Carrie A. Gutman
About Carrie A. Gutman
Carrie A. Gutman is Senior Vice President and Chief Wealth Advisory Officer of Lakeland Financial Corporation and Lake City Bank, serving in this role since 2024 after previously serving as SVP, Chief Fiduciary Officer in 2023–2024; she began her banking career in 2016 and practiced general civil law for 20 years prior to banking (age 54) . At LKFN, executive compensation emphasizes alignment to multi‑year financial performance metrics—revenue CAGR, diluted EPS CAGR, and average return on beginning equity—plus an annual net income target under its bonus plan, with a robust clawback, hedging/pledging prohibitions, and stock ownership guidelines that apply to executive officers; the company reported “very strong” performance in 2024 under these criteria and 96% support in its 2024 say‑on‑pay vote . Wealth Advisory fee revenue rose 5% year over year in Q3 2025 (and 7% linked quarter), and the company is adding revenue-generating roles in Wealth Advisory as part of its market expansion, underscoring the strategic focus of Gutman’s operating domain .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lakeland Financial / Lake City Bank | SVP, Chief Fiduciary Officer | 2023–2024 | Led fiduciary oversight within Wealth Advisory; precursor to Chief Wealth Advisory role |
| Legal profession (general civil law) | Attorney | 20 years prior to 2016 | Deep legal and fiduciary expertise applicable to trust/wealth operations |
External Roles
No external directorships or public company committee roles disclosed for Gutman. (No disclosure in proxy) .
Fixed Compensation
Not individually disclosed for Gutman (she is not a named executive officer in the proxy tables). LKFN reviews executive base pay annually using peer data, company performance, and individual performance; 2025 base salary increases for named executive officers were 3.8% across roles, illustrating policy context, but Gutman’s base salary is not reported .
Performance Compensation
LKFN pays annual cash bonuses under the Executive Incentive Bonus (EIB) Plan and grants long‑term incentives (RSUs) tied to multi‑year performance. While Gutman’s specific targets are not disclosed, the plan mechanics, metrics, and 2024 results are below.
Annual Bonus (EIB Plan) – Company Performance Calibration (2024)
| Performance Level | Target Net Income | Company Performance Payout % |
|---|---|---|
| Maximum | $140,217,000 | 150% |
| Target | $93,478,000 | 100% |
| Threshold | $65,434,600 | 50% |
| Actual 2024 | $93,478,000 | 100% |
Notes:
- EIB payout is 50% based on Company net income vs target and 50% based on individual goals; payouts are capped at 150% of target and require employment through payment date (exceptions for qualifying retirement/change‑in‑control) .
Long‑Term Incentive (LTI) Program – Design and 2022–2024 Outcomes
- Awards are RSUs over rolling 3‑year periods; historically 75% performance RSUs / 25% time‑based RSUs, shifting to 60% performance / 40% time‑based beginning with 2025 awards .
- Metrics: 3‑yr revenue CAGR, 3‑yr diluted EPS CAGR, 3‑yr average return on beginning equity; linear interpolation with caps; vesting bands shown below .
| Metric (2022–2024 period) | Target | Actual | Weighted Payout % |
|---|---|---|---|
| 3‑Year Revenue Growth | 7.00% | 4.40% | 22.50% |
| 3‑Year Diluted EPS Growth | 6.25% | −0.99% | 0.00% |
| 3‑Year Avg. Return on Beginning Equity | 14.00% | 15.20% | 40.00% |
| Total Payout (of Target) | — | — | 62.50% |
Vesting/Acceleration Terms (plan‑level):
- Death/disability: immediate vesting for employees with RSUs; for awards granted in and after 2023, proration applies based on employment period .
- Change in control (assumed awards): time‑based fully vest; performance‑based vest based on actual (or greater of actual/target for certain 2025 awards); requires qualifying termination if awards are assumed .
- Retirement: prorated vesting at target or actual level depending grant year; general rules apply to eligible participants .
Equity Ownership & Alignment
- Stock ownership guidelines require executive officers to hold Company stock equal to 2x base salary (CEO 3x); if below guideline, at least half of vested LTI shares must be retained until met; as of February 18, 2025, all named executive officers were in compliance (framework applies to executive officers broadly) .
- Hedging and pledging: insiders are prohibited from hedging Company stock; pledging requires prior Nominating & Corporate Governance Committee approval; the Company is not aware of violations .
- Clawback: enhanced policy effective October 2, 2023, compliant with SEC and NASDAQ standards, filed with the 10‑K .
Employment Terms
- Change‑in‑control agreements exist for the CEO, President, CFO, and Chief Commercial Banking Officer; Mr. Donovan does not have one. Agreements provide 2× salary+bonus (greater of target or 3‑year average), up to 18 months of medical/dental continuation, and are subject to a modified 280G cutback; non‑compete is one year within 60 miles of any Company office after termination. Gutman is not listed among executives with such agreements in the proxy disclosures .
Performance & Track Record (Wealth Advisory context)
| Wealth Advisory Fee Revenue | Q3 2024 | Q3 2025 | YoY Change |
|---|---|---|---|
| Fees ($) | $11.9M | $13.0M | +5% |
| Wealth Advisory Fee Revenue | Q2 2025 | Q3 2025 | Linked‑Quarter Change |
|---|---|---|---|
| Fees ($) | $11.5M | $13.0M | +7% |
- Management highlighted “strong referral activity” and continued hiring of revenue production positions within Wealth Advisory and Commercial Banking tied to Indiana market expansion (supports fee growth trajectory) .
- Company noninterest expense rose driven by performance‑based incentive accruals year‑to‑date, indicating improved performance vs plan (context for EIB funding) .
Compensation Structure Analysis (signals)
- Shift in LTI mix toward higher time‑based RSUs in 2025 (60% PBRSU / 40% TBRSU) increases retention floor and moderates peak payout variance, lowering payout volatility risk (positive for retention but reduces performance leverage) .
- EIB company component paid at 100% of target in 2024, reflecting delivery against net income objectives (supports alignment of annual incentives to financial outcomes) .
- Strong say‑on‑pay support (96% in 2024) reduces headline governance risk and suggests investor acceptance of pay/performance calibration .
Investment Implications
- Role alignment: Gutman leads Wealth Advisory, a segment with demonstrated fee growth and active investment in talent—supportive of noninterest income diversification amid rate cycles; continued segment growth is likely to contribute to incentive funding under EIB and 3‑year LTI metrics (revenue/EPS/ROE) .
- Retention: Broader increases in time‑based RSUs in the LTI mix improve retention dynamics for executives, including Wealth Advisory leadership, while clawback/hedging/pledging policies and ownership guidelines indicate strong alignment and reduced governance risk .
- Contract economics: With change‑in‑control agreements concentrated in CEO/President/CFO/CCBO roles, Gutman’s disclosed terms do not include CIC coverage, implying lower contingent severance risk; equity awards would still benefit from standard plan‑level acceleration mechanics under certain events (assumption and qualifying termination rules) .
- Execution risk: Company‑level LTI payouts for 2022–2024 were 63% of target due to EPS under‑delivery versus revenue/ROE strength, highlighting performance sensitivity to earnings momentum; Wealth Advisory fee growth provides a stabilizing offset to net interest income cyclicality, but sustained EPS improvement remains key for higher LTI realizations .