VOL. 132 | NO. 216 | Tuesday, October 31, 2017
FHN Board Awards CEO Bryan Jordan $5.5M Bonus
By Andy Meek
The board of directors of First Tennessee Bank’s parent company has approved a $5.5 million bonus for CEO Bryan Jordan.
The compensation committee of the board at First Horizon National Corp. approved the award, the company disclosed Friday in a regulatory filing, because of the board wanting to reward Jordan “for, among other things, his leadership over the past six years and the company’s outstanding performance during that time.
“This bonus fulfills the committee’s intention, stated in (First Horizon’s) proxy statement for its 2017 annual meeting of shareholders, to deliver value commensurate with (First Horizon’s) achievements over the past six years.”
Jordan took the top executive spot at First Horizon in 2008, during the Great Recession, and took on the role of board chairman in 2012. The bank’s stock has been trading lately near its 52-week high, and the company reported a 7 percent increase in net income in the just-ended third quarter - from $63.2 million to $67.3 million year-over-year.
At First Tennessee especially, the company has kept a lid on expenses and shrunk its cost structure over the years. In the third quarter, First Tennessee had a strong efficiency ratio of 53 percent - which means, basically, it spends 53 cents to make every dollar. That’s down about 5 percent year-over-year.