Joseph Grano Jr.
Virtu FinancialAbout Joseph J. Grano, Jr.
Independent director at Virtu Financial (VIRT) since 2017; age 77. He has 30+ years in securities/financial services, including Chairman and CEO of UBS Financial Services (formerly UBS PaineWebber) and senior management roles at Merrill Lynch. He chaired the NASD Board of Governors (pre-FINRA), served as Chair of the Homeland Security Advisory Council (2002–2005), leads the JJG Family Office (since 2005), and holds honorary doctorates; he is a U.S. Special Forces veteran and Tony-winning producer of “Jersey Boys,” and authored “You Can’t Predict A Hero” (Businessweek bestseller, 2009) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS Financial Services (formerly UBS PaineWebber) | Chairman & CEO | 2001–2004 | Led post-merger integration after PaineWebber-UBS combination . |
| Merrill Lynch & Co. | Senior management, incl. Director of National Sales | Prior to 2000 | National sales leadership . |
| NASD (pre-FINRA) | Chairman, Board of Governors; Executive Committee member | Prior roles (dates not specified) | Oversight of U.S. broker-dealer regulation . |
| Homeland Security Advisory Council | Chairman | 2002–2005 | Federal advisory leadership . |
| JJG Family Office | Principal Partner | Since 2005 | Advisory services principal . |
External Roles
| Organization | Role | Status |
|---|---|---|
| City University of New York Business Leadership Council | Member | Current . |
| Law Enforcement Against Drugs | President, Advisory Board | Current . |
| Queens College Foundation | Vice Chairman | Prior . |
| YMCA of Greater New York | Director | Prior . |
| Lenox Hill Hospital | Director | Prior . |
Board Governance
- Independence: Board determined Grano is independent under Nasdaq rules .
- Committee assignments: Audit Committee member; Compensation Committee member .
- Attendance: In 2024, no director attended fewer than 75% of aggregate board and committee meetings; board met 5x, Audit 9x, Compensation 3x, Nominating & Corporate Governance 4x, Risk 5x .
- Controlled company: Founder Member controls >50% voting power (87% combined), enabling exemptions from certain Nasdaq requirements; Compensation Committee currently fully independent .
- Interlocks: Compensation Committee had no interlocks; no member was an officer/employee in 2024 .
Fixed Compensation (Director)
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Standard non-employee director retainer . |
| Committee membership fees | $35,000 | $20,000 Audit member; $15,000 Compensation member . |
| Equity award (RSUs) | $150,000 | Granted upon reelection; vest on 1-year anniversary . |
| Total 2024 compensation | $285,000 | Per director comp table . |
Performance Compensation
- Not applicable for non-employee directors; director equity is time-based RSUs with 1-year vesting. No performance metrics apply to director pay .
Other Directorships & Interlocks
- Current public company directorships: None disclosed for Grano in the proxy .
- Shared directorships with customers/suppliers/competitors: None disclosed .
Expertise & Qualifications
- Capital markets operating leadership (UBS FS, Merrill); regulatory governance (NASD chair); federal advisory leadership (Homeland Security Advisory Council). Honorary doctorates; Special Forces service; executive and civic board experience .
- Audit committee financial expert designation applies to William F. Cruger Jr., not Grano .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (Class A) | 32,141 shares | <1% ownership . |
| Unvested RSUs (as of 12/31/2024) | 6,681 units | Per director award status . |
| Ownership guideline | $225,000 minimum after 4 years | Applies to non-employee directors; compliance by individual not disclosed . |
| Hedging/pledging | Hedging policy discourages speculative hedging; long-term hedging permitted with pre-clearance. No pledging disclosure for Grano . |
Governance Assessment
-
Strengths:
- Independent director with deep sell-side/brokerage leadership and regulatory experience; serves on Audit and Compensation, aligning with oversight needs .
- Attendance threshold met; active committee cadence supports engagement .
- Pay structure balanced: cash retainer plus equity RSUs vesting annually; committee fees consistent with responsibilities .
-
Potential red flags and considerations:
- Controlled company status concentrates voting (87% combined), potentially limiting minority shareholder influence on board composition and governance; underscores importance of independent committee oversight .
- Hedging permitted (with restrictions), which can dilute alignment in some frameworks; confirm any director-level hedging activity via future disclosures (none disclosed) .
- Not designated as audit committee financial expert; relies on committee peer expertise (Cruger) .
- Related-party transactions are monitored via Audit Committee policy; no Grano-specific RPTs disclosed, but ongoing TRA payments to Founder Member and others highlight structural cash flows in governance environment .
Overall signal: Grano’s long-standing financial industry leadership and regulatory experience, combined with independent status and service on Audit/Comp, are positives for board effectiveness. The controlled company framework elevates the importance of committee independence and attendance—both of which are affirmed in 2024 disclosures .