Anthony J. Park
Fidelity National FinancialAbout Anthony J. Park
Anthony J. Park is Executive Vice President and Chief Financial Officer (CFO) of Fidelity National Financial (FNF), serving as CFO since October 2005 after prior roles as Controller/Assistant Controller (1991–2000) and Chief Accounting Officer (2000–2005) . Age 57 as disclosed in the 2024 proxy’s executive officer table . Company performance metrics that drive his compensation include Adjusted Title Revenue and Adjusted Pre-tax Title Margin; in 2024 FNF’s title segment achieved Adjusted Pre-tax Margin of 15.1% and Adjusted Title Revenue of $7,708 million, yielding a 186.9% annual incentive payout factor . FNF reported strong shareholder return of about 42% in 2023 and discloses that compensation actually paid (CAP) for NEOs is generally aligned with cumulative TSR and net income over the 5-year period presented .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fidelity National Financial, Inc. | Controller and Assistant Controller | 1991–2000 | Accounting and financial reporting responsibilities |
| Fidelity National Financial, Inc. | Chief Accounting Officer | 2000–2005 | Accounting and financial reporting; investor engagement |
| Fidelity National Financial, Inc. | EVP & Chief Financial Officer | Oct 2005–present | Accounting and financial reporting; investor engagement |
External Roles
No external public company directorships or roles are disclosed in the executive officer biographies for Mr. Park .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $610,192 | $657,308 | $695,962 |
| Target Bonus (%) | — | 115% | 115% |
| Actual Annual Incentive ($) | $1,006,108 | $1,302,624 | $1,504,289 |
| All Other Compensation ($) | $225,478 | $131,324 | $142,974 |
| Total Compensation ($) | $3,351,778 | $3,726,292 | $4,043,277 |
Performance Compensation
Annual Incentive Plan – FY 2024
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Factor |
|---|---|---|---|---|---|---|
| Adjusted Title Revenue ($mm) | 25% | $6,151 | $6,650 | $7,149 | $7,708 | 200% |
| Adjusted Pre-tax Title Margin (%) | 75% | 10.5% | 13% | 15.5% | 15.1% | 182% |
| Combined Payout Factor | — | — | — | — | — | 186.9% |
| Year | Base Salary at Year-end ($) | Target Bonus (%) | Target Bonus ($) | Total Incentive Earned ($) |
|---|---|---|---|---|
| 2023 | $665,000 | 115% | $765,000 | $1,302,624 |
| 2024 | $700,000 | 115% | $805,000 | $1,504,289 |
Plan design emphasizes adjusted revenue and margin, with specific non-GAAP adjustments detailed by FNF to measure operational performance consistently with budget and industry conditions .
Long-Term Equity Incentives and Vesting
| Grant Date | Award Type | Target Shares | Vesting Schedule | Performance Condition | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| 11/10/2022 | Performance-based restricted stock | 12,328 unvested as of 12/31/2024 | Equal installments over 3 years on each anniversary | Achieve title operating margin ≥7.5% in at least 2 of the 5 quarters beginning 10/1/2022 | — |
| 11/15/2023 | Performance-based restricted stock | 24,528 unvested as of 12/31/2024 | Equal installments over 3 years on each anniversary | Achieve title operating margin ≥7.5% in at least 2 of the 5 quarters beginning 10/1/2023 | — |
| 11/15/2024 | Performance-based restricted stock | 28,226 unearned shares | Equal installments over 3 years on each anniversary | Achieve title operating margin ≥9.5% in at least 2 of the 5 quarters beginning 10/1/2024 | $1,700,052 |
| Stock Vested in FY 2024 | Shares | Value Realized ($) |
|---|---|---|
| Park | 35,833 | $2,127,141 |
None of the named executive officers exercised stock options in 2024, and none held unvested stock options as of December 31, 2024 .
Equity Ownership & Alignment
| Owner | Beneficially Owned Shares | % of Outstanding | Notable Holdings / Notes |
|---|---|---|---|
| Anthony J. Park | 388,990 | <1% | Includes 272,759 shares owned by the Anthony J. Park and Deborah L. Park Living Trust |
| Unvested/Unearned Equity (as of 12/31/2024) | Shares | Market/Payout Value ($) |
|---|---|---|
| 11/10/2022 grant (unvested) | 12,328 | $692,024 (valued at $56.14 per share) |
| 11/15/2023 grant (unvested) | 24,528 | $1,377,002 (valued at $56.14 per share) |
| 11/15/2024 grant (unearned) | 28,226 | $1,584,608 (valued at $56.14 per share) |
- Stock ownership guidelines: Other officers must hold at least 2× base salary in FNF stock; executives below guidelines must retain 50% of net shares from vesting until compliant. As of 12/31/2024, each NEO exceeded the applicable stock ownership guidelines .
- Hedging and pledging: FNF maintains a hedging and pledging policy. In the security ownership footnotes, certain pledges are disclosed for other individuals (e.g., Mr. Foley); Park’s entry includes trust holdings with no pledge footnote indicated in that table .
Employment Terms
| Term Element | Key Provision |
|---|---|
| Agreement Date/Term | Amended & restated employment agreement effective October 10, 2008; 3-year term with automatic annual extensions unless timely notice is provided |
| Minimum Base Salary | $375,000 |
| Target Annual Incentive | At least 100% of annual base salary; actual payout depends on performance vs. targets |
| Benefits | Supplemental disability insurance to provide at least 2/3 of pre-disability base; medical and other insurance coverage consistent with top executive group; eligible for equity grants |
| Perquisites | Entitled to social/recreational club dues but does not receive them per agreement |
| Severance (Without Cause / Good Reason) | Lump-sum payment equal to 200% of base salary + target bonus; prorated current-year bonus; COBRA for 3 years with lump-sum payment equal to sum of monthly COBRA premiums; right to convert life insurance plus lump-sum cash equal to 36 months of premiums; equity awards vest per terms (performance-based awards vest pursuant to award terms) |
| Death/Disability | Accrued obligations; prorated bonus based on target; vesting of equity per award terms |
| For Cause / Without Good Reason | Accrued obligations only; no vesting or severance multipliers |
| Definition of Cause | Persistent failure to perform, willful neglect, certain criminal activities, material breach, or impeding/failing to cooperate with board-authorized investigations |
Change-in-Control Economics (Estimated values for equity acceleration at 12/31/2024; closing price $56.14)
| Scenario | Park |
|---|---|
| Termination without Cause or by Executive for Good Reason | $2,178,267 |
| Death | $3,775,294 |
| Disability | $3,775,294 |
| Change in Control | $3,775,294 |
Perquisites and Other Compensation Detail (FY 2024)
| Category | Amount ($) |
|---|---|
| ESPP Matching Contributions | $48,288 |
| Life Insurance Premiums | $1,854 |
| Executive Medical | $83,949 |
| Company Match – 401(k) | $10,350 |
Compensation Peer Group (Benchmarking)
| 2023 Peer Group Companies |
|---|
| Aflac Incorporated; American Financial Group; Arch Capital Group Ltd.; Assurant Inc.; Cincinnati Financial Corporation; CNA Financial Corporation; Equitable Holdings, Inc.; First American Financial Corporation; Lincoln National Corp.; Loews Corporation; Markel Group Inc; Marsh & McLennan Companies, Inc.; Old Republic International; Principal Financial Group, Inc.; The Hartford Financial Services Group, Inc.; Reinsurance Group of America, Incorporated; Unum Group; W.R. Berkley Corporation |
FNF indicates NEO total direct compensation generally between the 50th and 75th percentile of peers, with base salaries slightly below the 50th percentile, consistent with a philosophy emphasizing variable performance-based pay .
Governance and Risk Considerations
- Compensation Committee: Thomas M. Hagerty (Chair), Daniel D. (Ron) Lane, Cary H. Thompson; all non-employee directors during 2024 .
- Risk Management: FNF reviewed compensation programs and concluded they are not reasonably likely to have a material adverse effect on the company; design features (appropriate base salary levels, balanced incentives) mitigate risk .
Investment Implications
- Alignment: Park’s pay mix is heavily performance-based, with annual incentives tied 75% to Adjusted Pre-tax Title Margin and 25% to Adjusted Title Revenue; equity awards are 100% performance-based restricted stock with multi-year, margin-based vesting gates—signals strong operating discipline and shareholder alignment .
- Retention and Selling Pressure: Multi-year vesting from 2022–2024 grants and 2024 vesting of 35,833 shares ($2.13M realized) indicate ongoing vesting cadence; ownership guidelines require retention of 50% of net vested shares until compliance, mitigating near-term selling pressure for executives not yet at guideline thresholds (FNF discloses that all NEOs exceed the guidelines as of 12/31/2024) .
- Contract Economics: Robust severance (200% of base + target bonus) and CIC equity acceleration values ($3.78M for Park) reduce voluntary departure risk but could influence decision-making around strategic transactions; equity remains performance-conditioned, preserving alignment .
- Risk/Red Flags: No options outstanding/vested and no option exercises in 2024 (reduces repricing risk); no pledge footnote indicated for Park in security ownership table; perquisites are modest relative to total pay and primarily consist of medical, 401(k) match, ESPP match—limited governance red flags observed in disclosures .
- Execution Track Record: Company-level 2024 adjusted margin improvement and 2023 shareholder return (~42%) support incentive outcomes and indicate operational execution in a challenging rate/housing environment; the pay-versus-performance narrative asserts general alignment of CAP with TSR and net income .