Kevin Howard
SYNOVUS FINANCIALAbout Kevin Howard
Kevin J. Howard, age 60, is Executive Vice President and Chief Wholesale Banking Officer at Synovus (elected December 2018). He previously served 10 years as EVP and Chief Credit Officer and, for 15 years before that, held various senior roles across commercial real estate, correspondent, and affiliate lending—totaling more than 32 years of banking experience at Synovus . His incentives are tied to Synovus performance metrics: short‑term plan (50% adjusted EPS, 25% adjusted ROAA, 25% strategic/individual objectives) and long‑term plan (50% adjusted ROATCE and 50% relative TSR), aligning pay with shareholder outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Synovus Financial Corp. | EVP & Chief Wholesale Banking Officer | Elected Dec 2018–present | Leads wholesale banking across commercial lending and client solutions |
| Synovus Financial Corp. | EVP & Chief Credit Officer | 10 years prior to Dec 2018 | Enterprise credit leadership, risk management, portfolio oversight |
| Synovus Bank | Senior roles: SVP Credit Manager; SVP Commercial Real Estate, Correspondent & Affiliate Lending | 15 years prior to Chief Credit Officer role | Built credit and lending platforms in key business lines |
External Roles
No external public company directorships or committee roles were disclosed for Mr. Howard in the latest proxy materials .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $540,385 | $550,000 |
| Bonus ($) | — | — |
| Non-Equity Incentive Plan Compensation ($) | $342,651 | $618,750 |
| Stock Awards (Grant-Date Fair Value, $) | $702,363 | $688,701 |
| All Other Compensation ($) | $39,385 | $42,797 |
| Total ($) | $1,624,784 | $1,900,248 |
| Annual Cash Incentive Structure (2024) | Threshold ($) | Target ($) | Maximum ($) |
|---|---|---|---|
| Cash Incentive Opportunity | $206,250 | $412,500 (75% of $550,000 base) | $721,875 |
Performance Compensation
| Annual Incentive Metrics (2024) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted EPS | 50% | Not disclosed | Not disclosed | Included in $618,750 payout | Cash payout (annual) |
| Adjusted ROAA | 25% | Not disclosed | Not disclosed | Included in $618,750 payout | Cash payout (annual) |
| Strategic/Individual Objectives | 25% | Not disclosed | Not disclosed | Included in $618,750 payout | Cash payout (annual) |
| Long-Term Incentive Metrics | Weighting | Payout Range | Vesting |
|---|---|---|---|
| Adjusted ROATCE (3-year) | 50% | 0%–150% of target | 3-year performance; 3-year service (cliff) |
| Relative TSR (3-year) | 50% | 0%–150% of target | 3-year performance; 3-year service (cliff) |
| 2024 Equity Grants (Granted 2/15/2024) | Threshold | Target | Maximum | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| PSUs (shares) | 5,515 | 11,030 | 16,545 | $418,699 |
| RSUs (units) | — | 7,353 | — | $270,002 |
| RSU Settlement | — | Cash settlement upon vesting (Howard) | — | — |
Equity Ownership & Alignment
| Beneficial Ownership as of Jan 31, 2025 | Common Shares | % Outstanding | RSUs (incl. cash-settled/PSUs) | Total (Shares + RSUs) |
|---|---|---|---|---|
| Kevin J. Howard | 66,499 | <1% | 28,944 | 95,443 |
| RSUs Vesting Within 60 Days of Jan 31, 2025 | Units |
|---|---|
| Kevin J. Howard | 13,450 |
| Outstanding Equity Awards at 2024 Year-End (Closing price $51.23) | Grant Date | Unvested RSUs (#) | RSU Market Value ($) | Unearned PSUs (#) (Target) | PSU Market/Payout Value ($) |
|---|---|---|---|---|---|
| Kevin J. Howard | 2-15-2024 | 7,560 | $387,299 | 11,340 | $580,948 |
| 2-16-2023 | 4,492 | $230,125 | 10,100 | $517,423 | |
| 2-17-2022 | 1,565 | $80,175 | 7,027 | $359,993 |
- RSUs vest 33.3% annually over three years; PSUs have a three‑year service requirement and three‑year performance period with 0%–150% payout at vest .
- Synovus emphasizes ownership alignment via stock ownership guidelines and equity‑heavy incentive mix; CEO has a “hold until retirement” policy (companywide alignment emphasis) .
- 2024 RSUs for Howard are cash‑settled upon vesting, which can reduce share delivery/selling pressure at vest .
| Nonqualified Deferred Compensation (2024) | Executive Contributions ($) | Company Contributions ($) | Aggregate Earnings ($) | Aggregate Balance at FYE ($) |
|---|---|---|---|---|
| Kevin J. Howard | $78,265 | $27,383 | $64,039 | $715,871 |
Employment Terms
| Change-of-Control (Double Trigger within 2 years) | Severance Multiple | Base Salary ($) | Avg. 3-Yr STI ($) | Pro-Rata Target STI ($) | Health & Welfare ($) | Stock Award Vesting ($) | Excise Tax Gross-Up ($) | Total ($) |
|---|---|---|---|---|---|---|---|---|
| Kevin J. Howard | 3x multiple; double trigger required | $1,650,000 | $1,534,500 | $412,500 | $57,276 | $2,155,963 | $558,438 | $6,368,677 |
- Agreements provide lump‑sum cash severance (salary + bonus multiple), pro‑rata target STI for year of termination, continued health/welfare benefits equal to multiple years, and double‑trigger equity vesting; severance multiples are 3x for Howard, 2x for certain other NEOs .
- Notably, Synovus prohibited new excise tax gross‑ups since June 2012, yet Howard’s arrangement includes a gross‑up, indicating a legacy agreement feature .
Investment Implications
- Pay-for-performance linkage is robust: STI and LTI tied to adjusted EPS/ROAA and adjusted ROATCE/relative TSR, respectively; Howard’s 2024 annual incentive ($618,750) exceeded target ($412,500), signaling strong annual performance versus plan .
- Retention risk appears mitigated by substantial unvested equity (RSUs/PSUs across 2022–2024 grants) and three‑year PSU performance cycles; cash‑settled RSUs in 2024 lessen forced share sales at vest, reducing near‑term insider selling pressure .
- Change‑of‑control economics are generous (3x multiple and accelerated vesting) and include an excise tax gross‑up—an investor red flag—suggesting potentially higher transaction‑related costs and reduced friction to exit under adverse changes .
- Ownership is meaningful in dollar terms but <1% of outstanding shares; continued compliance with ownership guidelines is emphasized at the company level, supporting alignment, though specific guideline multiples for Howard are not disclosed .