MVB Financial has restated employment agreements for four senior executives, updating their base salaries and severance terms. The agreements took effect November 5, 2026. One executive, Joseph R. Rodriguez, also has a new title: EVP, Chief Legal Officer and Corporate Secretary, replacing his Chief Risk Officer title.
The changes update executive compensation arrangements; they do not announce a merger, change in control or other change in company ownership.
Key details
- The agreements cover Craig B. Greathouse, EVP and Chief Administrative Officer; Michael R. Sumbs, EVP and Chief Financial Officer; Michael L. Giorgio, EVP, Chief Information Officer and Chief Operating Officer; and Rodriguez.
- Their annual base salaries are set at:
- Greathouse: $400,000
- Sumbs: $400,000
- Giorgio: $425,000
- Rodriguez: $416,000
MVB said the amounts reflect current salaries; it did not characterize them as increases.
– If an executive is terminated without cause outside a change of control, the agreement provides, subject to its requirements:
– Severance equal to 12 months of base salary;
– Payment of COBRA continuation health coverage costs for up to 12 months; and
– A prorated annual bonus for the year of termination, paid when annual bonuses are paid to other senior executives for that performance year.
– If an executive is terminated without cause in connection with a change of control, the agreement provides, subject to its requirements:
– A lump-sum cash payment equal to 2.0 times the executive’s annualized base salary plus target annual bonus for the year of termination; and
– COBRA coverage costs paid monthly for up to 24 months.
– The executives remain eligible for the same compensation and benefits and are subject to the same material terms as under their prior agreements, except for the stated changes.
– Payments and benefits may be reduced or modified as needed to comply with banking laws and regulations, and are subject to MVB’s compensation clawback policy.
Plain-English implications
The agreements set out different severance protections depending on whether a qualifying termination occurs alongside a change of control. Rodriguez’s title change shifts his stated executive role from risk leadership to legal leadership and corporate secretary responsibilities.