Business Context and Reporting Period
This Form 8-K filing by Regions Financial Corporation covers the date of January 5, 2017. The report details a corporate governance event involving the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to director compensation: a restricted stock award valued at $26,250.
Material Changes
- Board Composition: The Board of Directors increased in size from thirteen to fourteen members following the appointment of José S. Suquet.
- Committee Assignments: Mr. Suquet was appointed to the Risk Committee and the Compensation Committee of the Board.
- Subsidiary Role: Mr. Suquet was also appointed as a Director of Regions Bank, a wholly-owned subsidiary.
Management Commentary and Compensation
Mr. Suquet, currently Chairman, President, and CEO of Pan-American Life Insurance Group, was appointed effective immediately. He received restricted stock under the 2015 Long Term Incentive Plan valued at $26,250, representing a prorated annual equity retainer. The stock is subject to a continued service requirement and lapses at the 2017 Annual Meeting of Stockholders, or earlier under specific conditions such as death, disability, or termination without cause following a change of control.
Investor Verification Checklist
- Confirm the effective date of José S. Suquet's directorship (January 5, 2017).
- Verify the total number of Board members is now fourteen.
- Review the specific vesting terms of the $26,250 restricted stock award.
- Check for any subsequent filings regarding Mr. Suquet's committee assignments or potential conflicts of interest.