Provident Financial Services amends CEO Labozzetta's employment agreement through 2028
On June 26, 2025, Provident Financial Services entered into an amended and restated employment agreement with CEO Anthony J. Labozzetta, replacing his March 11, 2020 agreement. The new agreement runs through June 26, 2028, with annual renewals after that unless either party gives notice, and it sets a $1 million base salary and a larger severance package than the prior agreement.
Key points
- Initial term runs from June 26, 2025 through June 26, 2028, with one-year renewals starting June 26, 2028 unless 60 days' notice is given
- Base salary is $1 million a year and can increase but not decrease, except for an across-the-board reduction
- Severance is two times base salary plus target cash incentive without a change in control, and three times with one, plus COBRA or insurance benefits
- Non-compete restriction period increased to one year from the date of termination
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:49 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 27, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.