Matthew M. Edgell
About Matthew M. Edgell
Executive Vice President, Chief of Staff at Peoples Bancorp Inc. (PEBO) since January 2023; age 42 as of the latest proxy . Career tenure at Peoples began in 2006 with progressive roles across treasury, human resources, credit administration, and finance, culminating in enterprise-level Chief of Staff responsibilities; he also serves as Director, President and Treasurer of Peoples Investment Company (a PEBO subsidiary) . Company performance metrics anchoring executive incentives emphasize pre-tax/pre-provision EPS and ROAA, the efficiency ratio, and net charge-offs; 2024 results were between threshold and target for three of four metrics, while 2023 one-year TSR was 26% . PEBO’s clawback policy applies to executive officers (including Edgell), and insider policies prohibit hedging and pledging, reinforcing alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United States Marine Corps | Infantry Rifleman | 2000–2004 | Military service foundation for leadership and discipline |
| Peoples Bank | Professional Development Associate | 2006–2008 | Early-career rotation and training |
| Peoples Bank | Treasury Analyst | 2008–2010 | Analytical support in treasury |
| Peoples Bank | SVP, Director of Treasury | 2010–2015 | Led treasury function |
| Peoples Bank | SVP, Director of Human Resources | 2015–2018 | Led HR function |
| Peoples Bank | SVP, Credit Administration Officer | 2018–2020 | Credit administration leadership |
| Peoples Bank | SVP, Director of Finance | 2020–2022 | Managed treasury team; directed finance |
| Peoples Bancorp/Peoples Bank | EVP, Chief of Staff | 2023–Present | Enterprise coordination across functions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peoples Investment Company (subsidiary) | Director; President and Treasurer | Director/President since 2016; Treasurer 2021–2023 | Governance and treasury leadership for a PEBO subsidiary |
Fixed Compensation
| Component | “Other Executive Officers” Program Parameters (Edgell’s category) |
|---|---|
| Annual Cash Incentive Payout Potential (% of Base Salary) | Threshold: 10.0%; Target: 40.0%; Maximum: 60.0% |
| Long-Term Equity Incentive Payout Potential (% of Base Salary) | Threshold: 7.5%; Target: 30.0%; Maximum: 50.0% |
Note: Edgell’s individual base salary and payouts are not disclosed (not a Named Executive Officer). The table shows program design applicable to “Other Executive Officers” .
Performance Compensation
| Metric | 2023 Actual | 2024 Target | 2024 Actual |
|---|---|---|---|
| Pre-Tax/Pre-Provision Return on Average Assets | 2.01% | 2.04% | 1.95% |
| Efficiency Ratio | 58.68% | 57.32% | 57.97% |
| Pre-Tax/Pre-Provision Diluted EPS | $5.06 | $5.17 | $5.03 |
| Net Charge-Offs / Avg Total Loans | 0.15% | 0.20% | 0.37% |
- Corporate incentive design uses these four components; results falling between threshold and target supported incentive pools; Compensation Committee used adjusted results excluding $169,000 of M&A-related pre-tax expenses consistent with prior practice .
- Absolute minimum “circuit breaker” conditions for any incentive: pre-tax/pre-provision EPS ≥ $2.59 and nonperforming assets/total assets ≤ 2% (both met in 2024) .
Vesting schedule and vehicles:
- Long-term incentives are restricted common shares with three-year cliff vest; vesting requires PEBO to remain well-capitalized and report positive net income in each year of the vesting period (misses reduce vesting by one-third); dividends accrue and pay upon vesting proportionally .
Equity Ownership & Alignment
| Date/Source | Direct Shares | Indirect Shares | Total | Ownership % of Outstanding Shares |
|---|---|---|---|---|
| Form 3 (filed 2/8/2023; event 1/26/2023) | 13,446.9706 | — | 13,446.9706 | ~0.0378% (13,446.9706 ÷ 35,493,152) |
| Form 5 (FY 2023) | 15,406.994 | 504.056 (401(k)) | 15,911.050 | ~0.0448% (15,911.050 ÷ 35,493,152) |
| Form 5 (FY 2024) | 16,680.5202 | — | 16,680.5202 | ~0.0468% (16,680.5202 ÷ 35,670,704) |
- Transactions in 2023 and 2024 reflect Dividend Reinvestment Program acquisitions; no reported sales, indicating low insider selling pressure .
- Insider Trading Policy prohibits hedging and pledging; executives must trade only in open windows and are subject to pre-clearance, mitigating misalignment risk .
- Executive stock holding guideline requires maintaining 50% of net shares received from equity grants during employment (no salary multiple requirement) .
Employment Terms
- Change-in-control agreements: Provided for Named Executive Officers only (double-trigger; no excise tax gross-ups). No specific disclosure for Edgell (not a NEO) .
- Clawback Policy: Executive officers must repay erroneously awarded incentive compensation (cash and equity) for the prior three completed fiscal years in the event of accounting restatements per SEC/Nasdaq rules .
- Non-compete/non-solicit/garden leave/post-termination consulting: Not disclosed for Edgell .
- Legal proceedings: None disclosed for PEBO executive officers .
Investment Implications
- Alignment: Continuous accumulation via DRIP and absence of reported insider sales indicate alignment and low near-term selling pressure; hedging/pledging prohibition further aligns interests with shareholders .
- Incentive levers: Edgell’s incentive opportunity and equity vesting are tied to company-level PTPP EPS/ROAA, efficiency, and credit quality; 2024 performance landed between threshold and target in 3/4 metrics, which supports modest but real at-risk pay sensitivity to operational outcomes .
- Retention: Three-year cliff vesting with regulatory and profitability conditions creates retention hooks; clawback overlay increases discipline in financial reporting and reduces asymmetric risk .
- Data gaps: As a non-NEO, Edgell’s individual salary, bonus paid, grant sizes, and severance/CIC economics are not itemized; monitoring future proxies and Form 4s for any discretionary grants or 10b5‑1 plan activity is warranted .
PEBO context: 2023 one-year TSR was 26%; 2024 incentive scorecards used PTPP measures and efficiency to reduce CECL volatility in evaluation, signaling a focus on core earnings quality and expense discipline—relevant for interpreting management execution during Edgell’s Chief of Staff tenure .