Alvaro J. Monserrat
SEACOAST BANKING CORP OF FLORIDAAbout Alvaro J. Monserrat
Independent director (age 56) serving on Seacoast Banking Corporation of Florida’s board since 2017; holds an MBA from the University of Texas at Austin and a BS in Computer Science from the University of Miami . Current roles include chairing the Information Technology Committee and serving on the Audit, Compensation & Governance, and Corporate Development Committees, bringing deep enterprise software, cloud, and go‑to‑market expertise gained from senior roles at ACI Worldwide, Nuance, RES Software, and Citrix . He is independent under Nasdaq rules; 75%+ attendance threshold was met by all directors for Board and committee meetings in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ACI Worldwide (NASDAQ: ACIW) | Chief Revenue Officer | Not disclosed | Global payments software; commercial execution experience |
| Nuance Imaging (subsidiary of Nuance) | EVP & GM | Jan 2018 – Feb 2019 | Voice/language solutions; product and P&L oversight |
| RES Software | Chief Executive Officer | 2015 – 2017 (acquired by Ivanti 2017) | Digital workspace; CEO leadership through sale |
| Citrix Systems | SVP Worldwide Sales & Service | 2008 – 2015 | Scaled global go‑to‑market, services |
| Innovex Group (acquired by Citrix) | Senior Director | Not disclosed | Early awards and e‑commerce solutions |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ultra 7 | Chief Executive Officer | Current | Strategy consulting to CEOs/Boards |
| Corten Capital | Partner | Current | Specialist investment firm (UK) |
| itopia | Board member and Chairman | Current | Cloud automation platform governance |
| Login VSI | Board member | Current | Digital workspace testing oversight |
| Matrix42 | Advisory Board Chairman | Current | European B2B cloud software advisory |
Board Governance
- Committee assignments: Audit; Compensation & Governance; Corporate Development; Information Technology (Chair) .
- Independence: Identified among SBCF’s independent directors; 75% of Board independent in 2024 .
- Attendance and engagement: Board met 6 regular and 1 special session; each director attended at least 75% of Board and committee meetings; independent directors held two executive sessions in 2024 .
- Lead Independent Director: Christopher E. Fogal (re‑elected Jan 2025), which supports robust executive sessions and oversight .
- Key oversight roles: As ITC Chair, Monserrat helps oversee cybersecurity, data privacy, disaster recovery, and technology risk appetite; Audit Committee also reviews related‑party transactions .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $45,000 | Paid quarterly; directors may elect stock/options in lieu of cash |
| Committee chair retainer (ITC) | $25,000 | CGC chair retainer is $30,000; Monserrat chairs ITC |
| Total fees earned in cash (Monserrat) | $70,000 | 2024 cash total including chair retainer |
| Committee member retainers (2025 update) | Audit/CGC/ERMC: $10,000; ITC: $7,500; CDC: $5,000 | Begins in 2025 to reflect workload |
Performance Compensation
| Equity Component | Grant Date | Shares/Units | Fair Value | Vesting/Status |
|---|---|---|---|---|
| Annual director stock award | 07-31-2024 | 2,245 | $87,508 | Fully vested; deferred into DDCP |
| Additional director stock award | 12-10-2024 | 848 | Included above | Fully vested; deferred into DDCP |
| 2024 Director stock awards (program totals) | 2024 | — | $87,508 | Stock retainer increased to $87,500 in 2024 |
| Stock options outstanding (director disclosure) | 12-31-2024 | 3,573 | — | Outstanding options held by Monserrat |
| Options exercisable within 60 days (beneficial ownership) | 03-24-2025 (record date) | 4,543 | — | Exercisable within 60 days |
Other Directorships & Interlocks
| Company | Public/Private | Role | Interlock/Exposure |
|---|---|---|---|
| itopia | Private | Board member, Chairman | Tech vendor ecosystem; no SBCF transactions disclosed |
| Login VSI | Private | Board member | Software/testing; no SBCF transactions disclosed |
| Matrix42 | Private (EU) | Advisory Board Chairman | Enterprise IT; no SBCF transactions disclosed |
| Corten Capital | Private | Partner | Investment affiliation; no SBCF transactions disclosed |
| ACI Worldwide | Public | Former CRO | Prior employment; not a current board role |
No current other public company boards disclosed for Monserrat in the proxy biography .
Expertise & Qualifications
- Enterprise software, mobility, cloud, networking; go‑to‑market, product, and human capital strategy; change leadership and team building; global market perspective—aligns with SBCF’s technology and growth agenda .
- Board skills matrix indicates broad coverage across audit/finance, executive leadership, risk management, digitalization, cybersecurity, and governance at the board level (Monserrat listed within that skills framework) .
Equity Ownership
| Holder | Beneficial Ownership (shares) | % of Outstanding | Ownership Details |
|---|---|---|---|
| Alvaro J. Monserrat | 28,544 | <1% | Includes 21,001 shares in Directors’ Deferred Compensation Plan (no voting/dispositive power) and 4,543 options exercisable within 60 days |
- Director stock ownership guideline: minimum 3x annual retainer; all non‑employee directors have met or are on track to meet targets; 50% net‑share post‑vesting holding period applies .
- Hedging prohibited; pledging requires prior approval and is limited (≤$250,000) .
- No pledges or hedges disclosed for Monserrat in the proxy .
Governance Assessment
- Committee influence and effectiveness: As ITC Chair and Audit Committee member, Monserrat is positioned to shape cybersecurity, data privacy, business continuity, and financial reporting oversight—areas material to bank risk and investor confidence .
- Independence and attendance: Independent status with Board‑wide 75%+ attendance supports engagement; independent directors conducted executive sessions twice in 2024, enhancing oversight quality .
- Director pay mix and alignment: Cash ($70,000) plus stock ($87,508) aligns with shareholder interests via equity retainer; stock retainer increased in 2024 to reflect workload and peer alignment; 2025 introduces member retainers to recognize committee workload—signals board investment in governance capacity .
- Ownership alignment: Beneficial ownership includes deferred shares and exercisable options; policy‑mandated ownership multiples and holding requirements, plus hedging prohibitions, reinforce long‑term alignment; no pledges disclosed .
- Conflicts/related‑party exposure: SBCF’s Related Party Transaction Policy requires Audit Committee approval for RPTs and exempts only de minimis/ordinary‑course cases; proxy discloses no RPTs involving Monserrat or his affiliated entities. The Audit Committee (including Monserrat) oversees RPT review; disclosed 2024 vehicle purchase from another director’s business was Audit Committee‑approved .
- Shareholder sentiment: Say‑on‑pay received ~97% approval in 2024, indicating broad support for compensation governance—positive for board credibility, though primarily referencing NEO pay .
RED FLAGS
- None disclosed specific to Monserrat: no attendance shortfalls, pledging, hedging, or related‑party transactions involving him reported in the proxy .
- Monitoring advisory: Given multiple external technology board roles, continued vigilance is warranted to avoid vendor conflicts; SBCF’s policy and Audit Committee oversight mitigate this risk .
Signals to investors
- Technology and cybersecurity oversight depth via ITC leadership is a positive differentiator for a regional bank with modernization initiatives .
- Strong independence, equity alignment policies, and robust RPT governance framework support investor confidence .