David Neylan
About David Neylan
David Neylan (age 49) is President and Chief Operating Officer of Guild Holdings Company (GHLD), serving since July 1, 2023. He holds a B.S. in Finance from the USC Marshall School of Business and has led operations after prior roles as EVP/COO and SVP, Business Development . Under his operating tenure in 2024, Guild’s retail originations grew to $23.0B from $14.4B in 2023, servicing UPB reached ~$93.0B, and recapture rate improved to 35% from 27% . Company performance indicators also show FY2024 net income of $96.9M and cumulative TSR translating a $100 initial investment to $108.52, reflecting positive shareholder returns during the year .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Guild Holdings Company / Guild Mortgage Company | President & COO | Jul 2023 – Present | Executive leadership over operations following internal succession |
| Guild Holdings Company | Executive Vice President, Chief Operating Officer | Oct 2020 – Jun 2023 | Senior operating leadership role at the public company |
| Guild Mortgage Company | Chief Operating Officer | Jan 2020 – Oct 2020 | Operations leadership pre-IPO |
| Guild Mortgage Company | SVP, Business Development | Aug 2014 – Dec 2019 | Business development leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| California Mortgage Bankers Association | Board Member | Current | Industry association board service |
| Mortgage Bankers Association | Member | Current | Industry association membership |
Fixed Compensation
| Item | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $550,000 (effective Jul 1, 2023; prior $505,000) | $600,000 (effective Jan 1, 2024) | Annual review by Compensation Committee |
| Target Annual Bonus (% of base) | 100% | 100% | Based on Company AROAE and strategic objectives |
Performance Compensation
Annual Bonus Plan (FY2024)
| Metric | Weight | Target | Actual | Payout Factor |
|---|---|---|---|---|
| Adjusted Return on Average Equity (AROAE) | 50% | Not disclosed | 7.4% | 118.8% of target |
| Strategic Objective | 50% | Not disclosed | Exceeded maximum | 200.0% of target |
| Weighted Average Payout | 100% | — | — | 159.4% of target |
| Actual 2024 Bonus Paid | Amount ($) |
|---|---|
| Non‑equity incentive plan compensation | $956,522 |
Notes:
- Bonus paid in early 2025 for 2024 performance .
Equity Awards (selected grants and vesting)
| Grant Date | Instrument | Shares/Units | Grant-date fair value ($) | Vesting |
|---|---|---|---|---|
| Apr 15, 2024 | RSUs | 59,286 | $830,004 | 1/3 on each of the 1st, 2nd, 3rd anniversaries (Apr 15, 2025/2026/2027) |
| Apr 15, 2023 | RSUs | 39,537 unvested at 12/31/2024 | Included in 2023 total $750,010 | 1/3 annually per standard RSU terms |
| Jul 1, 2023 | RSUs (promotion award) | 9,485 unvested at 12/31/2024 | $150,000 award value | 1/3 annually over 3 years |
| Apr 15, 2022 | RSUs | 19,352 unvested at 12/31/2024 | — | 1/3 annually per standard RSU terms |
Additional terms:
- Dividend Equivalent Units (DEUs) accrue on RSUs upon cash dividends; credited RSUs vest on the same schedule as the underlying award .
- Standard employee RSU agreement includes double-trigger change-in-control protection (accelerates on qualifying termination within 24 months post-CoC or resignation for Good Reason) .
Equity Ownership & Alignment
| Ownership measure | Value | Notes |
|---|---|---|
| Beneficial ownership (Class A) | 311,679 shares (1.4% of class) | Includes 59,501 RSUs vesting within 60 days of Mar 28, 2025 |
| Unvested RSUs (as of 12/31/2024) | 129,526 units (19,352 from 2022; 39,537 from 2023; 9,485 from 2023; 61,152 from 2024 incl. DEUs) | Outstanding award detail and market value at $14.11 per share |
| Shares pledged/margin | Prohibited by policy (no margin accounts or pledging; no hedging/shorts/derivatives by insiders) | Reduces pledge/hedge misalignment risk |
| Insider trading controls | Pre-clearance and trading windows required for designated persons; blackout periods apply | Minimizes opportunistic sales risk |
| Stock ownership guideline (President) | 3x base salary | Applies to unvested RSUs as eligible towards guideline |
| Apparent compliance snapshot | ~$4.40M held vs $1.80M guideline (311,679 × $14.11; 2024 salary $600k) | Based on 12/31/2024 price; Company does not disclose individual compliance status |
Employment Terms
| Provision | Details |
|---|---|
| Employment | At-will; annual base and incentive set by Compensation Committee |
| Severance (without cause or ill health) | Salary continuation for 1 year (then-current base), subject to waiver/release |
| Bonus/benefits in severance | Not specified beyond base salary continuation |
| Non-solicitation | 1-year post-termination employee non-solicit |
| Change-in-control (equity) | RSUs: double-trigger acceleration upon termination without cause or resignation for Good Reason within 24 months post-CoC; PSUs: similar target-level acceleration for incomplete periods under PSU agreement form |
| Clawback | Mandatory recovery policy adopted Nov 2, 2023; applies to current/former executive officers for 3-year lookback after an accounting restatement per SEC/NYSE rules |
| Hedging/Pledging | Hedging, short sales, derivatives, margin accounts, and pledging Company stock prohibited (limited exceptions possible) |
Compensation Structure Analysis
- Mix and trajectory: Cash and equity both increased YoY; base salary rose to $600k in 2024 from $550k (mid-2023) and prior $505k, while 2024 stock awards had grant-date fair value of $830,004 vs $750,010 in 2023 .
- Pay-for-performance: The 2024 bonus used a 50% AROAE metric (actual 7.4% yielding 118.8% payout) and a 50% strategic metric (maxed at 200%), producing a 159.4% weighted payout—aligning variable pay with financial and strategic execution .
- Forward alignment: The Committee approved adding PSUs for 2025 annual grants based on three-year AROAE, increasing performance linkage and retention via multi-year vesting .
- Governance features: Robust insider trading controls, stock ownership guidelines (3x salary for President), and a Dodd-Frank compliant clawback policy mitigate risk-taking and align with investor preferences .
Performance & Track Record
| Indicator | 2023 | 2024 | Notes |
|---|---|---|---|
| Retail originations ($B) | 14.4 | 23.0 | Significant YoY growth amid market volatility |
| Servicing UPB ($B, year-end) | — | ~93.0 | 370k loans serviced at 12/31/2024 |
| Recapture rate (%) | 27 | 35 | Strategy emphasizes client-for-life model |
| Net income (loss) ($M) | (39.1) | 96.9 | From Pay vs Performance table |
| Cumulative TSR (Value of $100) | 104.54 | 108.52 | Company-level TSR metric |
Strategic actions in 2024 included the acquisition of certain assets of Academy Mortgage (Feb 26, 2024), extending Guild’s national market share and footprint under the operating leadership team that includes the President & COO .
Vesting Schedules and Potential Selling Pressure
- RSUs vest in equal thirds on the 1st, 2nd, and 3rd anniversaries of grant (e.g., 4/15/2025, 4/15/2026, 4/15/2027 for the 4/15/2024 grant), with DEUs adding incremental units upon dividends; unvested totals at 12/31/2024 were 129,526 units across 2022–2024 grants .
- Insider trading policy requires pre-clearance, restricts trading to open windows, and prohibits pledging/margin—factors that generally temper near-term selling pressure outside scheduled vesting events .
Compensation Peer Group and Committee Practices
- Peer group used for market positioning included originators/servicers and regional financials (e.g., PennyMac Financial, Mr. Cooper, Walker & Dunlop, MGIC, Radian, Enact, South State, WSFS, others) and was advised by Meridian Compensation Partners .
- The Committee determined CEO and NEO pay levels considering corporate performance, internal equity, market data, and dilution/expense impacts; Meridian was reviewed for independence and had no conflicts .
Risk Indicators & Red Flags
- Hedging/pledging and short-term/speculative trading are prohibited; trading windows and pre-clearance apply—reducing misalignment and optics of opportunistic selling .
- Clawback policy compliant with SEC/NYSE adds recovery mechanisms for restatements .
- Minor perquisite tax gross-ups exist (e.g., $6,362 for 2024 “President’s club” expense), but no tax gross-ups on golden parachutes disclosed .
- No related-party transactions disclosed for Neylan; Company reported a related-party employment of CEO’s son (non-executive) in 2024 .
Employment Terms (Detail Extracts)
- One-year salary continuation if terminated by the Company (other than for cause), or upon permanent ill health, conditioned on release; at-will employment and one-year employee non-solicit .
- Equity treatment: employee RSUs accelerate on double-trigger (termination without cause or resignation for Good Reason within 24 months of a change in control); PSU agreement mirrors target-level acceleration for incomplete periods; DEUs accrue on cash dividends and vest with underlying awards .
Investment Implications
- Alignment: High insider ownership (1.4% of Class A), ownership guideline of 3x salary apparently exceeded using disclosed price/share counts, and a shift to PSUs in 2025 enhance pay-for-performance and long-term alignment .
- Retention: Material unvested RSU overhang (129,526 units at 12/31/2024) and double-trigger equity protections support retention; cash severance is limited (1x salary), balancing retention economics with shareholder-friendly severance .
- Selling pressure: Policy prohibitions (hedging, pledging, margin) plus pre-clearance and trading windows mitigate opportunistic sales; watch scheduled RSU vesting dates (April 15 annually) as potential supply catalysts .
- Execution risk: While 2024 saw strong origination growth and improved profitability, mortgage market cyclicality, rate volatility, and dependency on GSE/Ginnie Mae frameworks remain core external risks to incentive attainment and value creation .