U.S. Bank series trust adds one indie, delays retirement of another

The board of the Advisors Series Trust appointed investment management veteran Michele Rackey as an independent trustee in preparation for the eventual retirement of independent trustee Joe Redwine.

Rackey’s appointment, effective Jan. 1, expands the board to four independent members.

During the same meeting in December, the board also voted to grant a three-year retirement waiver to Redwine, who reached the board’s mandatory retirement age of 75 last year, according to a Jan. 4 filing.

The series trust is operated by U.S. Bancorp Fund Services LLC and oversees 35 funds.

Rackey, 63, is the former CEO of the Government Employees Benefits Association (GEBA), a nonprofit organization providing insurance and financial benefits to federal employees, which she led from 2004 to 2020. She previously oversaw the ARK Funds and Annuities as a managing director at Allfirst Financial from 1994 to 2003.

Earlier in her career, Rackey held marketing roles at First Colonial Bancshares from 1992 to 1993, a Hamilton Investments from 1990 to 1992, and Kemper Financial Services from 1981 to 1990.

From 2019 to 2022, Rackey sat on the American Society of Association Executives board.

She joins fellow independent trustees Redwine, 75; David Mertens, 62; and chair Raymond Woolson, 63.

The funds’ CCO is Michael Ceccato.

The board has an audit committee, a nominating and governance committee, and a qualified legal compliance committee.

For the fiscal year ended Dec. 31, 2022, each independent trustee received a $100,000 retainer for their services, along with bonuses of $10,000 for the board chair, $5,000 for the audit chair, and $3,000 for the nominating and governance chair. Additionally, trustees received $6,000 per regular board meeting and $500 for special meetings.