Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors (the "Board") of
In determining
•The Company's financial results for 2020, which compared unfavorably with 2019 in many respects, but which were significantly impacted by the effect of the pandemic on economic and market conditions
•Actions taken by the Company in response to the pandemic, which included
helping 3.6 million consumer and small business customers by deferring payments
and waiving fees; funding approximately 194,000 loans totaling
•The Company's maintenance of strong capital and liquidity throughout the period while navigating significant market disruptions and continuing to serve its customers
•The Company's demonstrable progress on addressing risk, control and regulatory issues, but with recognition of the significant work remaining
•The buildout of the senior management team, including the addition of seven new Operating Committee members in 2020, and the emphasis on a performance, accountability and execution-based culture
•The introduction of new cultural expectations throughout the organization to emphasize the importance of diversity and inclusion, doing what's right for the customer, and executing effectively
Based on its evaluation of these factors, among others, including the impact of
the pandemic on the Company's financial results, the HRC determined that
application of threshold performance goals for 2020 was not appropriate for
purposes of funding and paying 2020 annual incentive compensation to its
employees, including to
On
Information regarding the compensation of our named executives for performance
year 2020 will be disclosed in the Company's proxy statement for our 2021 annual
meeting of shareholders, which we anticipate will be filed with the
2
--------------------------------------------------------------------------------
© Edgar Online, source