Kevin Rauckman
FIRST BUSEY CORP /NV/About Kevin S. Rauckman
Kevin S. Rauckman (63) is an independent director of First Busey Corporation (BUSE) since 2025. He is the owner of Rauckman Advisors, LLC (since Nov. 2017), former CFO and Treasurer of Garmin Ltd. (1999–2014), and previously served as a financial advisor to MoBank/BOK Financial (2015–2016). He currently serves on BUSE’s Audit Committee and Enterprise Risk Committee, and the board has determined he is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Garmin Ltd. (NYSE: GRMN) | Chief Financial Officer and Treasurer | 1999–2014 | Senior finance leadership at a large-cap public company |
| MoBank (Bank of Kansas City), BOK Financial subsidiary | Financial Advisor | Feb. 2015–May 2016 | Advisory role in banking |
| Rauckman Advisors, LLC | Owner; Financial Consultant | Nov. 2017–Present | Independent advisory practice |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MGP Ingredients, Inc. (Nasdaq: MGPI) | Director; Chair, Nominating/Governance Committee | Since 2021 | Governance leadership at a public company |
| JE Dunn Construction Group (Private) | Director; Chair, Audit Committee | N/D | Audit oversight at a large private company |
| CrossFirst Bank | Director | Current | Continued service during BUSE/CrossFirst integration |
Board Governance
- Committee assignments at BUSE (as of March 1, 2025): Audit Committee (member) and Enterprise Risk Committee (member); both committees are fully independent under Nasdaq and SEC rules .
- Independence: The board determined Rauckman is “independent” under Nasdaq listing standards .
- Attendance context: In 2024, BUSE’s board held 7 regular, 2 special, 6 executive sessions (without management), and 2 study sessions; all incumbent directors attended at least 75% of board and committee meetings (Rauckman joined in 2025) .
- Committee cadence (2024): Audit met 6 times; Enterprise Risk met 5 times .
- Lead Independent Director: Rodney K. Brenneman effective March 1, 2025 .
Fixed Compensation
| Component | Amount/Term | Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | $44,000 (effective Mar. 2024) | Increased from $42,000 in 2024 |
| Annual cash retainer (non-employee director) | $50,000 (effective Mar. 2025) | Referenced in stock ownership policy multiple |
| Equity award (annual DSUs) | $73,000 grant-date fair value (2024) | Deferred stock units; DSUs don’t count toward ownership policy |
| Committee member retainer | $6,000 per committee (non-chair) | Applies to each committee served |
| Committee chair retainers | Audit $15,000; Comp/Nominating/Enterprise Risk $12,500 | Additional to base retainer |
| Vice Chairman & Lead Independent Director | +$12,500 each (annual) | Role-based cash premium |
| Busey Bank Directors Loan Committee | $10,000 annual retainer | If applicable |
| Expenses | Reimbursed for reasonable board-related expenses | Continuing education and meeting travel |
Performance Compensation
| Element | Design | Vesting/Settlement | Performance Metrics |
|---|---|---|---|
| DSUs (directors) | Time-based restricted stock units (settlement deferred) | Vest on first anniversary of grant; settlement generally within 30 days after separation from board or a change in control | None; DSUs are time-based (no performance conditions) |
2024 context: each non-employee director received 3,126 DSUs; directors who resigned effective March 1, 2025 had vesting at the Merger effective time .
Other Directorships & Interlocks
| External Board | Sector | Role/Committee | Interlock/Conflict Relevance |
|---|---|---|---|
| MGP Ingredients (MGPI) | Food & Beverage | Director; Chair Nominating/Governance | Different industry; no related-party dealings disclosed at BUSE |
| JE Dunn Construction Group | Construction | Director; Chair Audit | Private; no related-party dealings disclosed at BUSE |
| CrossFirst Bank | Banking | Director | Transitional overlap during merger integration; Board composition and committees updated post-merger |
Expertise & Qualifications
- Former public-company CFO/Treasurer (Garmin), providing deep financial reporting, capital markets, and investor oversight experience; BUSE cites his “extensive public company experience” and “significant financial and investment experience” as rationale for Audit and Enterprise Risk assignments .
- Ongoing governance leadership (committee chair roles at other boards) supports board process discipline and risk oversight .
Equity Ownership
| Security | Beneficial Ownership | % Outstanding | Notes |
|---|---|---|---|
| Common stock | 46,157 shares | <1% | Includes 3,294 DSUs issuable at termination of service |
| Series A Preferred | 250 shares | 3.23% | Held via the Kevin S. Rauckman Trust (sole trustee) |
| DSUs (director) | 3,294 units | N/A | DSUs do not count toward ownership guideline compliance |
| Pledged shares | None disclosed for Rauckman | — | Hedging prohibited; pledging generally prohibited without prior approval; no new pledging approvals in 2024 |
| Ownership guideline | $250,000 in BUSE common stock (5x annual cash retainer; $50,000 effective Mar. 2025) | — | Compliance for Rauckman not disclosed; all non-employee directors as of 12/31/24 were in compliance |
Governance Assessment
-
Strengths:
- Independent director with finance pedigree; appointed to Audit and Enterprise Risk—committees aligned with his expertise .
- Board independence at ~85% and robust governance infrastructure (internal audit reporting to Audit Committee; enterprise risk oversight) support investor confidence .
- Strong stockholder support for executive pay (93% say-on-pay in 2024) signals alignment with investor expectations .
- Active board cadence and executive sessions; at least 75% meeting attendance for all incumbents in 2024 (Rauckman joined in 2025) .
-
Potential risks/monitoring points:
- Bold RED FLAG (potential interlock risk): Concurrent service on CrossFirst Bank’s board during the BUSE/CrossFirst integration period could present perception of overlapping fiduciary interests until full bank consolidation; BUSE has refreshed committee compositions post-merger and maintains related-party review through the Audit Committee .
- Ownership guideline compliance for Rauckman is not disclosed yet; DSUs do not count toward the $250,000 guideline .
- No pledging or related-party transactions disclosed for Rauckman; continue to monitor future proxies/8-Ks for any updates .
-
Compensation structure (directors): Balanced cash/equity with DSUs, independent external benchmarking (Pearl Meyer), and clear retainer/committee fee schedule; DSUs settle at separation or change-in-control and are time-based (no performance leverage), which is conventional for boards and aligns horizon with shareholders .
-
Policy safeguards: Prohibitions on hedging and pledging (with limited legacy exceptions), majority voting policy for directors, and a clawback policy (executive program) underscore governance rigor .
Overall: Rauckman’s audit and risk committee roles, independence, and prior CFO experience should enhance board oversight. The only noteworthy watch item is the temporary interlock with CrossFirst Bank during integration, which the board appears to be actively managing through committee realignment and standard conflict oversight processes .