Ivan Seda
About Ivan Seda
Ivan Seda, 41, was appointed Chief Financial Officer of Columbia Banking System (COLB) effective December 31, 2025, after serving as EVP, Deputy CFO since August 2025; his annual base salary was set at $550,000 with a target annual incentive of 85% of base salary, and he received a $750,000 PSU grant that cliff vests after three years based on performance conditions . He holds a BA in Public Accounting and Business Administration and a Master of Professional Accounting from the University of Washington’s Foster School of Business, is a CFA charterholder, and a former CPA (inactive) . Company performance context: in 2024 COLB delivered net income of $533.7M, diluted EPS of $2.55, ROA of 1.03%, ROE of 10.55%, and TSR of 8.0%, with Operating PPNR of $870.7M underpinning incentive payouts; these inform pay-for-performance alignment but predate Seda’s CFO tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Columbia Banking System | EVP, Deputy CFO | Aug 2025–Dec 2025 | Early contributions cited by CEO; positioned to drive post-acquisition momentum . |
| BECU (Boeing Employees’ Credit Union) | Deputy CFO | Mar 2023–Aug 2025 | Led finance operations at large credit union; readiness for regional bank CFO role . |
| MUFG Union Bank / U.S. Bancorp | Union Bank Finance – Transition Lead | Dec 2022–Mar 2023 | Managed finance transition during U.S. Bancorp integration . |
| MUFG Union Bank | Chief Financial Officer | Jun 2021–Dec 2022 | Oversaw finance during pre-sale phase; focus on controls and reporting . |
| MUFG (Americas) | Head of Corporate Finance & Strategy | Aug 2019–Jun 2021 | Led corporate finance and strategic planning across Americas . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seattle Aquarium | Board Member | As of Oct 2025 | Community engagement; enhances stakeholder ties in COLB’s footprint . |
Fixed Compensation
| Component | Amount/Terms | Effective Date |
|---|---|---|
| Base Salary | $550,000 | Nov 1, 2025 |
| Target Annual Incentive | 85% of base salary | Nov 1, 2025 |
Performance Compensation
| Incentive Type | Grant/Target | Metric Weighting | Target/Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Performance Stock Units (PSUs) | $750,000 grant value | Performance-based (specific metrics not disclosed) | Not disclosed | Not disclosed | Cliff vest after 3 years, subject to performance conditions |
- 2024 corporate incentive framework at COLB used Operating PPNR as the primary metric; PSUs for NEOs used relative ROTCE and relative TSR vs peer group, with threshold/target/maximum at 50%/100%/150% of target; Seda’s 2025 award metrics not yet disclosed but Company practice emphasizes ROTCE/TSR alignment .
Equity Ownership & Alignment
- Stock ownership guidelines apply to executive officers; specifics of required multiple of salary are not disclosed in the excerpts, with compliance monitored annually by the Nominating & Governance Committee .
- Anti-hedging and anti-pledging: Access Persons (including executive officers) are prohibited from hedging, shorting, and pledging Company securities; transactions require pre-clearance and are subject to quarterly blackout windows .
- Clawbacks: Dodd-Frank mandated recovery for three years prior to any accounting restatement; Company’s broader clawback policy allows forfeiture/repayment upon trigger events including misconduct, materially inaccurate metrics, and risk failures .
- Beneficial ownership for Seda is not disclosed in the 2025 proxy (he was not yet an NEO at the record date); no pledging or related-party transactions involving Seda are disclosed .
Employment Terms
- Appointment: CFO effective December 31, 2025 (CFO transition from Ron Farnsworth), with compensation terms set November 1, 2025 .
- Severance/Change-in-Control: Company policy provides double-trigger change-in-control benefits (payable only upon qualifying termination in connection with a change in control); the Executive Change in Control and Severance Plan framework applies broadly to executives, though Seda’s specific participation agreement is not disclosed .
- Clawback and trading restrictions: comprehensive clawback policies and strict insider trading controls as noted above .
- No tax gross-ups on severance/CIC benefits per governance quick facts; perquisites are limited and dividends on equity only upon vesting .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Net Income ($USD Millions) | $349 | $534 |
| Diluted EPS ($USD) | $1.78 | $2.55 |
| Return on Avg Assets (%) | 0.70% | 1.03% |
| Return on Avg Common Equity (%) | 7.81% | 10.55% |
| Net Interest Margin (%) | 3.91% | 3.57% |
| Efficiency Ratio (%) | 65.59% | 57.14% |
| Total Shareholder Return (Annual) | — | 8.0% |
- Execution context: management delivered $82M gross annualized savings in 2024, improved efficiency ratio, stabilized deposits, and expanded CET1; these outcomes shaped incentive payouts and illustrate operational levers Seda will inherit as CFO .
- Governance scrutiny: say‑on‑pay approval fell to 55% in 2024; the Compensation Committee intensified shareholder engagement and affirmed double-trigger CIC and performance-heavy equity design going forward .
Vesting Schedules and Insider Selling Pressure
- PSUs: Three-year cliff vesting reduces near-term selling pressure; dividends on equity are paid only upon vesting, limiting cash-out incentives prior to performance completion .
- Trading controls: pre-clearance and blackout windows limit opportunistic sales; hedging and pledging prohibitions strengthen alignment and mitigate risk signals .
Compensation Structure Analysis
- Mix: Base salary set modestly vs CFO peers and a high variable component via PSUs aligns pay with multi-year performance; metrics for Seda’s PSUs are not disclosed, but company practice uses relative ROTCE and TSR with threshold gates .
- Risk controls: Clawbacks and no CIC tax gross-ups reflect shareholder-friendly posture; equity awards prohibit repricing/reloads without shareholder approval .
- Discretion: Annual incentives historically include negative discretion and primary reliance on audited Operating PPNR, a robust risk-mitigating choice for banking incentives .
Investment Implications
- Alignment: Seda’s compensation emphasizes performance equity with three-year cliffs, strong clawbacks, and anti-pledging—favorable for long-term alignment and reducing near-term selling pressure .
- Retention risk: Initial PSU grant and standard executive CIC protections (double-trigger) suggest low near-term retention risk; watch for future participation agreement disclosures to quantify severance economics .
- Trading signals: Expect limited Form 4 activity in the near term given cliff vesting and blackout/anti-hedging policies; material selling would be a red flag against policy norms .
- Execution: Prior CFO and integration roles at MUFG/Union Bank and BECU indicate strong finance/transformation pedigree; combined with COLB’s cost-savings momentum, Seda’s tenure may be leveraged to drive ROTCE/TSR-focused outcomes central to equity vesting .