Lea Turnipseed
TRUSTMARKAbout Lea B. Turnipseed
Lea B. Turnipseed (age 52) joined Trustmark’s Board in 2025 as an independent director. She is a certified public accountant and currently Vice President and General Auditor at Entergy Corporation (since 2022), with prior finance and customer service leadership roles at Entergy Mississippi (2012–2022). At Trustmark, she serves on the Enterprise Risk Committee and will join the Audit Committee effective April 1, 2025, aligning her audit and risk credentials with key oversight mandates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Entergy Corporation | Vice President & General Auditor | 2022–present | Leads internal audit; brings financial/accounting and risk management expertise from regulated utility environment . |
| Entergy Mississippi, LLC | Vice President, Customer Service | 2018–2022 | Customer operations leadership; regulated utility experience . |
| Entergy Mississippi, LLC | Director, Finance | 2012–2018 | Finance leadership; strengthens board financial acumen . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mississippi Economic Council | Board of Governors | Since 2013 | Statewide business council governance role . |
| Mississippi Economic Council | Operating Board | Since 2019 | Operational oversight within MEC . |
| Mississippi Manufacturers Association | Director | 2019–2022 | Industry association board service . |
| United Way of the Capital Area (Jackson, MS) | Board of Trustees | 2019–2022 | Non-profit governance . |
| National Association of Corporate Directors (NACD) | Member | N/A | Professional director education/membership . |
Board Governance
- Independence: The Board determined Ms. Turnipseed is independent under Nasdaq Rule 5605(a)(2) .
- Committee assignments: Enterprise Risk Committee (member); Audit Committee (member effective April 1, 2025) .
- Board processes: Trustmark maintains formal charters, independent director executive sessions, retirement age policy (75), and director performance evaluations via the Nominating & Governance Committee .
- Audit and risk oversight scope: Audit Committee administers related-party transaction policy and oversees internal/external audit; Enterprise Risk Committee oversees ERM, loan portfolio quality, third‑party risk, and cybersecurity strategy .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $45,000 | For combined service on Trustmark Board and Bank Board (non-employee directors) . |
| Lead Director retainer | $30,000 | Inclusive of Executive Committee Chair retainer (applies to Lead Director) . |
| Committee Chair retainer | $20,000 | For Chairs of Audit, Enterprise Risk, Finance, Human Resources, Nominating & Governance . |
| Committee membership retainer | $2,500 per committee | For members other than committee chairs . |
| Board Chair retainer | $150,000 | Inclusive of annual Board retainer and all committee memberships . |
Director attendance expectations and reimbursement of meeting expenses are disclosed; in 2024 all directors (then-serving) attended all Board and committee meetings and the annual meeting .
Performance Compensation
| Equity Award | Structure | Grant/Value | Vesting | Notes |
|---|---|---|---|---|
| Time-based RSUs (non-employee directors) | Annual grant under Stock Plan | Approx. $55,000 value; 2,092 RSUs granted on April 23, 2024 to each non-employee director . | Vests on April 23, 2025; accelerated upon change-in-control, certain retirement or separation events as specified . | RSUs valued on 10-day avg closing price; no options outstanding for directors in 2024 . |
- Director stock ownership guidelines: minimum equal to six times annual cash retainer; unvested time-based RSUs count; until a director meets the minimum, 100% of shares from awards must be held net of taxes; hedging and pledging are prohibited .
Other Directorships & Interlocks
| Company/Body | Type | Role | Interlock/Notes |
|---|---|---|---|
| Public company boards | Public | None disclosed | No public company directorships reported for Ms. Turnipseed . |
| Mississippi Economic Council | Non-profit/business council | Board of Governors/Operating Board | Interlock: Director William G. Yates III also serves as a director and former chairman of MEC, indicating shared network exposure . |
Expertise & Qualifications
- CPA; extensive financial/accounting expertise; risk management leadership; regulated utility industry experience; NACD membership .
- Board fit: competencies align with Audit (financial acumen, internal controls) and Enterprise Risk (risk identification/mitigation, cybersecurity oversight) committee requirements .
Equity Ownership
| Holder | Shares Beneficially Owned (as of 1/31/2025) | Percent of Outstanding | Notes |
|---|---|---|---|
| Lea B. Turnipseed | 300 | <1% | Percent not shown where <1%; 60,765,271 shares outstanding base used in table . |
- Director ownership guideline compliance: As of the most recent 2024 review, all current directors except Mr. Eduardo and Mrs. Turnipseed meet the stock ownership requirements; Ms. Turnipseed is required to hold 100% of shares from stock awards until compliance is achieved .
- No pledged shares: Directors prohibited from pledging Trustmark stock; none disclosed .
Governance Assessment
- Board effectiveness: Ms. Turnipseed’s audit leadership at Entergy and CPA credential strengthen Trustmark’s audit committee oversight and ERM capabilities—her committee placements (Audit; Enterprise Risk) are well‑matched to her profile .
- Independence and conflicts: She is designated independent; related‑party transactions section does not identify Entergy-linked transactions or any Turnipseed-related transactions; Audit Committee annually reviews directors’ related transactions and administers the policy, mitigating conflicts risk .
- Ownership alignment: Early tenure explains current shortfall to director ownership guideline; enforced holding requirement plus annual RSU grants support medium‑term alignment. Monitor progress to six‑times retainer guideline over the coming cycles .
- RED FLAGS and watch items:
- Ownership guideline shortfall (expected for new directors; mitigated by hold‑until‑compliant rule) .
- No hedging/pledging allowed; compliance supported by Insider Trading Policy .
- No disclosed attendance data for her 2025 service yet (Board-wide 2024 attendance was perfect among then‑serving directors) .
Overall signal: Addition of a utility-sector general auditor and CPA to Audit and Enterprise Risk strengthens controls and risk oversight. No Turnipseed‑specific related‑party exposures disclosed; ongoing ownership guideline compliance is the primary alignment checkpoint .