Peoples Financial Services (PFIS) has issued an announcement.
Peoples Financial Services Corp. has entered into an agreement with Gerard A. Champi, promoting him to CEO by July 2025. The agreement includes a minimum annual salary of $450,000, participation in bonus and incentive plans, and benefits such as equity compensation, paid time off, and health benefits. Additionally, Champi is guaranteed severance pay equivalent to two years’ salary and medical benefits in the event of involuntary termination or if he isn’t promoted as stipulated, with further compensation if the termination occurs around a change in control. Restrictive covenants on confidentiality, non-competition, and non-interference are also part of the contract.
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