Lucy Sorrentini
Columbia FinancialAbout Lucy Sorrentini
Independent director at Columbia Financial, Inc. (CLBK) since 2020; age 61 as of April 14, 2025. Founder and CEO of Impact Consulting, LLC; previously a member of the Global HR Executive Team and Chief Diversity & Inclusion Officer at Booz Allen Hamilton; certified executive coach. The Board affirms she is independent under Nasdaq/SEC rules; all directors attended the 2024 annual meeting and no director fell below 75% attendance at board/committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Booz Allen Hamilton | Member, Global HR Executive Team; Chief Diversity & Inclusion Officer | Not disclosed | Human capital strategy, DEI leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Impact Consulting, LLC | Founder & CEO | Current | Human capital and organizational development firm |
| New York Women’s Foundation – Latina Philanthropy Circle | Chair & Strategic Advisor | Current | Nonprofit leadership/advisory role |
| Girls Incorporated | Strategic Advisor/Chair role (as disclosed) | Current | Nonprofit role |
| The Acceleration Project | Strategic Advisor/Chair role (as disclosed) | Current | Nonprofit role |
Board Governance
- Independence: Independent director; only the CEO is non-independent. Chair of the Board is independent (Noel R. Holland).
- Years on Board: Director since 2020.
- Attendance/Engagement: No director attended fewer than 75% of meetings in 2024; all directors attended the 2024 annual meeting.
- Committee assignments (2024 meeting counts):
- Audit Committee – Member (12 meetings in 2024)
- Compensation Committee – Member (8 meetings in 2024)
- Risk Committee – Member (5 meetings in 2024)
- Operations & Strategic Planning Committee – Member (4 meetings in 2024)
- Compensation Committee interlocks: None.
- Board skills (from the matrix): Audit/Financial, Commercial Real Estate knowledge, ESG, Executive Experience, Industry Knowledge, M&A, Risk (no Tech/Cyber check mark).
Fixed Compensation
| Component | CLBK Director Compensation Structure (FY2024) | Notes |
|---|---|---|
| Board annual cash retainer (non-Chair) | $85,000 | Per director (retainer model adopted; per-meeting fees eliminated in 2024) |
| Committee member retainers – Audit | $9,000 | Per member |
| Committee member retainers – Compensation | $9,000 | Per member |
| Committee member retainers – Risk | $5,200 | Per member |
| Committee member retainers – Operations & Strategic Planning | $6,500 | Per member |
| Board Chair cash retainer | $158,500 | Chair only |
| Director benefits (e.g., health insurance) | Provided | Director benefits noted |
| Lucy Sorrentini – Director Pay Mix | 2023 | 2024 |
|---|---|---|
| Cash fees | $113,716 | $114,700 |
| Equity awards (grant-date fair value) | $50,005 | $50,008 |
| All other compensation (incl. director health insurance where applicable) | $16,842 | $17,643 |
| Total | $180,563 | $182,351 |
- Stock ownership guideline for directors: 3x annual cash board retainer; all non-employee directors are in compliance or within phase-in.
Performance Compensation
| Equity Award Detail (Directors) | 2023 | 2024 |
|---|---|---|
| Annual restricted stock grant | 2,743 shares granted 6/20/2023; vests on 1st anniversary | 3,018 shares granted 3/7/2024; vested 3/7/2025 |
| Grant-date fair value | $50,005 | $50,008 |
| Options | None disclosed for Sorrentini | None disclosed for Sorrentini |
| Performance metrics tied to director equity | None disclosed | None disclosed |
Citations: 2023 grant size/value/vesting ; 2024 grant size/value/vesting .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Committee Roles |
|---|---|---|---|
| Public company boards | — | None disclosed | — |
| Nonprofits/Foundations (see External Roles) | Nonprofit | Advisor/Chair roles | Not applicable |
Citations: No public company directorships disclosed for Sorrentini; nonprofit roles as listed.
Expertise & Qualifications
- Human capital strategy, HR and DEI leadership; strategic consulting and executive coaching.
- Board skills matrix checkmarks indicate strengths in audit/financial oversight, risk, M&A, ESG, executive experience, and commercial real estate knowledge.
Equity Ownership
| Ownership Detail (as of 4/14/2025 record date) | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 21,087 | 0.02% of outstanding; no options exercisable within 60 days |
| Unvested restricted stock (2019 Equity Plan) | 3,207 | Included within beneficial ownership breakdown |
| Stock-Based Deferral Plan (phantom shares) | 6,216 | Included in beneficial ownership breakdown list |
| Options (exercisable/unexercisable) | — | None listed for Sorrentini |
| Shares pledged | None indicated (unless otherwise noted) | |
| Ownership guideline | 3x annual cash board retainer; directors compliant or within phase-in |
Related-Party/Conflicts Check
- Related-persons policy: Audit Committee reviews/approves; transactions must be at arm’s-length terms; director/EO banking products allowed only on substantially the same terms as to the public.
- Aggregate insider/family loans at CLBK: $2.6 million outstanding as of 12/31/2024; all performing per original terms.
- Director independence re-affirmed after review of ordinary-course banking relationships; no impairment of independence found.
Say-on-Pay & Shareholder Signals (context for Compensation Committee member)
| Item | Result |
|---|---|
| Say-on-Pay approval (2023 meeting) | 98.9% of votes cast supported NEO pay (strong support) |
| Say-on-Pay approval (2024 meeting) | 98.2% of votes cast supported NEO pay (strong support) |
| Compensation Committee independence & use of outside consultant | Committee independent; retains Pearl Meyer as independent compensation consultant |
Risk Indicators & Policies
- Clawback/recoupment policy compliant with SEC/Nasdaq; supplemental misconduct clawback also in place.
- Anti-hedging and anti-pledging policy for directors/officers.
- No Section 16 filing delinquencies disclosed for Sorrentini in 2024; company noted some late Form 4s for other insiders.
Governance Assessment
-
Positives:
- Fully independent; broad committee engagement across Audit, Compensation, Risk, and Ops/Strategic Planning—positions her to influence financial reporting, pay design, and risk oversight.
- Strong shareholder alignment context: rigorous ownership guidelines; prohibition on hedging/pledging; robust clawback; high Say-on-Pay support while she served on the Compensation Committee.
- Attendance/engagement signals are sound: no director below 75% attendance; full attendance at the 2024 annual meeting.
- Director pay design moved to retainers (vs per-meeting), enhancing simplicity and alignment.
-
Watch items:
- Director benefits (e.g., health insurance) are modest but present; ensure continued transparency on “All Other Compensation.”
- Company-level control dynamic: Columbia Bank MHC holds ~72.4% of shares (as of 4/14/2025), limiting minority shareholders’ influence; underscores importance of independent oversight by directors like Sorrentini.
