Customers Bancorp Elects New Directors, Adjusts Executive Pay
Ticker: CUBB · Form: 8-K · Filed: May 29, 2024 · CIK: 1488813
| Field | Detail |
|---|---|
| Company | Customers Bancorp, Inc. (CUBB) |
| Form Type | 8-K |
| Filed Date | May 29, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, corporate-governance
Related Tickers: CUBI
TL;DR
Customers Bancorp shakes up board, tweaks exec pay.
AI Summary
Customers Bancorp, Inc. announced on May 28, 2024, changes in its board of directors and executive compensation. Specifically, the company elected new directors and appointed certain officers, alongside adjustments to their compensatory arrangements. The filing also details matters submitted for a vote of security holders.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- Customers Bancorp, Inc. (company) — Registrant
- May 28, 2024 (date) — Date of earliest event reported
FAQ
Who are the newly elected directors of Customers Bancorp, Inc.?
The filing does not specify the names of the newly elected directors, only that new directors were elected.
What specific changes were made to executive compensation arrangements?
The filing indicates adjustments to compensatory arrangements for certain officers but does not detail the specific changes.
What matters were submitted to a vote of security holders?
The filing states that matters were submitted to a vote of security holders but does not list the specific proposals.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on May 28, 2024.
What is the state of incorporation for Customers Bancorp, Inc.?
Customers Bancorp, Inc. is incorporated in Pennsylvania.
Filing Stats: 784 words · 3 min read · ~3 pages · Grade level 9.9 · Accepted 2024-05-29 16:36:26
Key Financial Figures
- $1.00 — istered Voting Common Stock, par value $1.00 per share CUBI New York Stock Exchange
Filing Documents
- cubi-20240528.htm (8-K) — 55KB
- cubi-20240528_g1.jpg (GRAPHIC) — 66KB
- 0001488813-24-000061.txt ( ) — 402KB
- cubi-20240528.xsd (EX-101.SCH) — 2KB
- cubi-20240528_def.xml (EX-101.DEF) — 19KB
- cubi-20240528_lab.xml (EX-101.LAB) — 34KB
- cubi-20240528_pre.xml (EX-101.PRE) — 20KB
- cubi-20240528_htm.xml (XML) — 6KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. The Company held its Annual Meeting of Shareholders on May 28, 2024 for the purpose of considering and acting upon the below proposals. A total of 31,521,930 shares were outstanding and entitled to vote at the Annual Meeting. The number of votes cast for, against, or withheld as to each such matter or nominee, as well as the number of abstentions as to each such matter or nominee, are set forth below. 1. To elect the following three Class I directors of the Company to serve a three-year term. FOR WITHHELD BROKER NON-VOTES Jay S. Sidhu 24,375,783 9,448 2,256,092 Robert J. Buford 23,429,357 32,285 2,256,092 Rajeev V. Date 24,101,317 16,597 2,256,092 The following additional directors continued in office after the Annual Meeting: Andrea R. Allon, Bernard B. Banks, Robert N. Mackay, Daniel K. Rothermel, T. Lawrence Way and Steven J. Zuckerman. 2. To ratify the appointment of Deloitte & Touche LLP as independent registered public accounting firm of the Company for the fiscal year ending December 31, 2024. FOR AGAINST ABSTAIN 27,515,645 112,888 11,118 There were no broker non-votes on the proposal. 3. To approve, on an advisory basis, our named executive officer compensation. FOR AGAINST ABSTAIN BROKER NON-VOTES 24,701,922 585,984 95,653 2,256,092 4. To approve, on an advisory basis, the frequency of future votes to approve the compensation for our named executive officers. ONE YEAR TWO YEARS THREE YEARS ABSTAIN BROKER NON-VOTES 23,125,637 6,132 2,199,415 52,375 2,256,092 5. To approve an amendment to the Company's 2019 Stock Incentive Plan. FOR AGAINST ABSTAIN BROKER NON-VOTES 15,499,060 9,818,391 66,108 2,256,092 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. CUSTOMERS BANCORP, INC. By: /s/ Andrew B. Sachs Name: Andrew B