Mike Beebe
HOME BANCSHARESAbout Mike Beebe
Mike D. Beebe (age 78) is an independent director of Home BancShares, Inc. (HOMB) since 2016. He served as Governor of Arkansas (2007–2015), Attorney General (2003–2007), and a state senator for 20 years, with earlier legal practice (1972–2002). He holds a B.A. in political science from Arkansas State University (1968) and a J.D. from the University of Arkansas; he served in the U.S. Army Reserve (1968–1974) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| State of Arkansas | Governor | 2007–2015 | Executive leadership; statewide governance |
| State of Arkansas | Attorney General | 2003–2007 | Legal oversight; enforcement |
| Arkansas Senate | State Senator | 20 years | Legislative leadership and policy |
| Lightle, Beebe, Raney, Bell & Simpson (Searcy, AR) | Attorney | 1972–2002 | Legal practice |
| Roberts Law Firm, P.A. (Little Rock, AR) | Of Counsel | Prior to HOMB service (unspecified) | Legal advisory |
| Arkansas State University | Board of Trustees Member | 1974–1979 | Higher education governance |
| U.S. Army Reserve | Service member | 1968–1974 | Military service |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Tyson Foods, Inc. | Director | Current | Large-cap public company board; potential interlocks to monitor |
| Bipartisan Policy Center | Governors’ Council Member | Current | Policy engagement |
Board Governance
- Independence: Beebe is classified as an independent director under NYSE rules; HOMB’s Board is ~80% independent and its key committees (Audit, Compensation, Nominating) are fully independent .
- Committees: Chair, Compensation and Leadership Development; Member, Asset/Liability (ALCO) .
- Attendance: In 2024 the Board held 4 regular and 2 special meetings; each current director attended ≥75% of Board and assigned committee meetings; all attended the 2024 Annual Meeting (non-employee directors by teleconference) .
- Committee activity (2024): Audit (5 meetings), Compensation (2), Nominating (1), Asset/Liability (4) .
- Compensation Committee integrity: All members independent; no interlocks or insider participation with other companies’ comp committees in 2024 .
- Governance structure: Combined Chair/CEO at holding company with separate bank CEO; independent Vice Chairman (leads executive sessions) .
- Director age policy: Mandatory retirement at 75, with Board waivers granted through the 2026 meeting to several directors including Beebe—monitor board refreshment risk .
Fixed Compensation
Director compensation and equity grants (reported for fiscal years):
| Metric | 2023 | 2024 |
|---|---|---|
| Fees earned or paid in cash ($) | $53,000 | $59,000 |
| Stock awards ($) | $67,290 | $73,830 |
| Option awards ($) | $0 | $0 |
| All other compensation ($) | $4,320 | $4,500 |
| Total ($) | $124,610 | $137,330 |
| Annual director grant | 3,000 RS (grant date 1/20/2023 @ $22.43) | 3,000 RS (grant date 1/19/2024 @ $24.61) |
| Vesting schedule | 3 equal annual installments starting 1/20/2024 | 3 equal annual installments starting 1/19/2025 |
Director fee schedule (2024):
- $14,000 annual cash retainer; +$2,500 for Audit/Compensation chairs; meeting fees: Board $5,000 ($7,500 for Chairman), Compensation $1,000 ($2,000 chair; January meeting $1,500/$3,000), Audit $750 ($1,500 chair), ALCO $750, Nominating $500 ($1,000 chair) .
Performance Compensation
Directors do not receive performance-based pay; equity is time-vested. As Compensation Committee Chair, Beebe oversees the Executive Incentive Plan (EIP) for NEOs—key performance metrics and outcomes:
| Metric (Absolute) | 2023 Target / Actual | 2024 Target / Actual |
|---|---|---|
| Return on Avg Assets (as adjusted) | ≥1.20% / 1.79% | ≥1.20% / 1.77% |
| Return on Tangible Common Equity (as adjusted) | ≥10% / 18.28% | ≥10% / 16.64% |
| Efficiency Ratio (as adjusted) | <47% / 45.24% | <47% / 42.65% |
| Net Charge-off Ratio | ≤1% / 0.08% | ≤1% / 0.10% |
| Metric (Peer Percentile, 9M Sept) | 2023 Target / Actual | 2024 Target / Actual |
|---|---|---|
| ROAA | ≥50th / 95th | ≥66 2/3 / 93.67% |
| ROTCE | ≥50th / 83rd | ≥66 2/3 / 87.33% |
| Efficiency Ratio | ≥50th / 89th | ≥66 2/3 / 92.67% |
| Net Interest Margin | ≥50th / 90th | ≥66 2/3 / 94.33% |
Clawbacks: EIP bonuses and equity awards subject to clawback consistent with NYSE/SEC rules and Company policy; bonuses based on interim peer comparisons are clawed back if full-year peer data fails thresholds .
Other Directorships & Interlocks
| Company/Org | Role | Sector | Potential Interlock/Notes |
|---|---|---|---|
| Tyson Foods, Inc. | Director | Consumer Staples | Monitor for any banking relationship with Centennial Bank; none disclosed in HOMB proxy |
| Bipartisan Policy Center | Governors’ Council Member | Non-profit | Policy engagement; no commercial conflicts disclosed |
Expertise & Qualifications
- Executive leadership and governance (Governor, AG, state senate experience) .
- Legal expertise and regulatory understanding from decades of practice and public service .
- Board-level compensation oversight (Compensation Committee Chair) and asset/liability oversight via ALCO membership .
Equity Ownership
As of proxy record dates:
| Metric | Jan 31, 2024 | Jan 31, 2025 |
|---|---|---|
| Beneficial ownership (shares) | 22,000 | 25,000 |
| % of shares outstanding | <1% (star) | <1% (star) |
| Restricted shares included | 6,000 RS | 6,000 RS |
| Stock options | None | None |
| Pledged shares | Not disclosed for Beebe |
Section 16 compliance: No delinquent filings attributed to Beebe; late filings noted for other insiders in 2025 (Davis and Allison) .
Governance Assessment
- Strengths: Independent status; chairs an all-independent Compensation Committee; clear EIP metrics tied to ROAA, ROTCE, efficiency, charge-offs, and NIM with robust clawbacks; strong Company performance against targets under his committee’s oversight .
- Board engagement: Committee activity and attendance thresholds met; participation in ALCO indicates oversight of liquidity/interest-rate risk—a key competency in banking .
- Alignment: Regular equity grants to directors; Beebe holds restricted shares; no options; beneficial ownership <1%—alignment present but modest; no pledging disclosed .
- Shareholder feedback: High say‑on‑pay support (93.1% in 2024) after program enhancements (peer‑based performance equity, formal EIP, clawbacks), indicating constructive committee response under Beebe’s chairship .
- Potential concerns/RED FLAGS to monitor:
- Board refreshment: Age policy waivers through 2026 for multiple directors including Beebe—evaluate succession and refresh practices .
- Related‑party exposure: HOMB engages in ordinary‑course loans to directors/officers (aggregate ~$36.3m; largest relationship ~$34.1m) with Reg O compliance; none singled out for Beebe, but continued oversight warranted .
- Late Section 16 filings occurred for other insiders in 2025 (not Beebe), suggesting process vigilance .
Overall: Beebe brings deep public leadership and legal/regulatory expertise, chairs a disciplined Compensation Committee with performance‑linked frameworks and clawbacks, and participates in risk oversight via ALCO. Key monitoring areas are board refreshment due to age waivers and ongoing related‑party lending governance, though no Beebe‑specific conflicts are disclosed .