José S. Suquet
REGIONS FINANCIALAbout José S. Suquet
José S. Suquet (age 68) is an independent director of Regions Financial Corporation (RF) since 2017 and currently serves as Audit Committee Chair and a member of the Risk and Executive Committees, with formal designations as an Audit Committee Financial Expert and a “risk management expert.” He is Chairman and CEO of Pan-American Life Insurance Group (PALIG), holds a B.A. from Fordham University and an MBA from the University of Miami, and brings deep insurance, enterprise risk, and financial oversight expertise to RF’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Pan-American Life Insurance Group (PALIG) | President & CEO (joined Nov 2004); Chairman & CEO (Chairman since 2008) | 2004–present | Led product innovation and sales force expansion; built ERM focus in insurance operations |
| AXA Financial | Senior EVP & Chief Distribution Officer | Prior to 2004 (not dated) | Senior distribution leadership in large financial institution |
| Federal Reserve Bank of Atlanta (Board; RPO Oversight Committee Chair) | Director; Chair, Retail Payments Office Oversight Committee | Completed term Dec 2016 | Oversight of payments and risk in regulated financial infrastructure |
| Federal Reserve Bank of Atlanta (New Orleans Branch) | Director | Prior service (dates not specified) | Regional financial oversight and governance |
| American Council of Life Insurers | Director | Completed second term in 2019 | Industry policy and governance leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ochsner Health System (private, non-profit) | Director | Current | Compensation Committee; Audit & Oversight Committee |
Board Governance
| Item | Details |
|---|---|
| RF Board Independence | Independent; affirmatively determined by Board in Feb 2025 |
| Committees | Audit (Chair); Risk; Executive |
| Expertise Designations | Audit Committee Financial Expert; Risk Management Expert |
| Meeting Attendance | All incumbents ≥75% in 2024; board/committee average ≈96% |
| Annual Meeting Attendance | Did not attend 2024 Annual Meeting of Shareholders (noted exception) |
| Audit Committee Activity | 9 meetings in 2024 (+1 joint with Risk) under his chairmanship |
Fixed Compensation
| Component | Amount/Terms |
|---|---|
| Annual Cash Retainer (Non-management Directors) | $100,000 |
| Annual Equity Retainer | $130,000 in RSUs; granted three business days after annual meeting; RSUs vest at the next annual meeting |
| Additional Retainers | Lead Independent Director: $50,000; Committee Chairs: Audit $40,000, Risk $40,000, CHR $25,000, NCG $25,000, Technology $25,000; Audit Committee members (ex-Chair): $15,000; Other committee members (ex-Chair): $10,000 |
| 2024 Compensation Paid to Suquet | Fees Earned/Paid in Cash: $160,000; Stock Awards (grant-date fair value): $129,983; Total: $289,983 |
| RSU Grant Valuation Context | 2024 annual director RSUs valued at $19.18 per share on April 22, 2024 grant date; vest at 2025 annual meeting |
Performance Compensation
| Feature | Details |
|---|---|
| Director Performance Metrics | None; director equity is time-based RSUs vesting at next annual meeting (no performance hurdles) |
| Deferred Compensation (Directors) | May defer cash fees into notional investments; may defer RSUs (with dividend equivalents) for later share settlement (no later than 10th anniversary or upon departure/change in control) |
Other Directorships & Interlocks
- Current public company directorships: none listed for Suquet in RF’s nominee matrix .
- Related person transactions/relationships: none material for Suquet; Board concluded no impairments to independence for non-management directors based on 2024 review .
- Overboarding: RF policy limits board and audit committee seats; all nominees (including Suquet) in compliance .
Expertise & Qualifications
- Top skills highlighted in RF bio: Audit/Accounting/Finance and Capital Planning; Corporate Governance; Executive Compensation and Benefits; Risk Management; Strategic Planning and Strategy Development .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial Ownership (Suquet) | 33,711 shares; <1% of class |
| Shares Acquirable within 60 Days | 0 |
| Outstanding RSUs (12/31/2024) | 51,831 units (incl. credited dividend equivalents) |
| Director Ownership Guideline | ≥5x annual cash retainer; until met, must retain 50% of net-after-tax shares from compensatory awards |
| Compliance with Guideline | All directors meet guideline except Jenkins and Rand; Suquet meets guideline |
| Hedging/Pledging Policy | Anti-hedging and anti-pledging policies applicable to directors and executive officers |
Governance Assessment
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Strengths
- Audit Chair with formal “Financial Expert” designation; recognized “Risk Management Expert” (Reg YY) — strong alignment with RF’s risk profile and regulatory scrutiny for banks .
- Independent director with meaningful equity alignment (beneficial ownership and sizable outstanding RSUs) and compliance with RF’s robust director ownership guidelines .
- Active oversight cadence: 9 Audit Committee meetings in 2024 plus joint sessions; focuses in 2024 included critical accounting estimates, internal controls, BSA/AML/OFAC, cybersecurity — relevant to bank risk/compliance .
- No material related-party transactions; Board determined independence remains intact .
-
Watch items / RED FLAGS
- Section 16(a) timing: RF disclosed Suquet inadvertently reported late, via a Feb 28, 2025 Form 4, four 2024 transactions and nine 2025 transactions in RF stock effected “without his prior knowledge or instruction” in broker-directed separately managed accounts; indicates a personal compliance process gap to monitor (administrative, not misconduct) .
- Shareholder meeting attendance: Suquet was the only incumbent director who did not attend the 2024 Annual Meeting; while not a violation, it is an engagement optics negative for some investors .
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Overall take
- Suquet’s audit and risk credentials, combined with independence and equity alignment, support board effectiveness in financial reporting and risk oversight. The late Section 16 filings and missed annual meeting appearance are modest governance signals to monitor but do not, as disclosed, affect independence determinations or committee service suitability .
Appendix: Committee Snapshot (for quick reference)
- Audit Committee: Chair — José S. Suquet; Members — Mark A. Crosswhite, Alison S. Rand, William C. Rhodes III, Timothy Vines; 2024 meetings: 9 (+1 joint with Risk) .
- Risk Committee: Members include José S. Suquet; Chair — James T. Prokopanko; 2024 meetings: 4 (+2 joints) .
- Executive Committee: Members include the Lead Independent Director, standing committee Chairs, and the CEO; Suquet, as Audit Chair, is a member .