Trey Sarten
About Trey Sarten
Trey Sarten served on Anywhere Real Estate’s executive committee as Senior Vice President, Communications & Corporate Affairs; he was later Chief Communications Officer and Head of Public Affairs until exiting the role in March 2025 to relocate abroad, and was succeeded by Barri Rafferty in June 2025 . He led enterprise-wide communications initiatives including “The Anywhere Way” values update and earned industry recognition (RISMedia Real Estate Newsmaker 2025) . Company performance context during his tenure: 2024 revenue was $5.7B, Operating EBITDA $290M (+14% YoY), and cost savings ~$125M; 2022–2024 PSU cycles paid 0% on rTSR and CFCF, underscoring industry headwinds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Anywhere Real Estate Inc. (NYSE: HOUS) | Chief Communications Officer & Head of Public Affairs; Executive Committee member | 2024–Mar 2025 | Led enterprise communications, refreshed “Anywhere Way” values; stewarded brand through industry change; exited March 2025; role transitioned to Barri Rafferty June 2025 |
| Realogy (pre-Anywhere rebrand) | VP/SVP Communications | ≥2019–2022 (indicative) | Corporate communications leadership; public spokesperson on strategic brand actions (e.g., Climb) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Suite Success Podcast (appearance) | Guest speaker on comms/crisis/brands | 2024–2025 (appearance) | Amplified perspectives on communications practice and brand stewardship |
Fixed Compensation
Not individually disclosed for Sarten in the proxy (he is not a Named Executive Officer). Company-level design for executive officers: annual cash incentive under Executive Incentive Plan (EIP), funded substantially on financial objectives; strategic objectives supplement plan; no significant executive perquisites .
Performance Compensation
Company executive LTI design (applies to executive officer members of the Executive Committee, including the communications function):
| Component | Metric | Weighting/Target | Payout Mechanics | Vesting |
|---|---|---|---|---|
| PSUs (2024–2026 award framework) | Free Cash Flow goals (three annually-established goals) with rTSR modifier vs compensation peer group (direct real estate competitors weighted 2x) | Three equally weighted annual FCF goals; rTSR modifier applied at end of three-year cycle | Earned on average FCF achievement; modified up/down by rTSR vs peer group; prior cycle (2022–2024) paid 0% (rTSR and CFCF below threshold) | Three-year performance cycle; settled at cycle end |
| RSUs | Time-based | NEO mix example: 40% of equity in RSUs (CEO illustration; other NEOs 60% RSUs/40% PSUs) | Fixed number of units; no performance condition | Typically vests in equal installments over three years from grant date |
Peer group used for compensation benchmarking and rTSR comparisons includes Redfin, Zillow, eXp, Opendoor, Compass, and housing-influenced companies (homebuilders, title, etc.) with direct real estate peers weighted twice for rTSR .
Equity Ownership & Alignment
| Policy/Metric | Requirement/Status | Notes |
|---|---|---|
| Executive Stock Ownership Guidelines | Executive officers on the Executive Committee must own shares equal to 3x base salary; CEO 6x | Unvested RSUs count; options and unearned PSUs do not; 5-year compliance window; retention requirements if below target |
| Hedging/Pledging | Prohibited for all Directors, executive officers, and employees | Embedded in insider trading policy; no waivers |
| Clawback | Company maintains clawback for cash and equity; may recoup proceeds if specified misconduct/conditions occur | Clawback applies; 2018 LTIP prohibits dividends on unearned awards; minimum 12-month vesting for equity |
Beneficial ownership by Sarten is not disclosed in the 2025 proxy’s ownership table (covers NEOs, Directors, and specified groups), and no pledging/hedging by executives is permitted .
Employment Terms
Company frameworks (specific individual terms for Sarten are not disclosed; below reflects NEO plan terms and equity plan governance):
- Executive Severance & CIC Plans (NEOs): 1.0x salary+target bonus upon qualifying termination (without cause/for good reason); 2.0x upon qualifying termination within 24 months post-change-in-control; pro-rata annual incentive; benefits continuation; outplacement; double-trigger equity treatment; no excise tax gross-ups .
- Equity plan governance: no option repricing; minimum 12-month vesting; no single-trigger acceleration unless awards not assumed; clawback; no evergreen; director award caps .
Company Performance Context (during Sarten’s communications leadership window)
| Metric | FY 2024 |
|---|---|
| Revenues ($USD Billions) | $5.7 |
| Operating EBITDA ($USD Millions) | $290 (+~14% YoY from $255) |
| Free Cash Flow ($USD Millions) | $50 (or $70 before $20M litigation payment) |
| Annual EIP Goal Achievement (Company-level) | Plan Operating EBITDA achieved at 122%; Strategic Objectives at 100% |
| 2022–2024 PSU Cycle Outcomes | rTSR: 0%; CFCF: 0% (no payout) |
Additional Background and Qualifications
- Executive Committee role: SVP, Communications & Corporate Affairs; responsible for corporate affairs and communications at enterprise scale .
- Industry recognition and initiatives: Led “Anywhere Way” values refresh; quoted as CCO on culture and purpose update; RISMedia Trailblazer profile (2025 Real Estate Newsmaker) .
- Role transition: Anywhere appointed Barri Rafferty CCO & Head of Public Affairs (June 23, 2025) after Sarten’s March 2025 exit .
- Prior communications leadership at Realogy; active spokesperson on brand portfolio decisions .
- Public profiles referencing education: University of Tennessee–Knoxville (LinkedIn aggregation site; verify against primary sources before use) .
Investment Implications
- Alignment signals: Executive stock ownership guidelines (3x salary), strict anti-hedging/pledging, and robust clawback framework suggest structured alignment; however individual ownership for Sarten is not disclosed, limiting “skin-in-the-game” assessment .
- Incentive risk/pressure: Company-wide PSUs tied to multi-year FCF with rTSR modifier have delivered zero payouts for 2022–2024, reducing realized equity value and potentially diminishing retention value for non-NEOs; 2024–2026 cycle is tracking above target on FCF, but payout remains contingent and long-dated .
- Transition risk: The March 2025 exit from the CCO role and June 2025 appointment of Rafferty reflects leadership transition in communications during a merger environment (Compass agreement exhibits), which can create near-term messaging/strategy continuity risks, but also an opportunity to reset investor narrative under seasoned external leadership .
- Trading signals: No Form 4 or insider selling disclosures are available via the provided documents for Sarten; with hedging/pledging prohibitions, insider pressure from pledge-related calls is unlikely; monitor future filings for any role or holdings updates .