Robert Garrett
About Robert C. Garrett
Independent non-employee director of OceanFirst Financial Corp. since 2023; age 67 as of December 31, 2024. Garrett is CEO of Hackensack Meridian Health (since 2018) with 39+ years in healthcare; he holds a bachelor’s degree from Binghamton University and a master’s in health administration from Washington University . He serves on the Audit Committee, which is composed entirely of independent directors under Nasdaq rules, confirming his independence status .
Past Roles
- Healthcare industry executive with 39+ years of experience (specific prior employers/roles not detailed in proxy) .
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hackensack Meridian Health | Chief Executive Officer | 2018–present | Leads NJ’s largest health network; significant leadership/regulatory experience |
| World Economic Forum | Chair, Health and Healthcare Governor’s Community | Not disclosed | Global healthcare policy engagement; presented at WEF Davos and Vatican conference |
Board Governance
- Committee assignments: Audit Committee member; the committee met 5 times in 2024 .
- Independence: Audit Committee is fully independent; Board reports 11 of 13 directors are independent .
- Attendance: All directors attended at least 75% of Board and applicable committee meetings in 2024 .
- Executive sessions: Independent directors hold an executive session at every regularly scheduled Board meeting; Lead Director is Anthony R. Coscia (also chairs the Leadership Committee) .
- Audit Committee report signatories include Garrett, underscoring active participation in financial oversight .
Fixed Compensation (Non-Employee Director – 2024)
| Component | Amount (USD) |
|---|---|
| Fees earned or paid in cash | $95,000 |
| Stock awards (grant-date fair value) | $50,008 |
| Option awards | — |
| All other compensation | — |
| Total | $145,008 |
- Director retainer framework (effective 2024): Bank retainer $45,000; Company retainer $50,000; Company equity grant $50,000 in restricted stock; Committee chair add’l $7,500 (or $15,000 if joint Bank/Company); Lead Director add’l $12,500. Equity vests in equal installments over three years, beginning one year after grant .
Performance Compensation
- Non-employee directors receive time-based restricted stock; no performance-vested equity or annual bonus metrics apply to directors .
- Recent director equity grants to Garrett:
- 3,354 restricted shares granted February 2024; 33.3% vesting per year starting March 1, 2025 .
- 2,778 restricted shares granted February 2025; 33.3% vesting per year starting March 1, 2026 .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed in Garrett’s biography (the bios list other director positions held in the last five years; none are shown for public companies) . |
| Network ties/interlocks | OCFC Chairman/CEO Christopher D. Maher serves on the Board of Hackensack Meridian Health, where Garrett is CEO—creating a soft interlock between OCFC’s CEO and Garrett’s employer . |
| Related-party transactions | The Board has a moratorium on transactions with directors/family/affiliates; other than routine banking, no such transactions took place in 2024 . Banking-related loans must be at market terms and pre-approved; 2024 insider loan table shows only a mortgage for executive officer Lebel, not directors . |
Expertise & Qualifications
- Significant leadership and regulatory experience in healthcare as CEO of NJ’s largest health network .
- Global governance exposure via WEF chair role in Health and Healthcare Governor’s Community .
- Risk oversight experience applied through Audit Committee service .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 6,202 |
| Unvested restricted shares included within ownership | 5,014 (awarded 3,354 in Feb 2024 and 2,778 in Feb 2025; 33.3% annual vest starting the following March 1) |
| Stock options outstanding | None (directors listed without options as of Dec 31, 2024 include Garrett) |
| Shares pledged as collateral | None pledged by any director or executive officer as of March 25, 2025 |
| Director ownership guidelines | Minimum 3× the Company annual retainer; all directors in compliance as of Dec 31, 2024 |
Governance Assessment
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Strengths:
- Independence and oversight: Garrett is on an all-independent Audit Committee; Board holds executive sessions every meeting; Lead Independent Director in place .
- Engagement: At least 75% attendance; Audit Committee met 5 times in 2024 .
- Alignment: Director equity paid in restricted stock with multi-year vesting; director ownership guidelines enforced (3× retainer) and in compliance; no pledging allowed and none disclosed .
- Pay practices: Director pay mix combines cash retainers and equity; amounts for Garrett are transparent ($95k cash; $50k equity) .
- Broader investor signal: Say-on-pay support was ~83% at 2024 meeting, indicating acceptable investor sentiment on compensation governance generally .
-
Watch items / potential conflicts:
- Soft interlock: OCFC CEO Maher serves on the Board of Hackensack Meridian Health, where Garrett is CEO. While no related-party transactions were disclosed in 2024 (and a moratorium is in place), investors may monitor for any business dealings or influence pathways between OCFC and HMH .
- Audit Committee “financial expert” designation is held by the chair (Grace C. Torres); Garrett is not identified as the committee’s SEC “financial expert” .
- Combined Chair/CEO structure at OCFC persists; mitigated by Lead Director and robust independent committee structure .
Appendix: Key Director Compensation Policies
- Retainers and equity grant levels and vesting schedule for non-employee directors .
- Anti-hedging/pledging policy applies to directors; pre-approval required for any exception .
- Section 16(a) compliance: The Company reports compliance for directors and officers in 2024 filings, with one late Form 4 for an executive (not Garrett) .