May 30, 2023
First Horizon is an established financial services company with a rich history and a distinguished reputation in the industry. As with any successful organization, having a strong and competent leadership team is key to achieving long-term success. In this article, we aim to provide a comprehensive overview of the First Horizon Board of Directors – who they are, what they do, and how they impact the company's decision-making processes.
The First Horizon Board of Directors is comprised of ten distinguished individuals who bring with them a wealth of experience and expertise. The current board includes a diverse mix of backgrounds and professions, including finance, law, healthcare, and academia.
The current members of the First Horizon Board of Directors are:
Each member of the First Horizon Board of Directors brings a unique perspective and set of skills to the table. Bryan Jordan, the Chairman, President, and CEO of First Horizon, has over 30 years of experience in the financial industry. Scott Niswonger, the Founder and Chairman Emeritus of Landair Transport, Inc., has a background in transportation and logistics. Donnie Smith, the retired President and CEO of Tyson Foods, Inc., has expertise in the food industry. Julie Wagner, the President and CEO of the Global Institute on Innovation Districts, brings knowledge of urban planning and economic development. D. Bryan Jordan, the President and CEO of Reliant Bancorp, Inc., has experience in banking and finance. Ashley Chaffin, the former Executive Vice President and Chief Financial Officer of ACA Healthcare Holdings, Inc., has expertise in healthcare finance. Steven J. Calk, the former Chairman and CEO of The Federal Savings Bank, has experience in banking and lending. Cornelius Horton, a retired physician and Chairman of the Health Education and Research Foundation, brings a healthcare perspective to the board. Vivian Pickard, the retired President and CEO of General Motors Foundation, has experience in philanthropy and community engagement. Barry S. Rowan, the retired Executive Vice President and Chief Financial Officer of Cool Planet Energy Systems, Inc., has expertise in energy and sustainability.
The First Horizon Board of Directors serves as the governing body of the company, responsible for overseeing its strategic direction and overall management. The board's primary responsibilities include:
Each board member takes their role and responsibilities very seriously, and is fully committed to upholding their fiduciary duties to the company and its stakeholders.
In addition to their primary responsibilities, the First Horizon Board of Directors also plays a crucial role in promoting diversity, equity, and inclusion within the company. The board recognizes the importance of having a diverse workforce and leadership team, and actively works to ensure that the company's hiring and promotion practices are fair and inclusive. They also prioritize creating a welcoming and supportive work environment for all employees, regardless of their background or identity.
The First Horizon Board of Directors is elected by the company's shareholders at the annual meeting of shareholders. The board members serve for one-year terms.
The board is composed of a diverse group of individuals, with different backgrounds and experiences. This ensures that the board has a broad range of perspectives, which is essential to making informed decisions that address the needs of all stakeholders.
In addition to being elected by shareholders, the First Horizon Board of Directors also undergoes a rigorous nomination process. The company's Nominating and Corporate Governance Committee is responsible for identifying and evaluating potential candidates for the board. The committee considers factors such as the candidate's skills, experience, and diversity when making their recommendations.
Once elected, the board members are expected to act in the best interests of the company and its stakeholders. They are responsible for setting the company's strategic direction, overseeing its operations, and ensuring that it complies with all applicable laws and regulations. The board also plays a critical role in overseeing the company's risk management practices, ensuring that the company is adequately prepared for any potential risks or challenges that may arise.
The First Horizon Board of Directors has a long and rich history, dating back to the company's inception in 1864. Over the years, the board has undergone many changes and transformations, reflecting the evolving needs and priorities of the company and its stakeholders.
Early on, the board was composed primarily of local businessmen and community leaders, who oversaw the company's growth from a small regional bank into a major financial services provider. In the 21st century, the board has become more diverse and global in its composition, reflecting the changing nature of the financial services industry and the company's expanding reach into new markets.
One of the most significant changes to the First Horizon Board of Directors occurred in the aftermath of the 2008 financial crisis. In response to the crisis, the board implemented a number of reforms aimed at improving risk management and corporate governance. These reforms included the establishment of a risk committee and the adoption of new policies and procedures designed to enhance transparency and accountability.
Today, the First Horizon Board of Directors continues to play a critical role in shaping the company's strategic direction and ensuring its long-term success. With a diverse and experienced group of directors at the helm, the board is well-positioned to navigate the challenges and opportunities of the rapidly changing financial services landscape.
The First Horizon Board of Directors is composed of individuals with a wide range of backgrounds and experiences, which enables them to provide valuable guidance and oversight to the company's leadership team.
Some notable examples of the board's expertise and experience include:
Additionally, many of the board members have experience serving on the boards of other companies, providing them with a broad perspective on best practices and industry trends. This experience allows them to bring fresh ideas and insights to the table, which can help First Horizon stay ahead of the curve.
Furthermore, several board members have international experience, having worked in various countries around the world. This global perspective is particularly valuable in today's interconnected business environment, where companies must navigate complex geopolitical and economic issues.
The First Horizon Board of Directors plays a critical role in the company's decision-making processes, providing oversight and guidance to the executive management team. The board ensures that the company is operating in the best interests of its stakeholders, and that its strategies and initiatives are aligned with its long-term objectives.
By providing independent oversight and guidance, the board helps ensure that the company is managing its risks effectively and that its internal controls and audit processes are operating as intended. This helps the company maintain its reputation as a responsible and trustworthy financial services provider.
Additionally, the First Horizon Board of Directors is responsible for selecting and appointing the company's executive management team. This includes the CEO, CFO, and other key executives. The board evaluates potential candidates based on their qualifications, experience, and alignment with the company's values and goals. By selecting the right leaders, the board helps ensure that the company is well-positioned to achieve its strategic objectives and deliver value to its stakeholders.
The First Horizon Board of Directors adheres to a strict governance structure, composed of various committees and processes designed to ensure effective oversight and decision-making. Some examples of the board's governance structure include:
This governance structure helps ensure that the board is able to provide effective oversight and guidance to the executive management team, while also maintaining appropriate levels of independence and accountability.
In addition to these committees, the First Horizon Board also has a Sustainability Committee, which focuses on the company's environmental, social, and governance (ESG) initiatives. This committee is responsible for developing and implementing strategies to promote sustainability and responsible business practices throughout the organization.
Furthermore, the board's governance structure includes regular evaluations of its own performance and effectiveness. This self-assessment process helps the board identify areas for improvement and ensure that it is operating in the best interests of the company and its stakeholders.
The First Horizon Board of Directors and the executive management team work together closely to ensure that the company's strategies and initiatives are aligned with its long-term objectives. The board provides guidance and oversight to the management team, while also holding them accountable for achieving performance goals and acting in the best interests of the company's stakeholders.
Effective communication is key to maintaining a productive relationship between the board and executive management. Regular meetings and reports ensure that all parties are informed about key developments and issues, and that any concerns or questions are addressed in a timely and appropriate manner.
In addition to regular meetings and reports, the First Horizon Board of Directors and executive management team also engage in ongoing discussions and collaboration to identify new opportunities for growth and innovation. This includes exploring new markets, developing new products and services, and investing in emerging technologies that can help the company stay ahead of the competition.
Another important aspect of the relationship between the board and executive management is the emphasis on transparency and accountability. The board regularly reviews the company's financial performance and ensures that all decisions are made with the best interests of shareholders and other stakeholders in mind. This helps to build trust and confidence in the company's leadership, and ensures that First Horizon remains a strong and stable organization for years to come.
The First Horizon Board of Directors is committed to ensuring the long-term success of the company, and is continually reviewing and refining its strategies and initiatives to ensure that they remain relevant and effective in today's rapidly-evolving financial services industry.
As the company continues to expand its reach and capabilities, the board will play an increasingly important role in providing guidance and oversight. By working together with the executive management team, the board will help ensure that First Horizon remains a leading financial services provider, well-positioned to serve the needs of its customers and stakeholders for generations to come.
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