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Fulton Financial Corporation has appointed David S. Schulz, a veteran financial executive with extensive chief financial officer experience, to its board of directors effective September 14, 2026. At 60 years old, Schulz brings decades of leadership from prominent industrial and consumer product firms. This addition enhances Fulton’s governance framework as the Pennsylvania-based financial services firm broadens its board expertise in risk management and financial oversight.
Key Points
- NASDAQ: FULTP (Depositary Shares representing Series A Preferred Stock)
- David S. Schulz elected to Fulton Financial board effective September 14, 2026, with term ending at 2027 annual shareholder meeting
- Schulz appointed to Audit Committee and Risk Committee; board confirms he meets NASDAQ and SEC independence criteria
- Compensation includes pro rata restricted stock units valued at approximately $64,400 vesting June 1, 2027, plus $80,000 annual cash retainer and $90,000 annual equity award
Extensive Executive Career Across Finance-Intensive Industries
David S. Schulz’s career spans multiple finance-driven sectors, most recently as Executive Vice President and Chief Financial Officer at Wesco International, Inc., a diversified distributor listed on the New York Stock Exchange. According to filings, Schulz served as Senior Vice President and CFO at Wesco from 2016 to June 2020, then as Executive Vice President and CFO from June 2020 until February 2026. He concluded his tenure as Executive Vice President and Special Advisor to the CEO from February 2026 until retiring on May 31, 2026.
Before Wesco, Schulz held senior operational and financial leadership roles at Armstrong Flooring, Inc. and Armstrong World Industries, Inc., including Senior Vice President and Chief Operating Officer and Senior Vice President and Chief Financial Officer. Prior to joining Armstrong in 2011, he gained diverse financial experience through progressive roles at Procter & Gamble and The J.M. Smucker Company. The filing also highlights Schulz’s service as a former United States Marine Corps officer, emphasizing his disciplined leadership background.
Board Independence Verified Under NASDAQ and SEC Standards
Fulton Financial’s board confirmed that Schulz meets all independence standards set forth by NASDAQ and the Securities and Exchange Commission before his election. This independent status enables him to fulfill governance roles requiring director independence, enhancing the board’s oversight capabilities. Independent directors are vital in audit, compensation, and risk oversight where management conflicts may arise.
The disclosure states Schulz was not appointed through any arrangements with other parties, reflecting a transparent and standard selection process. No material related-party transactions involving Schulz or his immediate family were identified that would necessitate disclosure under SEC regulations.
Committee Roles Include Audit and Risk Oversight
Leveraging his financial and operational expertise, Schulz will serve on Fulton Financial’s Audit Committee and Risk Committee starting with his board term. These roles align with his CFO background managing financial controls, audit processes, and enterprise risk at large public companies. The Audit Committee ensures the integrity of financial reporting and internal controls, while the Risk Committee oversees enterprise-wide risk management.
His dual committee appointments demonstrate the board’s confidence in his immediate contributions to critical governance functions. Schulz’s experience at Wesco, a major publicly traded distributor with complex operations, equips him to evaluate Fulton Financial’s financial systems and risk frameworks effectively.
Director Compensation Matches Established Pay Structure
Schulz’s compensation aligns with Fulton Financial’s non-employee director pay, which increased effective January 1, 2026. The annual cash retainer is $80,000, and the annual equity award is $90,000, forming the baseline for all independent directors as of this announcement.
Upon starting his board service on September 14, 2026, Schulz will receive a pro rata restricted stock unit grant under Fulton Financial’s Amended and Restated 2023 Director Equity Plan. The grant’s fair value is approximately $64,400, reflecting partial-year service, with RSUs vesting on June 1, 2027. This structure aligns his interests with shareholder value during his initial term.
Simultaneous Election to Fulton Bank Board Ensures Governance Consistency
On September 14, 2026, the same day as his corporate board election, Schulz was also elected to the board of Fulton Bank, National Association, the company’s main banking subsidiary. This concurrent appointment, expiring at the bank’s 2027 annual shareholder meeting, supports consistent governance across both the holding company and operating bank. Separate boards for subsidiaries address specific regulatory and operational needs.
His role on the bank board complements his oversight responsibilities, bringing financial management expertise relevant to credit risk, operational efficiency, and regulatory compliance within the national banking context.
Board Term Commences After Standard Transition Period
Schulz’s board service begins September 14, 2026, following a seven-week transition after the July 21, 2026 election announcement. This interval allows for background checks, regulatory filings, orientation, and committee coordination. It also provides time for public disclosure and shareholder awareness before he assumes duties.
His initial term concludes at Fulton Financial’s 2027 annual shareholder meeting, consistent with typical one-year director terms, allowing evaluation before potential reappointment.
Press Release Publicizes Director Appointment
Fulton Financial issued a press release on July 21, 2026, announcing Schulz’s board appointment to investors and the public. This release is incorporated by reference as Exhibit 99.1 in the SEC filing. Such announcements offer context on the director’s qualifications, career highlights, and anticipated board contributions.
The coordinated timing of election, regulatory filing, and press release follows standard disclosure practices for significant governance changes at public companies, aiding investors and analysts in assessing board quality and strategic impact.
No Material Related-Party Transactions Reported
The disclosure confirms no material related-party transactions exist between Schulz, his immediate family, and Fulton Financial requiring SEC disclosure under Regulation S-K Item 404(a). This assures investors of the absence of conflicts that could impair his independent judgment.
Clean related-party status further supports the board’s independence determination, bolstering his credibility in audit and risk oversight roles where impartiality is critical.
Regulatory Filing Documents Governance Update
The appointment was formally reported via a Form 8-K current report filed with the SEC on July 21, 2026, fulfilling disclosure requirements for material events at public firms. The filing includes interactive data to facilitate investor and analyst access.
Fulton Financial Corporation, headquartered at One Penn Square, Lancaster, Pennsylvania, operates under IRS Employer Identification Number 23-2195389. Its common stock trades on NASDAQ under ticker FULT, while depositary shares representing Series A Preferred Stock trade as FULTP. Both securities remain registered under Section 12(b) of the Securities Exchange Act.
