Allegra Driscoll
About Allegra Driscoll
Executive Vice President and Chief Technology Officer at Bread Financial Holdings, Inc. (BFH); age 45; joined in January 2024 after senior technology leadership roles at American Express, Credit Suisse, and Goldman Sachs; B.A. in Computer Science from Barnard College, Columbia University . During BFH’s 2024 transformation, management highlighted tech platform enhancements, fraud mitigation, credit risk strategy, and automation with $100+ million 4-year run-rate savings, alongside stronger capital metrics (CET1 12.4% and tangible book value per share $46.97), aligning her mandate with operational efficiency and digital execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Express | SVP, CIO – Global Commercial Services | Apr 2022–Jan 2024 | Led technology for commercial services; execution on resiliency, security, and growth initiatives |
| American Express | SVP, CIO – Corporate Systems; Head of Technology Strategy & Transformation | Jan 2020–Apr 2022 | Drove technology strategy and transformation across corporate systems |
| Credit Suisse | Managing Director; COO Global Markets Technology and IHC Technology | Sep 2010–Dec 2019 | Oversaw global markets technology operations and IHC technology; scaled complex platforms |
| Goldman Sachs | Various technology leadership roles | May 2001–Jul 2010 | Progressively senior leadership positions across technology domains |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| CTO Forum | Advisory Board Member | Not disclosed | Non-profit network of senior technology executives |
| Boscobel House and Gardens | Director | Not disclosed | Non-profit board service |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary (earned) | $598,558 | Annualized rate $625,000 set at hire |
| Target Annual Incentive (AIC) | 140% of base salary | Applies to $625,000 base |
| AIC Paid (for 2024 perf, paid Feb 2025) | $1,137,500 | Final payout factor 130.00% |
| Stock Awards (ASC 718 grant-date value) | $1,161,251 | Mix of PBRSUs and TBRSUs granted Feb 15, 2024 |
| Sign-on Cash Bonus (paid in 2024) | $1,100,000 | Part of $1,650,000 sign-on paid in Feb 2024, Jul 2024, Jan 2025; subject to repayment if leaving within 24 months (except termination without cause) |
| All Other Compensation | $44,250 | See perquisites detail below |
Perquisites detail (included in 2024 “All Other Compensation”): executive life insurance $1,187; executive financial planning $5,072; individual supplemental disability premiums $3,715; plus employer 401(k) contribution $10,350 and medical/dental/disability premiums per plan .
Performance Compensation
AIC balanced scorecard (2024)
| Metric | Weighting | Notes on Outcome |
|---|---|---|
| Pretax pre-provision earnings (PPNR) | 30% | Included in core scorecard; company-wide core scorecard payout 107.77% |
| Average Loans | 10% | Included in core scorecard 107.77% |
| Net Credit Losses (NCLs) | 10% | Included in core scorecard 107.77% |
| Operating Leverage | 10% | Included in core scorecard 107.77% |
| ERM Composite Metric | 10% | Included in core scorecard 107.77% |
| Net Promoter Score (NPS) | 5% | Included in core scorecard 107.77% |
| Performance on Critical SLAs | 5% | Included in core scorecard 107.77% |
| Digital Engagement Composite | 5% | Included in core scorecard 107.77% |
| Application Availability | 5% | Included in core scorecard 107.77% |
| Associate Engagement | 5% | Included in core scorecard 107.77% |
| Final core scorecard payout | — | 107.77% |
Modifiers (added to core scorecard):
| Modifier | Criteria | Outcome | Payout Adjustment |
|---|---|---|---|
| Strategic Modifier – Operational Excellence | Incremental revenue and savings beyond budget; in-year and run-rate value | >$20M; +10% on matrix | +10.00% |
| Strategic Modifier – CFPB Late Fee Rule Readiness | Readiness for regulatory rule (strategic modifier) | Included (specific % not separately disclosed) | Included in total modifiers |
| Discretionary Consideration Framework (DCF) | Macro impacts, tech transformation, balance sheet, regulatory issues, etc. | +2.98% | +2.98% |
| Total modifiers | — | +22.23% | +22.23% |
| Final AIC payout factor | — | 130.00% (core 107.77% + modifiers 22.23%) | 130.00% |
LTIC awards and performance metrics (granted Feb 15, 2024)
| Award Type | Metric | Weighting of LTIC | Measurement Period | Payout Range | Vesting |
|---|---|---|---|---|---|
| PBRSUs | Return on Equity (ROE) | 60% of LTIC | FY2024–FY2026 (annual goals averaged) | 50%–150% of target | Cliff vest Feb 2027, subject to performance and continued employment (exceptions for death, disability, qualifying retirements) |
| TBRSUs | Time-based | 40% of LTIC | N/A | N/A | Vests ratably over three years |
Grant sizes (Driscoll):
- PBRSUs: 18,545 target shares; grant-date fair value $696,736
- TBRSUs: 12,364 shares; grant-date fair value $464,515
Program design changes for 2025: PBRSUs re-designed to include ROTCE (75%), EPS (25%) and a ±10% rTSR modifier, reflecting shareholder feedback; measurement remains three-year .
Equity Ownership & Alignment
Beneficial Ownership (as of March 20, 2025)
| Holder | Shares Beneficially Owned | Percent of Shares Outstanding |
|---|---|---|
| Allegra S. Driscoll | 1,293 | Less than 1% |
| Shares outstanding basis | 48,141,920 | — |
Stock ownership guidelines and holding requirements:
- Executives must hold a multiple of base salary; includes shares owned outright and 70% of unvested TBRSUs; must hold at least 50% of net shares from vesting until guideline met; expected to reach within five years .
- As of March 31, 2025, all current NEOs are in compliance with holding requirements, and all NEOs except Driscoll (joined Jan 2024) are in compliance with ownership guidelines; Driscoll has up to five years to comply .
Insider trading, hedging, pledging:
- Hedging, short sales, options on BFH stock prohibited; holding in margin accounts or pledging is prohibited .
Outstanding Equity (as of December 31, 2024)
| Award Type | Unvested / Unearned Shares | Market Value at $61.06 |
|---|---|---|
| TBRSUs (time-based) | 12,364 | $754,946 |
| PBRSUs (performance-based, target) | 18,545 | $1,132,358 (payout subject to ROE performance) |
Vesting pressure and selling:
- No RSU vestings reported for Driscoll in 2024 (new hire), limiting near-term selling pressure; other NEO vesting table shows “—” for Driscoll .
- TBRSUs vest ratably over three years; PBRSUs cliff vest in Feb 2027, performance-dependent .
Employment Terms
| Term | Detail |
|---|---|
| Start date and role | Joined BFH as EVP & CTO in Jan 2024 |
| Base salary | Initial annual base $625,000 |
| Annual Incentive (AIC) | Eligible; target 140% of base |
| 2024 LTIC grant | $1,100,000 grant-date value; mix of TBRSUs/PBRSUs with terms consistent with other NEOs |
| Sign-on bonus | $1,650,000 paid $550k (Feb 2024), $550k (Jul 2024), $550k (Jan 2025); subject to repayment if departure within 24 months of Jan 16, 2024 (except termination without cause) |
| Deferred compensation | Eligible to participate; executives may defer up to 50% salary and incentive; accounts credit interest rate set by CHCC; unfunded |
| Severance / CIC agreements | No employment, severance or separate change-in-control agreements; standard plan terms apply |
| Equity CIC treatment | Double-trigger: if not assumed at change-in-control or if terminated without cause/for good reason within 12 months post-CIC, unvested awards fully vest; estimated payout for Driscoll assuming target at 12/31/2024 price: $1,887,304 |
| Clawback policy | Compliant with Exchange Act Section 10D and NYSE Section 303A.14; recoupment upon accounting restatements due to material noncompliance |
| Hedging/pledging | Prohibited; trading windows required; pre-clearance for insiders |
Investment Implications
- Alignment: Pay mix is heavily performance-based (AIC tied to PPNR, credit, ERM, customer/tech metrics; PBRSUs tied to ROE; TBRSUs for retention), with strong governance guardrails (clawback; no hedging/pledging; double-trigger CIC) supporting pay-for-performance and risk discipline .
- Retention: Significant unvested equity (PBRSUs cliff vest Feb 2027; TBRSUs over three years) plus sign-on bonus clawback through Jan 2026 suggests low near-term voluntary attrition risk and limited insider selling pressure before vesting schedules roll-forward .
- Trading signals: Ownership is modest (1,293 shares) while unvested awards are sizeable; absence of options and prohibition on hedging/pledging reduces leveraged or hedged exposure; monitor RSU vest timelines for potential sales windows starting in 2025–2026 .
- Execution: Company-level 2024 achievements in technology modernization and operational excellence with quantified savings and strong capital metrics indicate favorable context for CTO-led initiatives; 2025 PBRSU metric enhancements (ROTCE, EPS, rTSR modifier) increase alignment with shareholder returns and earnings power .