David Hayes
loanDepotAbout David Hayes
David Hayes is Chief Financial Officer of loanDepot, Inc. (LDI) since 2023; age 50 in 2025. He oversees accounting, treasury, tax, corporate finance, investor and lender relations, as well as vendor management and corporate real estate. He previously spent 13 years in senior finance roles at CoreLogic, including Executive, Finance and Treasurer (2018–2023). Education: B.S. Finance, Santa Clara University; MBA in Corporate Finance, USC Marshall School of Business . Company performance during his tenure: LDI achieved a quarter of positive adjusted net income in Q3 2024, triggering PSU vesting, while 2024 FY net loss was $202.2M and TSR value of initial $100 investment stood at $43.34; in Q2 2025 adjusted EBITDA rose to $26M with unrestricted cash increasing to $409M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CoreLogic, Inc. | Executive, Finance & Treasurer | 2018–2023 | Led budgeting/forecasting, strategic planning, M&A, pricing/capex; managed liquidity, cash flow, debt/capital markets, hedging, banking, insurance |
| CoreLogic, Inc. | Senior finance leadership roles | ~2010–2018 | Supported enterprise finance functions, capital allocation, and financial operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ComplianceEase | Director | 2014–2020 | Governance oversight at mortgage compliance software provider |
| Symbility Solutions Ltd. | Director | 2006–2018 | Board leadership at insurtech platform, aiding strategic direction |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Target Bonus % of Salary | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 500,000 | 700,000 | 140% | 550,000 (79% of target) | 2024 bonuses discretionary; plan funded at 65% with differentiated outcomes |
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 PSU | One quarter of positive adjusted net income | 50% of 2024 equity grant mix for NEOs | Achieve one profitable adjusted net income quarter | Achieved in Q3 2024 (certified Nov 2024) | Target amount earned | 1/3 vested upon certification; remaining 1/3 on 4/15/2026 and 1/3 on 4/15/2027 |
| 2024 Annual Bonus | Company performance across Growth, Operational Excellence, Financial/Governance | Not fixed; budget-limited | Committee assessment of categories (no numeric targets) | Committee funded plan at 65% of target | Hayes paid 79% of target ($550k on $700k target) | Cash, paid for 2024 |
Equity Ownership & Alignment
| Item | Detail | Amount/Description |
|---|---|---|
| Beneficial Ownership | Class A shares beneficially owned | 485,250; less than 1% of Class A |
| RSUs vesting within 60 days (Record Date) | Shares issuable upon vesting | 117,021 |
| Options (Exercisable) | Shares exercisable within 60 days | 125,000 |
| Options (Unexercisable) | Unexercised/unvested | 125,000 |
| Anti-hedging/pledging | Policy status | Hedging and pledging prohibited; no margin accounts |
Outstanding Awards and Vesting Schedules (as of 12/31/2024)
| Award Type | Grant/Tranche | Shares/Units (#) | Fair/Market Value ($) | Strike | Expiration | Vesting Schedule |
|---|---|---|---|---|---|---|
| NQSOs | 12/2022 | 125,000 (exercisable) | — | 2.12 | 7/3/2028 | Vested; exercisable |
| NQSOs | 12/2022 | 125,000 (unexercisable) | — | 2.12 | 7/3/2028 | As per grant; options exercise window extended upon qualifying termination |
| RSUs | 7/2023 | 194,575 | 396,933 | — | — | Vest in equal installments on 7/19/2025 and 7/19/2026 |
| RSUs | 3/2024 | 200,000 | 408,000 | — | — | As granted 3/15/2024; time-based vesting |
| RSUs | 4/2024 | 351,063 | 716,169 | — | — | Vest 4/15/2025, 4/15/2026, 4/15/2027 |
| PSUs | 4/2024 (Target Earned) | 234,042 | 477,446 | — | — | Performance achieved Q3 2024; 1/3 immediate; 4/15/2026 & 4/15/2027 |
Award sizes by intended grant value in 2024: RSUs $1,253,000 and PSUs $825,000 (total $2,078,000) calibrated to $2.14/$2.35 grant-date prices; PSUs assume target achievement .
Employment Terms
| Term | David Hayes |
|---|---|
| Agreement | Initial 3-year term; auto-renews 1-year unless 60-day notice; at-will employment |
| Base Salary | $500,000 |
| Target Bonus | 140% of base ($700,000); maximum up to 200% of target; guaranteed minimum $350,000 for 2023 |
| Benefits | Standard executive benefits; equity eligibility |
| Severance (No CIC) | 12 months base salary lump sum; pro-rata bonus based on actual performance; up to 12 months healthcare premium reimbursement; acceleration of performance-based equity based on actual performance through termination (+30-day window); vested options exercisable up to one year (or earlier expiry) |
| Severance (CIC Window: -3 to +12 months) | 2.0x base + target bonus lump sum; up to 18 months healthcare; immediate vesting of unvested equity; performance awards deemed earned at greater of target or actual |
| 280G Cutback | Best-net approach to avoid excise tax; full or reduced to maximize net after-tax |
| Clawback | NYSE 303A.14/Rule 10D-1 compliant; recoup excess incentive comp for 3 fiscal years prior to restatement; SOX 304 reimbursement for CEO/CFO in misconduct-related restatements |
| Insider Trading Policy | Prohibits hedging, short sales, public options; bans pledging/margin accounts |
Performance & Track Record
- Key achievements: Company achieved positive adjusted net income in Q3 2024, triggering full satisfaction of 2024 PSUs; one-third vested immediately with multi-year tail vesting, evidencing operational progress under Hayes’s finance leadership .
- 2024/2025 performance snapshot:
- 2024 FY Net Loss: $(202,150,970) .
- TSR (value of initial $100 investment): 2022 $35.06; 2023 $74.79; 2024 $43.34 (IPO base Feb 11, 2021) .
- Q2 2025: Revenue $283M; adjusted revenue $292M; adjusted EBITDA $26M; net loss $(25)M; cash $409M; CFO commentary highlighted productivity and expense control .
Compensation Structure Analysis
- Mix shift: 2024 adopted annual grants with 50% RSUs / 50% PSUs for NEOs; PSUs tied to profitability (adjusted net income), balancing retention (RSUs) and performance at-risk equity (PSUs) .
- Cash vs equity: 2024 total for Hayes $3.14M (salary $500k, bonus $550k, stock awards $2.078M), signaling high variable alignment to performance .
- Bonus discretion: 2024 bonuses evaluated across Growth, Operational Excellence, Financial/Governance with plan funded at 65% of target, but differentiated individual outcomes (Hayes at 79%) .
- Option usage: No new options in 2024; Hayes holds 2022 NQSOs with mid-$2 strikes expiring 2028, creating potential long-dated alignment and optionality .
Vesting Schedules and Insider Selling Pressure
- Near-term supply overhang:
- 4/15/2025: RSU tranche vests (Hayes 4/2024 RSUs) .
- 7/19/2025 & 7/19/2026: 7/2023 RSU tranches vest .
- PSU tails: 4/15/2026 and 4/15/2027 for 2024 PSUs .
- Pledging/Hedging risk: Mitigated by company policy banning pledging and hedging; margin accounts prohibited .
- Form 4 activity: Not analyzed here; beneficial ownership and outstanding awards indicate potential periodic vest-driven selling windows rather than option-exercise pressure (options expiring 2028) .
Equity Ownership & Alignment Details
| Item | Shares/Units | % of Class | Notes |
|---|---|---|---|
| Class A Beneficial Ownership | 485,250 | <1% | As of record date; includes direct/indirect holdings |
| RSUs Vesting within 60 Days | 117,021 | — | As of record date; near-term issuable |
| Options (Exercisable within 60 Days) | 125,000 | — | As of record date; strike $2.12 |
| Total Equity Awards under 2021 Plan to Date | RSUs 1,542,403; PSUs 1,342,402; NQSOs 250,000 | — | Aggregate awards outstanding/issued as of record date |
| Ownership Policies | — | — | Anti-hedging/pledging; Insider Trading Policy filed with 2024 10-K |
Performance Compensation—Granular Award Data
| Year | Grant Type | Grant Date | Grant Value ($) | Share Price Basis | Notes |
|---|---|---|---|---|---|
| 2024 | RSUs | 4/15/2024 | 1,253,000 | $2.35 close | Vests ratably over 3 years |
| 2024 | PSUs (Target) | 4/15/2024 | 825,000 | $2.35 close | Metric: one profitable adjusted net income quarter; earned in Q3 2024; 1/3 immediate vest, tails 2026/2027 |
| 2024 | RSUs | 3/15/2024 | Included above | $2.14 close | Annual program shift; RSUs/PSUs mix |
Investment Implications
- Pay-for-performance alignment: Hayes’s 2024 equity split embeds at-risk PSUs tied to profitability with multi-year service tails, aligning incentives to sustained earnings recovery and shareholder outcomes. 2024 bonus determination within budget and category-based assessment limits windfalls in weak markets while rewarding execution (79% of target) .
- Retention risk: Auto-renew employment term with robust severance and CIC protections, PSU acceleration mechanics (greater of target/actual under CIC) and multi-year RSU/PSU vesting likely support retention; option expiries are long-dated (2028) .
- Trading signals: Vesting calendars (April and July tranches; PSU tails in 2026/2027) imply periodic supply from RSU settlement; pledging/hedging prohibitions dampen leverage-related forced selling risk .
- Execution risk: Despite operational progress (Q3 2024 profitability, Q2 2025 improved adjusted EBITDA/cash), full-year losses and volatile TSR highlight continued macro sensitivity to origination volumes; equity-heavy comp maintains focus on profitability milestones and margin expansion .
Additional governance and related disclosures (ownership table, clawback) further reduce misalignment and enhance recoverability in restatement scenarios .