Lori A. Meyer
FIRST INTERSTATE BANCSYSTEMAbout Lori A. Meyer
Executive Vice President and Chief Information Officer at First Interstate BancSystem since November 30, 2023; previously interim CIO from June 28, 2023. Age 47. Background includes progressive leadership roles across enterprise planning, program management, IT business management and relations, and branch operations; Lean Six Sigma certified with a bachelor’s degree from Montana State University Billings and “40 Under 40” recognition by the Billings Gazette . Company performance context: 2024 net income $226.0 million, diluted EPS $2.19, ROAE 6.92%, ROATCE 10.95% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Interstate BancSystem | EVP & Chief Information Officer | Nov 30, 2023–present | Leads enterprise technology; board risk oversight highlights cybersecurity as a key risk area overseen by CIO and Risk Committee . |
| First Interstate BancSystem | Interim CIO | Jun 28, 2023–Nov 30, 2023 | Bridged technology leadership; continuity in IT strategy during transition . |
| First Interstate BancSystem | Director, Enterprise Planning | 2021–2023 | Enterprise planning discipline and strategy execution . |
| First Interstate BancSystem | Director, Enterprise Program Management | 2018–2021 | Program governance and delivery across initiatives . |
| First Interstate BancSystem | Director, IT Business Management | 2017–2018 | IT financial and portfolio management . |
| First Interstate BancSystem | Director, IT Business Relations | 2016–2017 | Business-IT alignment and stakeholder engagement . |
| First Interstate BancSystem | Business Process Improvement Lead | 2013–2016 | Lean/Agile process optimization across operations . |
| First Interstate Bank | Operations Branch Support Division Manager | 2007–2013 | Operational support and branch efficiency . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Special Olympics (community) | Volunteer | Ongoing | Community engagement; supports inclusion and youth programs . |
| Billings Gazette | “40 Under 40” Honoree | Prior recognition | External validation of leadership trajectory . |
| Bank Operations Institute (Dallas) | Graduate | Prior credential | Formal training underpinning bank operations expertise . |
Fixed Compensation
- The proxy does not disclose Ms. Meyer’s base salary, target bonus, or actual cash bonus amounts; she was not a Named Executive Officer (NEO) in 2024/2025 filings .
Performance Compensation
Company’s executive incentive architecture (applies to NEOs; used broadly to align executives). Specific award amounts for Ms. Meyer are not disclosed.
2024 Short-Term Incentive (STI) funding metrics and results (Company level)
| Metric | Weight | Minimum | Target | Maximum | Actual | Weighted Payout |
|---|---|---|---|---|---|---|
| Adjusted PPNR EPS | 50% | $2.72 | $3.40 | $4.42 | $3.71 | 65.2% |
| Adjusted Non-Interest Expenses / Total Avg Assets | 25% | 2.20% | 2.10% | 2.00% | 2.04% | 40.0% |
| Relative NPAs / Total Assets (percentile) | 25% | 25th | 50th | 75th | 40.8th percentile | 20.4% |
| STI Funding Result | — | 50% | 100% | 200% | 125.6% | 125.6% |
- Compensation Committee exercised discretion to cap NEO payouts at 100% of target due to significant charge-offs affecting NPA/Assets metric .
Long-Term Incentive (LTI) design
| Award Type | Weight | Performance Metrics | Performance Period | Vesting | Payout Curve |
|---|---|---|---|---|---|
| PRSUs | 60% | 50% Core ROAE; 50% TSR vs KRX peers | 3 years (1/1/2024–12/31/2026) | Cliff vest post-period, subject to performance | 0% <25th; 50% at 25th; 100% at 50th; 200% at 90th percentile |
| RSUs | 40% | Time-based | 3 years | 1/3 per year | N/A |
Rigour example: 2022 performance-based RSAs (Adjusted ROAE and TSR) did not meet threshold, resulting in 0% vesting at 3/15/2025 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 8,962 shares; less than 1% of outstanding common stock . |
| Executive ownership guidelines | CEO: 5x base salary; CFO and CBO: 3x; all other executive officers (including CIO): 2x base salary . |
| Guideline compliance snapshot | As of end-2024, only Mr. Riley and Ms. Mutch met guidelines; status for Ms. Meyer not disclosed . |
| Hedging/pledging policy | Prohibits hedging, short sales, and new pledges after Feb 28, 2023; requires reducing any pre-existing pledges by year 3 to ≤15% of unencumbered shares; cautions on margin accounts . |
| Pledging (individual) | No pledging disclosed for Ms. Meyer; pledges noted only for certain Scott family trusts . |
Employment Terms
- Individual employment agreement, severance multiple, and change-in-control (CIC) terms for Ms. Meyer are not disclosed.
- Equity plan CIC treatment (plan-level): If awards are not assumed after CIC, the Committee may accelerate vesting or cash-out awards; double-trigger vesting on termination without cause/for good reason within 24 months post-CIC (full vest for time-based; performance awards deemed achieved at ≥100% of target or actual, whichever is greater) .
- Company practice for continuing NEOs (context): Double-trigger CIC cash severance generally 2x base plus 2x target STI (2.5x for CEO), with 24 months health benefits; non-CIC involuntary severance generally 1x base plus average STI for most execs (higher for CEO) .
Performance & Track Record
- Technology risk oversight: Board and Risk Committee emphasize cybersecurity risk, with CIO providing inputs and risk governance reports; managed detection/response and internal training in place .
- Company operating performance: 2024 net income $226.0 million; return of ~87% of net income via dividends ($1.88/share), CET1 at 12.16%; acknowledged higher net charge-offs (0.57%) including a single $49.3 million C&I charge-off .
Compensation Peer Group and Say-on-Pay
- Peer group used for benchmarking includes regional banks such as Commerce Bancshares, SouthState, UMB, Valley National, etc. (assets 50%–200% of FIBK), reviewed annually with Pearl Meyer .
- Say-on-Pay approval: 96% support at 2024 annual meeting; 91% support at 2023 annual meeting, with Committee concluding no policy changes warranted .
Performance Compensation – Metric Table (Company context used for executive program)
| Metric | Weighting | Target Definition | 2024 Actual | Payout mechanics |
|---|---|---|---|---|
| Adjusted PPNR EPS | 50% | Adjusted PPNR divided by WADSO; adjustments include securities gains/losses, intangibles amortization, OREO, >100% STI accruals, and non-recurring items per S&P Global (e.g., FDIC special assessment, CEO retirement) | $3.71 | Linear from 50% to 200% with threshold at 50%; total initial funding 125.6% then capped to 100% . |
| Adjusted Non-Interest Expenses / Total Avg Assets | 25% | Non-interest expenses adjusted for intangibles amortization, OREO, >100% STI accruals, and non-recurring items per S&P Global | 2.04% | Linear interpolation; contributes 40.0% weighted payout . |
| Relative NPAs / Total Assets | 25% | Percentile rank vs KBW Regional Banking Index peers | 40.8th percentile | 25th→50%; 50th→100%; 75th→200%; contributes 20.4% weighted payout . |
Investment Implications
- Alignment: Executive ownership guidelines (2x salary for CIO) and strict hedging/pledging restrictions limit misalignment and reduce forced-selling risk; non-disclosure of Ms. Meyer’s guideline status warrants monitoring of annual compliance reports .
- Incentive structure: Multi-year PRSUs tied to TSR and Core ROAE with 0% vesting when thresholds aren’t met (e.g., 2022 awards), plus discretionary cap applied to 2024 STI, signal disciplined pay-for-performance and risk-aware oversight—positive for governance quality and execution incentives .
- Retention: As a newly appointed CIO with likely multi-year vesting equity, retention risk is moderated by staggered RSU/PRSU schedules; lack of disclosed individual severance terms suggests relying on plan-level CIC protections rather than rich guarantees—neutral to positive from an investor perspective .
- Execution risk: Elevated sector cyber risk, explicitly overseen by Risk Committee and CIO, makes performance sensitive to effective technology and security investment; current programs (MDR services, employee training, insurance) mitigate but do not eliminate tail risks .