Jeffrey P. Kenefick
About Jeffrey P. Kenefick
Jeffrey P. Kenefick, 58, serves as Executive Vice President and Regional President at Chemung Canal Trust Company (CHMG’s bank). He was Regional President beginning January 4, 2021, was elevated to EVP & Regional President in 2024, and was appointed interim head of the Wealth Management Group effective October 1, 2025, as the company searches for a permanent successor to the retiring leader of that unit . He joined CHMG in 2019 after senior leadership roles at Five Star Bank, including Executive Vice President, Commercial & Strategic Development and Regional President (2016) and Executive Vice President, Commercial Banking and Regional President (2013–2016) . Investor presentations cite ~36 years of industry experience and ~6 years with CHMG as of 2025, underscoring deep regional banking expertise and tenure with the franchise .
Company performance context during his tenure (company-level):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Value of $100 investment (TSR) | $141 | $143 | $160 |
| Net Income ($000s) | $26,425 | $28,783 | $25,000 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chemung Canal Trust Company (CHMG) | Executive Vice President & Regional President | 2024–present | Not disclosed |
| Chemung Canal Trust Company (CHMG) | Regional President | 2021–2023 | Not disclosed |
| Chemung Canal Trust Company (CHMG) | Senior Vice President | 2019–2021 | Not disclosed |
| Five Star Bank | EVP, Commercial & Strategic Development; Regional President | 2016 | Not disclosed |
| Five Star Bank | EVP, Commercial Banking; Regional President | 2013–2016 | Not disclosed |
External Roles
No public-company directorships or external board roles for Kenefick are disclosed in CHMG’s proxy filings .
Fixed Compensation
Not disclosed for Kenefick (he is not an NEO; CHMG only reports detailed pay for NEOs in the proxy) . CHMG’s Compensation Committee sets executive base pay against a regional community bank peer set and individual performance, targeting around the peer average; example base salary decisions are shown for NEOs (not applicable to Kenefick) .
Performance Compensation
CHMG uses discretionary annual incentives (cash + restricted stock) for senior officers, evaluated against predefined corporate and individual goals; the Compensation Committee does not use rigid formulas. Commonly cited metrics include net income, return on equity, efficiency ratio, asset quality, peer-relative performance, and progress on strategic objectives; awards are determined with judgment and can be adjusted for qualitative leadership and risk prudence .
| Incentive Element | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | Net income, ROE, efficiency, asset quality, peer-relative, strategic initiatives | Discretionary (not formulaic) | Not disclosed | Not disclosed | Discretionary | N/A |
| Equity (Restricted Stock) | Service-based; may also be performance-based under plan design | N/A | N/A | N/A | Grant value determined annually | Generally vests over 5 years for officers (CEO exception 1-year) |
Additional design and controls:
- Payout timing: Beginning with FY2024, executive incentive payouts occur in February after fiscal year-end to incorporate full-year results (timing change; applies to NEOs and plan governance, not specifically to Kenefick) .
- No stock options historically; equity is primarily restricted stock (removes option-related repricing risks) .
- Clawback: Awards are subject to clawback for misconduct-related restatements and other policy triggers (Dodd-Frank-aligned) .
Equity Ownership & Alignment
- Eligibility: Employees (including executives) are eligible for equity awards under shareholder-approved plans (2021 plan; 2025 plan pending shareholder approval in 2025) .
- Vesting: Officer restricted stock generally vests ratably over five years; CEO awards vest after one year. Accelerated vesting upon death, disability, or double-trigger change in control (CIC) termination; dividends are paid immediately on time-based unvested restricted stock, while RSUs have no voting rights and can carry dividend equivalents on settlement .
- Anti-hedging/pledging: Directors and executive officers are prohibited from hedging, short sales, derivative monetization, and pledging CHMG stock or holding it in margin accounts—reducing misalignment and forced-selling risk .
- Specific beneficial ownership, pledged shares, and exercisable options for Kenefick are not disclosed (he is not an NEO or director in the ownership table) .
Employment Terms
- Start date and tenure: Joined CHMG in 2019; Regional President since January 4, 2021; EVP & Regional President since 2024; interim head of Wealth Management effective October 1, 2025 .
- Contracts and severance: CHMG discloses double-trigger CIC agreements and severance multiples for NEOs (2.0x salary + highest annual incentive; CEO 2.99x), with immediate vesting of restricted stock upon qualifying termination and SERP vesting at CIC. No CIC agreement for Kenefick is disclosed .
- Clawback: Compensation subject to clawback in the event of certain restatements and policy triggers .
Performance & Track Record
- Portfolio scope expansion: Appointment as interim head of Wealth Management (a business with ~$2.2 billion AUM) expands leadership remit across a meaningful fee-income franchise within CHMG .
- Company outcomes during tenure (context): TSR improved from $141 to $160 on a $100 basis from 2021–2023; net income ranged $26.4–$28.8 million in 2021–2022 and $25.0 million in 2023 .
- Compliance: CHMG reports timely Section 16(a) filing compliance by directors and executive officers for 2023 .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for executives under Insider Trading Policy, mitigating alignment risks and margin-call selling pressure .
- Options: No historical option grants, reducing repricing or underwater-option risk .
- Clawback: Policy in place, aligned with regulatory expectations .
- Related-party transactions: None disclosed involving Kenefick; CHMG describes related-party loan practices and one director-related lease; loans to insiders were on market terms and performing as of year-end 2024 .
Compensation Peer Group & Say-on-Pay
- Peer group: CHMG benchmarks executive pay to a regional community bank peer set (23 institutions in 2024/2025 analyses) to target competitive—roughly average—total compensation levels .
- Say-on-Pay support: Strong shareholder support—about 96.6% approval for 2023 compensation at the 2024 meeting—suggests broad investor acceptance of pay design and outcomes (company-level) .
Investment Implications
- Incentive alignment and selling pressure: The 5-year vesting of restricted stock for officers, anti-hedging/pledging prohibitions, and the absence of options suggest reduced near-term selling pressure and stronger long-term alignment, though individual award details for Kenefick are not disclosed .
- Retention and scope: Elevation to EVP & Regional President and interim leadership of the Wealth Management Group broaden his scope and underscore management’s reliance on his execution; however, absence of a disclosed CIC or severance agreement for Kenefick (unlike NEOs) leaves his specific retention economics opaque to investors .
- Performance linkage: CHMG’s discretionary, risk-aware incentive framework (net income, ROE, efficiency, asset quality, peer-relative performance) combined with clawback policy ties compensation to sustainable outcomes, but limited transparency on non-NEO targets and payouts constrains granular pay-for-performance analysis for Kenefick specifically .
- Governance backdrop: Strong say-on-pay support and explicit anti-hedging/anti-pledging rules are positives; expansion into higher-growth markets and a scaled wealth platform (AUM ~$2.2B) provide business context for assessing Kenefick’s impact as a regional leader with expanded responsibilities .