Steven Zandpour
ASSOCIATED BANC-CORPAbout Steven Zandpour
Steven “Steve” Zandpour is Executive Vice President and Head of Consumer & Business Banking at Associated Banc-Corp (ASB), promoted effective July 1, 2025; he joined ASB in January 2024 as EVP, Director of Retail Banking, and was elevated to Deputy Head and to the Executive Leadership Team in January 2025 . His remit spans revenue growth, branch network, contact centers, digital banking, consumer risk, customer experience, retail strategy, and community accountability; recent initiatives under his purview include launching “family banking” and a needs‑based customer conversation model . Zandpour has also emphasized credit risk innovation, publicly championing ASB’s upgrade to FICO Auto Score 10 to accelerate approvals and improve delinquency prediction in underserved segments . Company performance-linked pay programs that will govern his incentives emphasize Net Income, revenue growth, operating leverage (annual MIP), and multi‑year metrics dominated by relative TSR vs. the KBW Regional Bank Index and ROCET1 (LTIP), with 2024 payouts adjusted to 103.3% for MIP and 93.75% for the 2022–2024 LTIP cycle .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Associated Banc-Corp | EVP, Head of Consumer & Business Banking | Jul 2025 – present | Leads Consumer & Business Banking; scope includes revenue growth, branches, contact centers, digital banking, consumer risk, customer experience, retail strategy, community accountability . |
| Associated Banc-Corp | Deputy Head, Consumer & Business Banking; Executive Leadership Team | Jan 2025 – Jun 2025 | Elevated to ELT; succession track for Head role . |
| Associated Banc-Corp | EVP, Director of Retail Banking | Jan 2024 – Dec 2024 | Launched family banking and a needs-based customer conversation model to deepen relationships . |
External Roles
- Not disclosed in ASB filings/press for public company directorships or external committee roles. (No data in available sources; omitted.)
Fixed Compensation
- ASB does not disclose Zandpour-specific base salary or bonus targets. The company states NEO/ELT pay uses a mix of base salary, annual MIP cash incentive, and long-term equity, with no standing employment contracts for NEOs and emphasis on variable, performance-based pay .
- Annual MIP design and weights (apply company-wide, including ELT participants; role-specific targets not disclosed for Zandpour) :
| 2024 MIP Metric | Weight | Definition/Notes |
|---|---|---|
| Net Income After Tax (NIAT) | 40% | GAAP NIAT . |
| Revenue Before Long-Term Credit Charge (LTCC) | 30% | Non-GAAP: NII + noninterest income . |
| Operating Leverage | 30% | YoY change in revenue before LTCC minus YoY change in noninterest expense (non-GAAP) . |
- 2024 MIP outcome (company level): Adjusted funding at 103.3% of target after excluding nonrecurring balance sheet repositioning impacts; without adjustment, payout would have been below threshold (zero) .
Performance Compensation
- Long-term incentive structure (company standard for ELT/NEOs): 75% Performance RSUs (PRSUs), 25% time-based RSUs; no stock options granted since 2020 .
- 2024–2026 LTIP metrics and mechanics :
| Element | Weight | Target/Mechanics | Vesting |
|---|---|---|---|
| Relative TSR vs. KBW Nasdaq Regional Banking TR Index (KRXTR) | 65% | 0% payout <25th percentile; 100% at 50th; 150% at 75th; cap at 100% if absolute TSR negative | Payout at end of 3-year period . |
| Absolute ROCET1 | 35% | Average of annual ROCET1 over 2024–2026; selected for stability/soundness | Payout at end of 3-year period . |
| Time-based RSUs | — | Fixed grants to support retention | Typically vest in four equal annual installments . |
- 2022–2024 LTIP results (company level): Adjusted achievement approved at 93.75% (unadjusted 64.50%) after excluding 2023/2024 balance sheet repositioning impacts; used to preserve retentive and motivational objectives .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock ownership guidelines | ELT members must hold shares equal to 2x base salary; CEO 6x; NEOs 3x. Executives must hold 100% of net-after-tax shares until they meet guidelines; 5-year compliance window from becoming an executive . |
| Hedging/pledging | Prohibited for directors, executive officers, and key policy-making officers under ASB’s Insider Trading Policy . |
| Clawback | Company-wide clawback covers time-based and performance awards for executive officers upon restatement; aligns with NYSE rules . |
| Beneficial ownership | Not disclosed for Zandpour (not a 2024 NEO or director); NEO and director ownership provided in proxy tables . |
| Vesting cadence and selling pressure | Time-based RSUs for ELT/NEOs typically vest annually in early February (e.g., Feb 8 tranches shown); expect potential insider vesting/filing activity seasonally around that date, subject to blackout windows . |
Employment Terms
| Topic | Terms (ASB disclosures) |
|---|---|
| Employment agreements | ASB states NEOs do not have employment agreements; post-termination benefits typically under a discretionary Severance Pay Plan (max 200% of base salary). ELT members (including NEOs) have standalone Change-of-Control (CoC) agreements established in 2018 or upon ELT entry . |
| CoC economics | Double trigger required. Upon involuntary termination without Cause or resignation for Good Reason within 2 years post-CoC: cash severance of 2x base + target cash incentive (3x for CEO), pro‑rated current-year target bonus, 24 months of medical/dental/life premiums (36 months CEO), retirement plan contribution equivalents, and outplacement; no excise tax gross‑up (best-net cutback). Time-based/PRSUs vest per plan terms; PRSUs remain performance‑contingent through period . |
| Equity plan vesting minimums | Under 2025 plan: performance-based awards minimum 1-year vesting; time-based minimum 3 years; up to 5% of pool may be exempt; double-trigger vesting on CoC; no repricing of options/SARs without shareholder approval . |
| Non-compete/solicit | CoC agreements include perpetual confidentiality and mutual non‑disparagement; restrictions on interfering with customers and colleagues for six months post-termination . |
| Tax gross-ups | No gross-ups on excise taxes; limited gross-ups for certain relocation benefits only . |
Investment Implications
- Pay-for-performance alignment: Zandpour’s incentive mix will be governed by ASB’s MIP and LTIP frameworks, tying annual cash to NIAT, revenue growth, and operating leverage, and long-term equity to multi‑year relative TSR and ROCET1. 2024 committee adjustments (MIP to 103.3% and 2022–2024 LTIP to 93.75%) reflect discretion to exclude nonrecurring balance sheet repositioning impacts, supporting retention but introducing perception risk around goalpost adjustments .
- Retention and overhang: Time-based RSUs vest in four annual tranches and PRSUs in 3‑year cycles; combined with double‑trigger CoC protections, retention risk appears moderate for a newly promoted business head. Expect periodic vesting-related supply around early February subject to blackout periods, consistent with company tables .
- Alignment and governance: Ownership guidelines (2x salary for ELT) and strict anti‑hedging/pledging policy enhance alignment; clawback and no‑repricing provisions mitigate governance risk .
- Execution track record levers: Zandpour’s public priorities include credit risk modernization (FICO Auto Score 10) to drive approvals without sacrificing risk selection, and product/channel initiatives (family banking, conversation model) to deepen relationships—both supportive of MIP revenue and operating leverage objectives over time .
- Say‑on‑pay signaling: Prior say‑on‑pay approval above 97% indicates broad investor support for ASB’s program design heading into 2025 transitions and leadership changes in consumer banking .
Supporting Data
Key program features (company level)
| Item | Detail |
|---|---|
| 2024 MIP funding | 103.3% of target after adjusting for 2024 balance sheet repositioning; otherwise below threshold (0%) . |
| 2022–2024 LTIP payout | 93.75% of target after adjusting for 2023–2024 repositioning; unadjusted 64.50% . |
| LTIP metrics (2024–2026) | 65% Relative TSR vs KRXTR with negative TSR cap; 35% Absolute ROCET1 . |
| RSU vesting | Time‑based RSUs vest in four equal annual installments; PRSUs vest at cycle end, 0–150% . |
| Options | No options granted since 2020 . |
| Ownership/pledging | ELT ownership 2x salary; hedging/pledging prohibited; 5-year compliance window . |
| CoC | Double-trigger vesting; severance 2x base+bonus (CEO 3x); no excise gross‑up . |
| Clawback | Applies to time‑ and performance‑based awards for executive officers . |
| Say‑on‑pay | 2024 approval >97% . |
Role transitions and initiatives
| Date | Disclosure | Relevance |
|---|---|---|
| Jan 2024 | Joined ASB as EVP, Director of Retail Banking . | Onboarding; retail focus. |
| Jan 2025 | Promoted to Deputy Head; joined ELT . | Succession planning; ownership guidelines clock starts for ELT . |
| Jul 1, 2025 | Promoted to EVP, Head of Consumer & Business Banking . | Business line leadership. |
| Oct 2025 | Public commentary on FICO Auto Score 10 upgrade . | Credit risk modernization. |
Sources
- Promotion and responsibilities; product/channel initiatives: ASB press release (May 8, 2025) .
- Leadership transition (Stein retirement; Zandpour succession): ASB 8‑K and press release (May 8–9, 2025) .
- Credit risk upgrade/statement: FICO/ASB press release (Oct 15, 2025) .
- 2025 Proxy (DEF 14A): program architecture, ownership guidelines, policies, committee, and payouts .