Gary G. White
UNITED BANKSHARES INC/WVAbout Gary G. White
Gary G. White (age 75) has served as an independent director of United Bankshares, Inc. since 2008. He is Principal of JRW, LLC and President & CEO of Gilbert Development, Inc.; previously Interim President of Marshall University and a senior executive in multiple coal-industry companies (International Resource Partners LP; International Industries, Inc.; West Virginia Coal Association), bringing long-tenured corporate management and basic-industry domain expertise to the board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| International Resource Partners LP | President & Chief Operating Officer | Not disclosed | Senior operating leadership in coal industry; corporate management expertise cited as a qualification |
| International Industries, Inc. | President & Chief Executive Officer | Not disclosed | Corporate management experience, basic industry knowledge in UBSI markets |
| West Virginia Coal Association | President & Chief Executive Officer | Not disclosed | Industry leadership; executive experience over 40+ years in coal |
| Marshall University | Interim President | Not disclosed | Executive-level experience with non-profits; broader perspective on operations |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| JRW, LLC | Principal (sole owner) | Current | Consulting firm; rents office space from United Bank at Aracoma, WV; payments “well below” $120,000 threshold; independence maintained |
| Gilbert Development, Inc. | President & Chief Executive Officer | Current | Ongoing executive leadership |
| Other public company | Past Director | Not disclosed | “Past director of another publicly traded banking company” (unnamed) |
Board Governance
- Independence: Determined independent by Governance & Nominating Committee (Feb 20, 2025) and Board; committee-specific independence requirements satisfied .
- Committees: Audit (Chair), Executive (Member), Compensation & Human Capital (Member), Governance & Nominating (Member) .
- Attendance and engagement: Board met seven times in 2024; each incumbent director attended at least 75% of board and applicable committee meetings; independent directors held two executive sessions; all 14 incumbent directors attended the 2024 annual meeting .
- Lead Independent Director: P. Clinton Winter (not White) .
| Committee | Role | 2024 Meetings | Independence |
|---|---|---|---|
| Audit | Chair | 4 | All members independent; UBSI states committee independence compliance |
| Compensation & Human Capital | Member | 3 | All members independent; independence standards met |
| Governance & Nominating | Member | 3 | All members independent; independence standards met |
| Executive | Member | 2 | Mixed composition; exercises board authority between meetings |
Fixed Compensation (Director – 2024)
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual cash fees | $110,250 | Includes board and committee meeting fees |
| Audit Committee Chair Retainer | $6,000 per quarter | Paid regardless of meeting attendance |
| Equity (time-based restricted stock) | $59,993 | Director annual grant under 2020 LTI Plan; 3-year vesting |
| Total 2024 Director Compensation | $170,243 | Cash + equity |
Director fee policy:
- Annual retainer $45,000 (excludes insiders), per-meeting fees ($2,500 in-person; $1,250 virtual), plus equity grants with grant-date value ~$60,000 and committee chair retainers (Audit: $6,000/quarter; Comp & Human Capital: $3,000/quarter; Governance & Nominating: $3,000/quarter; Risk: $5,000/quarter) .
Performance Compensation
- UBSI directors receive time-based restricted stock; there is no performance-based director compensation (no director non-equity incentive plan payouts; RSUs for directors vest based on service) .
- The 2025 Equity Incentive Plan caps non-employee director compensation at $500,000 per year and prohibits dividends on unvested awards; awards subject to minimum 12-month vesting and clawback .
| Performance Metric | Applies to Directors? | Basis | Vesting/Terms |
|---|---|---|---|
| TSR/ROATCE (3-year relative) | No (directors) | Used for executive performance RSUs; not part of director pay | N/A |
| Director equity vesting | Yes | Time-based restricted stock | 3-year ratable vest (one-third per year) |
| Dividends on unvested awards | No | Prohibited until vesting | Plan-level restriction |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock | Status |
|---|---|---|---|
| Unnamed publicly traded banking company | Past Director | Not disclosed | Historical; no current interlock disclosed |
Expertise & Qualifications
- 40+ years of senior management roles in coal industry; executive leadership across corporate and non-profit sectors; knowledge of basic industries in UBSI markets .
- Chair of Audit Committee; active membership on Compensation & Human Capital, Governance & Nominating, and Executive Committees; contributes corporate management and risk oversight experience .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 45,921 | Sole/indirect voting details per footnotes; “less than 1%” of outstanding |
| Options & RSUs | — | No options/RSUs disclosed for White in director beneficial ownership table |
| Unvested director restricted stock | 3,230 shares (as of 12/31/2024) | Director grant under 2020 LTI Plan; 3-year vest |
| Shares outstanding reference | 143,466,834 | Record date March 6, 2025 |
| Approx. ownership % of outstanding | ~0.03% (45,921 / 143,466,834) | Computed from disclosed share counts |
| Ownership guideline (outside directors) | 5,000 shares minimum | White meets guideline based on 45,921 shares |
| Hedging/Pledging policy | Hedging and pledging prohibited; grandfathered exceptions; aggregate pledges 0.15% of common shares outstanding | No pledge disclosed for White (pledge examples list Converse and Winter) |
Related-Party Transactions and Conflicts
| Relationship | Counterparty | Amount/Threshold | Independence/Outcome |
|---|---|---|---|
| JRW, LLC office lease | United Bank (subsidiary) | “Well below” $120,000 threshold | Governance & Nominating Committee deemed relationship immaterial; White remains independent |
- Broader RPT context: UBSI discloses routine banking relationships with directors and affiliates on market terms; audit committee pre-approves related person transactions per policy .
- No loans or unusual features noted beyond standard banking practices; insider loans compliant with applicable law .
Insider Trades
- No Form 4 insider transactions for Gary G. White in the period 2024-01-01 to 2025-11-20 based on an insider-trades skill query as of Nov 20, 2025 (run result: none).
Governance Assessment
- Strengths: Long-tenured independent director; Audit Committee Chair; multi-committee engagement; meets ownership guideline; anti-hedging/pledging policy in place; board holds regular independent sessions; committee independence affirmed .
- Alignment: Meaningful personal shareholdings (45,921) vs. director equity grants; time-based vesting promotes long-term oversight continuity .
- Potential red flags: Minor related-party exposure via JRW, LLC lease (below materiality threshold; independence maintained) . Reputational considerations from coal-industry affiliations may warrant monitoring in ESG-sensitive mandates, though not cited as a conflict by UBSI .
- Attendance: Board-level disclosure indicates at least 75% attendance for all incumbents and full annual meeting attendance; individual director rates not specified; as Audit Chair, continued monitoring of committee attendance is prudent .