Robert McCracken
PROVIDENT FINANCIAL SERVICESAbout Robert E. McCracken
Robert E. McCracken, age 67, is an independent director of Provident Financial Services, Inc. (PFS) since 2024, with his current term expiring in 2025. He serves on the Compensation and Human Capital Committee and the Governance/Nominating Committee. McCracken is the sole managing member and owner of REM, LLC and President of Smith-McCracken and Wood Funeral Homes, and chairs the Atlantic Health System Board of Trustees. He previously served on the boards of Newton Financial Corp., Newton Trust Co., and, prior to the Lakeland merger, Lakeland Bancorp, Inc. and Lakeland Bank. The board has affirmatively determined he is independent. All directors (including those who joined via the Lakeland merger) met at least 75% attendance thresholds in 2024 across combined PFS and Provident Bank meetings.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Newton Financial Corp. | Director | Not disclosed | Board service prior to PFS role |
| Newton Trust Co. | Director | Not disclosed | Board service prior to PFS role |
| Lakeland Bancorp, Inc. | Director | Not disclosed | Joined PFS board via merger; former Lakeland director |
| Lakeland Bank | Director | Not disclosed | Former director; merged into PFS |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| REM, LLC | Sole managing member and owner | Current | Private ownership/operator |
| Smith-McCracken and Wood Funeral Homes | President | Current | Private operator |
| Atlantic Health System | Chair, Board of Trustees | Current | Non-profit health system governance |
Board Governance
- Independence: Independent director under NYSE standards per board determination.
- Committee assignments:
- Compensation and Human Capital Committee – Member (6 meetings in 2024).
- Governance/Nominating Committee – Member (6 meetings in 2024).
- Attendance: All directors met at least 75% of board and committee meetings in 2024 on an aggregated basis; directors are expected to attend the annual meeting.
- Board structure and engagement: Lead Independent Director (John Pugliese); executive sessions of non-management directors held at least twice annually (six executive sessions in 2024).
| Committee | Role | 2024 Meetings |
|---|---|---|
| Compensation and Human Capital | Member | 6 |
| Governance/Nominating | Member | 6 |
Fixed Compensation
| Component (Director) | Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $73,750 | Partial-year cash fees in 2024 after Lakeland closing |
| Equity (RSU) Grant – Grant-date fair value | $89,999 | Annual non-employee director grant; one-year vesting |
| All Other Compensation | — | None reported for 2024 |
| Total | $163,749 | Sum of cash and equity grant fair value |
- Director fee schedule (context): Board member annual retainer $55,000; additional retainers for committee chairs/members; annual equity grant equal to $90,000 in shares with one-year vesting; no per-meeting fees.
Performance Compensation
Directors do not receive performance-conditioned compensation; the equity component is time-vesting.
| Equity Award Details | Value/Terms | Performance Metrics |
|---|---|---|
| Annual Director RSU Grant (5/28/2024) | $89,999 grant-date fair value; one-year vesting | None (time-based) |
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Interlock/Notes |
|---|---|---|---|
| Atlantic Health System | Private (non-profit) | Chair, Board of Trustees | Governance role; no related-party transactions disclosed with PFS |
| Lakeland Bancorp, Inc. | Public (pre-merger) | Director (prior) | Joined PFS board via the Lakeland merger |
| Lakeland Bank | Bank (pre-merger) | Director (prior) | Former director; no interlock issues disclosed |
| Newton Financial Corp./Newton Trust Co. | Private | Director (prior) | Prior board roles |
- Compensation Committee interlocks: None disclosed; McCracken served on the Compensation Committee in 2024; committee members were not officers/employees and did not have interlocking relationships requiring disclosure.
Expertise & Qualifications
- Business owner-operator with experience in real estate markets in northern New Jersey (insight into local market dynamics).
- Governance leadership in healthcare as chair of Atlantic Health System’s board.
- Prior banking board experience at Lakeland Bancorp/Lakeland Bank and earlier Newton entities; strengthens community banking oversight credentials.
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 131,633 shares as of Feb 28, 2025 |
| Ownership as % of outstanding | <1% of shares outstanding |
| Unvested stock awards included in beneficial ownership | 6,177 shares |
| Hedging/Pledging | Company policy prohibits hedging and advises avoiding pledging by directors |
| Director stock ownership guideline | 5x annual cash retainer for non-employee directors |
| Compliance status | Not individually disclosed for directors |
Governance Assessment
-
Positives
- Independence and committee engagement: Independent status with active roles on Compensation and Governance/Nominating—both high-influence committees for pay, succession, and board refreshment.
- Attendance and engagement: Board/committee attendance thresholds met across the board; six executive sessions in 2024 support independent oversight.
- Alignment: Meaningful personal ownership (131,633 shares) and director equity grant design (time-based RSUs) align director interests with shareholders.
- Pay governance backdrop: Say-on-pay support was ~97% in 2024, indicating broad investor confidence in compensation governance.
- Risk controls: Robust anti-hedging policy; conflicts review process; no related-party transactions disclosed involving McCracken.
-
Potential Risks/Watch Items
- No specific attendance percentage disclosed by director (only aggregate compliance), so continued monitoring of individual engagement is prudent.
- Age and tenure planning: Board policy prohibits election/appointment after age 73; McCracken is 67, implying a finite runway for service and planned refreshment sequencing is relevant for committee continuity.
- Related-party exposure: Company disclosed certain director-related loans (Harding, Hanson) but none for McCracken; continue to monitor given his external business interests (no issues disclosed in 2024).
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Overall view
- McCracken’s profile reflects strong community market knowledge, prior banking board experience, and current governance leadership, with independent status and material share ownership supporting alignment. No conflicts or red flags were disclosed related to him in 2024.