Kent Lorenz
About Kent Lorenz
Independent director of First Business Financial Services, Inc. (FBIZ) since 2018; age 62. Owner and Managing Director of Lakeside Consulting, LLC (since 2017). Former Chairman & CEO of Acieta LLC (2014–2017) and President at Ellison Technologies’ Midwest Region (2006–2014) and Ellison Machinery & Robotics of Wisconsin (1998–2006). Education: BS in Engineering Mechanics, University of Wisconsin–Madison. Core credentials: financial reporting/controls, technology & information security, strategic planning, M&A, and entrepreneurial expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lakeside Consulting, LLC | Owner & Managing Director | 2017–present | Strategic advisory; entrepreneurial operator |
| Acieta LLC | Chairman & CEO | 2014–2017 | Led strategy, financial oversight; robotics automation integration |
| Ellison Technologies (Midwest Region) | President | 2006–2014 | M&A execution, integration, financial management |
| Ellison Machinery & Robotics of Wisconsin | President | 1998–2006 | Technology integration for manufacturing clients |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| First Business Bank (FBB) Board of Directors | Director | Since 2017 | Subsidiary board role |
| FBB Southeast Wisconsin Advisory Board | Member | 2017–2021 | Market advisory role |
| FBB–Milwaukee Board of Directors | Director | 2010–2017 | Local subsidiary governance |
| Other private organizations | Board/advisory roles | Various | Member of boards/advisory boards (not individually listed) |
Board Governance
- Independence: Independent director; FBIZ Board comprises seven directors, all independent except the CEO .
- Committees: Audit, Compensation, Operational Risk (not a chair) .
- Attendance: Board held seven meetings in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Committee cadence: 2024 meetings—Audit 5; Compensation 5; Corporate Governance & Nominating 5; Operational Risk 4 .
- Board leadership: Independent Board Chair separate from CEO, promoting balanced oversight and reduced conflict risk .
Fixed Compensation
| Component (2024) | Amount |
|---|---|
| Cash (fees earned/paid) | $41,375 |
| Equity (stock unit award) | $22,500 |
| Total | $63,875 |
- 2024 equity award granted May 16, 2024 as restricted stock units: 655 shares; grant-date value based on $34.42 (20-day average) .
- Program changes: Effective Oct 1, 2024, non-employee director cash retainer increased from $30,000 to $37,500; committee fees consolidated to $4,000 annual; chair retainers increased to $7,500 (Audit Chair $10,000); 2025 equity retainer increased to $30,000 and issued as fully vested stock .
- Stock ownership guidelines: Non-employee directors must hold shares equal to 3x the sum of annual cash + equity retainers within 5 years; must retain 100% of vested shares while serving; all directors compliant .
Performance Compensation
| Equity Program Element | Structure | Vesting | Performance Conditions |
|---|---|---|---|
| Annual director equity retainer | RSUs (2024); fully-vested stock (2025) | RSUs vest after one year (2024 grant); 2025 awards fully vested at grant | None disclosed for director equity awards |
No director-specific bonus metrics (TSR, ROAA, efficiency ratio, etc.) apply to non-employee director pay; performance metrics disclosed in the proxy are for executive officers and not used for director compensation .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Compensation Committee interlocks | None; committee explicitly reports no interlocking relationships |
| Potential interlocks with competitors/suppliers/customers | Not disclosed for Lorenz; other related party items reference ordinary-course insider lending and specific Kauten family debenture participation; no Lorenz-specific transactions disclosed |
Expertise & Qualifications
- Financial reporting, accounting, and financial controls (audit-relevant) .
- Technology/information security and robotics automation domain experience .
- Strategic planning and M&A execution across multiple roles .
- Entrepreneurial operator background (consulting and real estate partnership) .
- Board skills matrix highlights strategic planning and technology/information security among top attributes; tenure of ~6 years as of 2024 .
Equity Ownership
| Holder | Shares | % Outstanding | Notes |
|---|---|---|---|
| W. Kent Lorenz | 15,864 | <1% | Includes 2,520 (sole IRA), 2,896 (joint trust), 8,178 (spouse IRA) |
| Directors & officers (group of 16) | 423,640 | 5.1% | Aggregated beneficial ownership |
- Hedging/pledging prohibited for Section 16 reporting persons (includes directors); company reports compliance .
- Section 16(a) compliance: Company reported full compliance for directors in 2024, with one late Form 4 by the CEO only .
Governance Assessment
- Board effectiveness: Lorenz contributes audit-relevant financial controls expertise and cybersecurity/technology domain knowledge on Audit and Operational Risk Committees, aligning with FBIZ’s ERM, cybersecurity oversight, and “tone at the top” mandates .
- Alignment: Director ownership guidelines and equity retainer align incentives with shareholders; hedging/pledging prohibitions strengthen alignment .
- Independence & engagement: Independent status; committee structures are wholly independent; attendance thresholds met with full annual meeting participation .
- Compensation structure: Modest cash/equity mix at peer-median alignment; no performance-linked director pay (reduces pay-for-performance risk but relies on equity ownership for alignment) .
- Potential conflicts: Ordinary-course insider lending under Regulation O noted at the bank level; no Lorenz-specific related party transactions disclosed; no SEC actions or legal proceedings impacting integrity disclosed .
- RED FLAGS: None disclosed specific to Lorenz—no pledging/hedging, no late Section 16 filings, no related-party transactions flagged, and independent committee service. Note: As with all bank boards, insider lending exists but is governed under Regulation O and approved by the bank’s board; company asserts terms are ordinary-course without unfavorable features .