Alfred D. Cho
FNB CORP/PA/About Alfred D. Cho
Alfred D. Cho is Chief Consumer Banking Officer at F.N.B. Corporation (FNB), appointed in August–September 2025 to succeed Barry C. Robinson upon his retirement, reporting to Chairman, President and CEO Vincent J. Delie, Jr. He holds a B.A. from the University of Michigan and an MBA with High Distinction from the Stephen M. Ross School of Business, with 25+ years of strategic consulting, investment banking, and FIG experience at J.P. Morgan, Bank of America, and Truist . Company performance context during his onboarding: FY2024 TSR 11% (36% trailing 3-year TSR), operating EPS $1.39, efficiency ratio 55.6%, CET1 10.6%, TCE 8.2% . FY2023 delivered record revenue ($1.6B), operating EPS $1.57, efficiency ratio 51.2%, ROATCE 18.3%, CET1 10.0% and TCE 7.8% .
Company performance snapshot:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Shareholder Return (TSR) (%) | Top quartile 10.4% | 11% |
| Operating EPS ($) | 1.57 | 1.39 |
| Revenues ($B) | 1.6 | 1.6 |
| Efficiency Ratio (%) | 51.2 | 55.6 |
| ROATCE (%) | 18.3 | 14.5 |
| CET1 Ratio (%) | 10.0 | 10.6 |
| TCE Ratio (%) | 7.8 | 8.2 |
| TBV/Share ($) | 9.47 | 10.49 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.P. Morgan | Financial Institutions Group / Investment Banking leadership | Not disclosed | FIG advisory; strategic consulting background underpinning consumer banking strategy at FNB |
| Bank of America | Financial Institutions Group / Investment Banking leadership | Not disclosed | Large-bank FIG experience; M&A/markets expertise relevant to consumer banking growth |
| Truist | Financial Institutions Group / Investment Banking leadership | Not disclosed | Regional banking insights; product and distribution strategy alignment |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Local boards and community organizations | Board member / volunteer | Not disclosed | Community engagement; youth sports coaching; supports school leadership activities |
Fixed Compensation
- Not disclosed in the 8-K appointment or press release. No salary, target bonus %, or cash bonus details were provided publicly at appointment .
Performance Compensation
- FNB incentive architecture:
- STI includes Operating EPS vs plan and peer-relative metrics (profitability, efficiency, productivity, valuation drivers) .
- LTI awarded as RSUs split 60% performance-based (3-year performance period on peer-relative TSR and Internal Capital Generation growth) and 40% time-based; no stock options are granted .
- Clawback policy applies broadly to incentive-based compensation, including stock price and TSR-based awards .
Cho-specific grant at appointment:
| Award Type | Grant Date | Shares/Units | Price/Fair Value | Vesting | Notes |
|---|---|---|---|---|---|
| Restricted Stock/RSUs | 2025-09-29 | 33,867 | $16.24 weighted average | 100% cliff on 2028-09-29 | Awarded upon appointment to Chief Consumer Banking Officer |
STI/LTI plan metrics reference (company-wide):
| Metric | Plan Type | Weighting | Target Basis | Payout Basis |
|---|---|---|---|---|
| Operating EPS vs Plan | STI | Not disclosed | Board-set annual plan | Company performance vs plan |
| Operating ROATCE | STI | Not disclosed | Peer-relative | Relative performance vs peers |
| Efficiency Ratio | STI | Not disclosed | Peer-relative | Relative performance vs peers |
| TSR (3-year) | LTI | Part of 60% performance portion | Peer-relative | Relative TSR vs peer set |
| ICG Growth (3-year) | LTI | Part of 60% performance portion | Peer-relative | Relative ICG vs peers |
Peer group context used for benchmarking and payouts (2025 investor materials): Associated Banc-Corp, Regions, Simmons, Synovus, SouthState, Texas Capital, Fulton Financial, Webster, Wintrust, Zions, Comerica, Valley National, First Horizon, UMB, Hancock Whitney, Pinnacle, Cullen/Frost, BOK Financial, BankUnited, Commerce Bancshares, Huntington .
Equity Ownership & Alignment
- Beneficial ownership at appointment: 33,867 common shares, reported direct ownership on Form 3 .
- Vesting schedule: 100% cliff on September 29, 2028, aligning retention with 3-year time horizon .
- Stock ownership policy: NEOs and senior management in LTI plan must meet ownership guidelines within five years; acceptable holdings include personal, family, RSUs, 401(k)/deferred comp, and DRIP shares . For peer NEO roles, guidelines include 3x salary (CFO and senior NEOs) and 5x salary for CEO .
- Anti-hedging/pledging: FNB prohibits directors, NEOs, executive and senior officers from hedging or pledging FNB stock .
- Clawback: Mandatory recoupment policy covering stock-price and TSR-linked incentive compensation for restatements; misconduct clawbacks possible for other officers .
Employment Terms
- Appointment: Announced August 26, 2025; succession from Barry C. Robinson effective with Robinson’s retirement (October 10, 2025) .
- Change-in-control: Equity awards provide double-trigger acceleration; single-trigger provisions removed from legacy contracts; accelerated/pro-rated vesting allowed for death, disability, retirement, or change in control per award agreements .
- Tax gross-ups: Company does not provide tax gross-ups on perquisites and does not approve new employment contracts with tax gross-ups .
- Insider trading policy: Corporate policy governs purchases/sales; policy filed with 2024 10-K; annual certifications required .
Investment Implications
- Retention and selling pressure: Cliff vest RSU/Restricted Stock grant of 33,867 shares (vesting in 2028) creates strong retention alignment and limits near-term selling pressure from award-related vesting .
- Alignment: Anti-hedging/pledging and mandatory ownership guidelines reinforce skin-in-the-game; expected adherence to 5-year compliance window supports long-term focus .
- Pay-for-performance: FNB’s heavy reliance on peer-relative STI/LTI metrics (Operating EPS, ROATCE, TSR, ICG) and 60% performance-based LTI promotes outcome-based compensation tied to shareholder value .
- Governance quality: Robust clawback, ban on option repricing, no tax gross-ups, and strong say-on-pay approval (87.32% in 2024; 94.37% in 2023) mitigate pay/governance risk and signal shareholder support .
- Execution risk: Transition from a long-tenured predecessor (Robinson) requires continuity in digital consumer strategy; Cho’s FIG advisory background and oversight of Retail, Small Business, Mortgage and Consumer Solutions align with FNB’s “Clicks-to-Bricks” and eStore strategy .