Darrell Jackson
About Darrell Jackson
Darrell Jackson (age 67) is an independent director of Amalgamated Financial Corp. (AMAL), serving since August 2021; he brings 35+ years of financial services leadership including President/CEO roles and senior management at Northern Trust focused on wealth management in Illinois . He is currently President & CEO of The Efficace Group (since 2018), and his banking leadership includes President/CEO and inside director at Seaway Bank (2014–2015) . Jackson’s qualifications emphasize bank governance, executive leadership, and credit oversight experience relevant to AMAL’s board committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Efficace Group | President & CEO | 2018–present | Growth and operational initiatives for financial services providers |
| Seaway Bank & Trust (Chicago) | President, CEO, Inside Director | 2014–2015 | Corporate governance and executive leadership |
| Northern Trust Corporation | Executive President; Co-President, Wealth Management – Illinois; other management roles | 1995–2014 | Strategy, wealth management leadership, governance experience |
External Roles
| Organization | Type | Role | Tenure | Committees/Impact |
|---|---|---|---|---|
| Janus Henderson Mutual Funds Board | Investment company | Trustee | Since 2022 | Trustee role across fund complex |
| Gray-Scott-Bowen | Private consulting firm | Outside Director | Since Apr 2020 | Oversight of transportation projects delivery |
| Delaware Place Bank and holding company | Bank | Outside Director; Chair, Executive Loan Committee | Nov 2016–Jul 2018 | Loan oversight, credit governance |
| Various non-profits | Non-profit | Chair of Audit, Finance, Governance, and Management Development & Compensation committees | Various | Board leadership across multiple organizations |
Board Governance
- Independence: The Board determined Jackson is independent under Nasdaq criteria (2024 evaluation) .
- Current committee assignments (2024): Chair of Credit Policy; member of Nominating & Governance and Trust Committees .
- Anticipated post-2025 annual meeting: Jackson will serve as Chair of the Nominating & Governance Committee; Credit Policy Committee Chair will transition to Scott Stoll; Jackson remains on Trust Committee .
- Attendance: Board met 7 times in 2024; each director attended at least 75% of board and committee meetings; all directors attended the 2024 annual meeting virtually .
- Board leadership and structure: Chair is Lynne P. Fox (Workers United designee) per Investor Rights Agreement; Lead Independent Director is Mark A. Finser; board re-examines leadership structures periodically .
- Governance framework: Formal charters for Audit, Compensation & HR, Nominating & Governance, Credit Policy, Enterprise Risk Oversight, Trust, and Executive Committees; Technology Advisory Council created Jan 2025 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (standard director) | $50,000 | Paid monthly |
| Committee membership fees | $5,000 per committee | Audit: $10,000; Compensation/Enterprise Risk/Nominating/Credit/Trust: $5,000; Executive Committee: $5,000 |
| Committee chair premium | +$10,000 (most committees) | Audit Chair +$15,000; Chair increments increased in 2024 |
| 2024 cash fees earned (Jackson) | $77,083 | Actual for FY2024 |
| Director | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Darrell Jackson | 77,083 | 50,003 | 127,086 |
Performance Compensation
- Structure: Non-employee directors receive time-based RSUs (no performance conditions), granted at approximately $50,000 fair value on election; vest on first anniversary; unvested RSUs forfeited upon resignation; dividend equivalents accrue and are paid in cash at vesting .
| RSU Grant Detail (2024) | Value |
|---|---|
| Grant date | May 22, 2024 |
| Units granted (Jackson) | 1,954 RSUs |
| Grant-date fair value | $50,003 |
| Per-share grant-date value | $25.59 |
| Vest date | May 22, 2025 (first anniversary) |
| Dividend equivalents | Accrue during vesting, paid in cash at vesting |
No performance metrics are used in non-employee director equity compensation; RSUs are time-based .
Other Directorships & Interlocks
- Compensation Committee Interlocks: For FY2024, AMAL disclosed no compensation committee interlocks or insider participation; Jackson did not serve on the Compensation Committee in 2024 (members were Finser, Miller, Romasco) .
Expertise & Qualifications
- Jackson offers extensive bank leadership, credit oversight, and governance experience from Northern Trust, Seaway Bank, and multiple board roles, supporting effectiveness in Credit Policy and Nominating & Governance oversight .
Equity Ownership
| Item | Amount/Status |
|---|---|
| Beneficial ownership (common) | 8,140 shares |
| Ownership as % of outstanding | <1% |
| RSUs vesting within 60 days | 1,954 RSUs included |
| Options outstanding | None disclosed for Jackson; options outstanding only for Fox (18,400), Kelly (13,000), Romney Sr. (13,000) |
| Director ownership guidelines | 3x annual cash retainer; must retain 50% of net shares until in compliance; qualifying shares include outright, plan-held, net shares from unvested time-based awards and vested unexercised options |
| Hedging/pledging | Company bans hedging and pledging practices as part of compensation philosophy |
Related Party, Conflicts & Signals
- Section 16 compliance: Company reported certain late filings in 2024, but none named for Darrell Jackson .
- Workers United governance rights: Workers United Related Parties have designated multiple directors, chair rights, committee composition requirements, and registration rights; this affects board dynamics and committee leadership (e.g., Trust Committee chair must be a Workers United nominee) .
- CRF interests (multiemployer pension): Certain directors (Fox, Kelly, Romney Sr.) are participants/trustees; Jackson is not listed among CRF participants; governance mitigations require disinterested voting on CRF withdrawal decisions .
| Insider Filings (2024) | Status |
|---|---|
| Late Section 16(a) reports attributed to Darrell Jackson | None reported |
Governance Assessment
-
Positives:
- Independent director with deep banking leadership; Board affirmed independence under Nasdaq criteria .
- Committee leadership: Chair of Credit Policy in 2024; slated to chair Nominating & Governance post-2025 meeting—signals trust in his oversight of credit risk and board composition/governance .
- Engagement: Board met 7 times; all directors ≥75% attendance; Jackson included in this standard; robust committee structures support oversight .
- Alignment: Director stock ownership guidelines (3x cash retainer) and annual RSU grants promote ownership; hedging/pledging ban strengthens alignment .
- Shareholder support: Prior say-on-pay approval at 98.5% indicates constructive investor dialogue and compensation governance .
-
Risks/Watch items:
- Structural influence: Workers United Investor Rights Agreement grants significant nomination and chair rights; potential governance overhang despite overall board independence majority .
- Director pay design: Equity awards are time-based RSUs without performance conditions; limited pay-for-performance sensitivity for directors .
- Related-party exposures: Multiemployer pension CRF roles among other directors (not Jackson) necessitate continued monitoring of disinterested voting and conflicts protocols .
Overall, Jackson’s independence, experience, and committee leadership (credit policy, then nominating/governance) support board effectiveness; structural governance provisions tied to Workers United remain the key risk to monitor for investor confidence .