Peter Wu
CATHAY GENERAL BANCORPAbout Peter Wu
Peter Wu, Ph.D., is Vice Chairman of the Board of Cathay General Bancorp (Bancorp) and Cathay Bank (since 2014) and has served as a director since 2003; he holds a Ph.D. in Mathematics and is age 76 . He previously served as Chief Operating Officer (2003–2014) and Executive Vice Chairman (2003–2014), and co‑founded General Bank and its holding company GBC Bancorp prior to their 2003 merger into Cathay; his background emphasizes commercial banking and managerial experience . He is classified as a “Dependent Director” (not independent), reflecting his continuing officer role as Vice Chairman .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cathay General Bancorp / Cathay Bank | Vice Chairman of the Board | 2014–present | Provides institutional knowledge and managerial experience; Director since 2003 |
| Cathay General Bancorp / Cathay Bank | Chief Operating Officer | 2003–2014 | Senior operating leadership; subsequent Executive Vice Chairman (2003–2014) |
| GBC Venture Capital, Inc. | Chairman; President & CEO | Chairman 1997–2014; President & CEO 2003–2014 | Venture leadership; complements banking experience |
| Cathay Bank Foundation | Chairman of the Board | 2005–2022 | Community engagement leadership |
| General Bank / GBC Bancorp | Co‑founder; Chairman; President; CEO | Until merger in 2003 | Founder-level banking expertise; merged into Cathay in 2003 |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Other public company boards | — | None disclosed | Proxy biography lists no other current public company directorships for Wu |
Board Governance
- Independence: Dependent Director (not independent) due to officer role as Vice Chairman .
- Committee assignments (Bancorp Board, 2024 meetings held): Investment (3 meetings) – Member; Risk (5 meetings) – Member; not listed as chair or vice chair on these committees .
- Board attendance: Board held 7 meetings in 2024; each director attended more than 75% of Board and applicable committee meetings; all current directors attended the 2024 annual meeting .
- Stock ownership guidelines: Increased to 3× annual cash retainer (effective Jan 18, 2024); as of Mar 20, 2025 all current directors meet requirements or are within 5‑year grace period .
- Pledging/hedging policy: Prohibits pledging/hedging without advance Board approval; no requests or approvals have been made .
Fixed Compensation
| Year | Base Salary (Vice Chairman) | Director Annual Retainer | Committee/Meeting Fees | Other Cash/Benefits | Notes |
|---|---|---|---|---|---|
| 2024 | $200,000 | $55,000 | $51,000 | $10,000 (401(k) contributions) | Standard director cash fees for non‑employee directors are $55,000 retainer + $750 per committee/special meeting; Wu’s structure includes employee base salary due to Vice Chairman role |
- Total 2024 cash/other comp for Wu: $316,000 ($306,000 cash fees plus $10,000 other) .
- Cash fee policy highlights: Additional annual retainers for certain chair roles (e.g., Audit Chair $15,000; Lead Independent Director $35,000; other committee chairs $10,000), and $750 per committee/special meeting; Wu did not receive chair retainers on Investment or Risk committees .
Performance Compensation
| Component | Grant Date/Reference | Form | Amount/Value | Vesting/Performance Metrics |
|---|---|---|---|---|
| Annual director equity grant | April 2024 (based on closing price on April 12, 2024) | Shares of common stock | Target $85,000; recorded $84,999 for Wu | Service‑based director compensation; no performance metrics disclosed for director equity awards |
| Options | 2024 | — | — | Company states it does not currently grant stock options to employees; none shown for directors |
No director‑specific performance metrics (TSR, ROE, ESG, etc.) are disclosed as tied to Wu’s compensation; awards are described as service‑based equity grants for Board service .
Other Directorships & Interlocks
| Company/Institution | Role | Committees | Interlocks/Conflicts |
|---|---|---|---|
| Cathay General Bancorp / Cathay Bank | Director; Vice Chairman | Investment; Risk (member) | None disclosed beyond ordinary‑course banking transactions at Cathay Bank; no material transactions involving Wu reported |
| GBC Bancorp / General Bank (historical) | Chairman; President; CEO; Co‑founder | — | Historical roles prior to 2003 merger; no current interlocks |
Expertise & Qualifications
- Education: Ph.D. in Mathematics .
- Board skills: Technology/Systems; Leadership; Business Operations; Finance; Risk Management; Real Estate .
Equity Ownership
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Shares outstanding (record date) | 72,688,191 (Mar 15, 2024) | 70,004,272 (Mar 20, 2025) |
| Wu beneficial ownership (shares) | 769,741 | 692,153 |
| Ownership % of outstanding | 1.06% | <1% (does not exceed 1%) |
| Noted holdings detail | — | Includes 295,252 shares held by PACJU, LLC; 396,901 held by Wu Family Trust |
| Pledged/hedged shares | Policy prohibits pledging/hedging absent Board approval; none approved | |
| Ownership guidelines status | Directors must hold 3× annual cash retainer; all current directors meet or are within grace period as of Mar 20, 2025 |
Governance Assessment
- Independence and role: Wu is a Dependent (non‑independent) director, concurrently serving as Vice Chairman; the receipt of base salary as an officer alongside director equity and fees reduces independence and may raise conflict‑of‑interest concerns for committee oversight, particularly on Risk and Investment. RED FLAG: Non‑independent director with officer compensation sitting on risk oversight committees .
- Attendance and engagement: Board met 7 times in 2024 and each director exceeded 75% attendance; indicates baseline engagement. Positive signal: attendance threshold met .
- Compensation mix: 2024 director equity grant ($84,999) supports alignment, but significant cash/other compensation ($316,000 including $200,000 employee base salary) skews mix toward fixed pay; no disclosed performance metrics for director equity grants. Mixed signal: alignment via equity vs. limited at‑risk metrics for directors .
- Ownership alignment: Large absolute shareholding (692,153 shares) and compliance with elevated ownership guidelines (3× retainer) bolster alignment; policy prohibits pledging/hedging with no exceptions granted. Positive signal: skin‑in‑the‑game with governance‑friendly trading restrictions .
- Related‑party exposure: Proxy discloses a material office lease with an entity controlled by another director (Richard Sun); no material related‑party transactions disclosed involving Wu; ordinary‑course banking transactions noted are on market terms. No direct conflict flagged for Wu in 2024 .
Overall: Wu brings deep institutional and operating experience, but his non‑independent status and officer compensation while serving on risk‑sensitive committees is a governance risk to board independence; ownership levels and attendance partially offset concerns .