OCWEN FINANCIAL CORPORATION (NYSE:OCN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Effective August 12, 2019, Francois Grunenwald will join Ocwen Financial Corporation (“Ocwen” or the “Company”) as Senior Vice President and Chief Accounting Officer.
Mr. Grunenwald, 48, joins Ocwen from PricewaterhouseCoopers, which he joined in 1996. At PricewaterhouseCoopers, Mr. Grunenwald served in various accounting and financial advisory roles with a focus on financial services clients, including, for the last 12 years, as Partner. Mr. Grunenwald has a Master’s degree in Finance and Banking from the University of Paris II Panthéon-Assas and is a Certified Public Accountant.
Under the terms of his offer letter with the Company, Mr. Grunenwald’s compensation will consist of an annual base salary of $410,000 and an annual cash target incentive of $230,000 (with actual payout to be determined by the Company’s Compensation and Human Capital Committee in its discretion based on Mr. Grunenwald’s performance and the Company’s performance for the relevant year). Mr. Grunenwald will also receive a bonus of $100,000 upon commencement of his employment, which will be subject to repayment if Mr. Grunenwald resigns within 12 months of payment, and a bonus of $75,000 upon completion of his first year of employment. During 2020, and subject to the approval of the Compensation and Human Capital Committee, the Company will also grant Mr. Grunenwald a long-term incentive award under the Company’s 2017 Performance Incentive Plan with a target value of $150,000. Mr. Grunenwald will also be eligible for reimbursement of certain relocation expenses.
About OCWEN FINANCIAL CORPORATION (NYSE:OCN)
Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans. The Company’s Corporate Items and Other segment includes business activities that include providing secured floor plan lending to used car dealerships through its Automotive Capital Services (ACS) venture and providing financing to investors to purchase single-family homes and apartments for lease through its Liberty Rental Finance venture. The Corporate Items and Other segment also includes the diversified fee-based businesses, which provide property valuation, real estate owned (REO) management, title and closing services.