Julie R. Gurtis
UNITED BANKSHARES INC/WVAbout Julie R. Gurtis
Julie R. Gurtis is Executive Vice-President of United Bankshares, Inc. (“United”) since 2022 and President of United Bank, with prior leadership as Chief Commercial Banking Officer at United Bank . She is 62 years old (2025 proxy) and has served in the EVP role since May 11, 2022, indicating multi-year senior operating tenure across lending and commercial banking . The proxy discloses role responsibilities but does not provide individual performance metrics (TSR, revenue, EBITDA) specific to Ms. Gurtis; company-wide metrics are not tied to her personal disclosure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United (parent) | Executive Vice-President | Since May 11, 2022 | Senior leadership across corporate and bank operations |
| United Bank | President | Not disclosed | Bank-wide leadership and commercial execution |
| United Bank | Chief Commercial Banking Officer | Not disclosed | Leads commercial banking production and risk |
External Roles
No public company directorships or external board roles are disclosed for Ms. Gurtis in United’s 2024–2025 proxies (executive officer listings show internal roles only) .
Fixed Compensation
United’s proxy identifies Ms. Gurtis as an executive officer but does not include her individual salary, bonus or pay tables (compensation tables cover named executive officers only) .
Performance Compensation
United’s equity plans and governance framework outline incentive design features applicable to executive officers:
- Awards are subject to double-trigger change-in-control vesting; time-based vesting continues post-CIC, and outstanding performance awards are deemed earned at the greater of target or actual at CIC with continued time vesting .
- Minimum 12-month vesting on awards, no dividends/dividend equivalents on unvested awards, no discounted options/SARs, and repricing requires shareholder approval .
- Awards are subject to the company’s Compensation Recoupment (clawback) policy and hedging/pledging restrictions .
- The 2025 plan provides no excise tax gross-ups (shareholder-friendly design) .
Equity Ownership & Alignment
Beneficial Ownership (year-end shares)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Direct Common Stock (shares) | 13,052 | 17,974 | 24,354 |
| 401(k) Plan (shares) | 9,601.1658 | 10,821.9168 | 12,118.1857 |
| Family Trust (shares) | 587 | 587 | 0 (distributed to direct 12/31/24) |
| Spouse Retirement (shares) | 1,268 (Spouse 401k) | 1,268 (Spouse 401k) | 1,364 (Spouse IRA) |
Notes:
- 587 shares moved from Family Trust into direct ownership on 12/31/2024; spouse 401k rolled to spouse IRA; additional 900 shares held by spouse as POA for family member are disclaimed as beneficial ownership .
Stock Options Outstanding (derivative securities)
| Strike Price ($) | Shares | Expiration |
|---|---|---|
| 32.51 | 1,453 | 02/24/2030 |
| 35.04 | 3,200 | 03/01/2026 |
| 36.92 | 3,200 | 02/23/2025 |
| 37.60 | 3,200 | 02/26/2028 |
| 38.49 | 3,200 | 02/25/2029 |
| 45.30 | 3,200 | 02/27/2027 |
Ownership policies and alignment levers:
- Stock ownership guidelines: CEO must hold ≥6× base salary; other executive officers must hold ≥3× base salary; outside directors ≥5,000 shares. Hedging (including options/derivatives) and pledging of company stock are prohibited, with legacy pledges grandfathered and aggregate pledged amount de minimis (0.16% in 2024; 0.15% in 2025) .
- Awards under the 2025 plan are non-transferable, may not be hedged, and are subject to the company’s hedging/pledging policy .
Employment Terms
- Change-in-control treatment: Upon termination without cause or for good reason within two years post-CIC, pre-CIC awards fully vest; performance awards are locked at the greater of target or actual as of CIC and continue to time-vest, enhancing retention while limiting windfalls .
- Clawback: All awards are subject to the Compensation Recoupment Policy and any future clawback/recapture policies (aligned with SEC/Nasdaq rules) .
- No excise tax gross-ups under the 2025 plan; repricing of options/SARs requires shareholder approval; minimum vesting safeguards apply .
Investment Implications
- Alignment: Rising direct holdings and sizable 401(k) accumulation, combined with a 3× salary ownership requirement and prohibitions on hedging/pledging, indicate strong alignment and limited leverage-related risk for Ms. Gurtis .
- Retention vs. liquidity timing: Multiple option tranches expiring 2025–2030 create time-based retention and potential transaction windows around expirations (e.g., 2025, 2026, 2027), which can drive routine sell-to-cover activity without implying directional views .
- Change-in-control economics: Double-trigger acceleration with performance lock-in at target-or-actual and absence of gross-ups reduces excessive payout risk while preserving retention in strategic scenarios .
- Pledging/hedging risk: Strict prohibitions and minimal aggregate pledging (≤0.16% of shares outstanding) mitigate forced-sale and overlay risks that can distort trading signals .
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