Mung Chiang
FIRST MERCHANTSAbout Mung Chiang
Mung Chiang, age 48, is an independent director of First Merchants Corporation (FRME) serving since 2023. He is President of Purdue University and the Roscoe H. George Distinguished Professor of Electrical and Computer Engineering, with prior roles as Dean of Engineering and Executive VP for strategic initiatives, and an extensive record in wireless networking, edge computing, and entrepreneurship. The Board has determined he meets Nasdaq independence standards. His core credentials include national awards (e.g., NSF Alan T. Waterman Award), 25 U.S. patents, and founding/co-founding multiple technology startups and the OpenFog Consortium.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Purdue University | President | Jan 1, 2023 – Present | Leads university strategy; previously EVP for strategic initiatives (Apr 2021–Dec 2022) launching programs in national security tech, semiconductors, life science manufacturing, and Discovery Park District initiatives |
| Purdue University | John A. Edwardson Dean, College of Engineering | Jul 2017 – Jun 2022 | Led graduate ranking improvements and growth to largest top-10 undergraduate engineering college |
| Princeton University | Professor (Arthur LeGrand Doty Professor of Electrical Engineering) | Prior to Purdue | Research/teaching awards; developed early MOOC with >400,000 learners |
| DataMi | Founding CEO | Prior decade (dates not individually specified) | Built mobile networks company serving >60M users; bridged digital divide |
| OpenFog Consortium | Co-founder (merged into Industrial Internet Consortium) | Prior decade | Advanced edge computing frameworks globally |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Krach Institute of Tech Diplomacy at Purdue | Co-founder; advisor | Since 2020 | Focus on tech diplomacy; Chiang previously served as S&T advisor to U.S. Secretary of State |
| State of Indiana | Technology & innovation advisor | Current | Advises on state innovation strategy |
| Startups (AI, mobile networks, IoT) | Co-founder | Prior decade | Portfolio of three startups based on Princeton Edge Lab research |
| National Academy of Inventors; Royal Swedish Academy of Engineering Sciences | Elected member | Various | Recognitions of technical leadership and innovation |
Board Governance
- Committee memberships: Risk and Credit Policy Committee member (Chair: F. Howard Halderman); committee met eight times in 2024. Chiang is not disclosed as chair of any committee.
- Independence: Board determined Dr. Chiang is independent under Nasdaq Listing Rule 5605(a)(2).
- Board attendance: Board held six meetings in 2024 including a two-day retreat; no director attended fewer than 75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting.
- Executive sessions: Board meets in executive session during a portion of each regular meeting and at its retreat.
- Risk oversight: Risk and Credit Policy Committee oversees enterprise risk, assigns specific risk categories to Audit and Compensation committees, and integrates cybersecurity oversight; the committee also serves as Trust Oversight Committee.
Fixed Compensation
| Component | Amount ($) | Notes |
|---|---|---|
| Annual director retainer | 140,000 | Standard non-employee director retainer for 2024; compensation paid quarterly in arrears |
| Committee membership fee (Risk & Credit Policy) | 5,000 | Additional fee due to time demands of Risk and Credit Policy Committee |
| Fees earned/paid in cash (2024) | 54,440 | Cash portion under ECPND structure (37.5% cash; 62.5% stock) |
| Stock awards (2024) | 90,560 | Quarterly restricted stock grants under ECPND; grant-date fair values per quarter (Mar: $34.90; Jun: $33.29; Sep: $37.20; Dec: $39.89) |
| Dividends on restricted stock (2024) | 5,421 | Dividends paid on ECPND restricted shares |
| Total director compensation (2024) | 150,421 | Sum of cash, stock, and dividends |
| Pay mix policy | 62.5% equity / 37.5% cash | ECPND requires at least 62.5% of non-employee director compensation in restricted shares; remainder in cash |
Performance Compensation
| Element | Terms |
|---|---|
| Equity plan (ECPND) vesting | Restricted shares are non-transferable until the earliest of: third anniversary of issuance (continuous service), director retirement, death/total disability, or change of control under LTEIP; forfeiture if service ends before restrictions lapse; directors retain voting and dividend rights during restriction period |
| Option awards | Eliminated for non-employee directors effective 2015; restricted stock is sole equity vehicle for directors; legacy options remain only for certain pre-2015 directors (none for Chiang) |
No performance-based metrics are disclosed for non-employee director compensation; equity is time-based restricted stock under the ECPND.
Other Directorships & Interlocks
| Company | Role | Committee/Chair | Status |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed for Dr. Chiang in the proxy |
- Compensation Committee interlocks: The proxy states no interlocks or insider participation for Compensation & HR Committee; Chiang is not a member of that committee.
Expertise & Qualifications
- Technology and computing expertise (edge computing, wireless resource allocation; INFOCOM Achievement Award, IEEE Kiyo Tomiyasu Award, Guggenheim Fellowship), with 25 U.S. patents and >30,000 citations (h-index 81).
- Executive leadership in academia (President of Purdue; former Dean and EVP), with initiatives in national security tech, semiconductors, aerospace cluster, and economic growth.
- Entrepreneurship (founder/co-founder of startups in AI, mobile networks, IoT; CEO of DataMi), and co-founder of OpenFog Consortium merged into Industrial Internet Consortium.
- Public policy/diplomatic experience (former Science & Technology Advisor to U.S. Secretary of State; tech diplomacy programs).
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 5,419 | All are restricted shares; identified under SEC rules as beneficially owned as of record date |
| Unvested restricted shares (ECPND) | 5,419 | Aggregate number of stock awards not vested at 2024 fiscal year-end |
| Ownership as % of shares outstanding | <1% | Less than 1% of outstanding shares indicated in ownership table |
| Options outstanding | 0 | No option awards outstanding for Chiang |
| Hedging/pledging of company stock | Prohibited | Company policy prohibits directors from hedging or pledging FMC stock; stock ownership guideline is ≥3x total annual director compensation within six years; all current directors have met or are on course |
Insider Trades
| Date | Type | Shares | Price | Notes |
|---|---|---|---|---|
| — | — | — | — | The proxy does not disclose transaction-level Form 4 data; Section 16(a) compliance shows no delinquent filings noted for Dr. Chiang (late filing cited only for Halderman). Transaction details require separate Form 4 filings. |
Governance Assessment
- Positive signals: Independent director with strong technology and innovation credentials; serves on the Risk & Credit Policy Committee which met eight times (demonstrates active risk oversight); equity-heavy director pay mix (62.5% in restricted stock) aligns incentives; ownership guidelines and prohibitions on hedging/pledging reinforce alignment; no related-party transactions involving Chiang disclosed; satisfactory attendance across Board and committees in 2024; no Compensation Committee interlocks.
- Potential considerations: Significant external executive role (President of Purdue) underscores the importance of Board processes ensuring directors’ ability to devote sufficient time; FMC’s Nominating & Governance criteria explicitly require ability and willingness to devote sufficient time and hold shares per guidelines. No committee chair roles are disclosed for Chiang.
- RED FLAGS: None disclosed specific to Chiang—no related-party transactions, hedging/pledging, or attendance shortfalls noted; no say-on-pay concerns tied to director compensation structure.
Notes on Compensation Structure
- Non-employee director compensation is paid quarterly, with 62.5% in restricted shares and 37.5% in cash; Chiang’s 2024 totals reflect this mix with cash of $54,440 and stock awards of $90,560; he also received $5,000 for Risk & Credit Committee membership and $5,421 in dividends on restricted shares.