Moses H. Feagin Sr.
HANCOCK WHITNEYAbout Moses H. Feagin Sr.
Independent director since 2024; age 60. Executive Vice President, Treasurer and Chief Financial Officer of Alabama Power (subsidiary of Southern Company), with 35+ years of finance, accounting and regulatory experience; Certified Management Accountant; B.S. in Accounting from the University of Alabama; completed Wharton’s Executive Finance and Accounting Program. Serves on HWC’s Audit and Board Risk Committees; classified by the Board as an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure (as disclosed) | Committees/Impact |
|---|---|---|---|
| Alabama Power | EVP, Treasurer & CFO | Current | Oversees Finance, Accounting, Treasury, Regulatory Affairs; deep GAAP fluency and risk management |
| Mississippi Power | SVP, Treasurer, CFO & Chief Diversity Officer; Comptroller | Comptroller elected 2005; CFO role prior to Alabama Power | Finance leadership; regulatory and operational oversight |
| Southern Company Services | Generation Accounting Manager | 2000 | Led establishment of accounting/budget org for Southern Power Company |
| Alabama Power | Accounting Operations Manager | By 1999 | Advanced leadership in accounting operations |
| Alabama Power | Junior Accountant | Began 1987 | Foundational accounting experience |
External Roles
| Organization | Role | Geography/Focus | Notes |
|---|---|---|---|
| Gulf Coast Community Foundation | Board service | Gulf Coast | Community ties in HWC markets |
| United Way | Board service | Gulf Coast | Community engagement |
| Gulf Coast Restoration Council | Advisory board | Gulf Coast | Regional restoration advisory |
| Leadership Birmingham; Leadership Gulf Coast | Graduate | Alabama/Gulf Coast | Regional leadership networks |
| University of Alabama Alumni Association; Institute of Management Accountants; 100 Black Men of America | Member | National/Regional | Professional/community affiliation |
Board Governance
- Independence: Feagin and all non-employee directors are independent under NASDAQ rules; Board has one employee director (CEO). Chairman of the Board (Jerry L. Levens) is independent.
- Committees: Audit Committee member; Board Risk Committee member; Audit Committee members (including Feagin) meet SEC/NASDAQ independence criteria and are designated “audit committee financial experts.”
- Attendance: Board held 10 meetings in 2024; each incumbent director attended at least 75% of Board/committee meetings; all directors attended the 2024 annual meeting. Independent directors convened seven executive sessions in 2024.
- Governance practices: Prohibition on hedging; no pledging of Company stock by directors in 2024; stock ownership guidelines in place; executive sessions and annual Board evaluation.
Fixed Compensation
| Component | Structure/Amount | Feagin 2024 Actual | Notes |
|---|---|---|---|
| Board Annual Cash Retainer | $50,000 per year | $14,168 (prorated from Nov 15 appointment) | Prorated for partial-year service |
| Audit Committee Member Retainer | $15,000 per year (Chair additional $16,000) | Included in prorated fees above | Not Chair |
| Board Risk Committee Member Retainer | $10,000 per year (Chair additional $15,000) | Included in prorated fees above | Not Chair |
| Other Committee Retainers | Compensation: $10,000 (Chair +$10,500); Corporate Governance: $7,500 (Chair +$10,250); Executive: $7,500 (Chair +$10,500) | N/A for Feagin | Not a member of those committees |
| Chairman of the Board Retainer | +$65,000 per year | N/A | Applies to Chairman only |
| 2024 Director Compensation (Feagin) | Amount |
|---|---|
| Fees Earned or Paid in Cash | $14,168 |
| Stock Awards | $5,941 |
| Total | $20,109 |
Performance Compensation
| Equity Award | Grant Date | Shares/Value | Vesting/Performance Metrics |
|---|---|---|---|
| One-time stock grant (appointment) | Nov 15, 2024 | 100 shares; grant fully vested at issuance | Issued to meet Mississippi statute requiring director stock ownership; no performance conditions |
| Annual director equity grant (restricted stock) | Typically at annual meeting | $75,000 value; number of shares based on prior-day closing price; one-year service-based vesting | Time-based restricted stock; no performance metrics; Feagin did not receive April 26, 2024 grant due to appointment after that date |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed |
| Corporate role that may present interlocks | CFO of Alabama Power (subsidiary of Southern Company) |
| Related-party transactions | Company reviews and approves related-party transactions under Item 404; insider lending subject to Regulation O with Audit Committee oversight; no specific related-party transactions disclosed for Feagin. |
Expertise & Qualifications
- Audit committee financial expert; extensive accounting/audit expertise; regulated utility industry depth; executive leadership; regional market knowledge (AL/FL/MS); risk management credentials.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Moses H. Feagin Sr. | 100 | <1% | Reported as of Feb 28, 2025; reflects appointment grant; no RSAs from 4/26/2024 cycle |
| Pledging/Hedging | None pledged in 2024; hedging prohibited | — | Company policy and 2024 director status |
| Director Ownership Guidelines | 5x annual Board cash retainer ($250,000) within 5 years; must retain 50% of shares until compliant | — | Annual measurement; retention rule until compliant |
Governance Assessment
- Strengths: Independent status with deep finance/audit expertise; designated audit committee financial expert; service on Audit and Board Risk committees strengthens oversight of controls and enterprise risk. Attendance and executive sessions practices support board effectiveness; no pledging and hedging ban enhance alignment.
- Alignment and incentives: Director pay mix balanced with cash retainers and time-based restricted stock; stock ownership guidelines (5x retainer) and retention requirements promote skin-in-the-game over time.
- Potential conflicts/monitoring: Dual role as CFO of a major regional utility could create ordinary-course banking relationships; Company applies Regulation O controls and Audit Committee reviews Item 404 transactions, mitigating conflict risk. No specific related-party exposures disclosed.
- Risk indicators: One late Form 4 filed “due to an administrative error” in 2024—minor compliance lapse to monitor but not indicative of broader issues.
Implications for investors: Feagin’s audit expertise and risk committee placement are positives for financial reporting quality and credit/cyber risk oversight. Ownership will build under the guideline regime; compensation structure avoids performance-linked incentives for directors, limiting pay-for-performance misalignment risk at the board level. Monitoring of any utility-related banking ties should continue under Regulation O and Audit Committee oversight.