Director resigns from MVB Financial in W.Va. over governance concerns

A director at MVB Financial resigned, citing disagreements with other board members over corporate governance, executive compensation, and the Fairmont, W.Va., company’s strategic direction.

The company disclosed in a regulatory filing that Glen Herrick resigned on Feb. 26. He chaired the audit committee and was a member of the board’s finance committee. Cheryl Spielman was selected to become the committee’s new chair.

Herrick, who joined the board in January 2025, wrote in a letter shared in the filing that he tried to work with the board and management to strengthen governance practices and improve shareholder value. He ultimately concluded that the majority of the board was unwilling to adopt what he viewed as necessary reforms.

Herrick also flagged executive compensation in his letter, expressing concern that the current approach. “As a fiduciary for the company’s shareholders, the lack of alignment between pay and performance is simply not something I can justify,” he wrote.

He also expressed concerns about what he described as a lack of strategic focus on “core profitability and recurring earnings.” Herrick claimed that he raised those concerns multiple times, but they were either dismissed or met with assurances that they might be addressed at some point in the future.

“Based on our differing views on acceptable corporate governance practices and value creation strategy, I am no longer able to serve on the board,” he wrote.

MVB noted in its filing that Herrick’s resignation letter did not reference any matters related to financial statements, accounting policies, internal controls over financial reporting, or auditing issues.