Leo Pareja
eXp World HoldingsAbout Leo Pareja
Leo Pareja is Chief Executive Officer of eXp Realty, promoted in April 2024, after joining eXp in July 2022 and serving as President of Affiliated Services and then Chief Strategy Officer; he is 42 and holds a B.A. from George Mason University in Integrated Studies . Under his tenure in 2024, eXp reported 11% year-over-year revenue growth to $943 million in Q1 and positive adjusted EBITDA of $11.0 million (down 24% YoY), and 5% revenue growth to $1,295 million in Q2, alongside operational initiatives focused on agent productivity, faster payouts, and AI-enabled self-service . His compensation was adjusted to align with peer benchmarks upon promotion: annualized base salary increased to $750,000 with a 50% target bonus, and he received time-based RSUs and stock options with multi-year vesting to support retention and alignment with long-term shareholder value .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| eXp Realty (subsidiary of EXPI) | President of Affiliated Services | Jul 2022 – Nov 2022 | Led affiliated services within agent-centric brokerage model . |
| eXp Realty (subsidiary of EXPI) | Chief Strategy Officer | Nov 2022 – Apr 2024 | Drove strategy and innovation to support growth and agent productivity . |
| eXp Realty (subsidiary of EXPI) | Chief Executive Officer | Apr 2024 – Present | Focused on enhancing agent-centric model, innovation, and sustainable growth . |
| Remine, Inc. | Co-founder; CEO and President | Jan 2016 – Oct 2021 | Built MLS technology suite serving 1,000,000+ real estate professionals; scaled product adoption across North America . |
| MLS Technology Holdings, LLC | Chief Strategy Officer | Oct 2021 – 2022 | Post-acquisition strategic role to continue scaling MLS tech offerings . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NAHREP (National Association of Hispanic Real Estate Professionals) | Founding President, Metro D.C. Chapter; later National President | Not disclosed | Industry leadership, network expansion, and advocacy for agent success . |
| Private Lending Company (U.S. East Coast) | Co-founder | Not disclosed | Established one of the largest private lending firms in the region . |
| Fast-growing MLS Technology Vendor | Co-founder | Not disclosed | Contributed to innovation and tech adoption in MLS ecosystem . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Annualized Base Salary ($) | $500,000 | $750,000 |
| Target Bonus (%) | 50% | 50% |
| Target Bonus Opportunity ($) | $225,000 | $312,500 |
| Actual Bonus Paid ($) | $225,000 | $312,500 |
| Salary Paid ($) | $451,923 | $689,423 |
Performance Compensation
Annual Cash Bonus Program
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Program design | Discretionary annual bonus, paid quarterly; subject to Compensation Committee review and contribution to business goals | Discretionary annual bonus, paid quarterly; subject to Compensation Committee review and contribution to business goals |
| Weighting | Not disclosed | Not disclosed |
| Target | 50% of base salary | 50% of base salary |
| Actual payout | 100% of target | 100% of target |
| Vesting | Cash bonus; no vesting schedule | Cash bonus; no vesting schedule |
2024 Equity Awards (Granted)
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Exercise Price ($) | Vesting |
|---|---|---|---|---|---|
| RSUs | May 6, 2024 | 27,152 | 325,009 | — | Equal quarterly over 1 year; continued service |
| Stock Options | May 6, 2024 | 191,459 | 1,309,795 | 11.97 | Equal quarterly over 4 years; continued service |
The Board described a broader promotion-related structure including an option grant “to purchase up to 1,300,000 shares” and four annual RSU awards at $325,000 each; the table above shows the awards granted in 2024 under the plan .
Stock Awards and Option Vested Activity (FY 2024)
| Metric | FY 2024 |
|---|---|
| RSUs vested (#) | 13,576 |
| RSUs vested value ($) | 180,357 |
Equity Ownership & Alignment
Beneficial Ownership (Leo Pareja)
| As-of Date | Shares Beneficially Owned (#) | Percent of Class |
|---|---|---|
| Jan 31, 2024 | 62,500 | <1% |
| Jan 31, 2025 | 158,635 | <1% |
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | RSUs Not Vested (#) | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|
| Options (May 23, 2022) | 62,500 | 37,500 | 13.85 | 5/23/2032 | — | — |
| Options (May 19, 2023) | 37,500 | 62,500 | 14.46 | 5/19/2033 | — | — |
| Options (May 6, 2024) | 23,932 | 167,527 | 11.97 | 5/6/2034 | — | — |
| RSUs (May 6, 2024) | — | — | — | — | 13,576 | 156,260 |
- Anti-hedging and anti-pledging: Company policy prohibits hedging and pledging of Company securities by insiders, reducing misalignment and forced-sale risks .
Employment Terms
- Offer letter and roles: Effective May 21, 2022, Mr. Pareja joined as President of Affiliated Services; promoted to CSO in Nov 2022; CEO of eXp Realty in Apr 2024. As of the 2024 proxy cycle, annualized base salary was $750,000, with a 50% target bonus and long-term equity awards .
- Severance and change-in-control: The Company states no other arrangements for resignation, retirement, termination, or change in control with current NEOs in their capacity as such; option awards may be exercisable for limited post-termination windows and the Board may, but is not obligated to, accelerate or modify options upon change of control .
- Clawback: Incentive compensation based on financial reporting measures (including stock price and TSR) is subject to recoupment upon restatements under the Dodd-Frank framework for awards on/after October 2, 2023 .
- Anti-hedging/pledging: Prohibitions on short sales, derivatives, hedging, and pledging by insiders .
- Perquisites: 2024 “All Other Compensation” included $357 life insurance premiums and $13,873 Company 401(k) contributions .
Compensation Structure Analysis
- Pay mix and evolution: 2024 compensation expanded to include both time-based RSUs and stock options alongside cash bonuses, reflecting a balanced long-term incentive approach intended to align with performance and retention goals .
- Market alignment: Promotion-related adjustments were benchmarked to Russell 2000 compensation surveys and peer practices; for 2024, Mr. Pareja’s base salary increase to $750,000 and retention of a 50% bonus target were approved to retain and incentivize leadership .
- Say-on-Pay: 2024 say-on-pay approval was approximately 95%, signaling strong investor support for the NEO compensation framework .
Performance & Track Record
- Operational outcomes in 2024 under his leadership at eXp Realty: Q1 revenue +11% to $943 million; adjusted EBITDA $11.0 million; agent NPS improved to 73 from 70; transactions +8% to 110,976; transaction volume +12% to $37.2 billion . Q2 revenue +5% to $1,295 million; agents closed $52 billion of transactions, +7% YoY .
- Strategic focus: Emphasis on agent-centric productivity, faster payouts, expanded learning and development, and Gen AI-based self-service, aiming to leverage technology for efficiency and sustained growth .
Investment Implications
- Alignment: Time-based RSUs and multi-year option vesting align incentives with tenure and potential stock appreciation; anti-hedging/pledging policies and clawback provisions strengthen governance and reduce misalignment risk .
- Retention: Multi-year option vesting (through 2032–2034 grants) and recurring quarterly bonus structure support retention; promotion-related compensation was designed against peer benchmarks to maintain leadership continuity during industry transformation .
- Selling pressure: RSUs vest quarterly; 13,576 RSUs vested in 2024 with $180,357 value—modest relative to total comp—suggesting limited near-term unlock magnitude from equity vesting in 2024 .
- Pay-for-performance: Cash bonuses are discretionary and paid at 100% of target; limited disclosure of formal quantitative bonus metrics reduces transparency of pay-for-performance linkage versus formulaic KPI frameworks, though equity is emphasized for long-term alignment .