HoldCo Asset Management, which gains two board seats from a standstill agreement, had expressed disappointment that the Boston company hired a CEO instead of pursuing a sale.
The number of credit unions having serious conversations about diversifying their boards is on the rise, according to a new study from CUES, but those efforts are more likely to succeed if targets, education and other factors are in place.
The largest banks have cut compensation or held it steady for their top executives. Many regionals are expected to make similar decisions as boards balance the desire to reward strong leadership during the pandemic with lackluster financial performance and public relations concerns.
Julie Stackhouse retired last year as an executive vice president at the St. Louis Fed, where she supervised bank holding companies and state member banks in the region.
The new directors are Ime Archibong, whose team builds and tests mobile apps at Facebook, and Craig Williams, president of the Nike product line named after former NBA superstar Michael Jordan.
The bank’s new holding company, Amalgamated Financial Group, is the first publicly traded financial services company to become a public benefit corporation. It says the legal designation will help officers and directors balance the interests of shareholders and the public.
Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments.
The ongoing national conversation about race and social justice has increased calls for boards of directors that better reflect credit union membership. But any really change won't happen quickly.
