (now Honeywell) | President roles: General Aviation Avionics; Aerospace Engines; Automotive Products | Prior to 1998 | Senior P&L leadership |
| General Electric | General Manager, Commercial Motors | Prior to AlliedSignal | Business leadership |
| McKinsey & Company | Partner | Prior to GE | Strategy consulting |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NXP Semiconductors (NASDAQ: NXPI) | Director | Since 2015 | Chair, Compensation Committee |
| Avantor (NYSE: AVTR) | Director | Since 2020 | Chair, Nominating & Governance Committee |
| Grail, Inc. (NASDAQ: GRAL) | Director & Board Chair | Since 2024 | Chair, Nominating & Governance Committee |
| State Street (NYSE: STT) | Director (former) | 2001–2025 | Board service |
| NextGen Acquisition Corp I & II | Director (former) | 2020–2021 | Board service |
| Virgin Orbit Holdings | Director (former) | 2021–2023 | Board service |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member .
- Independence: Board deems Summe independent under NYSE rules .
- Attendance/engagement: In 2024, the Board met 10 times; Audit 7; Compensation 4; Nominating & ESG 4; Safety & Security 4. All incumbent directors attended at least 75% of aggregate Board/committee meetings; 11 of 12 directors attended the 2024 annual meeting .
- Board leadership: Independent Chair (Adam Zirkin) and separate CEO roles; non-employee directors meet regularly in executive sessions chaired by the independent Chair .
- Investor designation context: Several directors are investor designees (Delta, CK Wheels, CIH), but Summe is not listed as an investor designee and serves as an independent director .
Fixed Compensation
| Component | Policy/Amount | Summe 2024 Actual |
|---|---|---|
| Annual cash retainer | $50,000 for Eligible Directors; additional $35,000 for Board Chair; $15,000 Audit Chair; $10,000 for Chair of Compensation, Nominating & ESG, Safety & Security. No separate meeting fees . | $0 cash; Board approved a prorated RSU grant in lieu of prorated cash retainer upon his August 2024 appointment . |
| Flight hours | Annual flight hours valued at $84,400 (≈25 hours on King Air 350i); +5 hours for Chair/Committee Chairs; carryover allowed while member in good standing . | $41,139 “All other compensation” from flight hours used in 2024 . |
Director compensation table (2024):
- Stock awards: $186,775; All other compensation: $41,139; Total: $227,914 .
Performance Compensation
| Equity vehicle | Grant date | Shares/Value | Vesting | Notes |
|---|---|---|---|---|
| RSUs (director equity) | Sep 11, 2024 | 58,459 RSUs | 29,229 vested Mar 6, 2025; 29,230 scheduled to vest Jun 6, 2025, subject to continued service | Portion awarded in lieu of prorated cash retainer; standard director awards are time-based (not performance-based) and typically target $175,000 FMV annually . |
Other Directorships & Interlocks
| Company | Type | Potential Interlock/Notes |
|---|---|---|
| NXP Semiconductors; Avantor; Grail | Public boards | Governance roles (committee chair/board chair) indicate deep compensation/governance expertise; no disclosed commercial relationships with Wheels Up . |
| Delta-related arrangements | Strategic partner to Wheels Up | Directors receive travel-related benefits under Benefits Agreements with Delta (e.g., SkyMiles 360/Medallion benefits), which are part of broader commercial arrangements between Wheels Up and Delta approved by disinterested directors; terms summarized in proxy . |
Expertise & Qualifications
- Former Fortune 500 CEO and PE operating leader; extensive M&A and transformation experience (PerkinElmer; Carlyle) .
- Committee experience at UP: Audit (financial literacy) and Compensation; at other companies, chairs Compensation and Nominating/Governance committees .
- Technical and financial credentials: EE degrees; MBA (Wharton, with distinction) .
Equity Ownership
| Holder | Beneficial ownership | % Outstanding | Detail/Notes |
|---|---|---|---|
| Gregory Summe | 87,688 shares | <1% | Includes 58,459 shares held directly and 29,229 RSUs vesting/settling within 60 days of record date (Apr 11, 2025) . |
| Company policy (hedging/pledging) | — | — | Directors are prohibited from hedging or pledging company stock under the Insider Trading Policy . |
Governance Assessment
- Positives: Independent director; sits on Audit and Compensation (key oversight); strong governance pedigree (chairs committees at other large caps); equity-based pay aligns with shareholders; attendance expectations met; independent Board Chair and regular executive sessions enhance oversight .
- Watch items: Director perquisites include significant flight-hour benefits (Summe used $41,139 in 2024); while common for aviation firms, investors may scrutinize perk magnitude. Board features multiple investor-designees under Investor Rights Agreement; continued emphasis on independent oversight (including Summe’s roles) is important to mitigate perceived influence .
- No Summe-specific related-party transactions disclosed; Delta/Wheels Up commercial ties and director benefit programs are broadly disclosed and overseen per policy .