Patricia Turner
About Patricia L. Turner
Patricia L. Turner, MD, MBA, FACS, age 56, has served on OceanFirst Financial Corp.’s board since 2020. She is Executive Director and CEO of the American College of Surgeons and a clinical professor of surgery at the University of Chicago, with prior academic leadership at the University of Maryland (surgery residency program director and surgical quality champion). She brings leadership experience across medical, business, and higher education and serves on OCFC’s Finance and Human Resources/Compensation Committees; she is an independent director (the only non-independent directors are the Chairman/CEO and the COO) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Maryland School of Medicine | Surgery Residency Program Director; Surgical Quality Champion | Prior to ACS (dates not disclosed) | Led training and quality initiatives |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American College of Surgeons | Executive Director & CEO | Current (since prior to 2025, date not disclosed) | Executive leadership of national surgical organization |
| Council of Medical Specialty Societies | President; Board member | Current (date not disclosed) | Executive Committee member |
| University of Chicago | Clinical Professor of Surgery | Current (date not disclosed) | Academic and clinical leadership |
Board Governance
- Independence and board structure: 11 of 13 directors are independent; only the Chairman/CEO and COO are non-independent, implying Dr. Turner is independent .
- Committee assignments: Finance Committee; Human Resources/Compensation Committee (appointed in 2025) .
- Committee activity: Finance (4 meetings in 2024), Compensation (5 meetings in 2024) .
- Lead director and executive sessions: Leadership Committee chair serves as Lead Director; independent directors hold executive sessions at every regularly scheduled Board meeting .
- Attendance: The Board held 11 meetings in 2024; all directors attended at least 75% of Board and committee meetings on which they served (director-specific percentages not disclosed) .
- Code of Ethics: Directors must avoid conflicts of interest; procedures exist for confidential reporting; anti-hedging/pledging policy applies to directors; insider trading windows and pre-clearance required .
Fixed Compensation
| Component | Amount/Detail |
|---|---|
| Annual Bank retainer (non-employee director) | $45,000 |
| Annual Company retainer (non-employee director) | $50,000 |
| Company equity grant | Restricted stock grant; vests in equal installments over three years, beginning one year after grant |
| Committee chair additional retainer | $7,500 for Bank; $7,500 for Company (not applicable to Turner; she is not a chair) |
| Lead Director additional retainer | $12,500 for Bank; $12,500 for Company (not applicable to Turner) |
| Patricia L. Turner – 2024 Director Compensation | Amount ($) |
|---|---|
| Fees earned or paid in cash | $95,000 (Bank + Company retainers) |
| Stock awards (grant-date fair value) | $50,008 (3,354 restricted shares granted in 2024) |
| All other compensation (cash dividends on vested RS) | $3,458 |
| Total | $148,466 |
| Vesting terms for director RS | 33.3% per year commencing March 1 following grant |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-based pay for non-employee directors | None; director equity grants are time-based and not tied to performance metrics |
Other Directorships & Interlocks
| Organization | Type | Potential Interlock/Conflict with OCFC |
|---|---|---|
| American College of Surgeons | Non-profit professional association | No OCFC-related party transactions disclosed; board moratorium on related transactions upheld in 2024 |
| Council of Medical Specialty Societies | Non-profit association | No OCFC-related party transactions disclosed |
| University of Chicago | Academic institution | No OCFC-related party transactions disclosed |
Expertise & Qualifications
- Executive leadership of large professional medical organization; governance experience (ACS CEO; CMSS President/Board) .
- Academic and clinical expertise; prior program direction and quality leadership in surgery .
- Brings managerial and leadership experience relevant to risk oversight and human capital decisions; adds perspective from complex, regulated institutions .
Equity Ownership
| Item | Amount/Detail |
|---|---|
| Shares owned (excluding options) | 13,602 |
| Shares acquirable via options within 60 days | 0 (no options outstanding) |
| Total beneficial ownership | 13,602; less than 1% of shares outstanding (*) |
| Unvested director restricted shares (as of Mar 25, 2025) | 5,717 (2023: 2,109; 2024: 3,354; 2025: 2,778 grants; vesting 33.3% annually) |
| Retirement account holdings | 525 shares |
| Pledged shares | None (no director/executive pledges as of Mar 25, 2025) |
| Director stock ownership guideline | Must own ≥3x Company annual retainer; all directors in compliance as of Dec 31, 2024 |
Governance Assessment
- Strengths for investor confidence:
- Independent director with active roles on Finance and Compensation committees; Compensation Committee engages independent consultant (Meridian), found independent and without conflicts .
- Strong alignment policies: director stock ownership guidelines, no hedging/pledging, insider trading controls; no pledging reported .
- Attendance and engagement: Board met 11 times; all directors ≥75% attendance; independent executive sessions each regular meeting; structured committee oversight of risk and compensation .
- Shareholder support for pay program: 2024 say‑on‑pay received ~83% approval, indicating stable governance sentiment .
- Potential watch items:
- External workload: ACS CEO and academic role may constrain time; however, the Leadership Committee evaluates attendance and performance before renomination .
- Related party/transactions: Board maintains moratorium; 2024 disclosed no director-related transactions beyond ordinary-course banking; no loans disclosed to Turner .
- Net view: Governance signals are positive—independence, committee participation in finance/compensation, alignment via ownership and anti-hedging/pledging policies, and no conflict red flags disclosed .