Taryn L. Salmon
BANK OF HAWAIIAbout Taryn L. Salmon
- Vice Chair overseeing Operations & Technology at Bank of Hawaii; promoted in March 2024 after serving as Chief Information Officer since 2019. Oversees both enterprise operations and technology following succession from Sharon M. Crofts .
- Tenure: With BOH since 2019; promoted to Vice Chair in March 2024 .
- Company performance context for incentive alignment: 2024 diluted EPS $3.46, net income $150.0M, total assets $23.6B .
- Pay-for-performance context: Compensation program emphasizes balanced STI scorecard and LTI tied to ROCE and TSR; top company performance measures linking compensation for 2024 were Non‑Performing Assets, Pre‑Provision Net Revenue, Relative TSR, and Return on Common Equity .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bank of Hawaii Corporation | Vice Chair, Operations & Technology | Mar 2024 – Present | Enterprise lead for both Operations and Technology; succession following retirement of Senior Director of Operations & Technology |
| Bank of Hawaii Corporation | Senior EVP & Chief Information Officer | 2019 – Mar 2024 | Led enterprise IT; identified in succession plan to assume Ops & Tech leadership |
External Roles
- Not disclosed in the company’s proxy or 8‑K filings reviewed .
Fixed Compensation
- Individual salary/bonus details for Ms. Salmon are not disclosed in the 2025 proxy’s NEO compensation tables (she is not listed as an NEO for 2024) .
- Company context: Base salaries for NEOs are set considering role scope, internal parity, market data and WTW input; reviewed with promotions or duty changes .
Performance Compensation
2024 Short‑Term Incentive (STI) – Company design (applies to CEO/NEOs; broader executive participation not specifically disclosed for Salmon)
| Metric category | Weighting | Target | Actual | Payout mechanics | Notes |
|---|---|---|---|---|---|
| Profitability | 20% | Not disclosed | Not disclosed | Balanced scorecard; payouts linked to pre‑set targets | 2024 redesign to equal‑weight five categories |
| Asset quality | 20% | Not disclosed | Not disclosed | As above | |
| Financial returns | 20% | Not disclosed | Not disclosed | As above | |
| Strategic measure | 20% | Not disclosed | Not disclosed | As above | |
| Individual performance | 20% | Not disclosed | Not disclosed | As above | Same scorecard used for other NEOs |
Company’s “most important” 2024 performance measures for pay-versus-performance disclosures: Non‑Performing Assets, Pre‑Provision Net Revenue, Relative TSR, ROCE .
Long‑Term Incentive (LTI) – 2024 grant framework
| Instrument | Weighting | Performance metric | Vesting schedule | Payout curve | Notes |
|---|---|---|---|---|---|
| PSUs (First Category Units) | 70% | Three‑year average percentile ROCE vs S&P Supercomposite Regional Bank Index (excluding >$50B assets) | 3‑year cliff (2024–2026), vests upon committee certification | 200% if top quartile; 100% at median; 50% at 25th percentile; 0% below 25th | P/B metric eliminated in 2024 redesign |
| PSUs (Second Category Units) | 30% | Three‑year average percentile TSR vs same index | 3‑year cliff; vests upon certification | Same 200%/100%/50%/0% schedule |
- Company noted incentives remain 100% performance‑based (no time‑vested RSUs) after 2024 redesign .
Equity Ownership & Alignment
- Anti‑hedging and anti‑pledging: Company policy prohibits all directors and employees from hedging and from pledging BOH stock as collateral, including margin accounts .
- Stock ownership guidelines: 5x base salary for CEO; 2x for other NEOs (guideline disclosed for NEOs; Salmon is not listed as an NEO in 2024) .
- Individual beneficial ownership, vested/unvested breakdown, and option holdings for Ms. Salmon are not disclosed in the proxy (not included in the Beneficial Ownership or Outstanding Equity Awards tables) .
Employment Terms
- Change‑in‑Control (CIC) Retention Plan (company program): Benefits triggered only upon qualifying termination within 24 months after a CIC (double‑trigger). Key terms for participants at Vice Chair or above include:
- Severance: 2x Highest Base Salary + 2x target bonus (paid post‑termination; subject to 6‑month delay for “key employees”) .
- Non‑competition payment: Additional 1x Highest Base Salary + 1x target bonus if the executive complies with 12‑month non‑compete and other restrictions; paid in month 13 post‑termination .
- Health benefit cash: 3x annual COBRA premiums for medical/dental/vision .
- Outplacement: Reimbursement up to $20,000 (inflation‑adjusted) .
- Relocation reimbursements: Up to $100,000 for real estate transactions and $50,000 for other moving expenses .
- Equity awards: Full acceleration upon CIC with double‑trigger termination; governed by the 2014/2024 Stock and Incentive Plans .
- No excise tax gross‑ups; plan includes cutback to avoid 280G excise tax .
- Participation specifics for Ms. Salmon are not individually disclosed; plan terms above describe company‑level policies for eligible roles .
Investment Implications
- Alignment: BOH’s program links incentives to bank‑relevant drivers (ROCE, TSR, asset quality, PPNR) with a 3‑year PSU framework and equal‑weighted STI scorecard; anti‑hedging/pledging reduces misalignment risk .
- Retention/CIC: Robust double‑trigger CIC economics (2x severance plus 1x for non‑compete, accelerated equity) provide security during transitions; no tax gross‑ups limit shareholder‑unfriendly optics .
- Transparency gap: Ms. Salmon is not a named executive in 2024, so there is no proxy disclosure of her individual salary, bonus targets, grants, ownership, or vesting schedules—limiting precision on near‑term selling pressure and personal alignment. Monitoring future proxies and Form 4 filings is recommended once additional disclosures are available .
- Governance signal: Shareholder support for redesigned compensation rose to 94% in 2024, suggesting investors view the pay program changes (including removal of P/B and addition of TSR) favorably; continued adherence should support credibility around incentive outcomes under Ms. Salmon’s purview .
Supporting context: 2024 financials (EPS, net income, assets) and the disclosed “most important” performance measures offer a read‑across to how executive incentives, including those in operations and technology leadership, are likely calibrated at BOH .
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