Ami L. Shaver
UNITED BANKSHARES INC/WVAbout Ami L. Shaver
Ami L. Shaver is Executive Vice President and Chief Human Resources Officer (CHRO) of United Bankshares, Inc. (UBSI), age 53, serving as EVP since 2022 and appointed CHRO in December 2024 . She joined United in 1995, previously leading retail sales and service since 2005 and managing operations, sales, and management at United Brokerage Services, Inc. from 1997–2020; she holds FINRA Series 7, 63, 65, 24, and 27 licenses, earned an accounting degree from West Virginia University, and graduated from the Graduate School of Banking at LSU . UBSI’s 2024 company performance included EPS of $2.75, ROAA of 1.26% (88th percentile vs. peers), NIM (FTE) of 3.49%, and an efficiency ratio of 52.67%, alongside its 51st consecutive annual dividend increase; these performance metrics underpin executive pay design used across leadership, including HR .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United Bankshares, Inc. | Executive Vice President | 2022–present | Executive leadership driving human capital strategy and culture |
| United Bankshares, Inc. | Chief Human Resources Officer | Dec 2024–present | Enterprise HR leadership across pay/benefits, performance management, talent, and onboarding |
| United Bank (subsidiary) | Director of Retail Sales & Service | 2005–present | Leads retail initiatives and Customer Care Centers across branch network |
| United Brokerage Services, Inc. | Operations, Sales, Management | 1997–2020 | Full-spectrum brokerage operations and leadership; FINRA-licensed |
| United Bankshares, Inc. | Shareholder Relations | 1995 | Early-career entry building investor relations exposure |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| West Virginia University of Parkersburg | Board of Governors | Current | Higher-education governance, talent pipeline alignment |
| WV Bankers Association – School of Banking | Board of Trustees (prior) | — | Industry human capital development |
| Graduate School of Banking at LSU | Board of Trustees (prior) | — | Executive banking education and leadership |
Fixed Compensation
- Not disclosed in the proxy’s Named Executive Officer (NEO) tables; 2024 NEOs were Executive Chairman, CEO, President, CFO, and Chief Risk & Information Officer, not including the CHRO .
- UBSI uses market benchmarking via Aon Human Capital Solutions to set executive compensation levels and mix; salary and incentive targets are reviewed annually for NEOs, informing broader executive pay architecture .
Performance Compensation
- UBSI’s Annual Incentive Plan (AIP) metrics are calibrated to enterprise performance on EPS, ROAA (peer-relative), and Non-Performing Assets ratio (peer-relative). While the proxy specifies NEO payouts, the AIP framework guides executive incentives broadly; individual CHRO payouts are not disclosed .
| Metric | Weight | Threshold | Target | Maximum | Actual | Level of Achievement |
|---|---|---|---|---|---|---|
| Earnings Per Share | 40% | $2.39 | $2.65 | $2.92 | $2.75 | Between Target and Max |
| Return on Average Assets (peer-relative) | 40% | 25th pct | 50th pct | 75th pct | 88th pct | Maximum |
| Non-Performing Assets Ratio (peer-relative) | 20% | 25th pct | 50th pct | 75th pct | 82nd pct | Maximum |
Long-term incentives use time-based RSUs and performance-based RSUs with three-year ROATCE and TSR relative-to-peers; dividends or dividend equivalents are prohibited on unvested awards, and minimum vesting is 12 months with limited exceptions .
Equity Ownership & Alignment
| Category | Detail | Source |
|---|---|---|
| Direct common shares (post-withholding) | 12,682.1882 | |
| 401(k) plan shares (indirect) | 7,789.1831 | |
| RSU grant (2/22/2024) | 2,183 units; vests in three equal annual installments | |
| Anti-hedging/pledging | Hedging/pledging prohibited for executives; grandfathered exceptions, aggregate pledged shares by board/NEOs 0.15% of common shares outstanding | |
| Ownership guidelines | CEO: 6x salary; other executive officers: 3x salary in shares/options; outside directors: 5,000 shares/options minimum | |
| Shares outstanding (record date) | 143,466,834 |
Stock Options Outstanding (as reported on Form 4, 2/22/2024):
| Instrument | Exercise Price | Grant/Exercisable | Expiration | Underlying Shares | Ownership Form |
|---|---|---|---|---|---|
| Stock Option | $32.51 | 02/24/2020 | 02/24/2030 | 906 | Direct |
| Stock Option | $35.04 | 02/29/2016 | 03/01/2026 | 2,000 | Direct |
| Stock Option | $36.92 | 02/23/2015 | 02/23/2025 | 2,000 | Direct |
| Stock Option | $37.60 | 02/26/2018 | 02/26/2028 | 2,000 | Direct |
| Stock Option | $38.49 | 02/25/2019 | 02/25/2029 | 2,000 | Direct |
| Stock Option | $45.30 | 02/27/2017 | 02/27/2027 | 2,000 | Direct |
Recent Form 4 Transactions (2/22/2024):
| Date | Type | Shares | Price | Note |
|---|---|---|---|---|
| 02/22/2024 | RSU Acquisition (A) | 2,183 | $0.00 | RSU grant; three equal annual installments |
| 02/22/2024 | Tax Withholding (F) | 178 | $34.49 | Shares withheld to cover taxes |
| 02/22/2024 | Tax Withholding (F) | 221 | $34.49 | Shares withheld to cover taxes |
Alignment and governance signals:
- Anti-hedging/pledging plus 3x salary ownership guidelines promote long-term alignment; exceptions are tightly controlled and grandfathered only .
- Equity plan prohibits repricing and unvested dividends, with minimum vesting; non-employee director annual comp capped at $500k .
- Clawback policy compliant with NASDAQ/Dodd-Frank applies to incentive pay received on/after Oct 2, 2023; legacy LTI plan clawbacks apply prior to that date .
Employment Terms
- Contract status: No individual employment agreement disclosed for Shaver; NEO agreements are detailed separately (e.g., Executive Chairman) .
- Change-of-control (equity): UBSI’s 2025 Equity Incentive Plan provides double-trigger vesting—if terminated without cause or for good reason within two years post-CIC, prior awards become fully vested/exercisable; performance awards are deemed earned at greater of target or actual at CIC and continue time-based vesting; delivery on RSUs within 15 days post-termination/CIC for non-employee directors .
- Governance features: No excise tax gross-ups; clawback/recoupment applies to awards; no repricing or cash buyouts of options/SARs without shareholder approval; minimum vesting of at least 12 months (5% exception) .
Investment Implications
- Compensation alignment: Anti-hedging/pledging, minimum vesting, and clawbacks reduce agency risk; metrics prioritize quality earnings, asset efficiency, and credit discipline—favorable for long-term shareholders .
- Ownership and selling pressure: Shaver’s holdings include direct and 401(k) shares and legacy options; recent share movements reflect tax withholding on RSU grants rather than discretionary selling, limiting near-term selling pressure signals .
- Retention and CIC economics: While individual severance terms for the CHRO are not disclosed, double-trigger equity acceleration in CIC reduces uncertainty; absence of gross-ups and repricing constraints limits shareholder-unfriendly outcomes .
- Governance support: Say-on-pay approval was 97.58% in 2024, indicating strong investor support for UBSI’s pay program design; committee independence and use of Aon for benchmarking mitigate pay inflation risk across the executive bench, including HR .