Robert J. Buford
Customers BancorpAbout Robert J. Buford
Robert J. Buford (age 76) is an independent director of Customers Bancorp (CUBI) who has served on the Board since 2020; his current term expires in 2027. He is President & CEO of Planned Realty Group (PRG), a Chicago-based real estate investment and management company he founded in 1982. He holds a BS in Industrial Engineering (University of Illinois), an MBA (University of Chicago), and a JD (DePaul University). His Board-designated expertise spans leadership, commercial real estate, investments, management, entrepreneurship, and company building .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Planned Realty Group (PRG), Inc. | President & CEO; Founder | Founded 1982; ongoing (dates not otherwise specified) | Built and managed a substantial rental apartment portfolio; brings real estate, investment, and strategic leadership experience |
| Procter & Gamble; Honeywell; Pfizer | Manufacturing, sales, and management roles | Not disclosed | Early career operating and commercial experience relevant to oversight of management and strategy |
External Roles
| Organization | Type | Role | Notes |
|---|---|---|---|
| Public company boards | Public | — | No other public company directorships disclosed in CUBI’s proxy biography |
| Planned Realty Group (PRG), Inc. | Private | President & CEO | Chicago-based real estate investment and management company |
Board Governance
| Item | Detail |
|---|---|
| Independence | Classified as independent by the Board (NYSE standards) |
| CUBI Board committees | Audit Committee – Member; Directors’ Risk Committee – Member |
| Committee chair roles | None (chairs are identified for other directors) |
| Board meeting cadence | 17 Board meetings held in 2024 |
| Attendance (Board and committees) | Directors attended 92% of Board and 92% of applicable committee meetings in 2024 (individual attendance not disclosed) |
| Executive sessions / oversight | Independent Lead Director structure, regular executive sessions, robust committee oversight (Audit, Risk, LD&CC, N&CG, Regulatory Affairs, CSR) |
| Director class/term | Director since 2020; term expires in 2027 |
Fixed Compensation
| Component (2024) | Amount/Structure | Notes |
|---|---|---|
| Annual cash retainer | $70,000 cash (directors may elect none/50%/100% to be paid in stock) | Election to receive retainer in stock is allowed |
| Annual equity grant | 2,500 shares of CUBI Voting Common Stock under 2019 Stock Plan | Subject to overall director pay cap; fair value under ASC 718 |
| Committee/Chair fees | Lead Independent Director: $35,000; Audit Chair: $30,000; LD&CC Chair: $15,000; N&CG Chair: $15,000; Risk/CSR/Regulatory Affairs/Bank Compliance Chairs: $10,000 | Caps: $300,000 Lead Independent Director; $200,000 other directors (cash + equity) |
| 2024 Director Compensation (Named) | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Robert J. Buford | — | 191,662 | 191,662 |
Customers does not provide director retirement plans, additional benefits, or deferral programs .
Performance Compensation
| Element | Detail |
|---|---|
| Performance-based pay | Not used for non-employee directors (table omits non-equity incentive and option columns) |
| Stock award structure | Grants under 2019 Stock Incentive Plan; grant-date fair value per ASC 718; directors can elect to receive cash retainer in stock (alignment feature) |
| Performance metrics/targets | None disclosed for director compensation |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public boards | None disclosed in proxy biography |
| Compensation committee interlocks | LD&CC disclosed no interlocks; Buford is not on LD&CC |
| Shared directorships (competitors/suppliers/customers) | None disclosed |
Expertise & Qualifications
- Real estate investment and portfolio management; entrepreneurship; executive leadership and strategic oversight .
- Degrees in engineering (BS), business (MBA), and law (JD), supporting multi-disciplinary governance perspective .
- Audit oversight experience as Audit Committee member; contributes to financial literacy and controls oversight .
Equity Ownership
| Holder | Beneficial Ownership (Voting Common) | Unvested RSUs | % of Class | Notes |
|---|---|---|---|---|
| Robert J. Buford | 20,300 | — | <1% | Ownership table as of Apr 11, 2025; RSUs column blank for Buford |
- Director ownership guidelines: each non-management director must own shares equal to 5x the annual cash retainer within five years; must maintain while serving and for one year post-service .
- Prohibition on hedging/short selling for officers and directors .
Insider Trades and Section 16 Compliance
| Item | Detail |
|---|---|
| Section 16(a) compliance review (2024) | Company believes all officers and directors complied, except specified late filings for certain individuals (Buford not among late filers) |
| Latest Form 4/transactions | Not disclosed in proxy; no delinquency noted for Buford in 2024 review |
Related-Party Exposure and Conflicts
- Routine banking transactions (e.g., loans, deposits) with directors permitted only on substantially the same terms as non-affiliated customers; federal regulations prohibit favorable terms. No Regulation O extensions requiring Board approval in 2024 .
- Affiliate and Related Party Transaction Policy administered by the Audit Committee; covered transactions must be reviewed/approved (coverage includes extensions of credit, services, purchases/sales, and transactions over $120,000 with related parties) .
- No specific related-party transactions involving Buford are disclosed in the proxy .
Governance Assessment
- Strengths: Independent director with relevant real estate and entrepreneurial experience; service on Audit and Directors’ Risk Committees supports oversight of financial reporting and enterprise risk. Director compensation shows zero cash and full stock awards in 2024, indicating elective equity participation and alignment with shareholders .
- Alignment: Director ownership requirement (5x cash retainer) and hedging prohibition bolster alignment; Buford beneficially owns 20,300 shares as of April 11, 2025 (less than 1% of shares outstanding) .
- Attendance/engagement: Board met 17 times in 2024; overall director attendance was 92% for Board and 92% for committee meetings; individual attendance rates were not disclosed, so cannot separately assess Buford’s personal attendance from the proxy .
- Conflicts: No Buford-specific related party transactions noted; Company’s policies and 2024 disclosures indicate no Reg O board-approved extensions and robust Audit Committee oversight of related party transactions .
RED FLAGS: None specific to Buford disclosed in the proxy. Pledging was disclosed for the CEO (not Buford), and is a broader governance consideration rather than director-specific .