Pedro Cherry
SYNOVUS FINANCIALAbout Pedro Cherry
Pedro Cherry, age 54, has served on the Synovus Board since 2020 and is currently President of Mississippi Power, a Southern Company subsidiary (appointed March 2025). He is NACD Directorship Certified, a CFA charterholder, and serves on Auburn’s Alumni Engineering Advisory Council. Cherry brings deep operating experience across utilities and finance with prior CEO and EVP roles within Southern Company’s subsidiaries.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mississippi Power (Southern Company) | President | March 2025–present | Oversees all operations for the electric utility subsidiary; public utility operating leadership |
| Atlanta Gas Light & Chattanooga Gas (Southern Company) | President & CEO | Aug 2020–March 2025 | Led regional natural gas utilities; customer service and operational leadership |
| Georgia Power (Southern Company) | EVP, Customer Service & Operations; SVP Metro Atlanta; Metro West Region Manager; VP Community & Economic Development | 2006–2017; EVP 2017–Aug 2020 | Managed large-scale operations and customer-facing divisions; community/economic development |
| Southern Energy / Mirant Corp. | Chief Financial Officer – International Division; finance leadership | ~1997–2006 (nine years) | International finance leadership in energy sector |
| Carolina Power & Light Corp. | Engineering and Business Analyst | Early career | Technical and analytical foundation in utilities |
External Roles
| Organization | Role/Capacity | Notes |
|---|---|---|
| The Carter Center | Board/Trustee | Non-profit governance |
| Boys and Girls Club – Southeast Region | Board | Community youth services |
| Grady Memorial Hospital Corporation | Board | Healthcare system oversight |
| Metro Atlanta Chamber of Commerce | Board | Regional business advocacy |
| Georgia Chamber of Commerce | Board | State-level business advocacy |
| Rotary Club of Atlanta | Board/Member | Civic engagement |
| NACD | Directorship Certified | Board governance credential |
| CFA Institute | Member | Professional credentialing |
| Auburn University Alumni Engineering Advisory Council | Member | Academic advisory |
| Synovus North Georgia Market Advisory Board | Advisory Director | Received $7,500 advisory director compensation in 2024 |
Board Governance
- Independence: Board affirmatively determined Cherry is independent under NYSE standards and Synovus guidelines.
- Committee assignments: Audit Committee Chair; Risk Committee member; Executive Committee member.
- Attendance and engagement: Board held 12 meetings in 2024; all directors attended at least 75% with 96% average. Board and committee education includes cybersecurity, risk, and governance topics.
- Committee activity levels: Audit Committee met 12 times with 2 joint meetings with Risk; Risk Committee met 8 times with 2 joint meetings.
- Board leadership: Non-independent Chair/CEO with an independent Lead Director; committees chaired by independent directors; executive sessions after each regular meeting.
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $75,000 | Standard non-management director cash retainer |
| Audit Committee member retainer | $15,000 | Applies to members; chairs receive additional chair retainer |
| Audit Committee chair retainer | $20,000 | Chair premium |
| Risk Committee member retainer | $15,000 | Member premium |
| Executive Committee retainer | $0 | No additional compensation for service on Executive Committee |
| Total cash fees (Cherry) | $125,000 | Sum of base + Audit member + Audit chair + Risk member |
| Equity grant (RSUs) | $110,000 | 2,988 RSUs granted 4/23/2024 under 2021 Omnibus Plan; vesting at earlier of 3 years’ service or mandatory retirement |
| All Other Compensation | $10,500 | Includes $3,000 Synovus contributions under Director Stock Purchase Plan and $7,500 advisory director compensation |
| Total director compensation (Cherry) | $245,500 | 2024 total reported in Director Compensation Table |
Performance Compensation
- Directors receive time-based RSUs; no director-specific performance metrics disclosed. RSUs vest one-third per year over three years or fully at mandatory retirement trigger.
- Board oversees executive pay-for-performance structure via CHCC; metrics used in 2024 short- and long-term incentives:
| Metric (2024) | Weight | Threshold | Target | Maximum | Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| Adjusted EPS | 50% | $2.88 | $3.60 | $4.25 | $4.46 | 175% |
| Adjusted ROAA | 25% | 0.82% | 0.97% | 1.11% | 1.16% | 175% |
| Strategic & Individual Objectives | 25% | See CHCC framework | See CHCC framework | See CHCC framework | Above target | 115% |
| Total Annual Incentive Payout | — | — | — | — | — | 160% (CEO); 150–173% (other NEOs) |
| PSU Cycle | Metric | Threshold | Target | Maximum | Actual | PSU Payout |
|---|---|---|---|---|---|---|
| 2022–2024 PSUs | Relative TSR vs KBW | 25th percentile | 50th percentile | 75th percentile | 70th percentile | 141% |
| 2022–2024 PSUs | Weighted Avg Adjusted ROATCE | 10.2% | 15.2% | 17.2% | 17.1% | 147% |
| Combined PSU Payout | — | — | — | — | — | 144% of target |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Cherry.
- Corporate roles at subsidiaries of a public company: Operating executive at Southern Company subsidiaries (Mississippi Power; Atlanta Gas Light; Chattanooga Gas).
- Synovus interlocks: Advisory Director on Synovus North Georgia market advisory board (received $7,500 in 2024).
- Compensation committee interlocks: None; Cherry did not serve on CHCC in 2024; CHCC members had no interlocks.
Expertise & Qualifications
- Technical and financial expertise: CFA charterholder; extensive finance and operations leadership in energy/utilities; NACD Directorship Certified.
- Governance and risk: Audit Chair; Risk Committee member; corporate governance and risk oversight experience via operating roles.
- Communications and branding: Experience leading customer service and operations at Georgia Power indicates stakeholder and service leadership.
Equity Ownership
| Holder | Beneficially Owned Common Shares | RSUs Held | Total (Shares + RSUs) | % of Outstanding Common |
|---|---|---|---|---|
| Pedro Cherry | 5,656 | 9,638 | 15,294 | <1% (140,968,661 shares outstanding as of 2/20/2025) |
- Stock ownership guidelines: Directors must accumulate shares equal to 5x annual retainer; 1x within 3 years; all directors were compliant as of 12/31/2024.
- Hedging/Pledging: Policies prohibit hedging and pledging by directors and executive officers.
- Director Stock Purchase Plan: Qualifying directors may purchase with Synovus contributions equal to 15% of director’s contributions; Cherry’s “All Other Compensation” includes $3,000 of Synovus contributions in 2024.
Governance Assessment
- Board effectiveness: Cherry’s Audit Committee chair role and Risk Committee membership signal strong oversight of financial reporting, internal controls, and enterprise risk; high Board and committee activity (12 Audit meetings; 8 Risk meetings) supports active governance.
- Independence and attendance: Affirmed independent; Board attendance robust (96% average); supports investor confidence.
- Compensation alignment: Director pay mix balances cash retainer with equity RSUs; director equity is time-based, while CHCC applies stringent performance metrics for executives (EPS, ROAA, ROATCE, Relative TSR) with strong 2024 outcomes and 97% say‑on‑pay support in 2024.
- Potential conflicts/related-party exposure: Cherry holds operating roles at Southern Company subsidiaries; Synovus’ related party policy and Board review concluded ordinary-course relationships with directors and their affiliates were on market terms and immaterial for independence determinations.
- RED FLAGS: None disclosed—no hedging/pledging, no material related-party transactions, strong committee independence and activity, and positive say-on-pay results.
Overall signal: As Audit Chair with deep operating and finance experience, Cherry’s role enhances Synovus’ board oversight of financial integrity and risk, with no disclosed conflicts undermining independence.