Ashbel C. Williams
About Ashbel C. Williams
Ashbel C. Williams, age 70, has served as an independent director of Capital City Bank Group (CCBG) since 2021. He is Vice Chair at J.P. Morgan Asset Management; previously, he was Executive Director and Chief Investment Officer of the Florida State Board of Administration (SBA) until his retirement in 2021. He holds a B.S. in management and an MBA from Florida State University and completed post‑graduate programs at Wharton and Harvard’s Kennedy School. His profile emphasizes extensive executive leadership and investment management experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Florida State Board of Administration | Executive Director & Chief Investment Officer | Through retirement in 2021 (start not disclosed) | Managed ~$250B including Florida Retirement System; governance and fiduciary oversight |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| J.P. Morgan Asset Management | Vice Chair | Current | Firm AUM ≈ $3.3T |
| Economic Club of Florida | Board Member | Current | Board service |
| Florida State University Foundation | Investment Committee Chair | Current | Chairs investment oversight |
| Council on Foreign Relations | Member | Current | Policy network membership |
| National Institute for Public Finance | Founding Trustee | Current | Governance and public finance focus |
| AIF Global Investor Board | Member | Current | Institutional investor collaboration |
| IEEE | Investment Committee Member | Current | Fiduciary oversight |
| Episcopal Diocese of Florida | Investment Committee Member | Current | Fiduciary oversight |
| Public Employee Retirement System of Idaho | Investment Advisory Board Member | Current | Advisory capacity |
| Other public company boards | None | — | No other public company directorships |
Board Governance
| Dimension | Details |
|---|---|
| Committee assignments | Corporate Governance & Nominating Committee (member; not chair) |
| Committee meeting cadence (2024) | Corporate Governance & Nominating: 4 meetings |
| Independence | Board affirmatively determined Williams is independent under Nasdaq rules |
| Board meetings (2024) | 9 meetings; each director attended at least 95.6% of aggregate Board/Committee meetings |
| Lead Independent Director | Role held by Stanley W. Connally, Jr. (not Williams) |
| Independent director executive sessions | 5 executive sessions in 2024 |
Fixed Compensation
| Component | Amount/Terms |
|---|---|
| Annual cash retainer | $30,000 (independent directors) |
| Board meeting fee | $500 per Board and annual strategic meeting attended |
| Committee membership fee | $500 per committee meeting attended |
| Committee chair retainers | Audit: $12,000; Compensation: $8,000; Corporate Governance & Nominating: $8,000 (not applicable to Williams) |
| Lead Outside Director retainer | $15,000 (not applicable to Williams) |
| Williams – 2024 fees earned in cash | $36,000 |
Performance Compensation
| Element | Grant details | Number/Value | Vesting/Conditions |
|---|---|---|---|
| Annual restricted stock grant (independent directors) | Granted at February Compensation Committee meeting | 1,087 shares; grant-date fair value $27.61/share; total ~$30,012 | Vest on Dec 31 of grant year; forfeited if company incurs a net loss for the year; issued under 2021 Associate Incentive Plan |
Directors may also purchase shares at a 10% discount via the 2021 Director Stock Purchase Plan (aggregate 14,969 shares purchased in 2024; purchases capped by retainer/meeting fees) .
Other Directorships & Interlocks
| Area | Findings |
|---|---|
| Current public company boards | None |
| Potential interlocks | None disclosed. Notably, other CCBG directors have external roles (e.g., Southern Company), but no shared board interlock with Williams is disclosed . |
| Related-party transactions | Company discloses routine, arm’s-length banking services to directors/affiliates and a specific lease and family employment related to the CEO; no Williams-related transactions identified . |
Expertise & Qualifications
- Vice Chair, JPMAM, with large-scale asset management leadership; prior CIO of Florida SBA overseeing ~$250B, including the 5th largest U.S. public pension plan .
- Governance and fiduciary stewardship roles across multiple investment committees and advisory boards (FSU Foundation Chair; IEEE; PERS Idaho), and policy networks (CFR; AIF Global) .
- Education: B.S. management, MBA – Florida State University; post‑graduate programs at Wharton and Harvard Kennedy School .
Equity Ownership
| Item | Details |
|---|---|
| Beneficial ownership | 4,472 shares; less than 1% of total voting power (17,046,077 shares outstanding as of Feb 20, 2025) |
| Pledged shares | None disclosed for Williams (pledges disclosed for other individuals) |
| Director stock ownership guidelines | Expected to own CCBG stock equal to 10x annual director retainer fees (including cash and equity grants); 10-year compliance window |
| Compliance status | As of Dec 31, 2024, all directors met ownership expectations or are on track within the 10-year window |
Governance Assessment
- Board effectiveness: Active member of Corporate Governance & Nominating Committee, which oversaw succession planning, governance document reviews, board refreshment, director skills mapping, cyber risk oversight, and director education compliance in 2024—positive for board rigor and refreshment .
- Independence & attendance: Affirmed independent; strong engagement with ≥95.6% attendance; independent director executive sessions held 5 times—supports effective oversight culture .
- Compensation alignment: Director pay mix balances modest cash retainer, meeting-based fees, and annual restricted stock with year-end vesting and loss forfeiture gate; equity purchase at discount is capped—overall conservative and aligned structure .
- Conflicts/related-party exposure: No Williams-specific related-party transactions disclosed; his JPMAM role could present theoretical exposure, but the Board’s independence review found no material relationships; routine banking relationships are non-preferential and within policy .
- RED FLAGS: None identified specific to Williams—no pledging, no late Section 16 filings flagged, no related‑party transactions, and no chair fees or special arrangements .
Overall signal: Williams brings deep institutional investment governance and fiduciary experience, participates in key governance oversight, maintains independence and attendance, and has a conservative director pay/ownership profile—supportive of investor confidence and board quality .