Julie Markwood
About Julie Markwood
Julie R. Markwood served as Senior Vice President at Burke & Herbert Financial Services Corp. (BHRB) in 2025 and previously as Senior Vice President and Chief Accounting Officer following BHRB’s May 2024 merger with Summit Financial Group, Inc. . She has 37 years of service with Summit/BHRB, having been Summit’s Chief Accounting Officer since 2005, and holds an undergraduate degree in business with a concentration in accounting . As of March 2025 she was age 57 . In performance context, BHRB’s 2024 Merger Incentive Plan (MIP) achieved over $27 million in merger cost savings (payout 139.17%) and exceeded maximum EPS targets (payout 150%), supporting strong integration execution during the period Markwood served as CAO post-merger .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Summit Financial Group, Inc. | Vice President & Chief Accounting Officer | 2005–2019 | Led external reporting and accounting policy over long growth cycle |
| Summit Financial Group, Inc. | Senior Vice President & Chief Accounting Officer | 2019–May 2022 | Advanced finance controls and reporting as CAO |
| Summit Financial Group, Inc. | Executive Vice President & Chief Accounting Officer | May 2022–May 2024 | Senior finance leadership prior to merger into BHRB |
| Burke & Herbert Financial Services Corp. | Senior Vice President & Chief Accounting Officer | May 2024–Dec 2024 (leave announced) | CAO for Company and Bank during merger integration |
| Burke & Herbert Financial Services Corp. | Senior Vice President | 2025 | Senior finance officer; CAO responsibilities transitioned to interim and then permanent successor |
External Roles
No public company directorships or external board roles are disclosed for Markwood in BHRB’s proxy biographies .
Fixed Compensation
| Component | Value / Terms |
|---|---|
| Base Salary | Not disclosed for Markwood in 2024–2025 proxies (not a Named Executive Officer) |
| Target Bonus % | Not disclosed |
| Actual Bonus Paid | Not disclosed |
| SERP/Deferred Comp Participation | Not disclosed (SERP participation disclosed for certain NEOs only) |
Performance Compensation
BHRB’s incentive framework in 2024–2025 used the Merger Incentive Plan (MIP), which applied to select members of management. Markwood’s individual participation and awards are not disclosed, but plan mechanics and 2024 outcomes are below.
| Metric | Weighting | Target | Actual (2024) | Payout | Vesting |
|---|---|---|---|---|---|
| Merger Cost Savings (MCS) Cash Incentive | 25% of Total Target Incentive | $20 million | >$27 million | 139.17% of MCS incentive | Cash, paid Q1’25 and Q1’26 based on 2024/2025 performance |
| EPS Cash Incentive (2024) | 15%–28.125% of Total Target Incentive | 100% of EPS target | ≥150% of EPS target | 150% of EPS incentive | Cash, paid Q1’25 |
| EPS Cash Incentive (2025) | 15%–28.125% of Total Target Incentive | 100% of EPS target | Not yet disclosed | 0%–150% | Cash, paid Q1’26 |
| PRSUs (2024 EPS PRSU) | 18.75%–45% of Total Target Incentive (portion allocated to PRSUs) | PRSUs at target based on $51.14 FMV | Banked at 150% of target based on 2024 EPS | 150% banked units | Banked units vest in 3 equal annual installments on 1st–3rd anniversaries post-Closing |
| PRSUs (2025 EPS PRSU) | 18.75%–45% of Total Target Incentive (remainder) | PRSUs at target based on $51.14 FMV | Based on 2025 EPS (TBD) | 0%–150% banked | Banked units vest in 3 equal annual installments on 2nd–4th anniversaries post-Closing |
Notes:
- Plan design permitted 0%–150% outcomes for cash and PRSU components; PRSUs “bank” based on EPS results then vest time-based, subject to continued employment and certain accelerations .
- Specific grant counts and payouts for Markwood are not disclosed; NEO PRSU counts are provided for context only .
Equity Ownership & Alignment
- Beneficial Ownership: Markwood’s individual share count is not itemized in the ownership tables; she is included within the executive officers group totals .
- Stock Appreciation Rights (SARs): The proxy discloses fully vested SAR grants by award year for certain executives including Markwood, with strike prices $23.82 (2015), $51.58 (2017), $47.47 (2019), $43.33 (2021), and $52.29 (2023); except for Angela R. Zirk and Joseph W. Hager, grants are fully vested. The vested SARs’ in-the-money value basis referenced market price $58.74 as of March 14, 2025 .
- Hedging/Pledging: Company policy prohibits hedging for officers; no pledging is disclosed for Markwood. Some directors have pledged shares, but Markwood is not cited among them .
- Ownership Guidelines: Board-level and certain officer guidelines exist (e.g., CEO/President/CFO), but no specific guideline is disclosed for the CAO/Senior VP role. Ownership guideline summary applies to directors and named roles noted in table (not inclusive of Markwood’s role) .
Employment Terms
- Medical Leave and Separation: On December 3, 2024, BHRB announced that Markwood, CAO of the Company and Bank, took a temporary medical leave; unable to resume duties, her employment ceased effective April 2, 2025. The company highlighted her 37-year contribution and CAO tenure since 2005 at Summit (continued post-merger) .
- Role Transitions: During her leave, Kirtan Parikh served as Interim CAO; BHRB appointed Patrick “Kip” Huffman as permanent CAO on April 21, 2025, with RSU grant and intended change-in-control agreement for him .
- Contract Economics: No individual employment agreement, severance, or change-of-control terms are disclosed for Markwood in the proxies; severance/change-in-control terms are disclosed for NEOs only .
Performance & Track Record
- Integration Outcomes: In 2024, BHRB met/exceeded key MIP goals: merger cost savings >$27 million (payout 139.17%), EPS above maximum target (payout 150%), indicating strong post-merger execution during the period Markwood served as CAO post-merger .
- Role Effectiveness: Extended tenure as Summit/BHRB CAO underscores deep institutional knowledge in financial reporting, controls, and policy; specific project achievements, TSR attribution, or revenue/EBITDA targets tied to Markwood are not disclosed .
Risk Indicators & Red Flags
- Hedging and Pledging: Anti-hedging policy in place; no hedging/pledging by Markwood disclosed .
- Section 16 Compliance: 2024/2023 late filings noted for certain directors/officers related to phantom stock plan; Markwood is not cited among late filers .
Compensation Committee & Governance Context
- Compensation Process: Committee uses internal/external benchmarks and can award formulaic and discretionary incentives; MIP emphasizes EPS and merger savings with 0%–150% payout potential, and PRSU structures vest based on EPS “banking” and time-based schedules .
- Ownership Alignment: Share ownership guidelines apply to directors and certain executives; anti-hedging enhances alignment .
Investment Implications
- Succession and continuity: Markwood’s medically driven departure and rapid transition to interim then permanent CAO minimized operational risk in the financial reporting function; the strong 2024 MIP outcomes suggest the broader finance team executed integration effectively .
- Insider overhang: No pledging or hedging disclosed for Markwood; absence of disclosed individual RSU/PRSU holdings or options limits visibility on any potential selling pressure tied to her separation .
- Alignment signals: Company-wide anti-hedging and use of performance-conditioned PRSUs (EPS-based banking, multi-year vesting) support shareholder alignment; however, Markwood’s individual pay mix, severance economics, and CIC triggers are not disclosed, constraining pay-for-performance analysis at the individual level .