Raymond Matsumoto
Axos FinancialAbout Raymond Matsumoto
Executive Vice President and Chief Operating Officer of Axos Bank; executive officer since 2019. Background includes Executive Vice President and Chief Administrative Officer at CIT Group, executive roles at OneWest Bank and Indymac Bank, 18 years as a Senior Manager and Certified Public Accountant at KPMG, and service as Chief Financial and Operations Officer for a consumer food products company. Education: B.S. in Accounting and Finance, University of California, Berkeley. Latest proxy lists age 70; EVP COO role at Axos dates to October 2017; executive officer designation since 2019. Company performance during his tenure shows strong TSR, rising net income, and robust ROAE (see Pay vs Performance table).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CIT Group | EVP, Chief Administrative Officer | Not disclosed | Senior administrative leadership in banking operations |
| OneWest Bank | Executive positions | Not disclosed | Executive leadership across banking operations |
| Indymac Bank | Executive positions | Not disclosed | Executive leadership across banking operations |
| KPMG | Senior Manager; Certified Public Accountant | 18 years | Financial controls and audit expertise foundational to operations leadership |
| Consumer food products company | Chief Financial and Operations Officer | Not disclosed | Combined finance and operations oversight |
External Roles
- No public company directorships or external board roles disclosed in AX filings for Matsumoto.
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | $320,000 | $365,000 | $385,000 | $400,000 |
| All Other Compensation ($) | $11,400 | $11,600 | $12,200 | $13,200 |
Performance Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Annual Cash Bonus ($) | $400,000 | $535,000 | $565,000 | $600,000 |
| Stock Awards (Grant-Date Fair Value, $) | $360,024 | $480,040 | $555,037 | $575,019 |
RSU vesting mechanics for non-CEO NEOs: RSUs generally vest in one-third increments on each of the first three anniversaries of grant.
Stock Vested (Realized) – Vested vs Value
| Metric | FY 2020 | FY 2023 |
|---|---|---|
| Shares Vested (units) | 3,303 | 12,187 |
| Value Realized ($) | $68,153 | $478,369 |
Outstanding RSUs (Unvested) at FY-End 2023
| Grant Date | Unvested RSUs (units) | Market Value ($) |
|---|---|---|
| 08/31/2020 | 2,422 | $95,524 |
| 03/19/2021 | 1,152 | $45,435 |
| 08/25/2021 | 2,988 | $117,847 |
| 03/23/2022 | 3,725 | $146,914 |
| 09/23/2022 | 7,473 | $294,735 |
| 03/15/2023 | 7,420 | $292,645 |
Equity Ownership & Alignment
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Beneficial Ownership (shares) | 21,610 | 29,324 | 35,212 |
| Percent of Shares Outstanding | Less than 1% | Less than 1% | Less than 1% |
| 401(k) Shares Included | 797 | 1,319 | 1,883 |
| RSUs Scheduled to Vest Within 60 Days of Record Date | Not disclosed | 2,491 | 2,491 |
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Pledging: No pledge of Matsumoto’s shares disclosed; pledge footnotes in 2023–2024 proxies reference CEO and a director, not Matsumoto.
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Net Settlement Behavior: In FY 2020, Matsumoto net-settled 372 shares upon vesting to cover tax withholding. Company-level RSU net settlements totaled 94,580 shares during the quarter ended September 30, 2025.
Employment Terms
- Cash Severance: $0 in all modeled termination scenarios for Matsumoto.
- Equity Awards: RSUs accelerate and fully vest upon a change-in-control/corporate transaction to the extent awards are not assumed/substituted by the acquirer.
Potential Payments Upon Termination or Change-in-Control (Modeled as of each FY-end)
| Year | Cash Severance ($) | RSU Vesting Value Upon CIC ($) |
|---|---|---|
| 2020 | $0 | $412,061 |
| 2021 | $0 | $496,724 |
| 2022 | $0 | $617,294 |
| 2023 | $0 | $993,099 |
Plan terms: Under the 2014 Stock Incentive Plan, unvested RSUs generally accelerate at transaction close if not assumed/substituted; “corporate transaction” is defined broadly to include mergers, consolidations, asset acquisitions, or stock purchases.
Performance & Track Record (Company-Level Context)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Axos TSR ($ value of initial $100) | 210.10 | 162.36 | 178.62 | 258.83 | 344.38 |
| Net Income ($ thousands) | 215,707 | 240,716 | 307,165 | 450,008 | 432,908 |
| ROAE (%) | 16.51% | 15.61% | 17.22% | 21.64% | 17.30% |
Investment Implications
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Pay-for-performance alignment: Matsumoto’s compensation is modestly cash-heavy with increasing salary/bonus and significant time-based RSUs; absence of disclosed individual performance metrics suggests primarily tenure/time-based equity rather than PSU-driven outcomes. This reduces metric-manipulation risk but dilutes direct linkage to operating KPIs.
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Retention and CIC economics: No cash severance for Matsumoto; value at exit is tied to accelerated vesting of outstanding RSUs if awards are not assumed. This structure can lower guaranteed separation costs and moderately increase event-driven equity sensitivity.
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Insider selling pressure: Evidence of net settlement behavior (tax withholding sales) exists for Matsumoto in FY 2020; company-level RSU net settlements were sizable in the quarter ended September 30, 2025, indicating periodic supply from vesting across NEOs. Monitor quarterly vesting calendars and Form 4s for incremental selling pressure.
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Alignment and governance: Ownership is sub-1% with incremental increases over time; no pledging disclosed for Matsumoto, a positive alignment signal versus pledged shares disclosed for other insiders.
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Execution risk: Operations-focused background (CIT, OneWest, Indymac, KPMG) aligns with COO responsibilities; company performance during his tenure shows strong TSR, rising net income and ROAE, supporting operational execution confidence at the enterprise level.