Lance West
About Lance N. West
Independent director since April 1, 2021; age 64. Senior Partner at 26North Partners; previously Partner & Senior Managing Director at Centerbridge Partners and former Chairman & CEO of Centerbridge Partners Europe. Electrical engineering degrees: M.S., Caltech (1983), B.S., magna cum laude, Tufts (1982). The Board has affirmatively determined West is independent under NYSE listing standards. Attendance: all directors met at least 75% of Board/committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Centerbridge Partners | Partner & Senior Managing Director; Chairman & CEO (Europe) | 2006–2018 | Led European operations; senior investment leadership |
| Goldman Sachs & Co. | Partner Managing Director; Head, Principal Finance Group | Pre-2006 (joined GS in 1999 per prior bio) | Built and led principal finance platform |
| Greenthal Realty Partners LP / GRP Financial LLC | Founder & CEO | 1992–1999 | Founded and operated specialty finance/real estate platforms |
| Charles H. Greenthal Group, Inc. | EVP–Principal | Pre-1992 | Executive leadership in real estate services |
| AT&T Bell Laboratories | Member of Technical Staff | 1982–1984 | Technical R&D foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| 26North Partners | Senior Partner | Current | Alternative investments platform |
| BankUnited (NYSE: BKU) | Board member/chair (prior) | Not disclosed | Prior public company directorship |
| Aktua Soluciones Financieras | Board member/chair (prior) | Not disclosed | Specialty finance (Spain) |
| Intrepid Aviation Holdings LLC | Board member/chair (prior) | Not disclosed | Aircraft leasing |
| Green Tree Holdings; Resort Finance America LLC; Triad Financial SM LLC | Board/chair (prior) | Not disclosed | Consumer/specialty finance |
| Williams & Glyn’s Bank Limited (pre-IPO Transition Board) | Board (prior) | Not disclosed | UK banking separation |
| APCOA Parking Holdings GmbH | Board (prior) | Not disclosed | European parking operator |
| Duo Bank (Walmart Bank) Canada | Board (prior) | Not disclosed | Canadian consumer finance |
Board Governance
- Committee assignments: Compensation Committee member; not Audit; not Nominating & Corporate Governance. Not a committee chair.
- Independence: Board determined West is independent under NYSE rules.
- Attendance & engagement: Board met 10x, Audit 7x, Compensation 3x, Nominating 2x in 2024; all directors ≥75% attendance.
- Controlled company: FOA is a “controlled company” under NYSE rules; may rely on exemptions (e.g., majority independent directors, fully independent comp/nom committees). Compensation and Nominating committees are chaired by Brian L. Libman (non-independent), consistent with controlled company status.
- Executive sessions: Regularly scheduled; presided by Chairman Brian L. Libman; independent directors meet privately at least annually.
Fixed Compensation
Director fees and stock awards (non-employee, non-Blackstone-affiliated directors):
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fees Earned or Paid in Cash ($) | $75,000 | $100,000 | $100,000 | $100,000 |
| Stock Awards ($) | $99,997 | $100,000 | $100,000 | $65,200 (grant-date fair value) |
| Total ($) | $174,997 | $200,000 | $200,000 | $165,200 |
Program design: quarterly cash retainer $25,000; annual equity grant ~ $100,000; 2024 equity grant adjusted due to stock price below $10 (pre–reverse split). Directors affiliated with Blackstone or employed by FOA are not compensated.
Performance Compensation
Annual director equity grants (RSUs) – terms and vesting:
| Grant Year | Grant Date | Instrument | Number of RSUs | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 2021 | Nov 18, 2021 | RSUs | 18,691 | $99,997 | Not specifically disclosed (time-based program) |
| 2023 | Jun 8, 2023 | RSUs | 56,497 (held as of 12/31/23) | $100,000 | Vests on earlier of 2024 Annual Meeting or Jun 8, 2024 |
| 2024 | May 13, 2024 | RSUs | 10,000 (held as of 12/31/24) | $65,200 | Vests on earlier of 2025 Annual Meeting or May 13, 2025 |
No director performance metrics (e.g., TSR/EBITDA) are attached to director equity grants; RSUs are time-based vesting for service.
Other Directorships & Interlocks
- Prior public/private boards: BankUnited (NYSE: BKU), Aktua, Intrepid Aviation, Green Tree Holdings, Resort Finance America, Triad Financial SM LLC, Williams & Glyn’s Bank Ltd., APCOA, Duo Bank Canada. No FOA-disclosed interlocks or related-party dealings involving West.
- Stockholder nomination rights: Principal Stockholders (Blackstone; BL Investors) have board nomination rights; West was not disclosed as a nominee of these holders.
Expertise & Qualifications
- Financial/investment expertise from senior roles at Centerbridge and Goldman Sachs Principal Finance.
- Technical discipline (EE degrees from Caltech and Tufts), supporting analytical rigor.
- Board experience across specialty finance, banking, aviation, and European corporates; Board considered his financial/investment expertise in director qualification assessments.
Equity Ownership
Beneficial ownership (as of March 19, 2025):
| Holder | Shares of Class A Common Stock | Class A Share % | FOA Units | % of Total Voting Power |
|---|---|---|---|---|
| Lance N. West | 22,280 | <1% | — | <1% |
Notes:
- RSUs scheduled to vest within 60 days are included per SEC rules.
- As of 12/31/24, each non-employee director held 10,000 RSUs vesting at the earlier of the 2025 Annual Meeting or May 13, 2025.
- Securities trading policy prohibits hedging and pledging of FOA securities, strengthening alignment. No pledging by West disclosed.
Governance Assessment
- Strengths: Independent status; strong attendance; deep finance and operational background; director equity grants provide modest alignment; hedging/pledging prohibited.
- Shareholder support signals: West reelected May 16, 2025 with 18,970,065 votes for vs. 24,681 withheld; broad Board slate support.
- Risks/Red flags:
- Controlled company governance: FOA relies on NYSE controlled-company exemptions; Compensation and Nominating committees chaired by a non-independent Chairman (Brian L. Libman), which may reduce independent oversight of pay and nominations.
- Related-party complexity: Significant related-party arrangements (Stockholders Agreement, Exchange Agreement, Tax Receivable Agreements, Senior/Exchangeable notes) primarily with Principal Stockholders and Chairman; no West-specific transactions disclosed, but structure elevates governance risk.
- Engagement indicator: Say-on-pay approvals have been strong (e.g., 2025: 18,930,013 for; 61,709 against; 3,024 abstain), suggesting overall investor confidence in governance/compensation framework.
Appendix: Board & Shareholder Voting Snapshots
- 2025 Annual Meeting (May 16, 2025): West “For” votes 18,970,065; Withheld 24,681; Broker non-votes 1,560,358.
- 2024 Annual Meeting (May 13, 2024): West “For” votes 193,882,812; Withheld 399,311; Broker non-votes 10,376,686.