Pinnacle Financial CEO gets boost in incentive pay

Pinnacle Financial Partners Inc. reported in a regulatory filing a slight increase in salary and a significant boost in incentive pay for president and chief executive Terry Turner in fiscal 2019.

Turner’s salary increased by 3% to $1.03 million. His incentive pay jumped by 23.5% to $1.23 million. Total compensation rose 12.5% to $4.92 million.

Pinnacle has a four-state footprint with a presence in 12 of the largest urban markets in the Southeast, gaining from High Point-based BNC Bancorp the Triad, Triangle and Charlotte markets in North Carolina, Greenville-Spartanburg and Charleston in South Carolina, and Roanoke in Virginia.

The bank reported that the CEO pay ratio for Turner is 70-to-1 compared with its median employee’s compensation of $70,266.

Chairman Robert McCabe Jr. received a 2.9% increase in salary to $978,000, along with $1.17 million in incentive pay and total compensation of $4.7 million.

Rick Callicutt II, chairman of the bank’s Carolinas and Virginia operations and former head of BNC, received a 2.9% increase in salary to $681,000, incentive pay of $536,559 and total compensation of $2.65 million.

Richard Craver

First Horizon CEO receives large incentive pay hike

The top executive for First Horizon National Corp. received a slight increase in salary and a significant hike in incentive pay for fiscal 2019, the bank said in a regulatory filing.

Bryan Jordan, its chairman, chief executive and president, received a 0.3% increase in salary to $900,000. His incentive pay rose 28% to $1.5 million, while his incentive pay jumped 27.7% to $5.55 million.

The bank reported that the CEO pay ratio for Jordan is 62-to-1 compared with its median employee’s compensation of $89,476.

Michael Kisber, president of its FHN Financial unit, had no change in his salary at $600,000, along with $2.5 million in incentive pay and $4.04 million in total compensation.

William Losch III, chief financial officer, was paid $500,000 in salary, $575,000 in incentive pay and total compensation of just under $3 million.

David Popwell, president of its banking unit, was paid $550,000 in salary, $630,000 in incentive pay and $3.48 million in total compensation.

Richard Craver

Request to boost oil reserves as prices plunge

WASHINGTON — The Trump administration is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.

Energy Secretary Dan Brouillette denied Thursday the move was about propping up prices for U.S. oil giants. Brouillette says it makes sense to fill up the national petroleum supplies at a time of cheap oil. Oil producers Russia and Saudi Arabia have stepped up pumping, threatening the market share of U.S. oil. Congress has to approve the money for the purchases. The administration must overcome opposition from some Democratic lawmakers.

The Associated Press

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