Michael L. Cox, born in 1946, has a solid background in finance, holding a Bachelor's degree in Business Administration. He led First Merchants Corporation as CEO from 2004 until 2007, a time marked by significant corporate decisions and a temporary...

Michael L. Cox, born in 1946, has a solid background in finance, holding a Bachelor's degree in Business Administration. He led First Merchants Corporation as CEO from 2004 until 2007, a time marked by significant corporate decisions and a temporary medical leave, highlighting his dedication to the company. Cox's focus was on aligning the interests of employees and shareholders through structured compensation programs, providing insight into his strategic vision. In 2006, he earned a total compensation of $657,684, which included a base salary of $355,000. Notably, while in charge, he adapted his management strategies to better the company's performance in a competitive banking environment. His leadership facilitated changes to long-term equity compensation plans, promoting stock options and restricted stock to engage executives in the company’s success. His retirement came early at age 62, but his influence on First Merchants Corporation continues to resonate.

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2. Holdings

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4. Compensation History

5. Other First Merchants Corporation CEOs

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Michael L. Cox

Ex-CEO of First Merchants Corporation

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

CEO of First Merchants Corporation for

0 years 1 month (Apr 2006 - Jun 2006)

Previous Experience

Unknown

Rivals

Competitors/colleagues of Michael L. Cox

Holdings

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During his time at First Merchants Corporation, Michael L. Cox held a substantial number of shares, reflecting his commitment to the company’s success. By 2006, he owned around 65,000 shares from stock options. His wealth in company holdings and stock...

During his time at First Merchants Corporation, Michael L. Cox held a substantial number of shares, reflecting his commitment to the company’s success. By 2006, he owned around 65,000 shares from stock options. His wealth in company holdings and stock options demonstrated confidence in the firm’s future. Michael Cox had previously received stock grants and options that were structured to incentivize long-term performance, which illustrates his strategic focus on aligning his interests with those of the shareholders. Towards the end of his tenure, his stock ownership was part of a broader effort by First Merchants to foster a culture of accountability among its executives, showing that he was deeply invested in the firm’s growth.

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Insider Trading

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No insider trades found for this CEO.

Compensation History

See how much did Michael L. Cox make over time.

Cox's compensation as CEO of First Merchants Corporation showcased a commitment to performance-based pay. His total compensation for 2006 was $657,684, which included a base salary of $355,000 and incentive payments directly tied to the company's financial success. He was eligible for bonuses based on return on equity, though performance metrics fell short of targets that year. His pay structure reflected a broader corporate philosophy that emphasized rewarding executives for meeting strategic goals. The company’s compensation plans incentivized him to focus on improving the overall health of First Merchants Corporation, demonstrating a clear link between leadership performance and corporate success. For a CEO in the financial sector, these approaches are essential for fostering corporate growth and accountability. His early retirement did not affect the retirement benefits that he had been accruing throughout his tenure, which included a defined benefit pension plan.

Year

2006

Total Compensation

$408.19K

Salary

$355.00K

Board Justification

The Corporation's compensation programs are intended to provide incentives to employees, and to senior management in particular, to achieve the Corporation's current and long-term strategic goals, with the ultimate objective of obtaining a superior return on shareholders' investment.

Bonus

$0.00

Board Justification

No bonus was paid to any other Named Executive Officer during 2006 except as part of a non-equity incentive plan.

Other

$27.92K

Board Justification

Includes matching contributions to the First Merchants Corporation Retirement and Income Savings Plan and perquisites.

Restricted Stock

$25.27K(3.4K Restricted Stock)

Board Justification

Restricted stock awarded under the Long-term Equity Incentive Plan on February 10, 2006, which will vest on February 10, 2009.

Performance Metrics

For 2006, Mr. Cox's incentive pay was 1.35% of his base salary, based on the Corporation's return on equity exceeding the threshold but less than the target.

Other First Merchants Corporation CEOs

Here are other CEOs of First Merchants Corporation

Michael C. Rechin

Ex-CEO of First Merchants Corporation

June 2006 - January 2021