Juliette P. Kleffel
Chief Operating Officer at SEACOAST BANKING CORP OF FLORIDA
Executive
About Juliette P. Kleffel
Executive Vice President and Chief Operating Officer (age 54), at Seacoast Banking Corporation of Florida since October 2014; promoted to COO effective December 18, 2023, with a two‑year employment term and automatic one‑year renewal . Background spans 25+ years in retail and business banking (BankFIRST and Seacoast) and leadership across small business banking, community banking, and operations, with certifications from Stonier Graduate School of Banking and as a Certified Lender Business Banker . Company performance context during her recent tenure: 2024 net income $120.99 million, adjusted ROATE 11.25%, and TSR value of $91.72 versus peer $137.17, reflecting underperformance versus peers in 2024; adjusted EPS growth was −15.07% in 2024 . 2024 revenue was $515.4 million (GAAP), with adjusted revenue $524.5 million; adjusted ROTA was 1.06% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seacoast Banking Corporation of Florida | EVP, Chief Operating Officer | Dec 2023–present | Expanded scope: IT and support ops; productivity gains and scalability via automation and process improvements |
| Seacoast Banking Corporation of Florida | EVP, Chief Banking Officer | Jul 2020–Dec 2023 | Led retail and small business banking; balanced growth strategy execution |
| Seacoast Banking Corporation of Florida | Community Banking Executive | Jan 2017–Jun 2020 | Customer acquisition, service delivery enhancements |
| Seacoast (via BankFIRST acquisition) | EVP Small Business Banking; earlier roles | Oct 2014–Jan 2017 | Built SBA/government lending, treasury sales, and commercial lending capabilities |
| BankFIRST | Various leadership roles (Gov’t Lending/SBA, Treasury Sales, Marketing, Commercial Lending) | Nov 2000–Oct 2014 | Franchise growth in Orlando market; multi‑functional banking leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| Central Florida YMCA | Executive Board Member/Chairman; Finance Committee member | — |
| Edgewood Children’s Ranch | Executive Board Member; Endowment boards | — |
| West Orange County Chamber of Commerce | Lifetime Director | — |
| National Entrepreneur Center; The Gardens at DePugh; Garden Theatre | Former Executive Director roles | — |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $396,000 | $459,375 | $556,250 |
| STI Target ($) | — | — | $375,000 |
| STI Paid ($) | — | $333,750 (RSAs granted Apr 1, 2024 for 2023 performance) | $469,000 (cash, paid Mar/Apr 2025) |
| Car Allowance ($) | $9,000 | $9,000 | $9,000 |
| Dividends on Vested Equity ($) | $30,410 | $24,990 | $16,563 |
Notes:
- 2024 STI metrics: ROATA, Gross Primary Customer Acquisition, and EPS budget; equal weighting across quantitative measures; overall payout approved at 125% of target based on quantitative/qualitative assessment .
- Base salary increased 16% with promotion to COO in Dec 2023; 2024 annualized base $550,000 .
Performance Compensation
Annual STI Design (2024)
| Metric | Weighting | Target Definition | Actual Outcome | Payout | Vesting |
|---|---|---|---|---|---|
| ROATA | Equal weight (1/3) | Return on average tangible assets (company) | Not specifically disclosed | Included in 125% overall payout | Cash, paid in 2025 |
| Gross Primary Customer Acquisition | Equal weight (1/3) | New primary deposit/loan customers | Not specifically disclosed | Included in 125% overall payout | Cash, paid in 2025 |
| EPS Budget Target | Equal weight (1/3) | Achievement vs EPS budget | Not specifically disclosed | Included in 125% overall payout | Cash, paid in 2025 |
Long‑Term Incentives (2024 Grants)
| Award Type | Grant Date | Shares (Target) | Perf. Period | Vesting | Fair Value ($) |
|---|---|---|---|---|---|
| PSUs (EPS Growth & ROATE) | Apr 1, 2024 | 15,902 | 2024–2026; relative vs peer group | Dec 31, 2027; 1‑yr service post‑performance; Tier 1 Capital requirement | $393,734 |
| RSAs (time‑based) | Apr 1, 2024 | 5,300 | — | Ratable over 3 years (2025–2027) | $131,228 |
PSU performance caps apply if absolute EPS/ROATE hurdles not met; dividends accrue and pay only upon vesting .
Outstanding Equity (as of Dec 31, 2024)
| Type | Detail | Count | Market/Value Reference |
|---|---|---|---|
| Stock Options (Exercisable) | 14,831 @ $28.69, exp 04/01/2027 | 14,831 | Reference price $27.53 on 12/31/2024 (out‑of‑the‑money at year‑end) |
| Stock Options (Exercisable) | 12,635 @ $31.15, exp 04/01/2028 | 12,635 | Reference price $27.53 on 12/31/2024 (out‑of‑the‑money at year‑end) |
| RSAs (Unvested) | Granted 2022 (remaining), 2023, 2024 | 743; 3,545; 18,779 | Market values $20,455; $97,594; $516,986 at $27.53 |
| PSUs (Unvested) | 2022, 2023, 2024 tranches | 6,552; 15,869; 15,902 | Market values $180,377; $436,874; $437,782 at $27.53 (subject to achievement) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 86,665 shares (includes 27,466 options exercisable within 60 days) |
| Ownership % of Outstanding | Less than 1% |
| Exercisable Options (60‑day) | 27,466 |
| Unvested RSAs | 743 (2022), 3,545 (2023), 18,779 (2024) |
| Unearned PSUs | 6,552 (2022), 15,869 (2023), 15,902 (2024) |
| Ownership Guidelines | Senior executives: 3× annual base salary; must hold 75% of net shares until target met; then 50% for 1 year post vest/exercise; all NEOs met/on track |
| Hedging/Pledging | Hedging prohibited; pledging requires advance approval, limited to “reasonable purposes” and capped at $250,000 |
Employment Terms
| Provision | Terms |
|---|---|
| Agreement | Amended Dec 15, 2023; supersedes prior change‑of‑control agreement (Apr 6, 2016); two‑year term with automatic 1‑year renewal |
| Compensation & Perqs | Base salary, medical/LTD/life insurance per senior management plans, car allowance, eligibility for bonuses & benefits; non‑compete, non‑disclosure, non‑solicit covenants |
| Base Salary Adjustment | Increased to $550,000 upon promotion to COO, effective Dec 18, 2023 |
| Severance (no CIC) | 1× base salary (12 months) + 1× average annual performance bonus for last 2 full fiscal years (12 months) + up to 12 months COBRA |
| Severance (CIC, double‑trigger within 12 months) | 2× base salary + 2× average annual performance bonus for last 2 full fiscal years (lump sum) + 18 months COBRA |
| Potential Payments (as of 12/31/2024) | Termination w/o cause or for good reason: $951,375 cash + $1,518 benefits; CIC double‑trigger: $1,902,750 cash + $2,277 benefits + $1,690,067 accelerated equity, total $3,595,094 |
Compensation Structure Analysis
- Pay‑for‑performance orientation with 75% of LTI as PSUs tied to three‑year EPS growth and ROATE relative to peers; 25% as time‑based RSAs; PSU vesting requires Tier 1 capital compliance; no single‑trigger CIC vesting .
- 2024 STI shifted to cash payout (vs 2023 STI paid in RSAs), potentially increasing near‑term liquidity for executives; overall 125% payout indicates strong qualitative/quantitative assessment despite 2024 adjusted EPS decline .
- No excise tax gross‑ups; clawback policy compliant with SEC/Nasdaq; hedging prohibited; pledging tightly constrained—supportive of alignment and risk controls .
Compensation & Ownership Tables
Juliette P. Kleffel – Summary Compensation (SCT)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $396,000 | $459,375 | $556,250 |
| Bonus ($) | $480,000 | $0 | $0 |
| Stock Awards ($) | $299,994 | $499,987 | $524,962 |
| Non‑Equity Incentive ($) | — | $333,750 (2023 STI paid in RSAs) | $469,000 |
| All Other Compensation ($) | $30,410 | $24,990 | $39,881 |
| Total ($) | $1,206,404 | $1,318,102 | $1,590,093 |
2024 Plan‑Based Awards (Kleffel)
| Type | Grant Date | Target (#) | Maximum (#) | Grant Date Fair Value ($) |
|---|---|---|---|---|
| PSUs | Apr 1, 2024 | 15,902 | 35,780 | $393,734 |
| RSAs | Apr 1, 2024 | 5,300 | — | $131,228 |
Outstanding Equity at FY‑End 2024 (Kleffel)
| Award | Count | Value/Strike | Reference |
|---|---|---|---|
| Options (exercisable) | 14,831 | $28.69; exp 04/01/2027 | $27.53 stock price (12/31/24) |
| Options (exercisable) | 12,635 | $31.15; exp 04/01/2028 | $27.53 stock price (12/31/24) |
| RSAs (unvested) | 743; 3,545; 18,779 | Market value $20,455; $97,594; $516,986 | $27.53 stock price (12/31/24) |
| PSUs (unearned) | 6,552; 15,869; 15,902 | Market value $180,377; $436,874; $437,782 | $27.53 stock price; subject to achievement |
Beneficial Ownership (Record Date: Mar 24, 2025)
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Juliette P. Kleffel | 86,665 | Includes 27,466 options exercisable within 60 days ; <1% outstanding |
Company Performance Context (for Pay‑for‑Performance)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($MM) | $106.51 | $104.03 | $120.99 |
| Adjusted ROATE (%) | 12.86 | 12.80 | 11.25 |
| TSR – Value of $100 Investment ($) | $120.74 | $128.99 | $91.72 |
| Revenue ($MM, GAAP) | $432.25 | $567.39 | $515.40 |
Governance, Peer Benchmarking, and Shareholder Feedback
- Compensation Peer Group: regional banks $13–$50B assets; adjustments include removal of IBTX due to announced sale; peers include ABCB, AUB, BANF, CVBF, EFSC, FBNC, FFIN, BUSE, FIBK, HOMB, INDB, PPBI, RNST, SFBS, SFNC, TOWN, TRMK, UCB, WSBC, WSFS .
- Say‑on‑Pay support: 97%–97.2% in 2024; annual say‑on‑pay recommended .
- Clawback Policy: SEC/Nasdaq compliant; recovery upon restatement regardless of misconduct .
- Equity Plan governance: no option/SAR repricing without shareholder approval; no single‑trigger CIC vesting; no dividends on unearned awards .
Risk Indicators & Red Flags
- Hedging prohibited; pledging limited and pre‑approved, reducing misalignment risk .
- No excise tax gross‑ups; CIC protections require double‑trigger for equity vesting if awards assumed .
- Late Form 4 administrative filings in April 2024 for RSAs/tax withholding (amended) noted for multiple insiders, including Kleffel; company states Section 16 compliance otherwise timely for 2024 .
Investment Implications
- Alignment: Strong pay‑for‑performance architecture (75% PSUs tied to relative EPS/ROATE; Tier 1 capital condition; robust ownership guidelines and anti‑hedging) supports medium‑term alignment and mitigates excessive risk‑taking .
- Selling Pressure: 2024 STI paid in cash vs prior RSAs reduces near‑term stock supply; Kleffel’s options are out‑of‑the‑money at $27.53 (strikes $28.69/$31.15), implying limited option‑driven selling near term; unvested RSAs/PSUs maintain retention .
- Retention/CIC Economics: One‑times salary+bonus (no CIC) and two‑times salary+bonus (CIC) severance with COBRA, plus potential equity acceleration only on non‑assumption or double‑trigger, provide balanced retention and manageable change‑of‑control costs ($3.60M modeled at 12/31/24) .
- Execution Signal: Board’s 2024 STI 125% payout and 2024 PSU grants reflect confidence in operational initiatives (productivity gains, technology modernization, scalability); however, 2024 adjusted EPS decline and TSR underperformance vs peers temper expectations—monitor PSU achievement rates and intra‑year EPS momentum .
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