Leon A. Palandjian
About Leon A. Palandjian
Independent director of Eastern Bankshares, Inc. (EBC) since July 13, 2024 following the Cambridge Trust merger; age 55. He is Chief Risk Officer at Intercontinental Real Estate Corporation, holds the CFA designation, and earned a B.A. from Harvard College and an M.D. from Harvard Medical School. His board independence is affirmed under Nasdaq rules; he joined EBC’s board mid‑2024 and serves on the Risk Management Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cambridge Bancorp/Cambridge Trust | Director; Lead Director (2014–Jan 2017); Trust Committee Chair at merger | 2006–Jul 13, 2024 | Lead Director oversight; chaired Trust Committee through merger |
| Intercontinental Real Estate Corporation | Chief Risk Officer | 2017–present | Enterprise risk and real estate capital markets oversight |
| Intercontinental Capital Management LLC | Fund-of-funds portfolio manager | Starting 2007 | Managed fund-of-funds portfolio |
| Andesite LLC | Portfolio Manager (life sciences hedge fund) | Prior to 2007 | Public/private equity investing |
| Flagship Ventures | Principal (life sciences VC) | Prior to Andesite | Venture capital investing |
| Mount Auburn Hospital | Trustee | 2003–2020 | Hospital board governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Intercontinental Real Estate Corporation | Chief Risk Officer | 2017–present | Enterprise-wide risk management |
| McCance Center for Brain Health (Mass General Brigham) | Advisory Board Member | Current | Clinical research advisory |
| Innodata Inc. | Independent Director (prior) | Prior service | Prior public company board experience |
| Harvard University | Degrees (A.B.; M.D.) | — | Academic credentials |
Board Governance
- Committee assignments: Member, Risk Management Committee (RMC); not a committee chair.
- Independence: Determined independent by the Board under Nasdaq listing rules and the Company’s Director Independence Policy.
- Attendance: In 2024, each director attended over 75% of Board and applicable committee meetings; all then‑serving directors attended the May 13, 2024 annual meeting.
- Board structure: EBC has Audit, Compensation & Human Capital Management (CHCM), Nominating & Governance, and Risk Management committees; RMC oversees ERM, capital/liquidity, credit, cyber/operational/regulatory risk.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board cash retainer (non‑chair) | $55,000 | Standard for full‑year directors in 2024 |
| Committee member fees | $5,000–$10,000 per committee | Annual, varies by committee |
| Committee chair fees | $10,000–$20,000 | Additional annual retainer for chairs |
| Lead Independent Director retainer | $40,000 | Additional annual retainer |
| Per‑meeting/special fees | Varies | For special/additional meetings (advisors/ambassadors/investment advisory) |
| 2024 Palandjian actual fees | $19,500 | Joined July 2024; received meeting fees only |
Performance Compensation
| Equity Award Type (Directors) | Typical 2024 Grant Value | Vesting/Terms | Performance Metrics |
|---|---|---|---|
| Restricted Stock (annual) | ~$64,993 (closing price on May 13, 2024 times shares granted) | Restricted stock granted to full‑year directors; dividends accrue and pay upon vesting | No director performance metrics disclosed for equity; awards are time‑based restricted stock |
| 2024 Palandjian equity | $0 | Joined post May 2024 grant; no 2024 director stock grant | Not applicable |
EBC’s proxy describes restricted stock awards for directors; it does not specify performance conditions for director equity, indicating time‑based vesting, with dividends paid on vesting of prior grants.
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Innodata Inc. | Public | Prior Independent Director | Prior service; no current interlock disclosed at EBC |
| Intercontinental Real Estate Corporation | Private | Chief Risk Officer | EBC engages in real estate lending; no related‑party transactions disclosed for 2024; loans to directors/related persons may occur only on ordinary‑course terms under banking regs |
| Mount Auburn Hospital; McCance Center | Non‑profit | Trustee/Advisory Board | Charitable/non‑profit roles; charitable contributions subject to Related Party Transactions Policy thresholds |
Expertise & Qualifications
- Risk management and capital markets expertise; CRO in real estate; CFA charterholder.
- Life sciences investing background (VC and hedge fund), corporate governance familiarity from prior public company board (Innodata).
- Education: Harvard College (B.A.), Harvard Medical School (M.D.).
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % | Composition |
|---|---|---|---|
| Leon A. Palandjian | 91,506 | <1% | 36,609 shares held directly; 54,897 shares held in joint tenancy with spouse |
| Directors & officers as group (21) | 2,352,720 | 1.10% | Group total as of Mar 14, 2025 |
- Director stock ownership guidelines: Non‑employee directors must hold 5× cash retainer in EBC shares; one‑year holding requirement for 50% of vested shares until compliance; all non‑employee directors met or were on track as of Jan 1, 2025.
- Anti‑hedging/anti‑pledging: Directors prohibited from hedging or pledging EBC stock, strengthening alignment and reducing collateral risk.
Governance Assessment
- Board effectiveness: Palandjian’s risk management depth fits EBC’s RMC mandate over ERM, capital/liquidity, credit, cyber and regulatory risks; his membership on the RMC supports robust oversight after the Cambridge Trust integration.
- Independence & attendance: Formally independent; 2024 attendance thresholds met across the board; no committee chair role at EBC, reducing concentration of influence.
- Compensation alignment: Director pay is modest, with cash retainers and time‑based restricted stock; anti‑hedging/anti‑pledging policies and ownership guidelines enhance alignment; Palandjian only received meeting fees in 2024 due to mid‑year appointment.
- Potential conflicts/related parties: No disclosable related‑party transactions in 2024; while his CRO role in a real estate firm could intersect with bank lending markets, EBC’s RPT Policy and ordinary‑course lending standards mitigate conflict risk; ongoing monitoring recommended.
- Signals impacting investor confidence: Independent status, risk oversight role, and strict insider trading/ownership policies are positive. Lack of performance‑based director equity is typical for banks and not a concern; no pledging allowed; no legal proceedings or red‑flag disclosures noted.
Overall: Palandjian brings risk management acumen and independent oversight to EBC’s RMC; governance policies (independence, ownership, anti‑hedging/pledging) and absence of related‑party concerns support investor confidence. Continued visibility on any interactions between EBC and Intercontinental Real Estate is prudent.