Richard Thiessens
About Richard Thiessens
Richard Thiessens, age 44, is Executive Vice President and Chief Technology Officer of FinWise Bank; he joined FinWise in 2019, became SVP & CTO in 2021, and was named EVP in February 2024, overseeing Information Systems, Cyber Security, Data Services, and Project Management . His background spans 20+ years in IT, including co-founding Array Technology (rebranded Braintrace, later acquired by Sophos) and leading infrastructure, data and cybersecurity teams at EnerBank USA through rapid growth and change .
Company performance context during his tenure:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue (USD) | $31.844M | $37.411M* | $21.456M* | $22.477M* |
| Net Income (USD) | $31.583M | $25.115M | $17.460M | $12.742M |
Values with * were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FinWise Bank | Joined the bank; role progression | 2019–present | Joined 2019; advanced to SVP & CTO in 2021; promoted to EVP in Feb 2024 |
| FinWise Bank | SVP & Chief Technology Officer | 2021–present | Built and utilized technology to deliver bank strategic plans; oversight of IS, Cyber Security, Data Services, PMO |
| FinWise Bank | Executive Vice President | Feb 2024–present | Senior leadership role over technology functions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Array Technology / Braintrace | Co-founder; IT services & security consulting | Not disclosed | Company rebranded as Braintrace; ultimately acquired by Sophos |
| EnerBank USA | Led infrastructure, data, cybersecurity teams | Not disclosed | Leadership through rapid growth and significant change |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary | Not disclosed | Not disclosed | Thiessens was not a named executive officer (NEO); Summary Compensation Table lists CEO, President/CEO of Bank, CFO only . |
| Target Bonus % | Not disclosed | Not disclosed | Not disclosed in proxy . |
| Actual Bonus | Not disclosed | Not disclosed | Not disclosed in proxy . |
The company’s proxies disclose detailed compensation only for NEOs; Thiessens was an executive officer but not an NEO in 2023–2024 .
Performance Compensation
Company incentive design and award mechanics:
- 2023 equity awards for NEOs vest based on achievement of specified levels of the Bank’s return on average assets (ROAA); options had grant-date fair value of $4.11 per share and RSUs were valued at $8.63 per share .
- 2024 restricted stock awards for NEOs vest in five equal installments over the first five anniversaries of the May 28, 2024 grant (time-based); no options were granted to NEOs in 2024 .
Thiessens’ disclosed option awards and vesting (Form 3 as of Feb 9, 2024):
| Award Type | Grant Date | Shares | Strike | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Employee Stock Option | 01/01/2021 | 1,800 | $4.50 | 01/01/2031 | Vests in five substantially equal installments beginning 01/01/2021 . |
| Employee Stock Option | 06/09/2022 | 2,874 | $13.04 | 06/09/2032 | Vests in three substantially equal installments beginning 06/09/2023 . |
| Employee Stock Option | 01/01/2020 | 300 | $3.64 | 01/01/2030 | Vests in five substantially equal annual installments beginning 01/01/2021 . |
| Employee Stock Option | 04/18/2023 | 4,128 | $8.63 | 04/18/2033 | Vests in three substantially equal installments beginning 04/18/2024 . |
Performance metrics: ROAA is explicitly cited for 2023 NEO awards; Thiessens’ Form 3 shows time-based installment vesting for his options; the proxy does not explicitly tie his individual awards to ROAA .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Direct beneficial ownership | 5,638 common shares (as of event date 01/30/2024) . |
| Options outstanding | 1,800 @ $4.50 (exp. 2031); 2,874 @ $13.04 (exp. 2032); 300 @ $3.64 (exp. 2030); 4,128 @ $8.63 (exp. 2033) . |
| Ownership as % of shares outstanding | ~0.044% based on 12,793,555 shares outstanding on 04/29/2024 . |
| Hedging/pledging policy | Board discourages hedging, margining, or pledging of unvested stock; no prohibition on derivative or speculative transactions for directors/officers . |
| Clawback policy | Adopted Nov 28, 2023 pursuant to Nasdaq listing standards; applies to incentive-based compensation tied to financial metrics in restatement scenarios . |
| Stock ownership guidelines | Not disclosed for executives in the proxy . |
| Pledged shares | No pledging by Thiessens disclosed . |
Employment Terms
- No individual employment or severance agreement for Thiessens is disclosed in recent proxies; the Compensation Committee oversees employment agreements, severance, and change-in-control arrangements for executive officers generally .
- Related party transactions are subject to a written policy administered by the Audit Committee; no related party transactions involving Thiessens are disclosed .
- Insider Trading Policy governs trading and compliance; details referenced in 2024 Annual Report Exhibit 19.1 .
Investment Implications
- Alignment: Direct equity stake is modest (~0.044%) but complemented by multi-year option grants with staggered vesting through 2033, aligning incentives with long-term share value accretion .
- Performance linkage: Company-wide design used ROAA as a performance metric for 2023 awards; 2024 shifted to time-based RSUs for NEOs, indicating a mix of performance and retention incentives. Thiessens’ disclosed options vest on time schedules, which reduces performance sensitivity of his personal equity mix versus ROAA-linked awards .
- Selling pressure: Staggered vesting and insider trading policy reduce near-term selling pressure; lack of a prohibition on hedging/derivatives is a governance soft spot that could weaken alignment versus best practice bans .
- Retention/transition risk: No disclosed individual employment or severance protections for Thiessens; retention relies on equity vesting schedules and role seniority rather than contractual protections—neutral-to-slightly negative versus peers with clear CIC/severance terms .
- Execution: His remit across cybersecurity, data, and systems is core to banking technology resiliency. Company financials show net income down from 2021 to 2024, underscoring a need for continued operational execution in strategic programs and technology enablement during industry shifts .
S&P Global disclaimer: Revenue values marked with * were retrieved from S&P Global.