Loreen Lagatta
About Loreen Lagatta
Loreen Lagatta is Executive Vice President and Chief Human Resources Officer (CHRO) of Blue Ridge Bankshares, Inc. and Blue Ridge Bank, N.A., a role she has held since July 2023; she is 56 years old with prior senior HR and compensation consulting experience at Pearl Meyer, Atlantic Union Bank, Capital One, Wells Fargo Securities/Wachovia, and Citigroup . During her tenure, company pay-versus-performance disclosure shows cumulative TSR value of an initial $100 investment rose from $24.81 in 2023 to $26.36 in 2024, while net income improved from a loss of $51.8 million in 2023 to a loss of $15.4 million in 2024 . The proxy does not disclose her education or individual compensation details. She has executed corporate documents in her capacity as CHRO (e.g., signatory on executive employment agreement filings) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pearl Meyer & Partners, LLC | Principal | Oct 2021–Jul 2023 | Executive compensation consulting (role disclosed; impact not separately disclosed) |
| Atlantic Union Bank | EVP & Chief Human Resources Officer | Oct 2011–Oct 2021 | Senior HR leadership (role disclosed; impact not separately disclosed) |
| Capital One Financial Corporation | Director of Human Resources | Jun 2008–Oct 2011 | HR leadership (role disclosed; impact not separately disclosed) |
| Wells Fargo Securities (formerly Wachovia) | Various HR positions | Prior to 2008 (part of 20-year period) | Not disclosed |
| Citigroup, Inc. | Various HR positions | Part of 20-year period | Not disclosed |
| Atlantic Union Bankshares Corporation (AUB) | EVP & Chief Human Resources Officer (signatory on AUB plans) | 2017–2022 (signatory dates) | Admin and plan amendments/signatures on deferred comp and equity documents |
External Roles
No public company directorships or board committee roles are disclosed for Lagatta in BRBS’s filings .
Fixed Compensation
| Element | Loreen Lagatta | Source |
|---|---|---|
| Base salary | Not disclosed in NEO tables; Lagatta is not listed as a named executive officer in the 2024/2023 Summary Compensation Table | |
| Target bonus % | Not disclosed for Lagatta; company maintains an annual cash incentive program for executives | |
| Actual bonus paid | Not disclosed for Lagatta | |
| Perquisites | Company offers limited perquisites (e.g., vehicle/allowance for certain executives); individual details for Lagatta not disclosed |
Notes: In 2024, the Compensation Committee used discretion in annual cash incentives due to transformation initiatives; this applies to NEOs and indicates program context but does not specify Lagatta’s awards .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Core Return on Average Assets (Core ROAA) for long-term equity awards (FY2025) | 100% of LTIP awards (shift from time-based in 2024 to performance-based in 2025) | Not disclosed | Not disclosed | Not disclosed | Three one-year performance measurement periods; performance-based restricted stock |
Program context:
- For 2024, equity grants were 100% time-based due to business uncertainty, vesting evenly over three years .
- For 2025, equity awards are 100% performance-based restricted stock with Core ROAA as the metric and three one-year performance periods .
- Outstanding equity award schedules for NEOs indicate typical vest patterns: time-based restricted stock vests evenly over three years; certain awards cliff vest at three years; prior performance-based awards vest at end of a three-year period contingent on ROAA, illustrating plan design likely applicable to senior executives including CHRO .
Equity Ownership & Alignment
- Total beneficial ownership, vested/unvested breakdown, and options for Lagatta are not disclosed in the BRBS beneficial ownership table (which lists directors and NEOs only) .
- Stock Incentive Plan: The Amended and Restated 2023 Stock Incentive Plan provides for restricted stock and other stock-based awards; shareholders approved increases to shares available for grants; the plan prohibits dividends until vesting and prohibits share recycling .
- Ownership guidelines: The proxy does not disclose executive stock ownership guidelines for BRBS officers. The company states general compensation governance practices (e.g., double-trigger equity vesting and severance on change-in-control), but does not enumerate officer ownership multiples in the filing .
- Hedging/pledging: The company states it does not have practices or policies restricting hedging transactions by employees/directors; an insider trading policy exists, but an explicit anti-hedging/anti-pledging policy is not disclosed, which is a potential alignment red flag .
Employment Terms
- Employment agreement: No individual employment agreement for Lagatta is disclosed; the January 29, 2025 8-K covers amended agreements for the CEO and CFO only . Lagatta signed as EVP & CHRO on the Beale agreement document filing in her corporate capacity (signatory), not as a party .
- Severance/change-in-control: Company-wide compensation governance indicates double-trigger equity vesting and severance benefits upon change-in-control, but Lagatta-specific severance multiples or terms are not disclosed .
- Restrictive covenants: Non-compete and non-solicit durations are specified in CEO/CFO agreements (12 months), but CHRO-specific terms are not disclosed .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Cumulative TSR value of initial $100 investment | $24.81 | $26.36 |
| Net Income (USD millions) | -$51.8 | -$15.4 |
Context: Lagatta joined BRBS in July 2023; the pay-versus-performance disclosure indicates improvement in net loss and modest TSR increase over 2023–2024 .
Compensation Committee Analysis
- Committee composition: Compensation Committee members were Dr. Crowther (Chair), Mr. Patterson, Mr. Reynolds, and Mr. Scavuzzo; all independent under NYSE/SEC rules .
- Consultant: Pearl Meyer served as an independent compensation consultant to the Compensation Committee in 2023–2024, providing peer benchmarking and attending most committee meetings; the committee assessed Pearl Meyer’s independence and reported no conflicts .
- Program practices: Emphasis on variable pay, clawback policy, long-term vesting, double-trigger change-in-control treatment; no tax gross-ups or option repricing; limited perquisites .
Say-on-Pay & Shareholder Feedback
- First advisory say-on-pay vote scheduled at the May 21, 2025 annual meeting .
- Board recommends a say-on-pay frequency of every three years .
- The company exited “emerging growth company” status; as a smaller reporting company, it provided pay-versus-performance disclosure .
Risk Indicators & Red Flags
- Lack of anti-hedging/pledging policy disclosure (company states no practices/policies restricting hedging), reducing alignment assurances for insiders .
- Executive-specific employment, severance, and equity holdings not disclosed for the CHRO, limiting transparency into individual incentives and retention risk .
- Historical financial performance includes net losses in 2023 and 2024, though improving, which can affect incentive payout calibrations and retention .
Investment Implications
- Alignment and transparency: BRBS’s shift to 100% performance-based equity tied to Core ROAA in 2025 supports pay-for-performance, but absence of anti-hedging policies and lack of CHRO-specific disclosures weaken visibility into Lagatta’s alignment and retention incentives .
- Retention risk: Without disclosed severance/change-in-control terms for Lagatta, investors have limited insight into her economic protections; however, company-wide double-trigger CIC practice and standard restrictive covenants suggest a typical regional bank framework .
- Trading signals: No Form 4 transaction data for Lagatta is disclosed in the proxy; monitor future insider filings to assess potential selling pressure around vest dates, given time-based vesting patterns in 2024 and performance-vesting commencing in 2025 .
- Governance: Independent Compensation Committee with an external consultant and a formal clawback policy supports governance quality; say-on-pay introduced in 2025 will provide a read on shareholder sentiment toward executive pay practices .