Susan Hubble
About Susan Hubble
Susan L. Hubble is Executive Vice President and Chief Information Officer (CIO) of Peoples Financial Services Corp. and Peoples Security Bank and Trust Company; age 69; appointed CIO in December 2019 after roles as Senior VP, Senior Information Technology Officer (April 2019) and VP, Information Technology Officer (July 2014). She is disclosed as an executive officer in the 2025 proxy; no education details or external affiliations are provided in company filings. Company performance context during Hubble’s tenure: five-year company TSR index rose to 121.93 in 2024 (2019=100), while net income fell to $8,498 thousand in 2024 amid merger integration, and ROATCE was 2.63% in 2024 versus 10.30% in 2023 and 14.80% in 2022 .
PFIS performance during Hubble’s tenure
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Net Income ($USD Thousands) | $29,354 | $43,519 | $38,090 | $27,380 | $8,498 |
| Company TSR (Index, 2019=100) | 75.70 | 112.19 | 113.83 | 110.97 | 121.93 |
| Return on Avg Tangible Common Equity (ROATCE) | 14.80% | 12.94% | 14.80% | 10.30% | 2.63% |
| Revenues ($USD Millions) | $16.642 * | $25.636 * | $11.845 * | $14.133* | $18.336 * |
Values retrieved from S&P Global for Revenues; cells marked with * reflect S&P Global data without document citations.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peoples Financial Services Corp. / Peoples Security Bank & Trust | VP, Information Technology Officer | Jul 2014–Apr 2019 | — |
| Peoples Financial Services Corp. / Peoples Security Bank & Trust | SVP, Senior Information Technology Officer | Apr 2019–Dec 2019 | — |
| Peoples Financial Services Corp. / Peoples Security Bank & Trust | EVP, Chief Information Officer | Dec 2019–present | — |
Fixed Compensation
- PFIS’s executive compensation framework (for named executive officers) comprises base salary, annual cash incentives under the Cash Incentive Plan, equity awards, and benefits/perquisites; the committee sets ranges by role scope and peer benchmarking. In 2024, due to the FNCB merger, the committee did not set specific annual bonus performance goals and used discretionary awards under the plan. Hubble is an executive officer but not a named executive officer; specific salary/bonus amounts for Hubble are not disclosed in the proxy .
Performance Compensation
- Incentive metrics PFIS identifies as most important for pay-versus-performance: EPS growth, revenue growth, asset growth, loan/deposit growth, expense-to-assets, NPAs/average loans+OREO, net charge-offs/average loans. For 2024, the committee did not set specific goals due to the FNCB merger and exercised discretion on cash bonuses; equity awards for named executive officers in 2024 were time-vested restricted stock only (no PSUs), vesting ratably over three years. Hubble’s specific incentive metrics/weights and grants are not disclosed as she is not an NEO .
Equity Ownership & Alignment
- Stock ownership guidelines: executive officers who receive equity awards are expected to beneficially own shares equal to or greater than twice their annual base salary within five years; compliance status for Hubble is not disclosed .
- Hedging policy: PFIS prohibits directors, officers, employees, and related parties from engaging in hedging or monetization transactions involving PFIS securities; no explicit pledging prohibition is disclosed in the proxy. Hubble was noted for one late Form 4 filing in 2024 alongside other officers; details of transactions are not provided in the proxy .
Employment Terms
- Severance & Change-in-Control (adopted Aug 29, 2025): PFIS approved a Severance and Change in Control Plan. CIO is designated as Tier II. Benefits upon “Qualifying Termination” include:
- Non–Change-in-Control: 12 months of base salary continuation; pro rata annual bonus for year of termination; COBRA premium reimbursement for 12 months at the company contribution rate .
- Change-in-Control (double trigger within 24 months): lump-sum equal to 24 months of base salary plus 2.0× target annual bonus; COBRA premium reimbursement for 24 months at the company contribution rate .
- Conditions: execution of separation agreement with release and restrictive covenants, including a 12‑month non-solicitation covenant .
- Clawbacks: PFIS adopted a Dodd-Frank compliant incentive compensation clawback policy in 2023 requiring recoupment of incentive-based compensation following restatements; the Cash Incentive Plan also contains an overpayment recovery provision, including full recovery in cases of misconduct or fraud .
Investment Implications
- Alignment: Ownership guidelines (2× salary) and the clawback regime support long-term alignment and reduce moral hazard; the hedging prohibition limits misalignment risk from personal hedges .
- Retention risk: Tier II severance and double-trigger change-in-control benefits provide material protection (24 months base + 2× target bonus upon CoC termination) that can lower flight risk and stabilize leadership through corporate events .
- Trading signals and potential pressure: 2024 awards for NEOs used only time-vested restricted stock with three-year ratable vesting, which—if similarly applied to other executives—can create routine vesting-related selling windows; Hubble’s specific grant amounts and vesting schedule are not disclosed. A late Form 4 filing indicates minor reporting control issues but no pattern of insider selling pressure is evidenced in the proxy .
- Execution context: Company TSR recovered to 121.93 in 2024 on a 2019 base, while net income and ROATCE were depressed in 2024 versus prior years—important backdrop for evaluating technology leadership execution under Hubble’s CIO tenure .