Jennifer Grigsby
FIRST BUSEY CORP /NV/About Jennifer M. Grigsby
Jennifer M. Grigsby (age 56) is an independent director of First Busey Corporation, appointed in 2025 following the CrossFirst merger; she previously served on CrossFirst Bankshares’ board from 2013 to the merger . She brings 30+ years of senior management experience across accounting, treasury, risk management, corporate governance, and corporate finance, is a CPA and CGMA, and served as Oklahoma’s Secretary of Economic Administration from March 2021 to November 2022 . The board has determined she is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ascent Resources, LLC | EVP & Chief Financial Officer | Jul 2015–May 2020 | CFO of three Ascent Marcellus affiliates that filed Chapter 11 on Feb 6, 2018; plan confirmed Mar 30, 2018; cases closed May 8, 2018 . |
| State of Oklahoma | Secretary of Economic Administration | Mar 2021–Nov 2022 | Senior economic administration leadership . |
| CrossFirst Bankshares, Inc. | Director | 2013–Mar 1, 2025 | Long-serving independent director through merger . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Superior Plus Corp. (TSX: SPB) | Director | Current | Current board service disclosed . |
| SilverBow Resources, Inc. (NYSE: SBOW) | Director | 2023–2024 | Served on Audit and Compensation Committees . |
Board Governance
- Committees: Audit Committee member; Enterprise Risk Committee member (independent; Audit Chair is Kenney; Enterprise Risk Chair is Cassens) .
- Independence and board structure: Majority of directors are independent; board held seven regular meetings, two specials, six executive sessions in 2024; all incumbent directors met ≥75% attendance, and directors are required to attend the annual meeting .
- Post-merger composition: First Busey board expanded to 13 with five Legacy CrossFirst directors; Busey Bank’s board composition is identical to First Busey’s during the Specified Period .
- Lead Independent Director: Rodney K. Brenneman appointed for two years post-merger; duties include liaising with the Chair, presiding over independent sessions, and agenda consultation .
- Risk oversight: Enterprise Risk Committee oversees risk frameworks; Audit Committee monitors financial, legal, organizational risks and related-party transactions process .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee directors) | $44,000 | Increased effective March 2024 from $42,000; stock ownership policy equates to 5x cash retainer ($50,000 effective March 2025), implying a retainer increase in 2025 . |
| Annual DSU grant (typical 2024) | $73,000 | Deferred Stock Units vest after one year; settlement generally within 30 days post-separation or change in control . |
| Committee membership retainer | $6,000 per committee | Applies to non-chair members (e.g., Audit, Enterprise Risk) . |
| Committee chair retainer | Audit: $15,000; Comp/Nom/ERisk: $12,500 | Grigsby is not a chair . |
| Lead Independent Director retainer | $12,500 | Applies to Brenneman . |
| Busey Bank Directors Loan Committee retainer | $10,000 | If applicable . |
- Director stock ownership policy: $250,000 required (5x cash retainer, $50,000 effective March 2025); DSUs—vested or unvested—do not count toward compliance .
Performance Compensation
| Element | Performance Metric | Vesting/Measurement |
|---|---|---|
| DSUs (directors) | None | Time-based vesting; settlement upon separation or change in control; no performance metrics disclosed for director equity . |
No director performance metrics are disclosed for board compensation; equity awards for directors are DSUs with time-based vesting .
Other Directorships & Interlocks
| Company | Sector | Potential Interlock/Conflict |
|---|---|---|
| Superior Plus Corp. (TSX: SPB) | Energy/Utilities | External board service; no related-party transactions disclosed in committee descriptions; Audit Committee oversees related-party transaction approvals . |
| SilverBow Resources, Inc. (NYSE: SBOW) | Energy E&P | Prior service; no current interlock; prior committee service noted . |
- Busey Bank board composition mirrors First Busey’s during the Specified Period, implying Grigsby also serves on the Busey Bank board .
Expertise & Qualifications
- CPA and CGMA; member of Oklahoma Society of CPAs and AICPA .
- Deep expertise in accounting, treasury, risk management, corporate governance, corporate finance; domain knowledge in the energy sector and southwestern U.S. markets .
- Board deems her qualified for Audit and Enterprise Risk Committees due to significant financial and risk management experience .
Equity Ownership
| Holder | Shares Owned | % of Outstanding | Notable Details |
|---|---|---|---|
| Jennifer M. Grigsby | 47,362 | <1% | Includes 25,637 shares held by the Jennifer M. Grigsby Living Trust (co-trustee with spouse; shared voting/investment) and 3,294 DSUs issuable upon termination of board service . |
- Hedging/pledging policy: Directors generally prohibited from hedging or pledging BUSE stock; pledging only with prior Nominating Committee approval; DSUs excluded from stock ownership policy compliance .
Governance Assessment
- Strengths: Independent status, dual placement on Audit and Enterprise Risk Committees, and extensive financial/risk credentials indicate strong governance alignment and board effectiveness .
- Ownership alignment: Beneficial ownership disclosed; subject to director stock ownership policy of $250,000, with DSUs excluded—appropriate alignment mechanism; compliance for 2024 incumbent non-employee directors noted, but Grigsby joined in 2025 (compliance timing not stated) .
- Board process: Robust committee structure, regular executive sessions, and designated Lead Independent Director support independent oversight; Audit Committee screens related-party transactions .
- Investor sentiment signal: Say-on-pay approval at ~93% in 2024 suggests broad shareholder support for compensation governance framework, indirectly supportive of board credibility .
- RED FLAGS: Prior CFO involvement with entities entering Chapter 11 (Ascent Marcellus affiliates in 2018) constitutes a background risk indicator; context includes plan confirmation and case closures, suggesting resolution experience in distressed situations .
Overall, Grigsby’s audit and risk credentials, independence, and committee placements reinforce board oversight quality; her energy-sector experience broadens industry perspective for BUSE as it integrates CrossFirst and expands into new markets .