Original Source Material
Glen Herrick, who resigned from MVB’s board, cited a “lack of alignment between pay and performance” and a “lack of strategic focus on core profitability.”
West Virginia bank director quits over executive pay concerns
Summary
- Glen Herrick resigned from MVB’s board citing concerns over executive pay and strategic focus.
- The issue of executive compensation and its alignment with performance is a critical area for credit unions to monitor.
Why It Matters for Texas Credit Unions
This situation highlights potential governance issues that could be relevant to Texas credit unions, particularly in terms of board oversight and executive compensation practices.