John Glover
FULTON FINANCIALAbout John Glover
Senior Executive Vice President and Head of Commercial Banking at Fulton Bank since August 2024; year of hire 2013; age 49. His biography notes prior leadership roles across Commercial Markets and Specialized Commercial Banking since 2020, indicating deep domain expertise in commercial lending and relationship management within Fulton’s footprint . Company context for his current tenure: 2024 diluted EPS was $1.57, net interest margin 3.42%, total loans exceeded $24B, and dividends of $0.69/share were declared, alongside completion of the largest acquisition in company history .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fulton Bank | Executive Vice President & Director of Commercial Markets | Since 2020 (exact dates not disclosed) | Leadership across commercial markets (details not further disclosed) |
| Fulton Bank | Senior Vice President & Specialized Commercial Banking Executive | Since 2020 (exact dates not disclosed) | Specialized commercial banking leadership (details not further disclosed) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in company proxy filings | — | — | — |
Fixed Compensation
- Not disclosed for John Glover (he is not listed as a Named Executive Officer in the Summary Compensation Table). Base salary-setting framework: the HR Committee sets senior executive officer base salaries (other than the CEO) using peer median benchmarks and role changes .
Performance Compensation
Enterprise VCP Scorecard (2024)
| Metric | Weight | Target | Actual | Payout % |
|---|---|---|---|---|
| Adjusted EPS | 30% | $1.56 | $1.68 | 41.35% |
| Adjusted ROE | 20% | 9.75% | 10.58% | 28.47% |
| Adjusted Operating Expense / Avg Assets | 10% | 2.39% | 2.52% | 0.00% |
| Adjusted Efficiency Ratio | 10% | 61.90% | 62.94% | 11.76% |
| Capital, Liquidity, Mgmt, Market Risk, Consumer Compliance (score 4) | 10% | — | — | 15.00% |
| Asset Quality: Adjusted NPAs/Total Assets | 10% | — | 0.73% | 5.90% |
| Employee Engagement Index (All Employees) | 10% | — | 67.46% | 8.73% |
| Total Funding | — | — | — | 111.21% |
- Design: 2024 scorecard changed to individual metric calculation with straight-line interpolation; VCP payout range 0–200% of target and HR Committee modifier capability .
Long-Term Incentives (LTI) Structure (2024)
| Instrument | Allocation | Grant Date | Performance Period / Vesting | Performance Metric |
|---|---|---|---|---|
| Performance Shares | 65% | May 1, 2024 | May 1, 2024 – Mar 31, 2027; earned shares vest May 1, 2027 if criteria met | Relative TSR vs 2024 peer group |
| RSUs | 35% | May 1, 2024 | 3-year time-based cliff vesting (May 1, 2027) | Time-based |
- Grant calendar and conversion: annual equity awards approved in Feb and granted May 1; dollar value converted into shares at grant-date closing price; no options granted in 2024 and none outstanding as of Dec 31, 2024 .
Equity Ownership & Alignment
- Hedging and pledging: insider trading policy prohibits hedging/speculative transactions and pledging; NEOs expressly prohibited from margin accounts/pledging and must give advance trade notice .
- Stock ownership guidelines: minimums for executive officers (NEOs) are CEO 6x salary, President 3x, CFO 3x, other NEOs 2x; five-year compliance window; stock ownership excludes unvested equity . Director guideline: $350,000 within five years .
- Beneficial ownership: individual holdings for John Glover are not disclosed in the security ownership tables; group total for directors and executive officers is 1,972,788 shares (1.08% of outstanding) across 24 persons .
Employment Terms
- Clawbacks: two policies—Amended and Restated Compensatory Recovery (covers VCP and Performance Shares for restatements, metric inaccuracies, material Code violations) and Mandatory Recovery (Dodd-Frank compliant; recovery regardless of misconduct) .
- CIC economics (company practice): double-trigger; generally 2x salary plus highest annual cash bonus over prior 3 years for NEOs; CEO is 3x; additional retirement contributions, benefits continuity, and outplacement; definitions for Cause, Change in Control, Disability, Good Reason, Retirement specified; excise tax cutbacks to avoid 4999 tax may apply .
- Termination scenarios: cause (no further payments; unvested RSUs/PS forfeited); retirement (RSUs vest; PS remain subject to performance); disability (salary continuation, benefits, accelerated vesting per Committee determination); death (2x base salary payment for certain NEOs; RSUs vest; PS vest per Committee determination) .
Investment Implications
- Alignment: Enterprise VCP metrics balance earnings (EPS/ROE), efficiency, risk, and engagement; LTI anchored in relative TSR with no options outstanding—reducing option-driven selling pressure and increasing long-horizon alignment .
- Visibility gap: As a non-NEO executive officer, Glover’s individual pay mix, bonus outcomes, equity grants, and beneficial ownership are not itemized in proxies—limiting precision on retention risk, vesting overhang, and insider selling pressure for his profile; policy-level guardrails (clawbacks, hedging/pledging bans, structured grant calendar) mitigate misalignment .
- Performance backdrop: 2024 company results and loan growth provide favorable context for Commercial Banking leadership; compensation funding at 111.21% indicates above-target enterprise performance, but individual payouts are not disclosed for Glover .
- Governance signal: Say‑on‑pay support remains strong (95.87%–97.45% across 2020–2024), suggesting investor acceptance of pay‑for‑performance design that would frame Glover’s incentives if similarly structured .
Note: Where John Glover-specific figures (salary, bonus, grants, vesting schedules, ownership) are not disclosed in company filings, items are omitted per disclosure availability.