Matthew Engel
About Matthew Engel
Matthew A. Engel, 57, is Chief Financial Officer of Finance of America Companies Inc. (FOA), appointed effective November 15, 2023; he joined as EVP of Finance on or about October 6, 2023. He holds a B.A. in Accounting from the University of Northern Iowa and brings 30+ years of financial services experience, including CFO of Bloom Retirement Holdings (f/k/a American Advisors Group), senior finance roles at Newmark Knight Frank, H&R Block, and DST Systems, and began as a PwC auditor . During his first full year as CFO (2024), FOA’s net income improved to $36 million from a net loss of $218 million in 2023, and cumulative TSR increased 154% year over year in 2024, providing constructive backdrop for incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bloom Retirement Holdings Inc. (American Advisors Group) | Chief Financial Officer | 2014–2023 | Led finance at a leading reverse mortgage originator acquired in part by FOA in 2023; deep reverse mortgage domain expertise . |
| Newmark Knight Frank | Senior accounting/finance roles | Not disclosed | Corporate FP&A and financial reporting experience applicable to public company finance . |
| H&R Block, Inc. | Senior accounting/finance roles | Not disclosed | Large-scale consumer financial services exposure . |
| DST Systems, Inc. | Senior accounting/finance roles | Not disclosed | Enterprise systems and financial operations background . |
| PricewaterhouseCoopers LLP | Staff auditor | 1990–1993 | Foundation in audit and controls . |
Fixed Compensation
| Component | Detail | Effective date | Notes |
|---|---|---|---|
| Base salary | $450,000 | 11/15/2023 | Set upon appointment as CFO . |
| Target annual cash bonus | $525,000 | 2023 plan year | 2023 payout guaranteed minimum $262,500; subsequent payouts based on individual and company performance set by Compensation Committee . |
Performance Compensation
Annual Cash Incentive (structure)
| Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| Company and individual performance goals (discretionary as determined by Compensation Committee) | Not disclosed | Target $525,000 (2023) | 2023 minimum guaranteed $262,500; future years not disclosed | Paid following performance year per Committee approval . |
Equity Awards
| Award type | Grant date | Grant value | Quantity | Vesting | Notes |
|---|---|---|---|---|---|
| Initial RSU grant | 11/15/2023 | $325,000 | Number of RSUs based on 11/14/2023 close | Ratable over 3 years from grant (e.g., ~11/15/2024, 11/15/2025, 11/15/2026), subject to continued employment | Granted under 2021 Omnibus Incentive Plan . |
| Target annual RSU grant | 2024 annual grant cycle | $650,000 (target); 2023 guaranteed minimum $325,000 | Not disclosed | Ratable over 3 years from grant, subject to continued employment | Under 2021 Omnibus Incentive Plan . |
| Stock options | Not disclosed for Engel | — | — | — | Company granted options to certain executives on 11/7/2024 (2-year cliff, $25 exercise, 5-year term), but Engel-specific option grants are not disclosed . |
Equity Ownership & Alignment
| Item | Disclosure | Implications |
|---|---|---|
| Beneficial ownership (shares/units) | Not individually disclosed for Engel in the 2025 or 2024 proxy ownership tables (which enumerate directors and named executive officers; Engel was not an NEO in 2024) . | Unable to quantify current stake or % ownership from proxies. |
| Hedging/derivatives policy | Company prohibits hedging transactions (options, puts/calls), derivatives, and pledging company securities after adoption of the policy . | Reduces misalignment risk (no hedging) and collateral risk (no pledging). |
| Ownership guidelines | Not disclosed for executives in proxies reviewed. | No data on required multiple of salary or compliance. |
| Vested vs unvested breakdown | Not disclosed for Engel; RSU vesting schedule provided above . | Multi-year vesting creates retention tether and potential periodic supply near vest dates. |
Employment Terms
| Term | Detail |
|---|---|
| Appointment dates | EVP Finance on or about 10/06/2023; CFO effective 11/15/2023 . |
| Contract term / expiration | Not disclosed. |
| Severance / change-in-control | Not disclosed for Engel. 2025 proxy notes no severance arrangements for the disclosed NEOs other than a salary continuation agreement for the CIO; Engel was not a named executive officer in that disclosure . |
| Non-compete / non-solicit | Not disclosed. |
| Clawback | Not disclosed (companywide policy not detailed in proxies reviewed). |
Performance & Track Record (context)
| Indicator | 2023 | 2024 | Commentary |
|---|---|---|---|
| Net Income (Loss) ($ millions) | (218) | 36 | Profitability improvement during Engel’s first full year as CFO . |
| Cumulative TSR (proxy PVP construct) | — | +154% YoY (2024 vs 2023) | Proxy “Pay vs Performance” shows strong share price appreciation in 2024 . |
Compensation Structure Analysis
- Mix and leverage: Moderate fixed base ($450k) with at-risk annual cash (target $525k) and significant multi-year RSU vesting ($325k initial; $650k target annual), aligning pay with sustained equity performance and retention .
- Metric design: Annual bonus payouts are discretionary against company and individual goals rather than explicit formulaic KPIs; committee judgment is the key lever .
- Vesting and supply: RSUs vest annually over three years from grant dates, creating potential calendar-linked selling pressure (e.g., November anniversary dates), though actual trading behavior is unknown .
- Options: Company used out-of-the-money options for certain executives in November 2024 (exercise $25, 5-year term, 2-year cliff), emphasizing upside alignment; Engel-specific option awards are not disclosed .
Risk Indicators & Red Flags
- Pledging/hedging: Prohibited under FOA’s securities trading policy, mitigating alignment concerns .
- Severance/change-in-control opacity: No Engel-specific severance or CIC terms disclosed; limited transparency can complicate retention-risk assessment .
- Discretionary bonus governance: Heavy committee discretion without public quantitative weighting may reduce external visibility into pay-for-performance rigor .
Investment Implications
- Retention and alignment: Multi-year RSU vesting cadence (initial 2023 grant; targeted annual grants with 3-year vesting) and the company’s prohibition on hedging/pledging support medium-term retention and alignment with shareholders .
- Incentive sensitivity to fundamentals and share price: Discretionary cash bonus outcomes and RSU value realization will hinge on continued profitability, capital structure progress, and share performance after FOA’s 2024 inflection (net income to $36M; strong TSR) .
- Monitoring signals: Watch for (i) future proxy inclusion of Engel as an NEO (for fuller pay and ownership disclosure), (ii) any new option grants mirroring the Nov 2024 awards to other executives, and (iii) Form 4 activity around annual RSU vest dates to gauge selling pressure and liquidity preferences .