Donald J. Robinson-Gay
About Donald J. Robinson-Gay
Donald J. Robinson-Gay is Senior Vice President and Chief Credit Officer of Lakeland Financial Corporation (LKFN) and Lake City Bank, serving in this role since 2023; he is age 47 and is directly responsible for overseeing credit risk across the bank, reporting into the company’s risk governance structure led by the President as Senior Risk Officer . He began his banking career in 2003 after an earlier stint as a consultant with Accenture from 1999–2003, and progressed through Lake City Bank’s credit ranks before his 2023 appointment to CCO . Company performance context relevant to incentive alignment includes 2024 net income of $93.48 million, 3-year diluted EPS growth of -0.99%, and total shareholder return (TSR) value of $160.24 versus peer TSR of $132.60 (KBW NASDAQ Bank Index) .
Company performance snapshot
| Metric | FY 2024 |
|---|---|
| Net Income ($) | $93,478,188 |
| 3-Year Diluted EPS Growth (%) | -0.99% |
| TSR Value of $100 Initial Investment (LKFN) | $160.24 |
| TSR Value of $100 Initial Investment (Peer Index) | $132.60 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lake City Bank | Senior Vice President, Chief Credit Officer (LKFN & Lake City Bank) | 2023–present | Directly oversees credit risk; integral to board-level risk oversight cadence through the Corporate Risk Committee framework . |
| Lake City Bank | Senior Vice President, Regional Credit Officer | 2020–2023 | Regional credit leadership bridging underwriting/portfolio with commercial teams . |
| Lake City Bank | Vice President, Regional Credit Officer | 2018–2020 | Regional credit oversight and underwriting responsibility . |
| Accenture | Consultant | 1999–2003 | Management consulting foundation prior to 2003 transition into banking . |
Fixed Compensation
- LKFN’s proxy does not disclose Robinson-Gay’s individual base salary or target bonus because he is not a named executive officer; compensation specifics for him are not itemized in the Summary Compensation Table .
- Context: For NEOs, 2025 base salaries reflected 3.8% increases; base salary decisions consider peer data, performance, experience, and internal equity .
Performance Compensation
Executive incentives at LKFN comprise an annual cash bonus (EIB Plan) and multi-year equity under the LTI Program; while Robinson-Gay’s individual payouts are not disclosed, plan mechanics, performance metrics, and company results drive outcomes.
Annual cash bonus – EIB Plan (mechanics and 2024 company result)
| Component | Weighting | Target/Threshold/Max | Actual (2024) | Payout Basis | Vesting/Timing |
|---|---|---|---|---|---|
| Company Net Income | 50% | Target $93,478,000; Threshold 70% of target; Max 150% payout cap | $93,478,000 used for plan calc | 100% of target for company component | Paid annually in cash under EIB Plan . |
| Individual Goals | 50% | Role-specific goals set annually | N/A for Robinson-Gay (not disclosed) | Determined by goal achievement; committee may exercise discretion | Paid annually in cash under EIB Plan . |
Long-Term Incentive (LTI) – performance-based and time-based RSUs
- Metrics and vesting structure (2024–2027 cycles): Awards are granted as RSUs with performance-vested PSUs and time-based RSUs over rolling 3-year performance periods. In 2025, mix shifts to 60% PSUs / 40% time-based RSUs (from 75%/25% in 2023–2024), enhancing retention while preserving performance linkage .
- Performance curves (illustrative targets by cohort):
| Metric | 2023–2025 Threshold / Target / Max | 2024–2026 Threshold / Target / Max | 2025–2027 Threshold / Target / Max |
|---|---|---|---|
| 3-Year Revenue Growth | 3.00% / 7.00% / 12.10% | 2.00% / 4.75% / 8.25% | 1.90% / 4.50% / 7.80% |
| 3-Year Diluted EPS Growth | 2.50% / 6.25% / 11.10% | 2.00% / 5.00% / 9.00% | 1.80% / 4.50% / 8.00% |
| 3-Year Avg Return on Beginning Equity | 13.25% / 17.75% / 21.50% | 10.50% / 14.00% / 17.00% | 9.75% / 13.00% / 15.75% |
- Recent payout benchmark: The 2022–2024 LTI cycle paid at 62.5% of target, reflecting 4.40% 3-year revenue CAGR (22.5% weighted payout), -0.99% 3-year diluted EPS CAGR (0%), and 15.20% 3-year average return on beginning equity (40%) .
- Acceleration/retirement provisions: For 2023–2024 awards, pro rata vesting at target upon death, disability, or qualifying retirement; change-in-control (CIC) generally vests based on actual through CIC if awards are assumed and the participant has a qualifying termination; 2025 grants under the 2017 Plan prior to 2025 EIP approval provide CIC vesting at the greater of actual or target with qualifying termination .
- Equity award agreements: Standardized RSU and PSU forms under the 2017 Plan govern service- and performance-vesting .
Equity Ownership & Alignment
| Policy/Metric | Details |
|---|---|
| Stock Ownership Guidelines | CEO 3x base salary; other executive officers (including NEOs) 2x base salary; unvested RSUs excluded; at least 50% of shares from LTI must be retained until guideline met. As of Feb 18, 2025, all named executive officers were in compliance (policy applies to executive officers broadly) . |
| Hedging/Pledging | Hedging prohibited; pledging prohibited without prior approval of the Nominating & Corporate Governance Committee . |
| Clawback | Enhanced clawback policy effective Oct 2, 2023; 2025 Equity Incentive Plan expressly subjects awards to clawback and applicable law . |
| Group Ownership | All directors and executive officers as a group (18 persons) owned 792,156 shares, or 3.0% of outstanding as of record date (26,016,340 shares) . |
| 5% Holders | BlackRock 14.2%; Vanguard 7.1%; Victory Capital 5.7% (beneficial owners on file) . |
Note: Robinson-Gay’s individual beneficial holdings and pledged shares are not itemized in the proxy (he is not a named executive officer in the Summary Compensation Table) .
Employment Terms
| Topic | Terms/Observations |
|---|---|
| Role & Reporting | Senior Vice President, Chief Credit Officer since 2023; directly responsible for credit risk within the enterprise risk framework overseen by the President/Senior Risk Officer . |
| Employment Agreement | No individual employment agreement is disclosed for Robinson-Gay in the proxy . |
| Change-in-Control (CIC) | The company has CIC agreements with the CEO, President, CFO, and Chief Commercial Banking Officer; Robinson-Gay is not listed as a CIC agreement participant, nor in the NEO CIC payout table . |
| Equity Plan CIC Treatment | Under the 2025 Equity Incentive Plan, if not assumed by a successor, all awards vest at CIC; if assumed, double-trigger (termination without cause/for good reason) governs vesting; 409A compliance applies . |
| Trading Windows | Insiders are prohibited from trading during quarterly blackout windows and must comply with insider trading policy . |
Investment Implications
- Pay-for-performance alignment is anchored by multi-year PSU metrics (revenue CAGR, diluted EPS CAGR, and average return on beginning equity), with recent cycle paying at 62.5% of target; this construct incentivizes balanced growth and returns while discouraging short-term risk-taking—particularly important for a Chief Credit Officer whose mandate is underwriting discipline and portfolio quality .
- Retention risk appears moderate: Robinson-Gay is not covered by a standalone CIC agreement, though he participates in company-wide equity programs with pro rata vesting provisions for certain separations; the 2025 shift to 40% time-based RSUs increases retention value during volatile cycles .
- Trading-signal risk is limited by strict blackout windows, anti-hedging rules, and pledging restrictions; enhanced clawbacks further reduce misalignment and opportunistic behavior risks .
- Governance and shareholder sentiment are supportive: 2024 Say-on-Pay passed with ~96% approval, indicating investor comfort with the compensation framework that also governs non-NEO executives’ incentives .
- Execution sensitivity centers on credit quality and cycle management. As the executive directly responsible for credit risk oversight, Robinson-Gay’s performance will be judged against asset quality, risk-adjusted returns, and adherence to the company’s risk appetite within the LTI performance envelope (EPS/ROE growth hurdles) .