Zeenat Sidi
About Zeenat Sidi
Independent director of Business First Bancshares, Inc. (BFST) and b1BANK, age 53, appointed July 25, 2024, and serving on the Audit Committee . Background spans 25+ years in fintech and consumer banking/payments with P&L leadership, digital transformation, risk management, operations, and strategy experience in the US and Canada . Education: MBA (Fuqua Scholar), Duke University; MS Operations Research, Stanford University; BS (Honors) Systems Analysis, University of Miami .
Past Roles
| Organization | Role | Scope/Notes |
|---|---|---|
| loanDepot (NYSE: LDI) | President, Digital Products & Services | Led development of mortgage-adjacent products and digital customer engagement strategies; exited amid Vision 2025 streamlining |
| SoFi | Senior executive roles | Built and led digitally-enabled lending businesses |
| Capital One | Executive leadership roles | Consumer banking/payments, risk, operations |
| RBC | Executive leadership roles | Banking operations/strategy |
| FICO; Experian | Executive roles | Data/analytics and credit risk-related experience |
External Roles
| Organization | Role | Tenure/Committees/Impact |
|---|---|---|
| Texas Women’s Foundation | Board, Executive Committee member; Chair of Audit Committee | One of the largest regional non-profit women’s funds; audit oversight leadership |
| Recognition | Outstanding 50 Asian Americans in Business (AABDC) | 2022 recognition |
Board Governance
- Committee assignments: Audit Committee member (not Chair) .
- Independence: Board determined Sidi is independent under Nasdaq listing standards at appointment . Audit Committee members are independent under Nasdaq and SEC rules .
- Attendance: Board held 8 scheduled meetings in 2024; all directors attended at least 75% of board and committee meetings on which they served . Audit Committee held 12 scheduled and 4 special meetings in 2024 .
- Election/engagement signal: Received 15,057,607 “For” votes at the May 22, 2025 annual meeting; elected to serve until the 2026 AGM .
Fixed Compensation
- Director compensation structure: Annual cash retainer $25,000 (Lead Director $65,000); additional monthly retainers for committee chairs and members; annual equity retainer $25,000 (one-year vest) .
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Plan Comp ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 13,009 | 16,667 | — | — | — | 29,676 |
Notes: Stock award values reflect grant-date fair value under ASC 718; equity grants vest over one year .
Performance Compensation
- Equity structure for non-employee directors: Annual equity retainer valued at $25,000, one-year vesting; number of shares determined by closing price prior to grant date .
- No performance-based equity (no PSUs) or options disclosed for directors in 2024 director compensation table; fields blank for options and non-equity incentive plan compensation .
Other Directorships & Interlocks
| Company | Role | Committees |
|---|---|---|
| Business First Bancshares, Inc. | Director | Audit Committee |
| b1BANK (subsidiary) | Director | — |
- No arrangements/understandings for selection; no family relationships; no material related-party transactions requiring Item 404(a) disclosure, other than ordinary-course banking transactions on market terms .
- Related-party transaction policy: Director/officer/family transactions (deposits/loans/financial services) occur on market terms and do not present abnormal risk; as of report date, no related-party loans categorized as nonaccrual/past due/restructured/potential problem .
Expertise & Qualifications
- Deep fintech/consumer banking expertise with P&L leadership and digital transformation credentials .
- Audit oversight experience as Audit Committee Chair at Texas Women’s Foundation .
- Advanced analytics/operations research training (Stanford MS) and Fuqua Scholar MBA, adding quantitative rigor to risk and operations oversight .
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % of Outstanding | Notes |
|---|---|---|---|
| Zeenat Sidi | 658 | <1% (indicated by asterisk) | Individual ownership as of Mar 17, 2025 |
| Shares outstanding (context) | 29,558,238 | — | Basis for percent calculations |
- Stock ownership guidelines (adopted Jan 2024): Non-employee directors must hold equity valued at 3x base cash retainer; accumulation within 5 years. Certain holdings (direct, 401(k), RSUs after performance certification, time-based RS/DSUs) count toward guidelines; pledged shares excluded .
- Hedging/pledging policy: Insider Trading Policy strongly discourages hedging and pledging, prohibits margin accounts, and requires preclearance for any such transactions .
Governance Assessment
- Strengths: Independent Audit Committee member with significant fintech, risk, and digital transformation expertise; strong audit oversight background (external non-profit chair) supports financial statement integrity and controls . High shareholder support in 2025 director election reflects investor confidence .
- Alignment: Director compensation mix includes both cash and equity; 2024 table shows equity slightly larger than cash ($16,667 vs $13,009), consistent with ownership alignment intent . Board’s ownership guidelines (3x retainer within 5 years) and strict hedging/pledging limits promote long-term alignment .
- Conflicts: No material related-party transactions beyond ordinary-course banking on market terms; related-party credit quality shows no problem loans, reducing conflict risk .
- Watch items: Current beneficial ownership is modest (658 shares; under 1%), typical for a newly appointed director—monitor progress toward ownership guideline over the 5-year window .
- Shareholder feedback: 2025 Say-on-Pay passed (14.28M For vs 1.08M Against), indicating broader support for compensation governance; although focused on NEOs, it signals general trust in board oversight .
RED FLAGS: None disclosed for Sidi—no pledging/hedging, no related-party issues beyond ordinary course, and adequate attendance thresholds met per board-wide disclosure .