Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 69

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 69
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) contribution was 5% of associate’s eligible salary. 92% of our associates made individual participant contributions to the 401(k) plan during 2024. 

Recruiting, training and development, and retention of key associates is vital to the Company’s strategy and success. The Company promotes leadership and associate development through various programs, including succession planning, top talent program, and leadership essentials training. At December 31, 2024, we had 138 positions within the Company designated as “leadership” positions. This represents approximately 13% of our total associates. The average tenure at the Company among our leadership group at the end of 2024 was greater than 10 years. In 2024, turnover among our leadership group was 5.8% and during the year we promoted 3 associates and hired 4 new associates into our leadership group. 

The Company’s Development and Engagement Program is designed to invest in the professional development of our associates and increase workplace engagement. We strive to reward talent, with a commitment to equal opportunity. Oversight is provided by the Company’s Engagement Committee, which is guided by our Five Core Values and various policies that support a framework which we use to create and strengthen our associate engagement and the Company's overall diversity, including our organizational commitment to associate engagement and well-being, as well as sound procurement and business practices. The Engagement Committee is co-chaired by our Chief Operating Officer and Human Resources Director and includes our Chief Financial Officer, Chief Risk Officer, and General Counsel. The Company's Engagement Council was established to continue our commitment to associate engagement, as well as fostering, cultivating, and preserving a culture of diversity and inclusion. The Council is led by our Director of Human Resources and the Associate 

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Engagement Manager, as well as an additional member of our Senior Leadership team. Members of the Council represent a cross section of our associates across numerous departments. The Council discusses ways to promote engagement among associates and serve as ambassadors when it comes to implementing our Core Values.  We monitor diversity throughout our organization, including the percentage of our total associates who are female and racially or ethnically diverse. The following represents the Company’s diversity at December 31, 2024: 

In addition, 38% of our Board of Directors are female or ethnically diverse. 

The Board of Directors oversees executive compensation, as well as the Company’s compensation and benefit plans, through the Board’s Compensation Committee. The Management Compensation Compliance Committee, under the direction of the Compensation Committee, identifies,