MVB Financial Corp (MVBF)
Published 2026-03-17 • by thebearcave
Thesis Summary
Audit Chair resigned citing poor corporate governance, lack of alignment between executive pay and performance, and a failure to prioritize core profitability and strategic focus.
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Detailed Deep Dive
2. Board member and Audit Chair of MVB Financial Corp (NASDAQ: MVBF — $323 million), Mr. Glen W. Herrick, resigned with immediate effect after one year over “matters relating to the company’s corporate governance practices, executive compensation practices and philosophy, and the company’s strategic focus.” Mr. Herrick’s resignation letter stated, in part,
> “As a fiduciary for the company’s shareholders, the lack of alignment between pay and performance is simply not something I can justify. Furthermore, I continue to believe that the lack of strategic focus on core profitability and recurring earnings is contrary to the best interests of shareholders – the true owners of the company. Unfortunately, my concerns have seemingly fallen on deaf ears or resulted in dubious claims to address them in the future.”