Valerie Greer
About Valerie Greer
Valerie E. Greer (age 60) is Executive Vice President and Chief Commercial Officer at Bread Financial (BFH), joining in June 2020 after leading Citi’s U.S. cards co‑brand business; prior roles include General Manager, Partnerships at JPMorgan Chase (2006–2011) and senior leadership at HSBC (1994–2006). She holds a Bachelor’s from the University of Manitoba and an MBA from Northwestern’s Kellogg School of Management . Company performance context: BFH reported 2024 Net Income of $277M and company‑selected PPNR of $1,778M in the pay‑versus‑performance table; cumulative TSR for a $100 investment (2019 base) was $74.74 vs peer index $171.85 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Citigroup | Led U.S. cards co‑brand business | 2011–2020 | Ran co‑brand growth initiatives in U.S. cards |
| JPMorgan Chase | General Manager, Partnerships | 2006–2011 | Led partner programs/alliances in cards |
| HSBC | Senior leadership; Executive Director, private label business | 1994–2006 (Exec. Dir. 2003–2006) | Ran private label card business; leadership across functions |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ruling Our eXperiences, Inc. (ROX) | Director; Development Committee member | Not disclosed | Non‑profit governance/advocacy for girls |
Fixed Compensation
| Named Executive Officer | 2023 Base Salary ($) | 2024 Base Salary ($) | % Change |
|---|---|---|---|
| Valerie E. Greer | 650,000 | 665,000 | 2.3% |
Performance Compensation
Annual Incentive Compensation (AIC) – 2024 payout
| Executive | Base Salary ($) | Target AIC (%) | Target AIC ($) | Final Payout (%) | AIC Payment ($) |
|---|---|---|---|---|---|
| Valerie E. Greer | 665,000 | 150% | 997,500 | 130% | 1,296,750 |
AIC balanced scorecard (Company metrics and results)
| Measure | Threshold | Target | Maximum | 2024 Result | Score | Weight | Final Weighted Score |
|---|---|---|---|---|---|---|---|
| Average Loans ($mm) | 17,007 | 18,007–18,226 | 19,226 | 17,713 | 81.75% | 10% | 8.18% |
| Net Credit Losses ($mm) | 1,626 | 1,448–1,431 | 1,253 | 1,489 | 84.67% | 10% | 8.47% |
| PPNR ($mm) | 1,734 | 1,892–1,986 | 2,114 | 1,899 | 95.70% | 30% | 28.71% |
| Operating Leverage (%) | (3.00) | 0.21–3.03 | 6.00 | 1.99 | 101.32% | 10% | 10.13% |
| ERM Composite | n/d | n/d | n/d | n/d | 97.49% | 10% | 9.75% |
| Performance on Critical SLAs | 97.00% | 98.00% | 99.00% | 98.29% | 129.00% | 5% | 6.45% |
| Digital Engagement (ADU/IVR) (%) | n/d | 61.75/73.84 | 63.00/75.00 | 63.76/76.37 | 160.8%/200% | 5% | 8.63% |
| Application Availability (%) | n/d | 99.90 | 99.95 | 99.91 | 120.00% | 5% | 6.00% |
| Net Promoter Score (%) | n/d | 47.60 | 50.10 | 47.20 | 92.00% | 5% | 4.60% |
| Associate Engagement (%) | 70.00 | 77.00 | 84.00 | 79.60 | 137.14% | 5% | 6.86% |
| Core Associate Experience (Δ%) | n/d | 3–2 | 1 | 0.79 | 200.00% | 5% | 10.00% |
Scorecard modifiers added +22.23% (Operational Excellence +10%, DCF modifier +2.98%) for a final 130.00% payout .
Long‑Term Equity Incentive Compensation (LTIC)
2024 grants (60% PBRSUs; 40% TBRSUs), grant date February 15, 2024:
| Name | PBRSUs Granted (shares) | TBRSUs Granted (shares) | Target Grant Value ($) |
|---|---|---|---|
| Valerie E. Greer | 29,166 | 19,444 | 1,730,000 |
PBRSUs: 3‑year performance period (2024–2026) with annual ROE goals averaged; payout 0–150% of target; cliff vests in Feb 2027 if earned . TBRSUs: time‑based; vest ratably over three years . Note: For 2025 grants, PBRSUs redesign to 75% ROTCE, 25% EPS, with rTSR ±10% modifier; still 60% PBRSU / 40% TBRSU, 50–150% payout range, 3‑year period .
Outstanding equity at 12/31/2024 (Greer)
| Award Type | Unvested/Unearned Units (#) |
|---|---|
| TBRSUs (two tranches) | 33,022; 12,053 |
| PBRSUs (unearned; two cycles) | 37,965; 29,166 |
Vesting events and realized value
- 2024: RSUs vested 27,705 shares; 11,506 shares withheld to cover taxes; value realized $1,001,899 .
- 2/15/2025: TBRSUs 14,257 units vested for Greer; future tranches scheduled 12,154 (2/15/2026) and 6,611 (2/15/2027) per footnotes .
- 2/15/2025: PBRSUs 12,053 units vested (based on meeting 2022 ROE metric), subject to time‑based restrictions through vest date; the same figure is noted in footnotes for Greer .
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Valerie E. Greer | 50,829 | <1% |
- Stock ownership guidelines: Executives must hold a multiple of salary; includes shares owned outright and 70% of unvested TBRSUs; must hold at least 50% of net shares from vesting until guidelines met. As of 3/31/2025, all current NEOs are in compliance with holding requirements and, except the 2024 CTO hire, with stock ownership guidelines .
- Pledging/hedging: Prohibited; no holding securities in margin accounts or pledging; no hedging, puts/calls, or short sales .
- Timing: CHCC typically grants mid‑February; company states no MNPI timing for awards .
Insider trading/Form 4 indicators
- Form 4 filed 02/20/2025 by Valerie E. Greer (transaction under a plan box present in the filing) .
- Form 4 filed 03/27/2024 by Valerie E. Greer .
- These filings occur around scheduled vesting windows (mid‑February), consistent with routine equity settlement activity disclosed in the proxy (e.g., 2/15/2025 TBRSU/PBRSU vesting) .
Employment Terms
- No employment, severance, or standalone change‑in‑control agreements for executive officers; CHCC maintains a clawback (recoupment) policy compliant with Section 10D and NYSE rules .
- Equity acceleration on change‑in‑control: plan permits acceleration at CHCC discretion or upon double‑trigger (termination without cause/for good reason within 12 months post‑CIC); estimated value for Greer at target on 12/31/2024 was $6,078,585 .
- All unvested RSUs and PBRSUs otherwise forfeit on termination absent death, disability, qualifying retirement, or CIC double‑trigger .
Compensation Structure Analysis
- Cash vs equity mix: For NEOs, 2024 target pay is heavily variable/at‑risk (avg 79%); LTIC comprises significant portion via PBRSUs/TBRSUs; CEO 88% at‑risk; underscores pay‑for‑performance orientation .
- Annual plan discipline: Financial metrics receive 70% weight; payout capped at 100% if financial bucket <85% (it reached 92.47% in 2024); modifiers added +22.23% for Operational Excellence and DCF factors to reach 130% payout .
- Long‑term plan evolution: 2025 PBRSUs add ROTCE and EPS plus rTSR modifier in response to shareholder feedback, improving external alignment and reducing single‑metric risk .
- Governance safeguards: No hedging/pledging; no options granted “in recent years” (reduces repricing risk); no excise tax gross‑ups; double‑trigger CIC; clawback in place .
Compensation Peer Group & Say‑on‑Pay
- 2024 peer group (unchanged from 2023) includes Ally, Capital One, Citizens, Discover, Fifth Third, Huntington, KeyCorp, Regions, Synchrony, OneMain, SoFi, LendingClub, LendingTree, Green Dot, Associated Banc‑Corp, Comerica .
- Market positioning: CHCC considers median market levels but sets roles based on experience, scope, and internal equity; Meridian serves as independent consultant .
- Say‑on‑Pay: 82% support at 2024 annual meeting; 2025 PBRSU redesign reflects shareholder engagement .
Track Record & Execution Context
- 2024 achievements included new brand partnerships (Hard Rock International, HP, Saks Fifth Avenue) and balance sheet strengthening (CET1 12.4%, TBVPS $46.97, double leverage 105%); mitigation actions around CFPB late fee rule noted; context for AIC metrics (PPNR, risk, digital/customer) .
Investment Implications
- Alignment: Strong pay‑for‑performance design (heavy at‑risk; multi‑metric AIC; redesigned PBRSUs with ROTCE/EPS/rTSR) plus strict ownership and no‑pledge/hedge rules point to solid alignment; Greer holds 50,829 shares (<1%), with compliance to ownership guidelines cited (most NEOs) .
- Retention risk: Multi‑year PBRSUs (cliff in 2027) and TBRSUs (through 2027) support retention; lack of individual employment agreements offsets, but double‑trigger CIC protection and robust equity values (estimated CIC equity value ~$6.1M at 12/31/24 for Greer) are meaningful .
- Trading signals: Expect seasonal insider activity around mid‑February vesting windows (evidenced by 2/15/2025 vesting footnotes and Form 4 filed 2/20/2025), typically tax/settlement related; no pledging/hedging reduces adverse alignment risk .
- Pay outcomes vs performance: 2024 AIC paid at 130% reflects company‑level results (PPNR, operating leverage, digital/engagement) amid risk controls; long‑term shift to ROTCE/EPS should further tighten linkage to shareholder value .