Glenn K.C. Ching
Executive Vice President, Chief Legal Officer and Corporate Secretary at CENTRAL PACIFIC FINANCIAL
Executive
About Glenn K.C. Ching
Executive Vice President, Chief Legal Officer, and Corporate Secretary of Central Pacific Financial Corp. (CPF) and Central Pacific Bank. Ching joined CPB in 2002; he became EVP and Chief Legal Officer effective January 1, 2016 after serving as SVP, General Counsel and Corporate Secretary (2002–2015) . He currently signs corporate filings as EVP, Chief Legal Officer and Corporate Secretary and as of November 2025 . Education and credentials: U.S. Air Force Academy (graduate), MBA (University of North Dakota), JD (University of Hawaii, licensed Hawaii attorney); former USAF officer (captain) and former partner at Ashford & Wriston (real estate and banking law) . CPF performance context: 2024 net income $53.4M; ROA 0.72%; ROE 10.25%; 5-year TSR (2019→2024) turned $100 into $124.21 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Central Pacific Financial Corp./Central Pacific Bank | EVP, Chief Legal Officer; Corporate Secretary | 2016–present | Senior legal, compliance, and risk leadership; corporate secretaryship . |
| Central Pacific Financial Corp./Central Pacific Bank | SVP, General Counsel & Corporate Secretary | 2002–2015 | Led legal and corporate governance through restructuring and recovery years . |
| Ashford & Wriston (Honolulu) | Partner (real estate and banking law) | Pre-1992–2002 | Specialized in banking/real estate; groundwork for later in-house leadership . |
| United States Air Force | Officer (Captain) | Prior to legal career | Leadership and operational discipline; management experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Better Business Bureau of Hawaii | Director; Executive Committee Member | As of 2015 press release | Community and governance engagement . |
Fixed Compensation
- Individual base salary, target bonus %, and perquisites for Mr. Ching are not disclosed in recent proxies (CPF discloses NEOs only) .
- Company context (NEO program): 2024 base salary benchmarking and modest increases; example NEO base salaries (CEO $675k; CFO $500k; selected EVPs $310–$325k) . AIP payouts for NEOs were 91–94% of target for 2024 .
Performance Compensation
| Program | Metric | Weight | Threshold | Target | Max | Vesting/Notes |
|---|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Net Income | 50% | 80% of budget → 50% payout | 100% → 100% payout | 120% → 200% payout | Applies to NEOs; company uses balanced scorecard also including personal goals . |
| Annual Incentive Plan (AIP) | Efficiency Ratio | 20% | +4.0% vs target → 50% | Meets target → 100% | –4.0% vs target → 200% | AIP pool paid at 94% for 2024 after adjustments . |
| Annual Incentive Plan (AIP) | Business Plan/Personal Goals | 30% | Committee assessed | Committee assessed | Committee assessed | Qualitative goals; NEO outcomes ranged to 117% component payout in 2024 . |
| Long-Term Incentive (LTI) – PSUs | 3-yr avg ROE | 50% of PSUs | 80% of ROE target → 50% | 100% → 100% | 120% → 200% | 3-year performance; earned PSUs cliff-vest at end (e.g., 2/15/2027 for 2024 grant) . |
| Long-Term Incentive (LTI) – PSUs | rTSR vs S&P SmallCap 600 Banks | 50% of PSUs | 25th pct → 50% | 50th pct → 100% | 75th pct → 200% | TSR governor caps at 100% if absolute TSR is negative . |
| Long-Term Incentive (LTI) – RSUs | Time-based | — | — | — | — | Vests in equal annual installments over 3 years; e.g., 2024 grants vest on 2/15 of 2025/26/27 . |
- Clawbacks: NYSE-compliant policy adopted Sept 21, 2023; recoveries if restatement or materially inaccurate info; Sarbanes-Oxley Section 304 applies to CEO and CFO .
Equity Ownership & Alignment
- Stock ownership guidelines: EVP/Executive Committee members must hold 1.5× base salary within 5 years; must retain 50% of after-tax vested shares until met; if not met by year 5, 100% of net vested shares must be held until achieved .
- Hedging/pledging: Hedging prohibited; pledging (including margin accounts) prohibited without prior legal department consent .
- Trading policy: Insider trading restrictions including blackout periods apply; 10b5-1 trading plans may be relevant (not disclosed for Ching) .
Employment Terms
| Topic | CPF Policy (as disclosed) |
|---|---|
| Employment agreements | None for current NEOs; executives generally employed “at will” . |
| Change-in-control (CIC) | Unvested RSUs/PSUs accelerate only if a CIC occurs and the executive is terminated without cause or resigns for good reason (double trigger). PSUs vest at target upon such qualifying termination . |
| Severance multiples | Not specified for EVP/CLO; no individual employment agreement disclosed . |
| Deferred compensation | Non-qualified plan available to eligible employees; 2024 participation disclosed for select NEOs (not for Ching) . |
| Clawback | NYSE-compliant clawback as above . |
Performance & Track Record
CPF financial performance during the last five fiscal years (context for legal/risk stewardship and alignment):
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Net Income ($USD Millions) | 37.3* | 79.9* | 73.9* | 58.7 | 53.4 |
| ROE (%) | 6.9* | 14.5* | 14.6* | 12.3* | 10.25 |
| ROA (%) | 0.59* | 1.14* | 1.00* | 0.78 | 0.72 |
Values marked with * retrieved from S&P Global.
Additional highlights (2024):
- Adjusted for one-time portfolio repositioning and strategic assessment costs, adjusted net income was $63.4M; adjusted ROA 0.86% and adjusted ROE 12.10% .
- Core deposits grew $54.0M YoY; asset quality remained strong (NPAs 0.15% of assets; criticized assets declined to $32.8M) .
- Five-year TSR: $100 invested on 12/31/2019 grew to $124.21 by 12/31/2024 .
Governance, Say-on-Pay, and Peer Benchmarking (Context)
- 2024 Say-on-Pay support: ~98% approval, indicating strong shareholder alignment with disclosed executive pay program .
- Compensation peer group and local market considerations (high cost of living and limited talent pool in Hawaii) used to benchmark competitiveness and retention risks .
Risk Indicators and Policies Relevant to Alignment
- Hedging prohibited; pledging restricted (requires consent) .
- Double-trigger CIC equity acceleration curbs windfall risk; clawback policy reduces moral hazard .
- No individual employment agreement disclosed for Mr. Ching; NEOs have no tax gross-ups and no guaranteed bonuses .
Investment Implications
- Alignment: As EVP/CLO and Corporate Secretary, Ching operates within a pay architecture emphasizing core profitability (Net Income, Efficiency Ratio), and long-term ROE and relative TSR—structures that favor disciplined risk management and shareholder value creation .
- Retention risk: Individual compensation details for Ching are not disclosed, but company benchmarking against both mainland peers and Hawaii market suggests management is attentive to Hawaii-specific retention pressures; continued monitoring is prudent .
- Trading/pledging risk: Company-wide prohibitions on hedging and tight pledging controls reduce adverse alignment risks; monitor for any future Form 4 filings or 10b5-1 plans by Ching for potential selling pressure signals .
- Change-in-control: Double-trigger vesting terms lower “golden parachute” risk; absent bespoke agreements, severance economics appear controlled and equity outcomes are rules-based .
References:
- Current role and signatures: CPF 2025 proxy and 2024 proxy “By Order of the Board…” pages; 8-K signature (Nov 7, 2025) .
- Background and education: CPB press release (Nov 10, 2015) and SEC proxy biographies .
- Performance, AIP/LTI design, ownership and clawbacks: CPF 2025 proxy (CD&A, AIP design, LTI metrics, ownership guidelines, clawbacks, TSR/ROA/ROE, say-on-pay) .
- 2023 performance context: CPF 2024 proxy (CD&A highlights) .