John Erickson
NMI HoldingsAbout John C. Erickson
John C. Erickson, age 63, is an independent director of NMI Holdings (NMIH) who joined the Board in September 2023; he serves on the Audit and Risk Committees and brings over four decades of financial services experience, including senior risk and corporate banking leadership at Union Bank, N.A. . He holds a bachelor’s degree with an emphasis in economics and an MBA in finance from the University of Southern California, and is designated as an Audit Committee financial expert through his committee service at NMIH .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Union Bank, N.A. | Vice Chairman; Chief Risk Officer; Chief Corporate Banking Officer | 2007–2014 | Enterprise risk leadership; corporate banking oversight |
| CIT Group, Inc. | President, Consumer Banking; President, California | 2016 | Consumer banking operations and market leadership |
| Zions Bancorporation NA | Director | 2014–2016 | Chair, Risk Oversight Committee; Audit Committee member |
| Luther Burbank Corp. | Director | 2017–Feb 2024 | Audit & Risk Committee; Compensation Committee |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bank of Hawaii Corp. (NYSE: BOH) | Director; Chair, Audit Committee; Member, Risk Management Committee | Since 2019 | Audit leadership; risk oversight in regional banking |
Board Governance
- Independence: Erickson is affirmatively determined independent under NASDAQ/SEC standards; seven of nine current nominees are independent .
- Attendance: Company policy requires ≥75% attendance; all directors met policy in 2024; the Board met eight times, with strong attendance across Board and committees .
- Executive sessions: Independent directors meet in executive session at least twice annually under Corporate Governance Guidelines .
| Committee | Role | 2024 Meetings | Notable Attributes |
|---|---|---|---|
| Audit Committee | Member | 8 | All members (incl. Erickson) qualify as “audit committee financial experts” |
| Risk Committee | Member | 4 | Oversight of mortgage insurance risk, portfolio, ERM, market environment |
Fixed Compensation
| Year | Cash Retainer ($) | Committee Chair Fees ($) | Lead Independent Director Fee ($) | Meeting Fees ($) |
|---|---|---|---|---|
| 2024 | 110,000 | 0 (not a chair) | 0 (not LID) | 0 (no meeting fees policy) |
- Director compensation is set by independent directors with input from Semler Brossy (Compensation Consultant), emphasizing cash retainer plus equity .
Performance Compensation
| Year | RSU Annual Retainer – Grant Date Fair Value ($) | Annual RSU Vesting | Sign-on RSU Award (Value Basis) | Sign-on RSU Vesting | Unvested RSUs (12/31/2024) | RSUs Expected to Vest ≤60 Days of 3/11/2025 |
|---|---|---|---|---|---|---|
| 2024 | 139,978 | Vests at first anniversary | Equal to annual RSU retainer | 50% at 2nd and 3rd anniversaries | 9,146 (incl. 2023 sign-on) | 4,166 |
- Equity for non-employee directors is service-based RSUs (no performance metrics); no stock options, and sign-on RSUs are intended to strengthen long-term alignment .
Other Directorships & Interlocks
| Company | Exchange | Role | Committee Roles |
|---|---|---|---|
| Bank of Hawaii Corp. | NYSE: BOH | Director | Audit Chair; Risk Management Committee |
| Luther Burbank Corp. | — | Former Director | Audit & Risk; Compensation (ended Feb 2024) |
| Zions Bancorporation NA | — | Former Director | Chair Risk Oversight; Audit Member |
- NMIH discloses no related-party transactions over $120,000 in 2024 involving directors or immediate family members, mitigating interlock/conflict concerns .
Expertise & Qualifications
- Financial services, risk management, corporate banking, and enterprise risk leadership from senior roles at Union Bank; multi-bank board risk oversight experience (Zions, BOH) .
- Public company reporting and audit oversight expertise; designated as Audit Committee financial expert at NMIH .
- Education: BA (economics emphasis) and MBA (finance emphasis), University of Southern California .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Direct Shares | RSUs Vesting ≤60 Days | Basis of Outstanding Shares |
|---|---|---|---|---|---|
| John C. Erickson | 12,881 | <1% | 8,715 | 4,166 | 78,238,719 shares outstanding (as of 3/11/2025) |
- Director Stock Ownership Guideline: 5.0x annual cash retainer; must hold 50% of shares delivered until threshold met .
- Compliance status: All directors met the guideline as of 12/31/2024 except Erickson (new in Sept 2023); he has until Sept 2028 to comply .
- Pledging/hedging disclosures: Not specified for Erickson; no related-party transactions over threshold in 2024 .
Governance Assessment
- Board effectiveness: Erickson’s dual membership on Audit and Risk aligns with his deep bank risk and audit leadership background; Audit Committee designates all members as financial experts, supporting high-quality oversight of reporting, controls, and cybersecurity .
- Independence and engagement: Independent status affirmed; company reports strong Board/committee attendance and adherence to ≥75% policy in 2024, signaling engagement and capacity to serve despite external commitments .
- Alignment and incentives: Director pay mix emphasizes equity via RSUs (annual and sign-on), with no meeting fees and no options, supporting long-term alignment; Erickson’s sign-on RSUs add retention and continuity incentives as a newer director .
- Conflicts/related parties: No related-party transactions over $120,000 in 2024; governance guidelines require notice and review for new external boards or changes in activity, mitigating conflict risks and overboarding concerns .
- RED FLAG watch: Ownership guideline not yet met (permitted timeline through Sept 2028 due to 2023 start), which is normal for new directors but should be monitored for timely progression; otherwise no disclosed pledging/hedging, gross-ups, or related-party exposures .