Monte N. Redman
Monte N. Redman has served as President, Chief Executive Officer and a director of AFC and the Association since July 2011.
He served as President and Chief Operating Officer of AFC and the Association from August 2007 to June 2011.
He served as Executive Vice President and Chief Financial Officer of AFC from December 1997 to August 2007.
He served as Senior Vice President, Treasurer and Chief Financial Officer of AFC from its formation in 1993 to 1997.
He joined the Association in 1977.
In 1979, he was named Assistant Controller, and, in 1982, Assistant Vice President.
Mr. Redman became Vice President and Investment Officer in 1985, was appointed Senior Vice President, Treasurer and Chief Financial Officer in 1989 and was appointed Executive Vice President and Chief Financial Officer in 1997.
He is a member of the board of directors of the Federal Home Loan Bank of New York.
He serves on the Board of Directors of the New York Banker’s Association and is the past Chairman and current member of the Board of Directors of the national Tourette Syndrome Association.
Mr. Redman brings to his position over thirty-six years of experience with the Association, with over twenty-five of them as an executive officer, of which for eighteen years he was Chief Financial Officer.
As such, he
is familiar with all material aspects of the business of AFC
and the Association, their culture and markets.
Mr. Redman has been a primary spokesman for AFC with the investing public since AFC’s initial public offering in 1993.
is well versed in the regulatory and other issues facing AFC and its industry.
Mr. Redman has a background in accounting and finance.
has extensive experience managing the Association through a wide range of interest rate and economic cycles.
executive management experience
Specifically, the Board has determined that, with the exception of Mr. Keegan and Mr. Redman, all directors of AFC and the Board Nominees are independent and that those directors who serve on the Compensation Committee are independent.
Mr. Keegan and Mr. Redman
have been determined not to be independent due to their positions as current or former executive officers of AFC
and the Association.
Mr. Redman serves as President and Chief Executive Officer.
As such, he
has general charge, supervision and management of the business affairs of AFC
, and is responsible for assuring that policy decisions of the Board
are implemented as adopted.
, in conjunction with the Board
, is responsible for the development and implementation of AFC’s strategic plan and in exploring other growth opportunities.
The independent directors periodically review AFC’s leadership structure and believe, as a general matter, that the current Board leadership structure is appropriate for AFC
While the Corporate Governance Guidelines permit the positions of Chairman and Chief Executive Officer to be combined, the Board
believes that continuing the separation of the Chairman and Chief Executive Officer functions will allow Mr. Redman
to focus his
attention on guiding AFC
and the Association through the current difficult regulatory and economic environment, while a separate Chairman can devote full attention to Board leadership functions.
Recommendations to the Compensation Committee of AFC
with respect to executive and non-executive officers’ salaries and other compensation components are presented by Mr. Redman
, other executive officers and Human Resources management.
Recommendations concerning non-executive officer compensation are developed based in large part upon input from the executive officer to whom such officers report.
Mr. Redman also provides insight to the Compensation Committee regarding his performance and that of the other officers of AFC, both executive and non-executive.
does not participate in the Compensation Committee’s deliberations or approval of compensation issues relating to his
During 2013, Mr. Redman
, Mr. Eggleston and Ms. Callari, attended meetings of the Compensation Committee and assisted the Compensation Committee in the performance of its responsibilities relative to director and executive compensation.