SEC Filing Summary: Regions Financial Corp (8-K)
Business Context and Reporting Period
This Form 8-K Current Report was filed by Regions Financial Corporation on June 22, 2021. The filing discloses corporate governance changes, specifically the appointment of a new director to the Board of Directors and the Board of Directors of its wholly owned subsidiary, Regions Bank.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figure disclosed relates to director compensation: a grant of restricted stock units with a grant date value of $97,500.
Material Changes
- Board Expansion: The Board of Directors increased its size to 13 members with the appointment of Joia M. Johnson.
- Effective Date: The appointment is effective July 20, 2021.
- Committee Assignments: Ms. Johnson will serve on the Nominating and Corporate Governance Committee and the Risk Committee.
- Independence: The Board determined Ms. Johnson is independent under NYSE listing standards.
Management Commentary and Compensation
Ms. Johnson, 61, recently retired as Chief Administrative Officer, General Counsel, and Corporate Secretary for Hanesbrands Inc. She will receive customary fees and equity awards under the Company's Director Compensation Program. The approved grant consists of restricted stock units under the Regions 2015 Long Term Incentive Plan, valued at $97,500 (a prorated annual equity retainer). These units vest on the date of the 2022 Annual Meeting of Shareholders, subject to continued service requirements.
Investor Verification Checklist
- Verify the effective date of Joia M. Johnson's board appointment (July 20, 2021).
- Confirm the vesting schedule for the $97,500 restricted stock unit grant (2022 Annual Meeting).
- Review the 2021 Proxy Statement for full details on the Director Compensation Program.
- Check for any subsequent filings regarding Ms. Johnson's background or related party transactions.