Stanley W. Connally, Jr.
About Stanley W. Connally, Jr.
Independent director (Lead) of Capital City Bank Group (CCBG), age 55, serving on the board since 2017. He is Executive Vice President of Operations and Chief Operating Officer at Southern Company and previously served as Chairman, President, and CEO of Gulf Power Company (2012–2018) . CCBG’s board affirms he is independent under Nasdaq rules, and he currently serves as Lead Independent Director with defined responsibilities (presiding in the chair’s absence, calling executive sessions, coordinating agendas, and being a shareholder point of contact) . He serves on CCBG’s Audit Committee and is designated by the board as an “audit committee financial expert” under SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Southern Company | Executive Vice President of Operations and Chief Operating Officer | Current; employed since 1989 | Senior operational leadership at Fortune 500 utility; operational and financial expertise |
| Gulf Power Company (Southern Company subsidiary) | Chairman, President, and CEO | 2012–2018 | Led subsidiary utility; executive leadership and management |
External Roles
| Organization | Role | Status |
|---|---|---|
| Florida Chamber of Commerce | Board service | Formerly served |
| Florida Council of 100 | Board service | Formerly served |
| Enterprise Florida | Board service | Formerly served |
| National Association of Manufacturers | Board service | Formerly served |
| Aerospace Alliance | Board service | Formerly served |
| Electric Power Research Institute | Board service | Formerly served |
| Other current public company boards | None | As disclosed |
Board Governance
| Category | Detail |
|---|---|
| Independence | Board affirmatively determined Connally is independent under Nasdaq rules |
| Lead Independent Director | Duties include presiding when chair absent, calling meetings of independent directors, agenda coordination, and serving as independent shareholder contact; charter posted on ccbg.com |
| Committee Assignments | Audit Committee member; Audit Committee met 16 times in 2024 |
| Audit Expertise | Board determined each Audit Committee member, including Connally, is an “audit committee financial expert” per SEC rules |
| Attendance | Board met 9 times in 2024; each director attended at least 95.6% of combined Board/Committee meetings; all directors attended the 2024 annual meeting |
| Executive Sessions | Independent directors met in executive session five times in 2024 |
Fixed Compensation
Director pay framework and Connally’s 2024 actuals.
| Cash Compensation Schedule (All Independent Directors) | Amount |
|---|---|
| Annual Retainer | $30,000 |
| Board Meeting Fee | $500 per board/strategic meeting attended |
| Committee Meeting Fee | $500 per meeting attended |
| Audit Committee Chair Retainer | $12,000 |
| Compensation Committee Chair Retainer | $8,000 |
| Corporate Governance & Nominating Chair Retainer | $8,000 |
| Lead Outside Director Retainer | $15,000 |
| Connally – 2024 Director Cash | Amount |
|---|---|
| Fees Earned or Paid in Cash | $57,000 |
Perquisites for directors are provided but the aggregate value per director is less than $10,000 .
Performance Compensation
| Equity Component | Detail |
|---|---|
| Annual Restricted Stock Grant (Independent Directors) | $30,000 grant value; granted at February Compensation Committee meeting; vests on December 31 of grant year; forfeiture if Company incurs a net loss in grant year; issued under 2021 Associate Incentive Plan |
| 2024 Grant – All Independent Directors | 1,087 shares; grant-date fair value per share $27.61; total stock award value $30,012 |
| Connally – 2024 Stock Awards | $30,012 |
Directors may also purchase stock at a 10% discount under the 2021 Director Stock Purchase Plan (14,969 shares purchased in 2024; 237,602 shares remaining available as of 12/31/2024; purchases capped by annual retainer and meeting fees) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current Public Company Directorships | None |
| Private/Non-profit Boards | Former board service at Florida Chamber of Commerce, Florida Council of 100, Enterprise Florida, National Association of Manufacturers, Aerospace Alliance, and Electric Power Research Institute |
| Interlocks / Conflicts | No public company interlocks disclosed for Connally; related-party transactions disclosed in proxy do not identify Connally as a party |
Expertise & Qualifications
- Executive leadership and management experience; operational and financial expertise from nearly three decades at a Fortune 500 utility .
- Audit committee financial expertise designation by the board; Audit Committee member .
- Lead Independent Director governance skillset and responsibilities codified by charter .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Total Voting Power | Pledged Shares | Notes |
|---|---|---|---|---|
| Stanley W. Connally, Jr. | 29,886 | <1% (asterisk disclosed in table) | None disclosed for Connally (pledge footnotes name other individuals) | Address c/o CCBG; beneficial ownership per SEC rules as of 2/20/2025 |
Director Stock Ownership Guidelines: Independent directors are expected to own CCBG stock equal in value to 10x annual director retainer fees (cash and equity); all directors have met expectations or are on track within 10 years of appointment/election (status as of 12/31/2024) .
Insider Trades
| Year | Section 16(a) Compliance (Connally) | Notes |
|---|---|---|
| 2024 | On-time filings; no late reports identified for Connally | Late filings noted for two other directors (Barron and Butler), not Connally |
Governance Assessment
- Board effectiveness: Connally strengthens oversight via Audit Committee membership with “financial expert” designation and as Lead Independent Director coordinating agendas and executive sessions; independent directors met in executive session 5 times in 2024 .
- Engagement and attendance: Directors attended at least 95.6% of aggregate meetings; Connally’s leadership plus high attendance supports board diligence .
- Independence and conflicts: Board affirmed Connally’s independence; no Connally-related party transactions disclosed; ordinary-course banking transactions for directors are on market terms with board oversight .
- Alignment: Director equity grants ($30k restricted stock) and 10x retainer ownership guidelines, plus ability to buy at a 10% discount (capped by fees), promote skin-in-the-game while limiting preferential purchases to compensation amounts .
- Director compensation: Connally’s 2024 total $87,012 (cash $57,000; stock $30,012), consistent with added responsibilities as Lead Independent Director and meeting-based pay design .
- Signals: Company-wide compensation governance includes clawback policy updated to Nasdaq/SEC standards; 2023 cash flow restatements did not impact performance metrics used for incentive compensation and required no recovery, indicating process transparency albeit an accounting control caution signal for investors to monitor .
- Say-on-Pay context: 2023 advisory vote approval of 98.8% reflects strong shareholder support for compensation approach, indirectly supportive of board governance credibility .
RED FLAGS: None identified specific to Connally—no related-party transactions, no pledged shares, independence affirmed, timely Section 16 compliance .