Kirtan Parikh
About Kirtan Parikh
Kirtan Parikh, 43, serves as Senior Vice President and Interim Chief Accounting Officer (as of March 17, 2025) and Director of Strategy at Burke & Herbert Financial Services Corp. He joined the Bank in 2021 after serving as a director and senior manager at Deloitte (2015–2021) and as a Professional Accounting Policy Fellow at the OCC; he holds a BBA from Boston University, is a licensed CPA (VA), and a CFA charterholder . He continued as Interim CAO during Q1 2025 following the CAO’s departure and before the appointment of a permanent CAO on April 21, 2025 .
Company performance context during his tenure (select metrics):
- FY revenue and net income (USD): see table below. Values retrieved from S&P Global (see citations/asterisks).
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Revenues | $15,389,000* | $31,463,000* |
| Net Income - (IS) | $22,692,000 | $35,708,000 |
Values retrieved from S&P Global. Asterisk denotes value without a document citation.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Burke & Herbert Financial Services Corp. | Director of Strategy | 2024–present | Corporate strategy and integration; dual-hatted as Interim CAO during transition . |
| Burke & Herbert Financial Services Corp. / Bank | Interim Chief Accounting Officer | Dec 2024–Apr 2025 | Maintained principal accounting officer responsibilities during CAO transition; signed FY 2024 10-K as Principal Accounting Officer . |
| Burke & Herbert (pre-Summit merger) | Senior VP, Chief Accounting Officer | 2021–May 3, 2024 | Led accounting function prior to Summit merger consummation . |
| Deloitte | Director and Senior Manager | 2015–2021 | Advised on accounting, internal controls, finance, and regulatory matters . |
| Office of the Comptroller of the Currency | Professional Accounting Policy Fellow | n/d | Policy experience in prudential accounting (dates not specified) . |
External Roles
- None disclosed specific to public-company or non-profit boards for Parikh .
Fixed Compensation
- Not a Named Executive Officer (NEO) in 2024; no base salary/bonus disclosure specific to Parikh in the proxy . The Summary Compensation Table covers CEO, CFO, and President only .
Performance Compensation
Program-level design (applies to NEOs and select members of management; Parikh’s individual participation not disclosed):
- Merger Incentive Plan (MIP) for 2024–2025 allocated incentives across (1) cash tied to Merger Cost Savings (MCS) (25% of Total Target), (2) cash tied to EPS (two annual components, each 15%–28.125% of Total Target), and (3) equity via EPS-linked PRSUs (18.75%–45% of Total Target), with 0–150% payout curves .
- 2024 outcomes: MCS achieved over $27 million (139.17% payout for the MCS component); EPS performance exceeded maximum threshold (150% payout for EPS cash component) .
- PRSU vesting: 2024 EPS PRSU “banked” at 150% of target (company outcome), vesting in three equal installments on the second, third, and fourth anniversaries of the May 3, 2024 closing, subject to continued employment and with certain accelerations on qualifying events .
| Metric (MIP 2024) | Weighting (of Total Target) | Target | Actual/Assessment | Payout | Vesting |
|---|---|---|---|---|---|
| Merger Cost Savings (MCS) | 25% | $20mm | >$27mm | 139.17% | Cash; pays in 2025/2026 per plan timing . |
| EPS (Cash, 2024 tranche) | 15%–28.125% | 100% | ≥150% of EPS target | 150% | Cash; paid Q1 2025 . |
| EPS PRSUs (2024 award) | 18.75%–45% (equity portion in aggregate with 2025 tranche) | 100% | 150% banked | 150% | Vests in 3 equal installments on 2nd–4th anniversaries of closing; acceleration on certain events . |
Other plan safeguards:
- Clawbacks apply to incentive-based compensation under the Company’s Dodd-Frank compliant Clawback Policy (adopted July 27, 2023; effective Oct 2, 2023) and award agreements; no indemnification for clawed-back amounts .
- “No Gross-Up” for MIP awards (explicitly stated in MIP award agreements) .
- Anti-hedging and anti-pledging policy applies to insiders .
Equity Ownership & Alignment
- Section 16 reporting:
- Filed Form 3 (initial statement of beneficial ownership) on Dec 3, 2024 .
- Filed Form 4 (changes in beneficial ownership) on Mar 18, 2025 (period of report Feb 28, 2025) .
- Beneficial ownership: Not listed individually in the proxy’s ownership table; included within the aggregate “all directors and executive officers as a group” total (29 people; 10.92% of shares) .
- Stock ownership guidelines: Adopted April 25, 2024; aggregate book-value thresholds: CEO $1,000,000; President $500,000; CFO $500,000; Directors (Company) $300,000; Directors (Bank) $100,000; 3-year compliance window starting on first day of service following Summit merger (May 3, 2024). Guidelines apply to directors and “certain executive officers.” Specific threshold for CAO/Director of Strategy is not enumerated in the summary .
- Anti-hedging/anti-pledging: Hedging prohibited; anti-pledging referenced in equity award documentation and company policy .
- Pledging: The proxy discloses pledged shares for certain directors (e.g., George, Hinkle), but no pledging disclosure for Parikh .
Employment Terms
- Employment agreement/severance: No individual agreement for Parikh is disclosed. The proxy summarizes employment agreements and change-in-control terms for NEOs (CEO, CFO, President), not for other executives .
- Interim CAO designation: Company disclosed Parikh’s continued service as Interim CAO during Q1 2025; a permanent CAO (Patrick “Kip” Huffman) was appointed April 21, 2025 .
- Policies: Company-wide clawback policy and restrictive covenants exist in award agreements; anti-hedging/anti-pledging prohibition; ownership guidelines as noted above .
Investment Implications
- Alignment and retention: Company-wide policies (clawback, anti-hedging/pledging, ownership guidelines) and EPS/MCS-focused incentives support alignment; 2024 outcomes (MCS ≈139% and EPS 150%) demonstrate aggressive post-merger synergy and earnings delivery, which can enhance executive retention via multi-year PRSU vesting schedules for participating executives .
- Execution risk: Parikh’s technical profile (CPA/CFA; Deloitte; OCC) and prior CAO experience reduce accounting/reporting execution risk during integration; his interim leadership bridged the CAO transition in Q1 2025 .
- Trading signals/insider pressure: Parikh is current on Section 16 reporting (Form 3 and Form 4). No pledging noted for him; company prohibits hedging, and anti-pledging is referenced in policy—both reduce potential selling/hedging pressure misalignment risk .
- Pay-for-performance: While his individual participation levels are not disclosed, the MIP’s structure (EPS, cost saves) and 2024 outcomes support pay-for-performance discipline and confidence around integration targets; no golden-parachute gross-ups in the MIP award terms .
Disclosures are limited for non-NEOs; where individual terms for Parikh were not disclosed, this report relies on company-wide policies and program-level outcomes from the proxy and other filings.