Management ChangeJul 7, 2026, 08:37 AM
Burke & Herbert President H. Charles Maddy III Retires
AI Summary
Burke & Herbert Financial Services Corp. announced the retirement of H. Charles Maddy, III as President, effective June 30, 2026. In connection with his retirement, Mr. Maddy entered into a Separation and Release of Claims Agreement. Under the agreement, he will receive a cash severance of $558,334.40, transfer of a company vehicle valued at $58,400, 10 months of COBRA coverage, and accelerated vesting of 6,673.32 performance-based restricted stock units. He also received a retirement gift of approximately $35,375.
Key Highlights
- H. Charles Maddy, III retired as President effective June 30, 2026.
- Received a cash severance benefit of $558,334.40.
- Ownership of a Company vehicle with a fair value of $58,400 was transferred.
- Company will pay COBRA continuation coverage for 10 months.
- 6,673.32 unvested performance-based restricted stock units (PRSUs) vested early.
- Received a retirement gift valued at approximately $35,375.
Price Impact
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