Christopher T. Lutes
About Christopher T. Lutes
Independent director of Central Pacific Financial Corp. since 2018; age 57. He brings 27+ years in financial services with CFO and strategy experience: currently Chief Strategy Officer at Elevate Credit, Inc. (since Aug 2021), formerly CFO of Elevate (2015–2021) and its predecessor Think Finance (2007–2014), CFO of Silicon Valley Bank (1998–2001), and began his career at Coopers & Lybrand; B.S. in Accounting from Arizona State University . He serves on CPF’s Governance and Board Risk Committees and is a non‑employee director (compensated via board retainer structure), indicating independence under NYSE standards through Governance Committee membership .
Past Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| Elevate Credit, Inc. | Chief Strategy Officer | Aug 2021–present | Tech-enabled online credit solutions; strategy/risk/marketing focus |
| Elevate Credit, Inc. | Chief Financial Officer | 2015–2021 | Finance leadership at public/tech-enabled lender |
| Think Finance, Inc. (Elevate predecessor) | Chief Financial Officer | 2007–2014 | CFO of Elevate predecessor platform |
| Silicon Valley Bank | Chief Financial Officer | 1998–2001 | Bank CFO experience |
| Coopers & Lybrand | Public Accountant | Early career | Began career in public accounting |
External Roles
| Organization | Role | Tenure | Committee/Impact |
|---|---|---|---|
| Elevate Credit, Inc. | Chief Strategy Officer | Aug 2021–present | Strategy, risk management, marketing leadership |
Board Governance
- Committee assignments: Member, Governance Committee (7 meetings in 2024; all members independent under NYSE rules) .
- Committee assignments: Member, Board Risk Committee (4 meetings in 2024) .
- Chair role: Chair, Bank Board Trust Committee (received $15,000 chair fee), which oversees the Bank’s trust business and fiduciary risk .
- Attendance: In 2024, the Board held 8 regular and 10 special meetings; each incumbent director (including Mr. Lutes) attended at least 75% of total Board and committee meetings; 11 of 12 then‑serving directors attended the 2024 annual meeting of shareholders .
- Independence: Governance Committee requires all members be independent; Mr. Lutes is listed as a member, supporting independent director status under NYSE standards .
Fixed Compensation (Director Pay – 2024)
| Component | Amount/Detail |
|---|---|
| Annual Director Retainer (baseline) | $125,000 |
| Trust Committee Chair Retainer (Bank) | $15,000 |
| Fees Earned or Paid in Cash | $70,010 |
| Stock Awards (equity portion of retainer) | $69,990 |
| Total | $140,000 |
| Equity issuance detail | 3,289 shares at $21.28 per share (50% of fees in equity required by policy) |
| Payment timing | Payments made/credited in May 2024 |
Notes:
- Policy requires directors receive 50% of total fees in equity (shares under the 2023 Stock Compensation Plan or as hypothetical shares via the Directors Deferred Compensation Plan). Mr. Lutes received actual shares; remaining fees were paid in cash .
- Board compensation was reviewed by Pay Governance in Oct 2024; structure and chair retainers were deemed aligned with peers, no adjustments made .
Performance Compensation
| Component | Performance Metric(s) | Disclosure |
|---|---|---|
| Director annual retainer equity | None (retainer shares; not performance-based) | Director pay consists of cash and equity retainers; no performance metrics disclosed for non‑employee directors |
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| None disclosed | — | — | Proxy identifies other public board roles for several directors, but none for Mr. Lutes in the past five years |
Expertise & Qualifications
- Banking; Finance/Accounting; Public company experience (explicitly cited in skills matrix) .
- CFO and strategy background across fintech and banking enhances oversight of risk, capital, and governance at CPF .
- Education: B.S., Accounting, Arizona State University .
Equity Ownership
| Holder | Beneficial Ownership | % of Class | Nature of Ownership |
|---|---|---|---|
| Christopher T. Lutes | 19,340 shares | * (<1%) | Held jointly with his wife |
Additional alignment policies:
- Director ownership guideline: lesser of 25,000 shares or 5x annual cash retainer; 5‑year compliance window; DDC hypothetical share credits count toward guideline .
- Hedging prohibited; pledging limited and requires prior consent per Stock Trading Policy .
Potential Conflicts & Related-Party Exposure
- Related-party loans: Bank may extend loans to directors and related persons in ordinary course on market terms; all such loans are pass‑rated; governed by Regulation O and company policies with Audit Committee and Board oversight .
- Specific related‑party transactions: The “Certain Relationships” section discloses items for other individuals; no specific related‑party transactions are disclosed for Mr. Lutes in the proxy .
- Section 16 compliance: No failures to file/timely file Section 16(a) reports in 2024 .
Governance Assessment
- Alignment and independence: Independent director with meaningful finance/banking expertise, serving on Governance and Risk committees—key levers for board effectiveness and risk oversight .
- Engagement: Met the proxy’s attendance threshold; committees with material oversight (Governance met 7x; Risk met 4x in 2024) indicate active engagement .
- Pay mix and ownership: Balanced cash/equity retainer (mandated 50% equity) enhances alignment; 19,340 owned shares further support skin‑in‑the‑game; hedging is prohibited and pledging limited .
- Conflicts/related parties: No transactions specific to Mr. Lutes disclosed; related‑party lending governed by robust policies and oversight .
RED FLAGS: None observed—no attendance issues disclosed for incumbents, no related‑party items specific to Mr. Lutes, no Section 16(a) delinquencies, and equity retainer conforms to policy .