Richard Kenny
About Richard F. Kenny
Independent director at Plumas Bancorp (PLBC) since 2017; age 76. Former founding President & CEO of Charles Schwab Bank with 40+ years’ leadership in operations, information systems, strategic planning, and credit risk management; prior management roles at Citibank (domestic and international). Education: B.S. in Business Administration & Marketing (Northwestern University) and MBA in Finance (University of Chicago) .
Past Roles
| Organization | Role | Tenure/Timing | Committees/Impact |
|---|---|---|---|
| Charles Schwab Bank (subsidiary of Charles Schwab Corp.) | Founding President & CEO | Before retiring in 2010 | Led bank formation and operations; deep credit/risk experience |
| Citibank | Various management roles (domestic & international) | Not specified | Operations, IS, strategic planning, credit risk management |
External Roles
| Organization | Role | Tenure/Timing |
|---|---|---|
| KNPB Public Television (Reno) | Active involvement (director/leader not specified) | Current (timing not specified) |
| Capital Public Radio (Sacramento) | Active involvement (director/leader not specified) | Current (timing not specified) |
| Presidio Unit Owners Association (Reno, NV) | Board member; elected President | Board since 2020; President since 2021 |
| Public company boards | None (company discloses no PLBC directors serve on public company boards) | N/A |
Board Governance
- Independence: Board-designated independent director (NASDAQ standards) .
- Board/committee attendance: In 2024 the Board met 16 times; no director attended less than 75% of Board and committee meetings; nine directors attended the 2024 annual meeting . In 2023 the Board met 13 times; no director attended less than 75% .
- Committee structure: Board has Audit & Risk and Corporate Governance & Compensation (also functions as nominating) committees . 2025 Audit & Risk Committee members: McClintock (Chair), Ascuaga, O’Gara, Patel (Kenny not listed) . 2024 Audit & Risk Committee members: McClintock (Chair), Ascuaga, Gansert, Reeson (Kenny not listed) . Corporate Governance & Compensation Committee members are not enumerated in the proxy .
- Leadership structure: Separate independent Board Chair and CEO roles .
- Anti-hedging: Insider trading policy prohibits short sales and hedging transactions by directors .
Fixed Compensation
| Year | Cash Retainer (Fees Earned) | Committee Chair/Board Chair Fees | All Other Comp (tech stipend) | Notes |
|---|---|---|---|---|
| 2024 | $48,000 | Included in monthly fee schedule; Kenny’s totals indicate he was not a chair (chairs earn $4,450/month; board chair $4,875/month) | $480 | Non-employee directors receive $4,000/month; Audit & Risk and Loan Committee chairs $4,450/month; Board Chair $4,875/month |
| 2023 | $48,000 | Same schedule; Kenny not a chair (based on totals) | $480 | $40/month technology allowance |
Performance Compensation
Directors do not receive performance-conditioned pay; equity is used for alignment (options/RSUs with time-based vesting).
| Year | Stock Awards (Grant-Date Fair Value) | Option Awards (Grant-Date Fair Value) | Equity Program Detail |
|---|---|---|---|
| 2024 | $34,444.77 | $0 | Company disclosed that on Feb 21, 2024, four directors received 3,400 options at $34.07 strike, three directors received 1,011 RSUs at $34.07 that vested on Feb 21, 2025; one director received 435 restricted shares at $46.04 on Dec 18, 2024. Kenny’s reported stock award amount matches the RSU valuation, though the proxy does not explicitly assign recipients by name . |
| 2023 | $0 | $0 | Director equity was granted under shareholder-approved equity plan; no Kenny-specific equity in 2023 . |
Other Directorships & Interlocks
- Current public company directorships: None (company disclosure) .
- Nonprofit/Community boards: KNPB Public Television (Reno), Capital Public Radio (Sacramento) .
- Private/association board: Presidio Unit Owners Association (Reno); Board since 2020; President since 2021 .
- Related-party transactions: Directors and their associated companies are bank customers; loans/commitments made in ordinary course on substantially the same terms as non-affiliates; management states no more than normal risk/unfavorable features .
Expertise & Qualifications
- Core skills: Banking leadership, credit risk management, operations, information systems, strategic planning .
- Financial services pedigree: Founding President & CEO of Charles Schwab Bank; prior Citibank leadership .
- Education: Northwestern University (B.S., Business Administration & Marketing); University of Chicago (MBA, Finance) .
Equity Ownership
| As of | Total Beneficial Ownership (shares) | % of Class | Shared Voting/Investment Power | Options Exercisable within 60 Days | Notes |
|---|---|---|---|---|---|
| Mar 25, 2025 | 15,085 | * (less than 1%) | 10,257 shares | 3,817 shares | Company states “beneficial ownership” includes options exercisable within 60 days . |
| Dec 31, 2024 (director options snapshot) | — | — | — | 4,567 exercisable options | Non-employee director option holdings as of 12/31/24 . |
Additional alignment:
- Stock ownership guidelines: Directors must hold at least $150,000 of PLBC stock; new directors have 36 months. All directors other than newly appointed meet the requirement; thus Kenny meets guidelines .
- Anti-hedging policy in place; no disclosure of any pledging by Kenny .
Insider Trades and Filing Compliance
| Year | Item | Detail |
|---|---|---|
| 2024 | Section 16(a) compliance | Each current director and executive (including directors) inadvertently failed to timely file one Form 4 related to option or RSU grants during 2024; one director (O’Gara) also had a Form 5 issue tied to DRIP purchases in 2023 . |
Director Retirement/Deferred Benefits (Potential Governance Signal)
| Program | Kenny Terms | Change-in-Control Treatment | Funding/Notes |
|---|---|---|---|
| Director Retirement (Fee Continuation) Agreement | Up to $15,000 per year for 15 years post-retirement | Eligible to receive full fee continuation upon termination following change in control | Death: beneficiary receives lump sum equal to accrual balance. Agreements exist for most non-employee directors; Patel and Foster excluded . |
Governance Assessment
-
Strengths
- Independent director with deep banking and credit risk leadership; former bank CEO; advanced finance education—valuable for risk oversight and strategy .
- Attendance/engagement: no director below 75% in 2024 and 2023; high participation culture; directors commonly attend annual meeting .
- Board structure: Independent chair; explicit anti-hedging policy; active Audit & Risk oversight with named financial expert on the committee .
- Ownership alignment: Meets stock ownership guidelines; holds shares and vested options; director equity grants used for alignment .
-
Watch items / potential red flags
- Post-service “fee continuation” benefits (up to $15k/year for 15 years) can be viewed as entrenching/less shareholder-friendly versus pure at-risk equity; however, these are longstanding director arrangements at PLBC .
- Section 16 timeliness lapse: one late Form 4 for each current director in 2024 related to grants (appears administrative, but still a compliance blemish) .
- Committee leadership: Kenny is not listed on Audit & Risk; Corporate Governance & Compensation membership not disclosed—limits visibility into committee-specific contributions .
-
No evidence found of:
- Other public-company interlocks or conflicts (company states no directors serve on public-company boards) .
- Related-party transactions with unfavorable terms (management affirms ordinary-course, market-based terms) .
- Hedging or pledging by Kenny (policy prohibits hedging; no pledging disclosure) .