Jeffery Cox
Green Brick PartnersAbout Jeffery Cox
Jeffery D. Cox is Interim Chief Financial Officer and Principal Accounting Officer of Green Brick Partners (appointed March 17, 2025). He joined GRBK in June 2023 as SVP Finance, leading the launch of Green Brick Mortgage and overseeing Green Brick Title; he has 20+ years of homebuilding finance experience, previously at Richmond American Homes (Regional VP Finance, West Coast) and Lennar (Division Controller). Cox holds a B.S. in accounting from Brigham Young University and an M.S. in accounting from the University of Utah’s David Eccles School of Business; age 46 as disclosed in GRBK’s 2025 proxy. Company performance context: five-year TSR of 492.1% through 12/31/2024 (37.5% CAGR), 2024 EPS of $8.45, homebuilding gross margin 33.8%, home closings revenue growth 17.1%, and ROA 18.2% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Green Brick Partners | Interim Chief Financial Officer & Principal Accounting Officer | Mar 2025–present | Assumed CFO and PAO duties following CFO resignation; stabilizes finance leadership |
| Green Brick Partners | Senior Vice President, Finance | Jun 2023–Mar 2025 | Led launch of wholly‑owned Green Brick Mortgage; oversaw operations of Green Brick Title |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Richmond American Homes | Regional Vice President of Finance, West Coast | Oct 2020–Jun 2023 | Regional financial leadership across West Coast operations |
| Lennar | Division Controller | Jul 2016–Oct 2020 | Division-level controllership, operational finance and controls |
Fixed Compensation
- Base salary, target bonus %, and actual bonus for Cox have not been disclosed in the March 2025 8‑K or 2025 proxy; the 8‑K notes no special arrangements tied to his appointment .
- Stock ownership guidelines for executive officers: 2x base salary; five years to comply; must retain 100% of net shares from RS/RSU settlements until compliant .
- Clawback: executive officer compensation recoupment (“clawback”) policy adopted and overseen by Compensation Committee .
- Hedging/short sales prohibited; pledging prohibited for officers and directors (limited exception only for 10%+ holders with Board approval; not applicable to executives) .
Performance Compensation
Company annual incentive (AIP) structure for NEOs (including the CFO role) in 2024; up to 50% of payouts were delivered in fully vested common stock:
| Metric | Weighting (%) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Operational & Financial Performance vs Peers (Closings Revenue Growth, Homebuilding Gross Margin, ROA across 24 cells) | 25% | 6 cells=50%; 13 cells=100%; 18 cells=200% | Met/exceeded 21 of 24 cells | 200% of component | Up to 50% of AIP paid in stock; 2024 paid 50% in fully vested shares |
| EPS | 25% | Threshold $5.50; Target $6.68; Max $7.20 | $8.45 | 200% of component | Up to 50% paid in fully vested shares; 2024 paid 50% stock |
| Relative TSR (1-, 3-, 5-year vs TSR peer group and S&P 500; CFO eligible) | 20% (CFO) | Threshold 25th percentile=50%; Target 50th=100%; Max 70th=200% | 78% (1yr), 78% (3yr), 89% (5yr) | 200% across periods | Up to 50% paid in fully vested shares; 2024 paid 50% stock |
| Strategic Objectives (role-specific) | 30% (CFO) | Committee-set, qualitative/quantitative | CFO/NEOs assessed; details not material to plan design | 200% (CFO/NEOs in 2024) | Up to 50% paid in fully vested shares; 2024 paid 50% stock |
Notes: The above reflects 2024 AIP design and outcomes for the CFO role held by Richard Costello. Cox became Interim CFO in March 2025; his specific 2025 metrics/payouts are not disclosed .
Equity Ownership & Alignment
| Policy/Guideline | Detail |
|---|---|
| Executive stock ownership guideline | 2x base salary; five years to comply; retain 100% of net shares from RS/RSU settlements until compliant |
| Hedging/short sales | Prohibited for all officers/directors/employees |
| Pledging | Prohibited for officers/directors; Board may approve exception only for 10%+ holders demonstrating repayment capacity; not applicable to executives |
| Beneficial ownership (Cox) | Not disclosed as of record date April 14, 2025 in the proxy’s ownership table (table lists NEOs/directors and ≥5% holders) |
Program evolution and dilution governance:
- 2024 Omnibus Incentive Plan approved by Board (shareholder approval sought) with 2,750,000 new shares plus carryover; burn rate ~0.4% (3-year avg); overhang assumptions detailed; no repricing, no liberal share recycling, no dividends on unvested awards, no excise tax gross‑ups; awards subject to clawback .
Employment Terms
- Appointment: Interim CFO and Principal Accounting Officer effective March 17, 2025 .
- Related party and family ties: None; no related-party transactions and no family relationships with directors/executives disclosed .
- Appointment arrangements: “No other arrangements or understandings” pursuant to which Cox was appointed Interim CFO .
- Company-wide executive employment frameworks (reference for NEOs): 12‑month post‑termination non‑compete and non‑solicit; clawback of bonus/equity upon restatements; change-of-control severance enhancements apply to certain NEOs (e.g., CFO 2024 received +$250k in CIC scenario); no gross‑up for most NEOs; “best net” approach for CEO only .
Investment Implications
- Depth and domain expertise: Cox brings strong operational finance experience from leading homebuilders (Lennar, Richmond American) and has already executed initiatives (mortgage launch, title oversight) that can deepen GRBK’s vertical integration and margin resilience .
- Compensation alignment and potential retention risk: Executive pay programs emphasize performance-linked cash/equity with robust stock ownership requirements, hedging/pledging prohibitions, and clawbacks—supporting alignment but leaving limited disclosure specific to Cox’s 2025 package (monitor future proxy/8‑Ks for his employment agreement and any LTIP awards) .
- Performance signal: 2024 AIP achieved maximum outcomes across EPS, peer-relative metrics and TSR, underpinning strong payout culture tied to delivery; sustainable continuation depends on maintaining gross margins and ROA amid cycle shifts .
- Governance backdrop: Say-on-pay support was 98% at the 2023 meeting and compensation consultants Pearl Meyer and FW Cook were engaged in 2024 to refine peer benchmarking and LTIP design—indicative of disciplined compensation oversight .
Watch items: any Form 4 filings for Cox (ownership changes), 2025–2026 proxy disclosures on his base/bonus/LTIP terms, and potential adoption of performance-based RSUs under the 2024 Plan for finance leadership .