Business Context and Reporting Period
This Form 8-K was filed by Finance of America Companies Inc. on September 26, 2023, reporting executive leadership changes effective in October and November 2023.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation and personnel transitions.
Material Changes
- Resignation: Johan Gericke, Chief Financial Officer (CFO), resigned effective October 13, 2023.
- Interim Appointment: Graham A. Fleming, Chief Executive Officer, will serve as interim CFO from October 13, 2023, to November 15, 2023.
- New Appointment: Matthew A. Engel will be appointed CFO effective November 15, 2023. He is expected to join as Executive Vice President of Finance on or about October 6, 2023.
Guidance, Outlook, and Compensation Details
The filing outlines the compensation package for the incoming CFO, Matthew A. Engel:
- Base Salary: $450,000 annually.
- Initial Equity Grant: Time-based restricted stock units (RSUs) with a fair market value of $325,000, vesting ratably over three years.
- Annual Cash Bonus: Target of $525,000, with a guaranteed minimum of $262,500 for the 2023 performance year.
- Annual Equity Award: Target value of $650,000 in RSUs, with a guaranteed minimum of $325,000 for the 2023 performance year, vesting ratably over three years.
Mr. Engel previously served as CFO of Bloom Retirement Holdings Inc., a former reverse mortgage originator that sold a substantial majority of its assets to the Company's subsidiary on March 31, 2023.
Investor Verification Checklist
- Confirm the exact number of RSUs granted to Mr. Engel based on the closing stock price on November 14, 2023.
- Verify the transition timeline for the CFO role between October 13 and November 15, 2023.
- Review the Company's 2021 Omnibus Incentive Plan for specific vesting conditions and forfeiture clauses.
- Assess the impact of the leadership change on the Company's financial reporting and strategic direction.