Management ChangeApr 27, 2026, 04:13 PM
CLBK Signs New Employment Pacts for 5 Execs; Gibney Base $700K
AI Summary
Columbia Financial, Inc. (CLBK) entered into new two-year employment agreements with five senior executives, effective April 1, 2026. These agreements, which replace previous ones for four executives, include automatic 12-month extensions. The 2026 annual base salaries range from $430,000 to $700,000 for Dennis E. Gibney. Executives are also eligible for short-term and long-term incentive plans, equity awards, and comprehensive severance packages for various termination scenarios, including a 3x payout for change in control.
Key Highlights
- CLBK entered new two-year employment agreements with 5 senior executives effective April 1, 2026.
- Agreements include automatic 12-month extensions unless 60-day notice is provided.
- Dennis E. Gibney's 2026 annual base salary is $700,000.
- Allyson Schlesinger's 2026 annual base salary is $470,000.
- Executives are eligible for short-term, long-term incentive plans, and equity awards.
- Termination without cause severance is 2x (base salary + Target Bonus) plus COBRA reimbursement.
- Change in control severance is 3x (base salary + Target Bonus) plus prior year bonus and 36 months medical coverage.
- Post-employment covenants include 24-month non-solicitation and non-competition.
Price Impact
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