Brian Gragnolati
PROVIDENT FINANCIAL SERVICESAbout Brian A. Gragnolati
Independent director of Provident Financial Services, Inc. since 2024; term expires 2026; age 67. President and CEO of Atlantic Health System; former Chairman of the Board of Trustees of the American Hospital Association; member of the AHA Advisory Council to the FBI. Serves as Executive Partner at Concord Health Partners and Director of Revology; previously served on the boards of Lakeland and Lakeland Bank. Committees at PFS: Audit, Enterprise Risk, and Chair of the Technology Committee, bringing executive management and finance experience to the board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johns Hopkins Medicine | Senior Vice President, Community Division | — | Executive leadership in healthcare operations |
| Suburban Hospital | President and CEO | — | Hospital leadership, finance and operations |
| Lakeland Bancorp, Inc. and Lakeland Bank | Director | Prior to merger; appointed to PFS board May 16, 2024 | Banking board experience; supported governance transition post-merger |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Atlantic Health System | President and CEO | Current | Leading a major health system |
| American Hospital Association | Former Chairman, Board of Trustees | Prior | National healthcare policy leadership |
| AHA Advisory Council to the FBI | Member | Current | Advisory role on healthcare-related security matters |
| Concord Health Partners | Executive Partner | Current | Healthcare investment partnership |
| Revology | Director | Current | Board service (company type not specified in proxy) |
Board Governance
- Committee assignments: Audit (member), Enterprise Risk (member), Technology (Chair) .
- Committee meeting cadence in 2024: Audit—12; Enterprise Risk—11; Technology—4; Board met 14 times .
- Independence: Board deems non-management directors and Audit Committee members independent under NYSE and SEC Rule 10A-3 .
- Attendance: All directors attended no fewer than 75% of board and committee meetings during their service periods; all directors attended the April 25, 2024 Annual Meeting (virtual) .
- Executive sessions: Board held six executive sessions of non-management directors; presided over by Lead Director John Pugliese .
- Director stock ownership guideline: Minimum holding equal to 5× annual cash retainer for non-employee directors .
Fixed Compensation (Director)
| Component | 2024 Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 92,500 | Aggregates retainer and committee fees; precise breakdown not disclosed |
| All Other Compensation | — | No “all other” compensation disclosed for Gragnolati; dividends paid on stock awards apply to certain other directors |
| Total Cash + Other | 92,500 | Sum of cash and other (none) |
Performance Compensation (Director)
| Equity Component | Grant Date | Grant Type | Vesting | 2024 Grant-Date Fair Value (USD) | Performance Metrics |
|---|---|---|---|---|---|
| Annual Director Stock Award | May 28, 2024 | Time-vesting restricted stock | Vests in one year | 89,999 | None disclosed; awards are time-vesting (no performance conditions) |
- Stock option awards: None disclosed for directors; proxy indicates stock option grants are not part of current compensation design for executives, and director equity shown is restricted stock (no options) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | Not disclosed in proxy for Gragnolati |
| Prior public company boards | Lakeland Bancorp, Inc.; Lakeland Bank (prior to merger; he was appointed to PFS board at closing) |
| Compensation committee interlocks | Gragnolati is not listed as a Compensation Committee member; proxy reports no interlocks among Compensation Committee members |
Expertise & Qualifications
- Executive leadership: President/CEO of Atlantic Health System; extensive management and finance experience cited as beneficial to the company .
- Risk and technology oversight: Chairs Technology Committee (cybersecurity, technology strategy, continuity planning) and serves on Enterprise Risk Committee .
- Audit oversight: Member of Audit Committee; committee includes designated financial experts and meets frequently for financial reporting oversight .
Equity Ownership
| Holder | Shares Owned Directly/Indirectly | Options | Beneficial Ownership | Percent of Class | Unvested Stock Awards Included |
|---|---|---|---|---|---|
| Brian A. Gragnolati | 29,638 | — | 29,638 | * (less than 1%) | 6,177 |
- Shares outstanding baseline: 130,500,905 shares as of February 28, 2025 .
- Director ownership guideline: 5× annual cash retainer; compliance status not specifically disclosed for individual directors .
Governance Assessment
- Board effectiveness: Active engagement across key oversight areas—Audit (financial reporting integrity), Enterprise Risk (ERM), and Technology (cybersecurity and tech investment), with Gragnolati serving as Technology Committee Chair—a role central to bank cyber risk oversight .
- Independence and attendance: Independent director; board and committee attendance met company threshold; robust governance with executive sessions and a Lead Director framework supports independent oversight .
- Alignment: Annual equity grants to directors and a 5× retainer stock ownership guideline strengthen alignment; Gragnolati holds 29,638 shares with 6,177 unvested RSUs included in beneficial ownership reporting .
- Conflicts and related-party exposure: No related-party transactions or compensation committee interlocks disclosed for Gragnolati in the proxy sections reviewed; Compensation Committee interlocks section does not implicate him .
- RED FLAGS: None identified in retrieved disclosures—no pledging/hedging by executives is permitted (policy scope described for executives), no option repricings noted, and timely Section 16(a) filings reported for 2024 .