C. Allen Parker
About C. Allen Parker
Independent director at First Foundation Inc. (FFWM), age 70, appointed to the Company and Bank boards on November 14, 2024 and standing for re‑election; he has extensive corporate governance and legal experience including 27 years as a partner (and 2013–2016 presiding partner) at Cravath, Swaine & Moore, General Counsel and later Interim CEO and board member at Wells Fargo & Co. (seven‑month interim CEO tenure), Senior Advisor in McKinsey’s Financial Institutions practice (2020–2022), and independent director at SVB Financial Group (2023–2024); currently on the board of Archer Systems, LLC .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Wells Fargo & Company | General Counsel; Interim Chief Executive Officer; Board Member | Executive: Mar 2017–Mar 2020; Interim CEO for 7 months | Appointed interim CEO by the Wells Fargo board; served on the board during interim CEO period |
| Cravath, Swaine & Moore LLP | Partner; Presiding Partner | Partner for 27 years; Presiding Partner Jan 2013–Dec 2016 | Specialized in finance and corporate governance; board advisory practice |
| McKinsey & Co. (Financial Institutions) | Senior Advisor | Jul 2020–Jul 2022 | Advisory role focused on financial institutions |
| SVB Financial Group | Independent Director | Jul 2023–Nov 2024 | Served until prior to FFWM appointment |
External Roles
| Organization | Role | Start Date | Status |
|---|---|---|---|
| Archer Systems, LLC | Board Member | Dec 2022 | Current |
Board Governance
- Independence: Board determined Parker to be independent under NYSE standards; all Audit, Compensation, Nominating & Corporate Governance, and Risk committees composed entirely of independent directors .
- Committee memberships: Audit Committee (members: Sonenshine—Chair, Briggs, Enden, Parker; Parker appointed Jan 2025 replacing Mackovak) ; Compensation Committee (members: Rosenberg—Chair, Mackovak, Parker, Pagliarini; Parker appointed Nov 2024) ; Risk Committee (members: Pagliarini—Chair, Edelson, Rosenberg, Parker, Enden; Parker appointed Nov 2024) .
- Attendance: In 2024 the Board held 20 meetings; each director attended at least 75% of Board and applicable committee meetings during their term; all then‑current directors attended the 2024 annual meeting .
- Tenure and appointment: Appointed to Company and Bank boards on Nov 14, 2024; age 70; director since 2024 .
Fixed Compensation
Program design (non‑employee directors):
- Chairman of the Board and Chairman of Audit Committee: $160,000 annual retainer ($80,000 cash + $80,000 in RSUs) .
- Other directors: $140,000 annual retainer ($70,000 cash + $70,000 in RSUs); new directors appointed in 2024 received pro‑rated cash retainers only .
2024 director compensation (Parker):
| Component | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $23,334 |
| Stock Awards | $0 |
| Total | $23,334 |
Notes:
- Parker was appointed Nov 14, 2024 and received pro‑rated cash fees; no RSU grant in 2024 .
Performance Compensation
Director equity awards (2024 cycle):
| Director | RSUs Granted | Grant Date | Vesting Schedule |
|---|---|---|---|
| Max A. Briggs | 9,889 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 |
| Diane M. Rubin | 9,889 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 (remaining forfeited upon Sep 3, 2024 resignation) |
| David G. Lake | 8,653 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 (remaining forfeited upon Sep 3, 2024 resignation) |
| Jacob P. Sonenshine | 8,653 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 |
| Elizabeth A. Pagliarini | 8,653 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 |
| Mitchell M. Rosenberg | 8,653 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 |
| Gabriel V. Vazquez | 8,653 | Feb 20, 2024 | 50% on May 28, 2024; 50% on Nov 26, 2024 (remaining forfeited upon Sep 3, 2024 resignation) |
| C. Allen Parker | — | — | No RSUs granted in 2024; appointed Nov 14, 2024 |
- At Dec 31, 2024, there were no outstanding stock awards to non‑employee directors (all 2024 RSUs had fully vested or were forfeited) .
- Director equity awards are time‑based RSUs; no director performance metrics are disclosed for director equity grants .
Other Directorships & Interlocks
| Company | Role | Period | Notes |
|---|---|---|---|
| SVB Financial Group | Independent Director | Jul 2023–Nov 2024 | Prior public company board service |
| Wells Fargo & Company | Board Member (during interim CEO service) | 7‑month interim CEO period | Joined board during interim CEO tenure |
| Archer Systems, LLC | Board Member | Since Dec 2022 | Private company role |
- Investor nomination rights: Parker was appointed and is nominated pursuant to Fortress’s Investment Agreement following FFWM’s July 2024 capital raise, under which Fortress obtained rights to nominate two board seats; Canyon and SVBP also obtained nomination rights (one each) .
Expertise & Qualifications
- Corporate governance and legal expertise from 27 years at Cravath, including service as presiding partner and work in the firm’s Corporate Governance and Board Advisory Practice .
- Large bank executive experience (Wells Fargo GC; Interim CEO and board member) and senior advisory experience at McKinsey’s Financial Institutions practice .
- Prior public company board experience (SVB Financial Group) and current private board role (Archer Systems) .
- Active committee service at FFWM (Audit, Compensation, Risk), supporting oversight of financial reporting, pay, and enterprise risk .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | — (no shares listed as of Mar 31, 2025) |
| Ownership as % of shares outstanding | — (not listed) |
| Vested vs. unvested shares | None outstanding at Dec 31, 2024 for non‑employee directors |
| Shares pledged as collateral | None disclosed for Parker |
| Director stock ownership guideline | Minimum holding equal to 5× cash component of annual retainer; new directors have 5 years to comply; all directors have met or are expected to meet within their timeframe |
Governance Assessment
- Strengths: Independent status; extensive governance/legal background; prior large‑bank executive and public board experience; rapid integration onto three key oversight committees (Audit, Compensation, Risk); attendance met Board standard during 2024 term .
- Alignment considerations: As of Mar 31, 2025, no beneficial ownership disclosed; while directors have a five‑year window to meet guidelines (5× cash retainer), the current lack of ownership reduces near‑term “skin‑in‑the‑game” alignment .
- Potential conflicts/interlocks: Appointment pursuant to Fortress’s Investment Agreement following the 2024 capital raise; Fortress also nominated another director (Enden) and receives $140,000 cash compensation in respect of Enden’s board service, indicating investor‑nominated seats and influence; no related‑party transactions involving Parker are disclosed in the sections reviewed .
- Compensation structure signals: Standard director pay is largely fixed (retainer plus time‑based RSUs in normal cycles); no performance metrics disclosed for director equity grants; in 2024 Parker received only pro‑rated cash with no RSUs due to late appointment .
- Policy safeguards: Company maintains an incentive compensation clawback policy, anti‑hedging, and stock ownership guidelines for directors, supporting governance standards and investor alignment over time .