Tyrone Graham
About Tyrone Graham
Executive Vice President and Chief Human Resources Officer at Amalgamated Financial Corp. (AMAL) since November 2021; age 61 in the 2025 proxy. He holds a B.S. in Business Administration from Emmanuel College (Boston). During his tenure, company incentive metrics included rTSR and Adjusted Tangible Book Value (TBV) growth; the 2022–2024 PRSU cycle paid at maximum due to >75th percentile rTSR and 14.27% Adjusted TBV growth, evidencing strong pay-for-performance linkage. Company net income rose from $52.9m (FY21) to $106.4m (FY24).
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Eastern Bank | Senior Vice President, Talent Management | 2015–2021 | Led enterprise talent strategy; recruitment, development, and retention programs |
| GE Capital | Senior HR roles | Not disclosed | Senior HR leadership in financial services |
| Sun Life Financial U.S. | Senior HR roles | Not disclosed | Senior HR leadership in insurance |
| Bank of America | Senior HR roles | Not disclosed | Senior HR leadership at major bank |
| Citizens Financial Group | Senior HR roles | Not disclosed | Senior HR leadership at major bank |
| USTrust Bank (Boston) | Vice President, Corporate Training & Development | Not disclosed | Built corporate training and development programs |
Fixed Compensation
Individual base salary and target bonus metrics for Mr. Graham are not disclosed in the proxies. At the program level, AMAL’s executive compensation uses fixed salary, an Annual Incentive Plan (AIP) with 0–200% payout ranges, and long-term equity split 50% PRSUs and 50% TRSUs.
Performance Compensation
AIP design and weights (corporate metrics)
| Goals | Rationale | Weight |
|---|---|---|
| Core Earnings (non-GAAP) | Align to earnings growth | 40% |
| Adjusted Core Efficiency Ratio | Expense discipline and efficiency | 20% |
| Growth of Non-Time Deposits | Core relationship growth | 20% |
| Nonperforming Assets to Total Assets | Credit quality | 20% |
2024 corporate results certified for NEOs (company-level reference):
| Measure | Weight | Threshold | Target | Maximum | Actual result | Payout (% of Target) |
|---|---|---|---|---|---|---|
| Core Earnings ($m) | 40% | 96.1 | 104.0 | 108.0 | 101.8 | 72% |
| Adjusted Core Efficiency Ratio | 20% | 52.0% | 50.8% | 50.2% | 50.3% | 178% |
| Growth of Non-Time Deposits | 20% | 0.0% | 2.4% | 5.0% | 4.50% | 179% |
| Nonperforming Assets / Total Assets | 20% | 0.45% | 0.32% | 0.28% | 0.31% | 107% |
| Overall payout opportunity | 50% | 100% | 200% | 121% |
LTIP structure and vesting
- TRSUs vest in three equal annual installments from grant date.
- PRSUs are 50% rTSR (relative to peer group) measured over three years and 50% Adjusted TBV growth averaged over the period; payout interpolated 50%/100%/150% at 25th/50th/75th percentiles or performance bands; payout capped at 100% if absolute TSR is negative.
- 2022–2024 PRSU outcome: rTSR above 75th percentile and Adjusted TBV growth 14.27% drove 150% payout for both components.
Equity Ownership & Alignment
- Stock ownership guidelines: 1x base salary for Executive Vice Presidents; 5-year compliance window from October 30, 2019 or date subject to policy.
- Hedging/pledging: Prohibited (no short sales, options, collars; no margin accounts or pledging).
- Clawback: Mandated recovery of incentive-based comp for material restatements; discretionary recovery for misconduct harms; policy filed with 10-K.
- Rule 10b5-1 plan: Adopted December 4, 2024 to sell up to 25,056 shares, with sale periods from March 5, 2025 through March 4, 2026 (net of tax/exercise withholding).
- Section 16 compliance: One late Form 4 and one transaction reported on Form 5 for Mr. Graham in 2024; a late Form 3 in 2023.
Employment Terms
- On April 1, 2024, Mr. Graham entered into an employment agreement providing severance and change-in-control benefits; accordingly, he was removed from the company’s separate Change-in-Control Plan for non-contract executives.
- Prior Change-in-Control Plan (for participants including chief human resources officer before April 1, 2024): upon qualifying termination within 90 days before or 12 months after a change in control, benefits included accrued salary, pro-rated target bonus, lump sum of 12 months’ base salary plus prior three-year average bonus, COBRA at active rates for up to 12 months, and full vesting of unvested equity granted prior to termination.
- Insider Trading Policy governs trading and disclosure for executives; filed as an exhibit to the 10-K.
Performance & Track Record
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($USD) | $28,389,000* | $23,297,000* | $27,936,000* | $32,115,000* |
| Net Income ($USD) | $52,937,000 | $81,477,000 | $87,978,000 | $106,434,000 |
Values marked with * were retrieved from S&P Global.
Additional company context from 2025 proxy: Net interest income $282.4m and core net income $107.8m in 2024; three-year average TSR 27.6%; efficiency ratio improved to 50.33% (core).
Investment Implications
- Strong pay-for-performance constructs: rTSR and Adjusted TBV-based PRSUs with three-year measurement and capped payouts when absolute TSR is negative reduce windfall risk; recent cycles paid at maximum on both metrics, reflecting execution strength.
- Selling pressure: A Rule 10b5-1 plan for up to 25,056 shares through March 2026 introduces potential insider supply; monitor Form 4 activity and plan execution cadence.
- Alignment safeguards: Ownership guidelines, strict prohibition on hedging/pledging, and a robust clawback policy support long-term alignment and mitigate governance risk.
- Retention and COC economics: Mr. Graham’s April 2024 employment agreement adds severance and change-in-control protections (specific multiples not disclosed), lowering near-term retention risk versus prior plan participation.
- Minor governance red flag: Late Section 16 filings in 2023–2024 for Mr. Graham warrant monitoring but are disclosed as inadvertent and remediated.