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Synovus leaders can't redeem stock now (2.9.10)
Synovus stock that was recently granted to 10 key leaders can't be turned into cash until the company enjoys two profitable quarters in a row and until federal TARP grants are repaid, Vice Chairman Lee Lee James explained on Tuesday.
James said she and nine other key company leaders team received 53,572 shares of stock as part of a plan to retain key people and "as a building path to the future."
Recipients of the stock grant must also stay with the company two more years before they can redeem the shares valued at $150,001.60 on the date of the transaction.
"If you believe in this team, you want to see it retained," she said.
On Feb. 1, these 10 executives were given stock:
- Jeffrey Barton Singleton — Executive VP,
Financial Management Services
- Kevin Joseph Howard — Chief Credit Officer
- Dallis R. Copeland Jr. — Chief Commercial Officer
- Leila S. Carr — Executive VP, Chief Retail
Officer
- Samuel E. Hatcher — Executive VP, General
Counsel
- Elizabeth R. James — Vice Chairman, Chief People Officer,
Chief Information Officer
- Mark G. Holladay —
Executive VP, Chief Risk Officer
- Thomas J. Prescott — Executive VP, Chief
Financial Officer
- Richard E. Anthony — Chairman of the Board, President &
CEO
- Kessel D. Stelling Jr. — Regional CEO, president Bank of North Georgia
With the exception of Stelling, the people on this list are members of the Synovus Executive Leadership team. The only member of the team not receiving the stock grant was Executive Vice President Calvin Smyre.
Speaking with his permission, James said the veteran state legislator now works under a special contract that governs his compensation. "Though he isn't contemplating retirement soon, he wanted to be on the right path to retirement," James added.
This website mentioned Monday that Stelling is considered a prime candidate to replace former Synovus President Fred Green. James didn't comment on that appointment but said Stelling "will play a broader role" in the future. He is one of 10 regional CEOs employed by the company.
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