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United extends CEO Adams' contract

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United Bankshares has extended the contract of CEO Richard M. Adams by an additional year, to March 31, 2016.

According to a filing with the Securities and Exchange Commission on Feb. 25, United entered into the existing contract with Adam effective Feb. 28, 2011. The contract was for three years with the provision that the contract could be extended annually for one year to maintain a rolling three-year contract.

At a meeting of the United board of directors compensation committee on Feb. 19, the committee approved the extension of contract with Adams for an additional year until 2016.

The SEC filing did not list Adams' salary. According to the 2012 proxy statement, Adams was paid $715,000 in salary and received total compensation of $2.56 million in 2011.

Adams has been United's CEO since 1984.

 

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