Board of Directors
Albert H. Nahmad
Has been the visionary and leader of Watsco for over 40 years, having served as our Chairman and Chief Executive Officer since 1972. Among his many contributions, Mr. Nahmad has been instrumental in the scaling of our business through acquisitions, the cultivation of strategic vendor relationships, and the development of Watsco’s entrepreneurial culture. In 1988 Mr. Nahmad made the decision to pivot the Company’s strategic focus from manufacturing to distribution of HVAC/R products. Since that time, Watsco’s market capitalization has grown from $22 million to $4.1 billion, and its 25-year compounded annual growth rate of total shareholder return has been 19.6%, ranking Watsco #40 out of 1,297 public companies with a market capitalization of over $2 billion. With revenues exceeding $4 billion in 2015, Watsco has solidified its place as the industry leader and now has approximately 5,000 employees serving 90,000 contractor customers through a branch network of nearly 600 locations.
Cesar L. Alvarez
Cesar L. Alvarez was appointed to the Board in 2017 and previously served as a director from 1997 to 2015. Mr. Alvarez is a Senior Chairman of the international law firm of Greenberg Traurig, P.A. (“Greenberg”). He previously served as Greenberg’s Executive Chairman for more than three years, beginning in 2012, and as Greenberg’s Chief Executive Officer from 1997 until his election as Executive Chairman. During his 13 year tenure as Chief Executive Officer, he led the firm to become one of the top ten law firms in the United States by leading its growth from 325 lawyers in eight offices to approximately 1,850 attorneys in more than 36 locations in the United States, Europe, Asia and Latin America. Mr. Alvarez brings management experience as a current Senior Chairman and as former Chief Executive Officer of one of the nation’s largest law firms, as well as his many years of corporate governance experience, both counseling and serving on the boards of directors of other publicly traded companies. He serves on the boards of Mednax, Inc. (chairman of the board and member of the executive committee), Fairholme Funds, Inc., Intrexon Corporation (chair of the nominating and governance committee and member of the compensation committee) and the St. Joe Company (chair of the governance and nominating committee). Mr. Alvarez also serves on the board of Sears Holdings Corporation (“Sears”) (member of the nomination and corporate governance committee). However, his service with Sears will end on May 10, 2017 as he is not seeking re-election for another term.
Aaron J. Nahmad
Has served as the President of the Company since January 2016 and as a director since 2011. He served as Vice President of Strategy & Innovation from July 2010 until January 2016 and as Director of Global Business Development beginning in 2005. He holds a B.A. from the University of Pennsylvania and a M.B.A. from New York University’s Leonard N. Stern School of Business. He is the son of Albert H. Nahmad. A.J. Nahmad has led the transformation of Watsco into a technology-enabled business. His promotion to President in January 2016 recognized this leadership and acknowledged the critical significance of the execution and adoption of these innovations across the Watsco enterprise.
David C. Darnell
David C. Darnell has served as a Board member since 2012. He retired from Bank of America Corporation as Vice Chairman in June 2016 after a 37-year career. He previously served as its Co-Chief Operating Officer from 2011 until his election as Vice Chairman of Global Wealth & Investment Management in August 2014. Mr. Darnell’s career has spanned nearly four decades, beginning as a local credit analyst, working his way through the ranks from middle market banking group president to Florida commercial division group president in the 1990s. In subsequent years, he was active in the strategic growth of the bank and an active leader in its merger and acquisition activities. Mr. Darnell brings significant operational, acquisition, governmental, financial, leadership-development capabilities and technology execution skills to the Board. He serves on the board of directors of Granite Construction (member of the audit committee), a publicly-traded company. Mr. Darnell is a member of the Audit Committee.
Barry S. Logan
Has served as our Senior Vice President since November 2003 and as a director since 2011. Mr. Logan served as Vice President of Finance and Chief Financial Officer from 1997 to October 2003, as Treasurer from 1996 to 1998 and in other capacities beginning in 1992. Mr. Logan is a certified public accountant. Mr. Logan was Watsco’s fourth corporate employee and is an integral participant in the Company’s business development initiatives, financial and other strategic activities during his 23-year career. He is also the principal contact with the institutional shareholder community and, as such, is the principal contact for engagement with our shareholders.
Dr. Denise Dickins
Dr. Denise Dickins has served as a Board member since 2007. Since 2006, she has been employed by East Carolina University where she is currently an Associate Professor of Accounting and Auditing. She teaches courses in Auditing and Corporate Governance. From 2002 to 2006, while earning her Ph.D., she was an instructor of various accounting courses at Florida Atlantic University. Prior to that, she was with Arthur Andersen LLP where she served in varying capacities from 1983 to 2002, including Partner in Charge of the South Florida Audit Division. Dr. Dickins is a certified public accountant and certified internal auditor. Dr. Dickins has served on the board of directors of three other publicly traded companies: Steiner Leisure Ltd. (chair of the audit committee and a member of the governance and nominating committee) until its sale in December 2015, Great Lakes Dredge & Dock (chair of the audit committee) until resigning in October 2015, and TradeStation Group, Inc. (lead director, chair of the nominating committee and member of the audit and compensation committees) until its sale in June 2011. Dr. Dickins brings auditing, accounting, and corporate governance skills to the Board. She serves as chair of the Audit Committee and as the chair of the Compensation Committee. She is also a member of the Nominating & Governance Committee.
Jason Epstein was appointed to the Board in 2017 and is the Managing Partner of Columbus Nova, the U.S. investment vehicle for the Renova Group, a multi-national, Zurich-based industrial holding company. He co-leads the investment activities for Columbus Nova, which manages a variety of growth equity, private equity and fixed income assets. Prior to joining Columbus Nova in 2001, Mr. Epstein founded eLink Communications, a provider of broadband, networking and application services, and served as its Chief Executive Officer. He also co-founded Chloe’s Soft Serve Fruit, which is sold in more than 10,000 stores nationwide. Mr. Epstein received a B.A. from Tufts University. Mr. Epstein has served as a board member of Cyalume Technologies Holdings, Inc., a publicly-traded technology company, since 2008. He also served as a board member of CIFC Corp., a publicly-traded debt manager specializing in U.S. corporate debt strategies, from 2010 until its sale in 2016 where he served as chair of its nominating & corporate governance committee. Mr. Epstein brings entrepreneurial skills, investment expertise, management experience and technology insights to the Board.