Paul G. Greig
About Paul G. Greig
Independent director since 2019; age 69. Former bank CEO with extensive audit, risk, and finance oversight experience; designated audit committee financial expert. Serves as Chair of VRTS’s Audit Committee; Board determined him independent under NYSE rules in Feb 2025; attended the 2024 Annual Meeting and met the ≥75% attendance expectation in 2024. Stock ownership aligns with guidelines for directors.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FirstMerit Corporation | Chairman, President & CEO | 2006–2016 | Led regional diversified financial services company; deep finance oversight experience |
| Opus Bank (NASDAQ: OPB) | Chairman; Interim CEO & President | Chair 2017–2019; Interim CEO/President 2018–2019 | Chaired Risk Committee; member of Governance & Nominating and Audit committees |
| Citizens Banking Corporation—Illinois | President & CEO | 2005–2006 | Bank leadership and operations oversight |
| Federal Reserve Bank of Cleveland | Director; Audit Committee member | 2011–2014 | Audit oversight for Federal Reserve regional bank |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Omni Senior Living | Advisory Board Member | Since 2016 | Private senior living communities; not a public company |
| Public company boards (current) | — | — | None disclosed for current service |
Board Governance
- Independence: Board determined Greig independent under NYSE rules (Feb 2025).
- Committee assignments: Audit Committee Chair; Audit members include Greig (Chair), Morris, Weisenseel, Fleming; Greig designated an “audit committee financial expert.”
- Attendance: Board held 11 meetings in 2024; directors expected to attend all; each then-current director attended ≥75% of Board and committee meetings; Greig attended the 2024 Annual Meeting. Independent directors meet in regularly scheduled executive sessions; independent Chairman is Timothy A. Holt.
- Related parties: No related-party transactions involving directors disclosed; policy requires Audit Committee approval for any such transactions >$120,000.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer | $200,000 | Non-executive director retainer; paid 50% cash, 50% equity; equity granted on date of Annual Meeting |
| Audit Committee Chair retainer | $25,000 | 2024 rate; increased by $5,000 effective Jan 1, 2025 (to $30,000) |
| Committee member retainers | Audit: $15,000; Compensation: $15,000; Governance: $7,500 | If serving as member (Greig is Chair, not member of other committees) |
| 2024 compensation actually paid (cash) | $112,500 | Fees earned/paid in cash for 2024 |
| 2024 compensation actually paid (stock awards) | $112,292 | Common stock granted May 15, 2024; grant-date fair value |
| 2024 total | $224,792 | Sum of cash and stock awards |
| Share ownership guideline | 4x annual cash retainer | Non-employee directors must hold 4x cash retainer; retain equity portion net of taxes until met |
| Guideline compliance | In compliance | All non-employee directors except Morris and Weisenseel; Greig in compliance |
Performance Compensation
| Element | Metrics | Terms |
|---|---|---|
| Not applicable | None disclosed for directors | Non-employee director pay consists of retainers paid in cash and common stock; no performance-conditioned PSUs/options disclosed for directors |
Other Directorships & Interlocks
| Company | Type | Role | Interlock/Conflict Notes |
|---|---|---|---|
| Opus Bank (past) | Public (past) | Chair; Interim CEO/President | Past service; no current interlock disclosed with VRTS suppliers/customers |
| FirstMerit Corporation (past) | Public (past) | Chairman, President & CEO | Past service; no related-party transactions disclosed at VRTS |
Expertise & Qualifications
| Area | Details |
|---|---|
| Financial expertise | Audit committee financial expert; prior CEO/CFO-level oversight in banking; Fed Reserve audit committee experience |
| Risk oversight | Chaired bank Risk Committee; extensive governance in regulated financials |
| Industry experience | Multi-decade banking and financial services leadership |
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| Paul G. Greig | 3,508 | <1% | As of Mar 31, 2025; address c/o VRTS HQ |
| Ownership guideline compliance | Compliant | — | Director guideline 4x cash retainer; Greig is compliant |
| Pledging/Hedging | Prohibited | — | Insider Trading Policy prohibits hedging; pledging not disclosed for Greig |
Insider trades (Form 4):
| Filing Date | Transaction Date | Type | Shares | Price | Post-Transaction Ownership | SEC Link |
|---|---|---|---|---|---|---|
| 2025-05-15 | 2025-05-14 | Award (A) | 652 | $176.23 | 4,160 | https://www.sec.gov/Archives/edgar/data/883237/000088323725000065/0000883237-25-000065-index.htm |
| 2024-05-16 | 2024-05-15 | Award (A) | 479 | $234.43 | 3,508 | https://www.sec.gov/Archives/edgar/data/883237/000088323724000065/0000883237-24-000065-index.htm |
Governance Assessment
- Strengths: Independent audit chair with financial expert designation; strong attendance and engagement; director equity retainer aligns interests; ownership guideline compliance; independent Chairman with regular executive sessions.
- Compensation structure: Simple, retainer-based with 50/50 cash/equity and modest committee chair fees; 2025 increase in Audit/Governance chair retainers suggests elevated oversight demands. No meeting fees disclosed.
- Conflicts/related parties: No related-party transactions disclosed; no hedging allowed; no pledging reported.
- Signals for investors: Low absolute share count (<1%) is typical for outside directors but mitigated by equity retainer and guideline compliance; audit leadership and prior regulatory experience bolster confidence in financial reporting oversight.
RED FLAGS: None disclosed regarding related-party transactions, attendance shortfalls, hedging/pledging, or performance-conditioned director pay that could distort incentives.