Webster Financial Corp.’s top finance executive is getting a raise.
According to an Oct. 23 filing with the U.S. Securities and Exchange Commission, the company’s Compensation and Human Resources Committee approved compensation adjustments for Neal Holland, senior executive vice president and chief financial officer. The package includes a one-time $500,000 restricted stock award that will vest after three years, a base salary increase to $730,000, and target annual cash and long-term incentive awards set at 125% and 200% of salary, respectively, effective Sept. 22.
Holland became Webster’s CFO in 2024. He was previously with First Republic Bank where he served as CFO until May 2023.
The board said the changes recognize Holland’s “rapid integration and significant contributions to Webster, and his importance in implementing Webster’s strategic plan.”
The compensation changes come as the parent company of Webster Bank, with nearly $82 billion in assets, continues to post strong financial results. The Stamford-based bank reported third-quarter net income of $254.1 million, or $1.54 per diluted share, up from $186.8 million, or $1.10 per share, a year earlier. Revenue rose to $732.6 million, while loans and deposits both increased from the prior quarter.
CEO John Ciulla said the results highlight Webster’s consistency and growth as it marks its 90th anniversary, while Holland credited the company’s “favorable strategic positioning” for delivering record quarterly earnings.
Correction: This story has been updated to reflect that Neal Holland joined Webster Financial as CFO in 2024.