The Resignation of MVB Financial Corp.’s Audit Committee Chair
The chair of MVB Financial Corp.’s audit committee, Glen Herrick, has resigned, effective immediately. In his resignation letter dated Feb. 26, Herrick cited concerns with the company’s “executive compensation practices and philosophy.” He expressed dissatisfaction with the lack of alignment between pay and performance within the organization.
Herrick highlighted his belief that the company’s strategic focus on core profitability and recurring earnings is not in the best interests of shareholders. Despite raising these concerns, he felt that they were either disregarded or met with questionable promises for the future.
MVB Financial Corp.’s Financial Performance
MVB Financial Corp., based in Fairmont, West Virginia, reported $4.2 million in profit in its most recent quarter, a decrease of over 55% from the same period in the previous year. However, the bank saw a 34% increase in profit for the entirety of 2025, reaching $26.9 million.
The bank’s financial results for 2025 were significantly impacted by the third-quarter sale of its stake in Victor Technologies to Jack Henry & Associates, which generated $34.1 million in pre-tax gains. Without this transaction, MVB could have potentially posted a loss for the year.
Executive Compensation Concerns
Herrick’s resignation also drew attention to executive pay practices within MVB. The bank’s CEO, Larry Mazza, received $2.17 million in total compensation for 2024, a decrease from the previous year. Mazza’s compensation included a bonus and stock awards, raising questions about the alignment of pay with performance.
Prior to his resignation, Herrick, who joined MVB’s board in January 2025 and became chair of the audit committee in January, had been actively working to improve the company’s corporate governance and enhance shareholder value. However, he expressed disappointment in the board’s unwillingness to implement best practices to oversee management effectively.
Transition in Leadership
Following Herrick’s resignation, MVB appointed Cheryl Spielman, a board member since 2019, as the new chair of the audit committee. This transition comes amid discussions around acceptable corporate governance practices and value creation strategies within the organization.
Overall, the resignation of Glen Herrick sheds light on the importance of aligning executive compensation with performance and maintaining a strategic focus on core profitability to benefit shareholders and ensure sustainable growth.
