PennyMac Financial Services Management

Management criteria checks 3/4

PennyMac Financial Services' CEO is David Spector, appointed in Jan 2017, has a tenure of 7.25 years. total yearly compensation is $7.26M, comprised of 13.8% salary and 86.2% bonuses, including company stock and options. directly owns 1.67% of the company’s shares, worth €73.01M. The average tenure of the management team and the board of directors is 3.1 years and 8.2 years respectively.

Key information

David Spector

Chief executive officer

US$7.3m

Total compensation

CEO salary percentage	13.8%
CEO tenure	7.3yrs
CEO ownership	1.7%
Management average tenure	3.1yrs
Board average tenure	8.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has David Spector's remuneration changed compared to PennyMac Financial Services's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$154m
Dec 31 2023	US$7m	US$1m	US$145m
Sep 30 2023	n/a	n/a	US$219m
Jun 30 2023	n/a	n/a	US$261m
Mar 31 2023	n/a	n/a	US$332m
Dec 31 2022	US$10m	US$1m	US$476m
Sep 30 2022	n/a	n/a	US$611m
Jun 30 2022	n/a	n/a	US$725m
Mar 31 2022	n/a	n/a	US$800m
Dec 31 2021	US$14m	US$1m	US$1b
Sep 30 2021	n/a	n/a	US$1b
Jun 30 2021	n/a	n/a	US$2b
Mar 31 2021	n/a	n/a	US$2b
Dec 31 2020	US$12m	US$1m	US$2b
Sep 30 2020	n/a	n/a	US$1b
Jun 30 2020	n/a	n/a	US$933m
Mar 31 2020	n/a	n/a	US$653m
Dec 31 2019	US$10m	US$900k	US$393m
Sep 30 2019	n/a	n/a	US$279m
Jun 30 2019	n/a	n/a	US$172m
Mar 31 2019	n/a	n/a	US$117m
Dec 31 2018	US$6m	US$750k	US$88m
Sep 30 2018	n/a	n/a	US$111m
Jun 30 2018	n/a	n/a	US$114m
Mar 31 2018	n/a	n/a	US$106m
Dec 31 2017	US$6m	US$742k	US$101m

Compensation vs Market: David's total compensation ($USD7.26M) is above average for companies of similar size in the German market ($USD2.47M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

CEO

David Spector (60 yo)

7.3yrs

Tenure

US$7,258,483

Compensation

Mr. David A. Spector has been the Chief Executive Officer of PennyMac Financial Services, Inc. since January 1, 2017. He served as President at PennyMac Financial Services, Inc. since February 2013 to Febr...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
David Spector	CEO & Chairman	7.3yrs	US$7.26m	1.67% $ 73.0m
Douglas Jones	President	3.1yrs	US$4.32m	1.03% $ 45.2m
Daniel Perotti	Senior MD & CFO	3.3yrs	US$2.34m	0.55% $ 24.1m
James Follette	Senior MD & Chief Digital Officer	6.2yrs	US$1.99m	0.0019% $ 85.2k
William Chang	Senior MD & Chief Capital Markets Officer	1.1yrs	US$1.87m	0.073% $ 3.2m
Gregory Hendry	Chief Accounting Officer	no data	no data	0.093% $ 4.1m
Mike Hogan	Senior Managing Director & Chief Information Officer	less than a year	no data	no data
Kevin Chamberlain	Executive Vice President of Investor Relations	no data	no data	no data
Derek Stark	Senior MD	no data	no data	0.039% $ 1.7m
Susan Smith	Senior MD & Chief Marketing Officer	2yrs	no data	no data
Jenny Rhodes	Senior MD & Chief Human Resources Officer	2.3yrs	no data	no data
Steven Bailey	Senior MD & Chief Servicing Officer	8.2yrs	no data	0.016% $ 704.5k

3.1yrs

Average Tenure

57.5yo

Average Age

Experienced Management: 1AC's management team is considered experienced (3.1 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
David Spector	CEO & Chairman	11.3yrs	US$7.26m	1.67% $ 73.0m
Douglas Jones	President	1.1yrs	US$4.32m	1.03% $ 45.2m
Joseph Mazzella	Independent Director	11.3yrs	US$255.16k	0.58% $ 25.4m
Jonathon Jacobson	Independent Director	3.2yrs	US$244.41k	0.45% $ 19.5m
James C. Hunt	Independent Director	11yrs	US$249.22k	0.13% $ 5.7m
Lisa Shalett	Independent Director	3.5yrs	US$252.59k	0.015% $ 664.3k
Anne McCallion	Director	6.2yrs	US$252.59k	0.30% $ 13.1m
Emily Youssouf	Independent Director	10.4yrs	US$251.47k	0.065% $ 2.9m
Farhad Nanji	Independent Director	11.3yrs	US$247.41k	0.35% $ 15.4m
Patrick Kinsella	Independent Director	9.8yrs	US$268.66k	0.052% $ 2.3m
Jeffrey Perlowitz	Lead Independent Director	5.2yrs	US$284.41k	0.029% $ 1.3m
Theodore Tozer	Independent Director	6.7yrs	US$268.66k	0.042% $ 1.9m

8.2yrs

Average Tenure

66yo

Average Age

Experienced Board: 1AC's board of directors are considered experienced (8.2 years average tenure).

PennyMac Financial Services Management

Management criteria checks 3/4

Key information

Recent management updates

PennyMac Financial Services, Inc., Annual General Meeting, Jun 05, 2024

CEO & Chairman recently sold €836k worth of stock

Senior MD recently sold €434k worth of stock

CEO & Chairman recently sold €2.3m worth of stock

Senior MD & Chief Digital Officer recently sold €394k worth of stock

PennyMac Financial Services, Inc. Announces Executive Changes

Recent updates

First quarter 2024 earnings released: EPS: US$0.78 (vs US$0.61 in 1Q 2023)

PennyMac Financial Services, Inc. Declares First Quarter Cash Dividend, Payable on May 24, 2024

PennyMac Financial Services, Inc., Annual General Meeting, Jun 05, 2024

CEO & Chairman recently sold €836k worth of stock

Senior MD recently sold €434k worth of stock

CEO & Chairman recently sold €2.3m worth of stock

Senior MD & Chief Digital Officer recently sold €394k worth of stock

PennyMac Financial Services, Inc. Announces Executive Changes

Insufficient new directors

CEO & Chairman recently sold €1.2m worth of stock

Upcoming dividend of US$0.20 per share at 0.9% yield

Fourth quarter dividend of US$0.20 announced

New minor risk - Earnings quality

Full year 2023 earnings released: EPS: US$2.89 (vs US$8.96 in FY 2022)

PennyMac Financial Services, Inc. Declares Cash Dividend for Fourth Quarter 2023, Payable on February 23, 2024

PennyMac Financial Services, Inc. to Report Q4, 2023 Results on Feb 01, 2024

CEO & Chairman recently sold €1.2m worth of stock

President recently sold €2.6m worth of stock

CEO & Chairman recently sold €1.1m worth of stock

Senior MD & CFO recently sold €533k worth of stock

CEO & Chairman recently sold €1.0m worth of stock

Upcoming dividend of US$0.20 per share at 1.1% yield

Third quarter 2023 earnings released: EPS: US$1.86 (vs US$2.59 in 3Q 2022)

PennyMac Financial Services, Inc. Declares Cash Dividend for the Third Quarter, Payable on November 22, 2023

PennyMac Financial Services, Inc. to Report Q3, 2023 Results on Oct 26, 2023

CEO & Chairman recently sold €939k worth of stock

CEO & Chairman recently sold €969k worth of stock

Senior MD & CFO recently sold €503k worth of stock

CEO & Chairman recently sold €1.0m worth of stock

Upcoming dividend of US$0.20 per share at 1.1% yield

New minor risk - Profit margin trend

Second quarter 2023 earnings released: EPS: US$1.17 (vs US$2.39 in 2Q 2022)

PennyMac Financial Services, Inc. Declares Second Quarter Cash Dividend, Payable on August 25, 2023

CEO & Chairman recently sold €1.0m worth of stock

PennyMac Financial Services, Inc. to Report Q2, 2023 Results on Jul 27, 2023

CEO & Chairman recently sold €946k worth of stock

President recently sold €1.1m worth of stock

CEO & Chairman recently sold €859k worth of stock

Upcoming dividend of US$0.20 per share at 1.4% yield

First quarter 2023 earnings released: EPS: US$0.61 (vs US$3.11 in 1Q 2022)

CEO & Chairman recently sold €817k worth of stock

Senior MD & Chief Servicing Officer recently sold €774k worth of stock

Key Executive recently sold €1.3m worth of stock

Senior MD & Chief Servicing Officer recently sold €1.6m worth of stock

Full year 2022 earnings released: EPS: US$8.96 (vs US$15.73 in FY 2021)

PennyMac Financial Services, Inc. Declares Fourth Quarter Cash Dividend, Payable on February 24, 2023

PennyMac Financial Services, Inc. to Report Q4, 2022 Results on Feb 02, 2023

Independent Director recently sold €3.8m worth of stock

Now 21% undervalued

Independent Director recently sold €1.1m worth of stock

Insider recently sold €1.6m worth of stock

Upcoming dividend of US$0.20 per share

Third quarter 2022 earnings released: EPS: US$2.59 (vs US$4.02 in 3Q 2021)

Pennymac Financial Services, Inc. Declares Third Quarter Cash Dividend, Payable on November 23, 2022

PennyMac Financial Services, Inc. to Report Q3, 2022 Results on Oct 27, 2022

PennyMac Financial Services, Inc.'s Pennymac TPO Introduces Power+, the Next Generation in Broker Technology

Pennymac Financial Services, Inc. Appoints Jerry Halbrook as Chief Mortgage Innovation Officer

Investor sentiment deteriorated over the past week

CEO & Chairman recently sold €2.5m worth of stock

Second quarter 2022 earnings released: EPS: US$2.39 (vs US$3.10 in 2Q 2021)

PennyMac Financial Services, Inc. Declares Second Quarter Cash Dividend, Payable on August 26, 2022

PennyMac Financial Services, Inc. to Report Q2, 2022 Results on Aug 02, 2022

Investor sentiment deteriorated over the past week

Senior MD & Chief Investment Officer recently sold €648k worth of stock

First quarter 2022 earnings released: EPS: US$3.11 (vs US$5.45 in 1Q 2021)

PennyMac Financial Services, Inc. Declares First Quarter Cash Dividend, Payable on May 27, 2022

PennyMac Financial Services, Inc., Annual General Meeting, May 24, 2022

PennyMac Financial Services, Inc. Declares Fourth Quarter Cash Dividend, Payable on February 25, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint