David Turner
WSFS FINANCIALAbout David G. Turner
Independent director since 2013; age 60; term expires 2026. Managing Partner, IBM Consulting Americas (since June 2019), with prior senior roles at IBM Global Business Services and MBNA/Bank of America spanning P&L management, analytics, technology, and customer experience. Education: B.S. in Computer Science/Mathematics (Delaware State University), M.S. in MIS (Fairleigh Dickinson), Dartmouth–Amos Tuck Executive MBA program; recognized as a 2024 Most Influential Corporate Director by Savoy Magazine .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IBM Consulting Americas | Managing Partner | Jun 2019–present | Senior leadership across banking/financial markets; industry leader designation |
| IBM (Global Business Services) | Vice President & Partner; Service Line Leader NA | 2010–2019 | Led Big Data/Analytics/Cognitive platforms in Financial Services |
| Sovereign Partners Consulting, LLC | Founder | 2009–2010 | Strategy and IT consulting to major banking clients |
| MBNA/Bank of America | Senior EVP, Group Executive; Chief Data Officer; R&D founder | 2003–2009 | Established MBNA’s Research & Development; enterprise data leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Delaware State University | Former Chairman of the Board of Trustees | Not disclosed | Higher-education governance leadership |
| U.S. Chamber of Commerce | Former Director | Not disclosed | National business policy oversight |
| University of Delaware | Adjunct Professor | Not disclosed | Academic engagement |
| IBM Industry Academy | Distinguished Industry Leader—Banking/Financial Markets | Not disclosed | Industry recognition |
Board Governance
- Independence: Board determined Turner is independent under Nasdaq standards; all directors except the CEO are independent .
- Committee leadership and membership:
- Audit Committee: Chair; 6 meetings in 2024 .
- Wealth Management Fiduciary Audit Committee: Chair; 4 meetings in 2024 .
- Executive Committee: Vice Chair; 10 meetings in 2024 .
- Governance & Nominating Committee: Member; 4 meetings in 2024 .
- Leadership & Compensation Committee: Member; 6 meetings in 2024 .
- Attendance and engagement: Board held 7 meetings in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the prior Annual Meeting .
- Audit/financial expertise: For bank regulatory purposes, Turner is considered a banking and financial expert; Audit Committee includes an SEC “financial expert” (Gheysens) .
- Executive sessions: Independent directors meet in executive session at each Board and committee meeting, plus at least twice per year .
| Committee | Role | Meetings (2024) |
|---|---|---|
| Audit | Chair | 6 |
| Wealth Mgmt Fiduciary Audit | Chair | 4 |
| Executive | Vice Chair | 10 |
| Governance & Nominating | Member | 4 |
| Leadership & Compensation | Member | 6 |
Fixed Compensation
| Component | 2024 Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $110,250 |
| Stock Awards | $60,000 |
| Total | $170,250 |
Director fee schedule (applies to Turner’s roles):
- Board retainer: $120,000 ($60,000 cash paid in July; $60,000 in common stock based on closing price on second Friday in August 2024) .
- Lead Independent Director fee: $25,000 (not applicable to Turner) .
- Committee chair fees: Audit/Wealth Mgmt Fiduciary Audit $13,500; Governance & Nominating $8,500; Leadership & Compensation $11,000; Wealth Mgmt Fiduciary $8,500; Risk $8,500 .
- Committee member/special meeting fees: Audit/WM Fiduciary Audit $14,250; other committees $7,500 .
Performance Compensation
| Metric | Structure | Notes |
|---|---|---|
| Performance-based metrics for director pay | None disclosed | WSFS describes director compensation as retainers, chair/member fees, and annual stock grants; no performance metric framework for directors disclosed . |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Private/non-profit boards | Former Chair, Delaware State University; Former Director, U.S. Chamber of Commerce; Adjunct Professor, University of Delaware |
| Interlocks (compensation committee) | WSFS discloses no compensation committee interlocks or insider participation in 2024; L&C members (including Turner) were independent and not officers |
Expertise & Qualifications
- Banking/financial markets, technology/analytics, product development, and customer experience; deep P&L and data expertise from MBNA/Bank of America and IBM .
- Recognized industry leader; IBM Industry Academy; Savoy Magazine 2024 Most Influential Corporate Director .
- Education: B.S. Computer Science/Mathematics (Delaware State University); M.S. MIS (Fairleigh Dickinson); Dartmouth–Amos Tuck executive program .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Outstanding |
|---|---|---|
| David G. Turner | 21,530 | <1% |
- Stock ownership guideline for independent directors: minimum 5,000 shares; Turner’s 21,530 shares exceed the guideline .
- Group ownership: Directors and executive officers (18 persons) collectively own 640,059 shares (1.10%) .
- Hedging policy: Prohibits hedging by insiders; 10b5‑1 plans permitted under policy requirements .
Governance Assessment
- Strengths:
- Independent director; chairs key oversight committees (Audit; Wealth Management Fiduciary Audit) and serves as Executive Committee Vice Chair—signals high engagement and governance influence .
- Banking/financial expert designation for bank regulatory purposes enhances audit oversight quality .
- Solid attendance expectations met at Board/committee level; robust executive session practices .
- Ownership alignment: holds 21,530 shares, exceeding director ownership guideline .
- Shareholder support signals: 2025 say‑on‑pay passed (For 50,307,809; Against 796,175; Abstain 38,083; Broker non‑vote 3,013,007) while Turner served on L&C Committee .
- Related-party oversight: Governance & Nominating screens related party transactions; no Regulation O extensions in 2024—reduces conflict risk .
- Watch items / potential red flags:
- Combined CEO/Chair structure persists; mitigated by Lead Independent Director and frequent executive sessions, but concentration of roles warrants continued monitoring .
- Multiple committee leadership roles concentrate workload/influence; WSFS practices rotation and independence standards to balance governance .
- No specific disclosure of pledging or hedging by directors; policy prohibits hedging but pledging is not expressly addressed—monitor for any future pledging disclosures .
Say‑on‑Pay & Shareholder Feedback
| Meeting | Proposal | For | Against | Abstain | Broker Non‑vote |
|---|---|---|---|---|---|
| 2025 Annual Meeting | Advisory vote on NEO compensation | 50,307,809 | 796,175 | 38,083 | 3,013,007 |
WSFS notes prior say‑on‑pay approval and active shareholder outreach underpinning executive and board compensation frameworks .
Director Compensation Structure Notes
- Board compensation targeted near median of WSFS custom peer group (CPG); Governance & Nominating reviews annually .
- Director Non‑Qualified Deferred Compensation Plan available; some directors deferred fees; Turner not annotated as deferring all fees in 2024 .
Related Party Transactions
- Governance & Nominating Committee oversees related party transactions; loans to insiders follow Regulation O and market terms; no Regulation O extensions in 2024 .
Risk Indicators
- Section 16(a): No late filings in 2024, except one late Form 4 by an EVP (not Turner) due to a clerical error .
- Clawback policy adopted (Aug 2023) for executives; board maintains insider trading policy and compensation risk assessments—supports governance rigor .