Barry Storey
SYNOVUS FINANCIALAbout Barry L. Storey
Barry L. Storey (age 65) is an independent director of Synovus Financial Corp. and Principal of BLS Holdings Group, LLC, bringing extensive retail real estate acquisition, development, and asset management expertise to the board . He was first elected to the Synovus board in 2013 and holds a bachelor’s degree from the University of Georgia . The board affirmatively determined Mr. Storey to be independent under NYSE and Synovus standards as of January 1, 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hull Storey Gibson Companies, LLC | Founding Partner | 1992–January 2015 | Built and operated over 13 million sq ft of retail properties in Southeast; deep real estate operating experience |
| CBL & Associates Properties, Inc. | Project Manager, Mall Development Division | Pre-1992 (not explicitly dated) | Mall development execution and leasing know‑how |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aruna Bio (private) | Director | Not disclosed | Biomedical board oversight |
| University of Georgia Athletic Association | Director | Not disclosed | Governance at major collegiate athletic organization |
| Georgia Research Alliance | Trustee | Not disclosed | Statewide innovation/economic development oversight |
| University of Georgia Foundation | Past Trustee | Not disclosed | University endowment governance |
| Synovus Athens & Augusta Market Advisory Boards | Advisory Board Member | Ongoing | Local market insights; compensated advisory role |
- Other public company directorships: None disclosed for Mr. Storey in Synovus’ proxy .
Board Governance
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Committee assignments: Compensation and Human Capital Committee (CHCC) and Corporate Governance & Nominating (CGN); not a committee chair .
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CHCC interlocks: No CHCC interlocks reported; CHCC members (incl. Storey) were not Synovus officers, and no Synovus executives sat on other companies’ boards/comp committees with reciprocal ties in 2024 .
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Independence: Board determined Mr. Storey independent per NYSE and Synovus categorical standards .
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Attendance: Board held 12 meetings in 2024; all directors attended at least 75% of Board/committee meetings, with average attendance of 96% .
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Annual meeting voting support:
Year Votes For Votes Against Abstentions Broker Non‑Votes 2024 110,347,006 3,193,022 162,861 20,253,733 2025 109,916,900 2,048,598 164,541 17,333,397 -
Lead Independent Director/executive sessions: Lead Director is Tim E. Bentsen; independent/non‑management directors meet in executive session after each regular Board meeting .
Fixed Compensation
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Program structure (cash retainers; amounts apply per assignment):
Component Amount Base annual retainer (non‑management directors) $75,000 CHCC member retainer $12,500 (Chair +$17,500) CGN member retainer $10,000 (Chair +$15,000) Audit/Risk member retainer $15,000 (Chair +$20,000) Lead Director retainer $40,000 -
Mr. Storey’s 2024 director compensation (service period Apr 24, 2024–Apr 24, 2025):
Component Amount ($) Fees Earned or Paid in Cash 97,500 Stock Awards (RSUs; grant date fair value) 110,000 All Other Compensation (Director Stock Purchase Plan contribution + advisory board service) 10,100 Total 217,600 -
Deferrals: Mr. Storey elected to defer all or a portion of his 2024 cash compensation under the Directors’ Deferred Compensation Plan; deferrals earn returns mirroring selected investment funds (payable in cash) . He also elected to defer his 2024 equity compensation (payable in Synovus shares) .
Performance Compensation
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Director equity grant (time‑based):
Grant Type Grant Date Units Grant Date Fair Value Vesting RSUs (2021 Omnibus Plan) April 23, 2024 2,988 $110,000 Fully vested upon earlier of 3 years of service post‑grant or reaching mandatory retirement age per guidelines -
CHCC‑overseen company incentive metrics (for executives; demonstrates Barry’s committee oversight of pay‑for‑performance):
Plan Measure Weight Payout Features Annual incentive (cash) Adjusted EPS 50% 0%–175% of target based on performance Annual incentive (cash) Adjusted ROAA 25% 0%–175% of target based on performance Annual incentive (cash) Strategic/Individual Objectives 25% 0%–175% of target based on performance Long‑term incentive (PSUs) Adjusted ROATCE 50% of PSU payout 0%–150% after 3 years Long‑term incentive (PSUs) Relative TSR 50% of PSU payout 0%–150% after 3 years -
Governance features: anti‑hedging and anti‑pledging policies for directors/officers; clawback policies (mandatory for restatements; discretionary for risk management failures); no option repricing .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards | None disclosed for Mr. Storey |
| Interlocks | No CHCC interlocks or reciprocal executive board ties reported for 2024 |
| Ordinary‑course relationships | Directors and affiliated organizations may have Synovus banking/financial services relationships on market terms; Board deemed these immaterial for independence |
Expertise & Qualifications
- Real estate acquisition/development and operating expertise across Southeastern markets; brings asset management and property portfolio experience .
- Deep civic/academic governance exposure (UGA Foundation; Georgia Research Alliance; UGA Athletic Association) enhancing stakeholder perspectives .
- Corporate governance and nominating experience via CGN membership; compensation oversight via CHCC membership .
Equity Ownership
| Metric | Amount |
|---|---|
| Common shares beneficially owned | 51,867 (includes 14,285 shares in a family trust with shared investment/voting powers) |
| Percentage of outstanding common | Less than 1% (per proxy table) |
| RSUs (not deliverable within 60 days; alignment indicator) | 9,638 |
| Total (common + RSUs for alignment) | 61,505 |
| Preferred stock holdings | 4,400 shares Series D; 1,000 shares Series E |
| Director Stock Purchase Plan contribution by Synovus | Included $3,000 in “All Other Compensation” |
| Stock ownership guidelines | Required ≥5× annual retainer over time; ≥1× retainer within 3 years; all directors were in compliance as of Dec 31, 2024 |
| Hedging/pledging | Prohibited for directors/officers |
| Shares pledged as collateral | Not disclosed; hedging/pledging prohibited, reducing alignment risk |
Governance Assessment
- Strengths: Independent status; strong committee engagement (CHCC and CGN); Board and committee attendance robust (Board average 96%); strong shareholder support in director elections; robust CHCC governance including independent consultant (Meridian) with no conflicts; strict anti‑hedging/anti‑pledging and clawback policies .
- Alignment: Meaningful equity via annual RSU grants and compliance with 5× retainer ownership guidelines; deferral elections further signal long‑term orientation; pay‑for‑performance framework overseen by CHCC integrates adjusted EPS/ROAA and multi‑year ROATCE/relative TSR metrics .
- Potential conflicts: Market advisory board service compensation ($7,100) is disclosed; directors’ ordinary‑course banking/financial relationships reviewed and deemed immaterial for independence; ongoing monitoring advisable but currently within policy bounds .
- Shareholder feedback: Very high Say‑on‑Pay approval (over 97% in 2024); 2025 advisory vote also passed with strong support, signaling confidence in CHCC oversight (Storey is a member) .
RED FLAGS: None material disclosed—no hedging/pledging permitted, no related‑party transactions outside ordinary course, no CHCC interlocks, and strong director election support. Continue to monitor advisory board engagements and any future ordinary‑course relationships for changes in materiality .