Company: SFNC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001174947-25-000476
Chunk: 19

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 19
---
 Board Leadership Structure The Company’s Corporate Governance Principles do not mandate the separation of the offices of Chairman of the Board and Chief Executive Officer. Currently and for most of the last several decades, the offices of Chairman of the Board and Chief Executive Officer were held by the same person. From January 1, 2023 through the end of 2024, the offices of Chairman and Chief Executive Officer were held by different persons. Specifically, Robert Fehlman served as Chief Executive Officer, and George Makris, Jr. served as Executive Chairman and Chairman of the Board. In connection with Mr. Fehlman’s resignation from his position as Chief Executive Officer, effective January 1, 2025, the Board decided to return to a unified leadership structure. Given our current operating environment and operating strategies, we believe having a combined Chairman of the Board and Chief Executive Officer, as well as having a Lead Director, is the most appropriate structure for the Company and its shareholders at this time. The Board believes this structure demonstrates clear leadership to the Company’s employees, shareholders, and other interested parties. In addition, to provide independent oversight of management and open communication, Steven Cossé has served as Lead Director and Chair of the Executive Committee for a number of years, including while the roles of Chairman of the Board and Chief Executive Officer were separated in 2023 and 2024. Following the combination of the Chairman of the Board and Chief Executive Officer roles in 2025, Mr. Cossé has continued to serve as Lead Director and Chair of the Executive Committee. Mr. Cossé, as independent Lead Director, chairs executive sessions of the Board conducted without management. These sessions are generally held in connection with regularly scheduled Board meetings. Management also periodically meets with the Lead Director to discuss Board and Executive Committee agenda items, and the Lead Director serves as a liaison between the Chairman of the Board and the independent directors. 13 The Board believes that it is in the best interest of the Company to provide flexibility in the Company’s leadership structure to address differences in the Company’s operating environment as well as differences in the experience, skills, and capabilities of the executive management team serving the Company from time to time. While the Board believes the unification of the Chairman of the Board and Chief Executive Officer positions is currently in the Company’s and shareholders’ best interests, the Board is authorized to separate these positions should circumstances change in the future. Codes of Ethics Code of Ethics — General .The Company has adopted a general Code of Ethics applicable to all directors