Paula Garrett
Director at FCFS
Board
About Paula K. Garrett
Independent director at FirstCash Holdings, Inc. (FCFS), age 64, appointed to the Board in January 2021 and standing for election to a three-year term at the June 11, 2025 annual meeting. Former Vice President of Finance, Operations and Information System Technology for Mary Kay’s Latin America region (2005–2023), with earlier roles in regional controllership and internal audit; audit leadership experience at Oryx Energy and a progression of accounting/internal audit positions dating back to 1984. Designated independent under Nasdaq/SEC rules; serves on the Audit Committee and is deemed an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mary Kay, Inc. | VP Finance, Operations & Information System Technology, Latin America | 2005–2023 | Led financial, operational, technology and market development functions for Mexico, Brazil, Argentina, Uruguay, Colombia, Peru |
| Mary Kay, Inc. | Region Controller, Latin America; Internal Audit Project Manager | 1999–2004 | Financial stewardship and internal audit across Latin America region |
| Oryx Energy Company | Internal Audit Manager | 1998–1999 | Internal audit leadership |
| Various (not named) | Accounting & Internal Audit roles | 1984–1998 | Progressive finance/audit roles |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Public company directorships | None disclosed | — | — |
| Private/nonprofit/academic boards | Not disclosed | — | — |
Board Governance
- Independence: The Board determined all directors other than Feehan and Wessel are independent; Garrett is independent.
- Committees: Audit Committee member; Audit Committee members (Berce—Chair, Garrett, Owen).
- Audit Committee expertise: Each Audit Committee member qualifies as an “audit committee financial expert.”
- Board refreshment/election: Appointed January 2021; nominated for election at the 2025 Annual Meeting.
- Meetings and attendance: Board held 4 meetings in 2024; each director and committee member attended at least 75% of their meetings; independent directors meet separately in executive session after regular Board meetings.
- Lead Independent Director: Mikel D. Faulkner.
Fixed Compensation (Director)
| Component | Amount | Date/Terms | Notes |
|---|---|---|---|
| Annual cash retainer | $100,000 | Paid quarterly in 2024 | Non-employee director cash compensation |
| Committee chair fees | $0 | 2024 | Chair fees: Audit $25,000; Compensation $20,000; Nominating $15,000, not applicable to Garrett |
| Equity grant (RSAs) | 1,213 shares; grant-date value $139,216 | Granted Jan 31, 2024; fully vested Dec 31, 2024 | Director equity structure and vesting |
| Total 2024 director compensation (Garrett) | $239,216 | 2024 | $100,000 cash + $139,216 stock; no other compensation |
| 2025 outlook | “Materially consistent” with 2024 | 2025 | Board indicated no material change to director cash and stock compensation for 2025 |
The mix of cash and time-vested equity aligns director incentives with stock performance without short-term meeting fees.
Performance Compensation (Director)
| Element | Structure | Metrics | Vesting |
|---|---|---|---|
| RSAs (Directors) | Time-based | None (no performance metrics for directors) | 2024 grant fully vested Dec 31, 2024; future grants remain time-based as disclosed |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Garrett |
| Prior public company boards | None disclosed for Garrett |
| Interlocks | Compensation Committee interlocks: none; Garrett is not a Compensation Committee member |
Expertise & Qualifications
- Senior executive leadership across finance, operations, and IT with exceptional strategic experience in Latin America.
- Audit and internal audit background supports oversight of internal controls, regulatory compliance, and risk.
- Audit Committee financial expert designation enhances Board effectiveness in financial reporting and cybersecurity oversight.
Equity Ownership
| Holder | Direct Shares | Shares Underlying RSAs Vesting Within 60 Days | Total Beneficial | Ownership % |
|---|---|---|---|---|
| Paula K. Garrett | 5,968 | 526 | 6,494 | <1% |
- Director Stock Ownership Guidelines: Non-employee directors must hold stock equal to 5x annual cash retainer, with a 5-year accumulation period; as of April 17, 2025, all non-employee directors either met the guideline or have additional time; directors not meeting must retain vested awards until compliant.
- Anti-hedging/pledging: Directors are prohibited from short sales and derivatives; pledging generally prohibited except case-by-case where risk deemed immaterial. No pledges disclosed for Garrett.
Governance Assessment
- Board effectiveness: Garrett’s Latin America finance/operations/IT leadership and audit credentials align with FCFS’s multi-country pawn and payments footprint; Audit Committee membership adds depth to financial reporting and cyber risk oversight.
- Independence and attendance: Independent, with at least 75% attendance in 2024, and engaged through executive sessions; supports investor confidence.
- Incentive alignment: Time-based RSA grants and robust ownership guidelines create long-term alignment; director pay structure remained within peer ranges and “materially consistent” in 2025.
- Conflicts and related-party exposure: No related party transactions involving Garrett disclosed; notable related-party transactions were share repurchases from an entity controlled by a former director, not Garrett.
- Say-on-pay backdrop (context): 2024 say-on-pay approval at 97% indicates broad shareholder support for compensation governance; positive governance sentiment supports overall board credibility.
RED FLAGS
- None identified specific to Garrett: no pledging, no related-party transactions, no attendance issues, no disclosed conflicts.
Overall, Garrett presents strong governance credentials, audit expertise, and regional operational experience, with clear independence and long-term alignment. This supports confidence in Board oversight of FCFS’s financial reporting, risk management, and Latin America operations.