Christopher Van Steenberg
SIMMONS FIRST NATIONALAbout Christopher Van Steenberg
Christopher J. Van Steenberg (age 54) is Executive Vice President and Chief Operating Officer of Simmons First National Corporation (SFNC), appointed effective November 12, 2024, after a career at First Horizon since 2015 leading consumer, small business, treasury management, and digital functions . He holds a BS in Marketing Management from the University of Alabama and an MBA from Manchester Business School, with additional executive programs at RBS/Wharton, Babson, and the Consumer Bankers Association Graduate School of Retail Bank Management . SFNC’s incentive architecture ties pay to corporate performance via annual CIP metrics (Adjusted PPNR less net charge-offs, Adjusted Efficiency Ratio, and strategic goals) and long-term PSUs based on TBV growth and TSR percentiles, establishing clear performance linkages for executives (Van Steenberg did not participate in 2024 CIP due to timing; beginning 2025 he is eligible per terms below) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Horizon Corporation | EVP, Chief Digital & Product Officer | 2015–2024 | Led treasury management, consumer & small business product, digital, contact center banking, pricing, and risk/fraud prevention, aligning customer experience with operational efficiency . |
| First Horizon Corporation | EVP, Head of Regional Banking Strategy & Delivery | 2015–2024 | Drove regional banking strategy execution with cross-functional delivery partnerships . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | None disclosed | — | Company states no related-party transactions and no family relationships; no external directorships disclosed for Van Steenberg . |
Fixed Compensation
| Component | Amount | Terms | Effective Date |
|---|---|---|---|
| Base Salary | $450,000 | Annual base salary as COO | Nov 12, 2024 |
| Executive Stipend | $12,000 | Annual executive stipend | Nov 12, 2024 |
| Cash Sign-on Bonus | $225,000 | Subject to repayment if he resigns within 2 years (and other conditions) | Nov 12, 2024 |
| RSU Sign-on Grant | 20,000 RSUs | Vests on a pro‑rata basis over 5 years | Nov 12, 2024 |
| 2024 Incentive Participation | Not eligible | Did not participate in 2024 incentive programs due to timing of hire | 2024 |
Performance Compensation
| Incentive | Target | Maximum Opportunity | Timing/Eligibility | Metrics/Structure |
|---|---|---|---|---|
| Annual Cash Incentive (CIP) | 100% of base salary | 200% of target | Eligible beginning 2025 | SFNC’s CIP design uses Adjusted PPNR less net charge‑offs (35%), Adjusted Efficiency Ratio (35%), and Strategic Performance (30%); weights shown for 2024 NEO design as reference . |
| Annual Equity Incentive | 50% of base salary | 150% of target | Eligible beginning 2025 | SFNC LTIP generally allocates 50% RSUs (time‑vested) and 50% PSUs (performance‑vested); PSUs for active participants use TBV Growth percentile (50% weight) and TSR percentile (50%), with Threshold/Target/Max at 25th/50th/75th percentiles . |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Unvested RSUs | 20,000 RSUs vesting pro‑rata over 5 years from grant; time‑based, adds retention over medium term . |
| Stock Ownership Guidelines | EVP+ must hold shares/equity equal to 3× base salary; 5‑year compliance window; counts unvested RSUs and outstanding PSUs at 100% toward compliance . |
| Anti‑Hedging/Pledging | Directors and senior officers are prohibited from hedging and pledging SFNC securities; exceptions require NCGC approval . |
| Beneficial Ownership | Not individually disclosed in 2025 or 2024 proxy ownership tables; no Form 4 data cited here . |
Employment Terms
- Change‑in‑Control (CIC): Expected to enter into a CIC agreement; SFNC NEO CIC framework provides a double‑trigger severance (upon CIC plus qualifying termination) of 2–3× base salary plus incentive (higher of target CIP for year of termination or average of last two years), with equity acceleration: options vest, RSUs vest upon termination within 1 year post‑CIC, PSUs vest at target if CIC occurs after first 9 months of performance period; CIP payouts at target prorated; deferred comp vesting condition waived to vest immediately .
- Clawback: Incentive compensation subject to clawback upon accounting restatement per board policy and embedded in cash/equity plans .
- Benefits: Participation in bank‑owned life insurance program and relocation assistance; customary executive benefits .
Performance & Track Record
- Experience breadth: Led major customer‑facing and operational domains (retail banking, treasury management, digital, contact center, pricing, risk/fraud), with explicit mandate to further SFNC’s “better bank” initiative focused on profitable growth and operating leverage .
- Education and executive development: BS (Alabama), MBA (Manchester), plus executive programs (RBS Business School/Wharton; Babson; CBA Graduate School of Retail Bank Management) .
Compensation Committee Context and Shareholder Signals
| Item | Detail |
|---|---|
| Peer Group (2024/2025) | 20 regional banks (e.g., OZK, HOMB, PNFP, SNV, SSB, PB, CBSH, BOKF, UMBF, UCBI, etc.), used to target market medians for pay levels and plan design . |
| Say‑on‑Pay Support | ~93% approval at 2024 meeting for 2023 NEO pay; ~95% approval at 2023 meeting for 2022 NEO pay (context for SFNC pay practices credibility) . |
| Equity Plan & Metrics | RSUs time‑vest; PSUs tied to TBV Growth and TSR rankings vs peers/KBW Regional Banking Index; payout curve 50% (threshold) to 200% (max) . |
Investment Implications
- Retention risk appears contained near term: a two‑year sign‑on bonus clawback plus a 5‑year RSU vesting schedule create meaningful “stay‑put” incentives, reducing near‑term attrition risk .
- Alignment with shareholder outcomes: 2025 eligibility sets cash incentive at 100% of salary and equity at 50% of salary with performance upside caps, while PSUs (if granted) measure TBV Growth and TSR on rigorous peer‑relative curves, linking vesting to long‑term value creation .
- Selling pressure/pledging: Anti‑hedging/pledging policy and 5‑year ownership guideline limit leverage‑based selling or misalignment; absence of disclosed personal pledging is positive .
- CIC economics: Standard double‑trigger design with equity acceleration minimizes incentives for value‑destructive behavior during M&A while ensuring retention through transactions; no new tax gross‑ups policy further improves governance (gross‑ups only noted for legacy agreement of another executive) .
- Execution upside: His background in digital, product, and treasury management aligns with SFNC’s efficiency/experience initiatives, a lever embedded in CIP’s ER and strategic goals, potentially improving operating leverage if initiatives are delivered .