WesBanco in Wheeling, W.Va., offered directors a one-time equity incentive as part of a plan to shrink its board.
The company disclosed in a regulatory filing that it offered directors a voluntary retirement opportunity, awarding a one-time equity grant of restricted shares valued at $250,000 to each director who chose to retire.
Three directors — Abigail Feinknopf, James Cornelsen, and D. Bruce Know — accepted the offer. Michael Crawford is also retiring after reaching the board’s mandatory retirement age.
As a result, the board approved a plan to reduce its size from 19 directors to 15 directors.
In addition to reducing the board’s size, WesBanco adjusted the structure of its staggered board to maintain balanced classes of directors.