Deborah C. Jackson
About Deborah C. Jackson
Deborah C. Jackson, age 73, is Lead Independent Director of Eastern Bank and has served on the board since 2000 (trustee of predecessor since 2001). She was President of Cambridge College from 2011 through December 2023 and previously CEO of the American Red Cross of Eastern Massachusetts and Vice President at The Boston Foundation; she holds a B.A. from Northeastern University, studied graduate urban studies/planning at MIT, and has honorary doctorates from Curry College and Merrimack Valley College . She has served as Lead Director since January 2018 with responsibilities including agenda-setting with the Chair, presiding over executive sessions, and coordinating independent director meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cambridge College | President | 2011–Dec 2023 | Led institution; governance and executive leadership |
| American Red Cross of Eastern Massachusetts | Chief Executive Officer | ~10 years (prior to Cambridge College) | Oversight of one of largest Red Cross units |
| The Boston Foundation | Vice President | Prior to Red Cross | Managed $50M grant and initiatives program |
| Boston Stock Exchange | Director; Audit Committee Chair | Prior service | Chaired Audit Committee; market oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Amwell Corporation | Director | Since Oct 2020 | Public digital health company board service |
| John Hancock Investments | Director | Current | Mutual fund complex governance |
| Eastern Bank Foundation | Trustee | Current | Oversees foundation aligned with Company |
Board Governance
- Independence: Determined independent under Nasdaq rules; meets enhanced standards for committee service .
- Lead Independent Director: Serves since Jan 2018; functions include agenda consultation, executive session leadership, and independent director coordination .
- Committee assignments: Member, Compensation and Human Capital Management Committee (CHCM) ; Member, Nominating and Governance Committee .
- Attendance: Board met 15 times in 2024 (8 regular, 7 special); each director attended over 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Declassification and refreshment: Board moving to annual elections by 2027; director retirement policy at age 75 .
Fixed Compensation
| Component | Amount ($) | Detail |
|---|---|---|
| Board/Committee Cash Fees (Fees Earned) | 134,750 | Includes annual board retainer ($55,000), committee member fees ($5,000–$10,000), Lead Director retainer ($40,000), and meeting fees as applicable . |
| All Other Compensation | 17,160 | Accrued dividends paid on vesting of director restricted stock awards; plus matching charitable gifts (program cap $1,000 per director) . |
Performance Compensation
| Equity Vehicle | Grant Value ($) | Grant Date | Vesting/Metrics |
|---|---|---|---|
| Restricted Stock (director annual grant) | 64,993 | May 13, 2024 | Time-based restricted stock granted annually; director awards do not use PSU metrics; dividends paid upon vesting of prior awards . |
No director performance share units or option awards are disclosed; director equity consists of time-based restricted stock with annual grants roughly equal to $65,000 .
Other Directorships & Interlocks
- Current public-company directorship: Amwell Corporation (since October 2020) .
- Compensation committee interlocks: None—no officers served on EBC’s CHCM Committee; EBC executives did not serve on compensation committees of entities with reciprocal executive relationships .
- Related party transactions: Company reports no disclosable related party transactions since the start of fiscal 2024; director/related-party loans were ordinary course on market terms without unfavorable features .
Expertise & Qualifications
- Executive and civic leadership in higher education, healthcare, and philanthropy; prior audit committee chair experience (Boston Stock Exchange) .
- Board governance leadership as Lead Director with defined responsibilities enhancing independent oversight .
- Education and recognition: Northeastern B.A.; graduate studies at MIT; honorary doctorates; fellowships (Harvard Advanced Leadership Institute; Harvard Institute for College Presidents; British American Project) .
Equity Ownership
| Measure | Shares | Notes |
|---|---|---|
| Total Beneficial Ownership | 86,284 | As of March 14, 2025; <1% of outstanding shares . |
| Directly Held | 37,749 | Common stock held directly . |
| IRA | 19,000 | Shares held in an IRA . |
| Restricted Stock (subject to vesting) | 29,535 | Unvested restricted stock . |
| Ownership Guidelines | Five times cash retainer | Director stock ownership guidelines; compliance evaluated annually . |
| Compliance Status | Met or on track | As of Jan 1, 2025, all non-employee directors met or were on track . |
| Hedging/Pledging | Prohibited | Insider Trading Policy bans hedging/pledging by directors . |
Governance Assessment
-
Strengths:
- Independent Lead Director with clear responsibilities enhances board effectiveness and independent oversight .
- Active service on CHCM and Nominating committees supports pay governance, succession, and board refreshment; CHCM uses independent consultant (Pearl Meyer) and conducts annual risk assessments; no tax gross-ups; double-trigger CIC only—shareholder-friendly features .
- Attendance and engagement strong; board/committee activity robust in 2024; all directors attended the 2024 annual meeting .
- Director equity ownership guidelines and anti-hedging/pledging policy reinforce alignment; Jackson has meaningful share ownership .
-
Potential watch items:
- Retirement policy at 75 implies expected board turnover in coming years; continued succession planning required .
- Ordinary-course lending relationships to directors exist given bank status, but reported on market terms and not disclosable under RPT standards for 2024 .
-
Shareholder signals:
- Say-on-pay support of 85.5% in 2024 indicates investor alignment with compensation oversight; relevant to her CHCM role .
- Board moving to annual elections by 2027 enhances accountability; sustained role as Lead Director supports transition .