Andrew Essex
About Andrew Essex
Andrew Essex (age 59) was appointed as an independent director of Finance of America Companies Inc. on March 19, 2025. He is Senior Managing Partner at Tata Consultancy Services (since 2023), former CEO and Founder of GoingConcern, former McKinsey Senior Advisor, former CEO of the Tribeca Film Festival, and founding CEO of Droga5. He holds an M.A. from New York University and a B.A. from Queens College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tata Consultancy Services (TCS) | Senior Managing Partner | 2023–present | Senior leadership at $26B global IT firm; branding, business development, M&A expertise |
| GoingConcern | CEO & Founder | Not disclosed | Boutique C-suite strategic consultancy; founder-operator |
| McKinsey & Company | Senior Advisor | Not disclosed | Strategic advisory background |
| Tribeca Film Festival | Chief Executive Officer | Not disclosed | Turnaround/operating executive; public-facing leadership |
| Droga5 | Founding CEO | Not disclosed | Branding and consumer engagement; firm later owned by Accenture |
| The New Yorker, Details, Salon.com | Journalist/Cultural Editor; TV commentator (ABC, CNN, CNBC) | Not disclosed | Communications and media expertise |
| Author (multiple titles) | Author/co-author | Not disclosed | Thought leadership in advertising/marketing |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| MMA Global | Board member | Not disclosed | Industry association governance |
| Plus Pool | Board member | Not disclosed | Non-profit board service |
| NYC Mayor’s Creative Council | Former Chair | Not disclosed | Public sector advisory leadership |
| White House American Office of Innovation | Former advisor | Not disclosed | Federal advisory role |
| Wharton SEI Center for Advanced Studies in Management | Former advisor | Not disclosed | Academic advisory engagement |
| Glasswing Ventures | Advisor | Not disclosed | Venture advisory (AI/proptech/enterprise SaaS/cybersecurity) |
Board Governance
- Independence: The board affirmatively determined Essex is independent under NYSE listing standards .
- Committee memberships and chairs:
- Audit Committee: Members—Corio (Chair), Gardner, Lord, Pratcher; Essex is not a member .
- Compensation Committee: Members—Libman (Chair), Essex, Pratcher, West; Essex is a member .
- Nominating & Corporate Governance Committee: Members—Libman (Chair), Essex, Lord; Essex is a member .
- Attendance and engagement:
- 2024 meeting counts: Board (10), Audit (7), Compensation (3), Nominating (2). All directors serving in 2024 attended at least 75%. Essex was appointed March 19, 2025 and did not attend 2024 meetings or the 2024 annual meeting .
- Controlled company status: FOA is a “controlled company” under NYSE rules and may rely on certain governance exemptions (e.g., majority independent board not required), though currently a majority of the board is independent .
- Executive sessions: Regular executive sessions of non-management directors; presiding director is Brian L. Libman; independent directors meet privately at least annually .
Fixed Compensation
| Component | Structure/Amount | Timing/Vesting | Notes |
|---|---|---|---|
| Cash retainer (non-employee directors) | $25,000 per quarter | Ongoing | Part of market-competitive ~$200,000 annual package |
| Annual equity grant (RSUs) | Target ≈ $100,000 | Typically one-year vest aligning to annual meeting; 2024 grant valued at $65,200 due to stock price adjustment | As of Dec 31, 2024, each non-employee director held 10,000 RSUs vesting on the earlier of the 2025 Annual Meeting or May 13, 2025 |
| Total typical annual director package | ≈ $200,000 (cash + equity) | Annual | Essex, as a non-employee director appointed in 2025, is eligible under this program |
Performance Compensation
- No performance-based metrics disclosed for director compensation; director equity is time-based RSUs (not PSUs/options) with vesting tied to service/meeting dates .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company directorships | None disclosed for Essex in FOA’s proxy biography |
| Committee interlocks | FOA discloses no compensation committee interlocks or insider participation involving its executive officers; no such interlocks are noted that would implicate Essex |
Expertise & Qualifications
- Core expertise: Marketing, brand strategy, consumer engagement; founding CEO experience; operating/turnaround leadership and M&A exposure; public speaking and media .
- Education: M.A. (NYU), B.A. (Queens College) .
- Rationale for board seat: Board cited Essex’s expertise in marketing, brand strategy, and consumer engagement (e.g., Droga5) .
Equity Ownership
| Holder | Class A Shares | FOA Units | % of Total Voting Power |
|---|---|---|---|
| Andrew Essex (as of March 19, 2025) | 0 | 0 | <1% (asterisked as less than 1%) |
- Hedging/pledging: FOA’s securities trading policy prohibits hedging and pledging of Company securities by directors, officers, employees, and related persons .
Governance Assessment
- Positives
- Independent director with consumer/brand expertise; adds non-financial, customer-focused skillset to pay and nominations oversight via Compensation and Nominating committees .
- Formal prohibition on hedging/pledging improves alignment and reduces risk of misaligned incentives .
- Appointment followed a nomination process; Essex was initially recommended by director Robert W. Lord, indicating internal vetting rather than principal stockholder designation .
- Watch items / RED FLAGS
- Controlled company status reduces certain governance protections for minority shareholders (e.g., majority-independent board requirement), potentially limiting independent influence; continued monitoring of committee independence and board composition is warranted .
- Low “skin-in-the-game” at appointment: no reported beneficial Class A share ownership or FOA Units as of March 19, 2025; monitor future RSU grants and any open-market purchases for alignment .
- Related-party transactions: FOA discloses extensive arrangements with principal stockholders (Blackstone, Libman families), TRAs, notes, and working capital facilities; while Essex is not listed as a party, these structures can influence governance and capital allocation—continue monitoring for any future ties involving Essex .
- Overall: Essex strengthens marketing/consumer oversight on key committees, but FOA’s controlled-company governance and Essex’s initial lack of equity ownership temper alignment signals; investor confidence will benefit from evidence of active committee engagement, transparent director equity grants post-appointment, and sustained independence in compensation/nominations decisions .