First Horizon Corp., a regional financial company serving the southern region of the U.S., announced a five-year employment agreement with Chairman, President, and CEO D. Bryan Jordan. The deal cements Jordan's leadership position at the company through the next half-decade.
"Recent events have magnified the strengths and dedication of our seasoned team and the benefits and potential of our client-centric model operating in vibrant markets," Colin V. Reed, lead director of First Horizon's Board of Directors, said. "We are incredibly excited and confident in Bryan's ability to build on our current momentum, execute on our strategy, and continue to generate value for our shareholders."
Jordan joined First Horizon as Chief Financial Officer in 2007 and was named president and CEO a year later. Under his guidance, the company has grown both organically and through strategic mergers and acquisitions, boasting $85.1 billion in assets. The merger with IBERIABANK Corporation in 2021 has been a transformational event for First Horizon, enhancing its capabilities and reinforcing its position to leverage its diversified client base, particularly in high-growth markets.
"It is a privilege to work alongside an outstanding team that has demonstrated its ability to successfully navigate the challenging operating conditions over the last few years. We remain committed to First Horizon being a top-performing bank and leader in the markets we serve," Jordan said.
Jordan's base salary will be increased by 6% to $1.125 million. According to a filing with the Securities and Exchange Commission, it may be raised further but will not be lowered during the agreement. His annual cash incentive (bonus) target is fixed at 150% of his salary, in line with recent practices. Starting with the 2024 grant cycle, his annual long-term awards target will increase from 400% to 450% of his salary. He will also receive special equity awards worth $3 million in performance stock units and $2 million in restricted stock units, with a five-year vesting requirement.
In addition to his role at First Horizon, Jordan is an active leader in the Memphis community and serves on the Board of Directors of AutoZone, Inc.
