Jeffrey Tate
HUNTINGTON BANCSHARES INC /MD/About Jeffrey L. Tate
Jeffrey L. Tate (age 55) has served as an independent director of Huntington Bancshares Incorporated since 2021 and is designated an Audit Committee Financial Expert, reflecting deep finance and audit credentials. Tate is currently Chief Financial Officer of Dow Inc. (since 2023), and previously served as CFO and EVP of Leggett & Platt (2019–2023), Chief Auditor at Dow (2012–2017), and VP/Business Finance Director for Dow’s Packaging & Specialty Plastics segment (2017–2019). He holds a bachelor’s degree in accounting from the University of Alabama and is a Certified Public Accountant .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Dow Inc. | Chief Financial Officer | 2023–present | Senior finance leadership, strategic oversight |
| Leggett & Platt | CFO and Executive Vice President | 2019–2023 | Led corporate finance, public-company reporting |
| Dow Inc. | VP & Business Finance Director, Packaging & Specialty Plastics | 2017–2019 | Segment-level strategic and financial counsel |
| Dow Inc. | Chief Auditor | 2012–2017 | Led internal audit and corporate investigations globally |
| Dow Inc. | Various accounting/controller roles | 1992–2012 | Progressive finance leadership across multiple businesses |
| PCAOB Standing Advisory Group | Member | Prior service | External standard-setting advisory experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Dow Inc. | Chief Financial Officer | 2023–present | Not identified as a current public-company director seat |
| TCF (formerly Chemical Financial Corporation) | Director | 2017–2021 (prior to merger) | Prior board service before TCF’s merger into HBAN |
| Professional orgs (FEI, ELC, AICPA; Omega Psi Phi) | Member | Ongoing | Finance and leadership community participation |
Board Governance
- Committee assignments: Audit Committee (member; Audit Committee Financial Expert). Not a committee chair .
- Independence: Determined independent under Nasdaq Rules; all Audit Committee members are independent and financially literate .
- Attendance and engagement: 2024 Board/committee meetings totaled 67; Audit Committee held 13 meetings; average Director attendance 97.9%; no Director under 75% attendance .
- Board tenure: Director since 2021 (approx. 4 years as of the April 16, 2025 meeting) .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 117,000 | 137,496 | — | — | 254,496 |
- Program design: Annual cash retainer $100,000 and annual equity retainer $137,500; compensation is retainer-based with cash and deferred stock units (DSUs) that vest on grant but are delivered after separation or one year from grant, whichever is later . Meeting fees are paid only if thresholds are exceeded; additional retainers apply for committee chairs/members .
Performance Compensation
- HBAN does not tie non-employee Director pay to performance metrics; equity grants are DSUs with reinvested dividend equivalents, and dividends are not paid before vesting. No options or performance-based awards are used for Directors .
| Award Type | Grant Mechanics | Vesting/Delivery |
|---|---|---|
| Deferred Stock Units (DSUs) | 2024 grants of 10,073 DSUs to each Director; 11,538 to certain committee chairs; fair value based on closing price prior to grant date | Vested upon grant; delivered ≥6 months after separation or ≥1 year from grant; dividend equivalents reinvested |
Other Directorships & Interlocks
| Company | Current Public Company Directorship? | Committee Roles | Notes |
|---|---|---|---|
| Dow Inc. | No current public-company board listed | N/A | Serves as CFO, not disclosed as a director |
| TCF (formerly Chemical Financial Corporation) | Prior board (ended 2021) | N/A | Historical interlock with pre-merger HBAN affiliate |
- Overboarding: HBAN reports no nominee serves on more than two other public company boards; Tate’s “Total Number of Public Company Boards” currently listed as 1, indicating limited external board load .
Expertise & Qualifications
- Audit/financial reporting (Audit Committee Financial Expert); risk management; strategic planning/M&A; public-company executive experience; compensation & human capital management; financial services exposure .
Equity Ownership
| Measure | Amount |
|---|---|
| Beneficially owned shares (Feb 18, 2025) | 66,410; less than 1% of class; none pledged |
| Additional share interests (vested DSUs, etc.) | 40,430 |
| Deferred stock unit awards outstanding (Dec 31, 2024) | 40,048 units |
| Director Deferred Compensation Plan balance (Dec 31, 2024) | $79,318 |
| Shares held in Director deferred comp plans (Feb 18, 2025) | 4,921 |
| Director stock ownership guideline | 40,603 shares; 5-year compliance window |
Alignment signal: Tate’s beneficial holdings (66,410) exceed the 40,603-share guideline threshold; combined total share interests are 106,840, supporting skin-in-the-game alignment .
Governance Assessment
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Strengths:
- Financial reporting rigor: Audit Committee membership and Financial Expert designation bolster oversight of controls, disclosure quality, and auditor independence .
- Independence and attendance: Independent under Nasdaq Rules; Board-wide attendance at 97.9% reduces governance execution risk; no Director under 75% .
- Ownership alignment: Beneficial ownership above guideline threshold and additional DSUs/deferred comp accruals align incentives with long-term shareholder outcomes .
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Risks/Red Flags:
- Time commitments: Heavy operating role as CFO of a Fortune 100 industrial could constrain availability; mitigated by low external board count and HBAN policy that limits overboarding (no nominee >2 other boards) .
- Related-party/transactions: No related-party transactions disclosed involving Tate; HBAN’s NESG oversees a robust policy and independence determinations accounted for ordinary-course banking relationships .
- Insider compliance: No delinquent Section 16(a) filings reported for Tate in 2024; two late Form 4s were for other individuals due to administrative errors .
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Broader board/process signals:
- Independent committees; robust recoupment, hedging/pledging prohibitions; independent comp consultant (Pearl Meyer); regular executive sessions and third-party board evaluations—support investor confidence in board effectiveness .
Net view: Tate enhances HBAN’s audit and risk oversight discipline, with clear independence and strong ownership alignment. No material conflicts or compensation anomalies disclosed; governance structure and committee rigor reduce agency risk .