Jeannette Osterhout
OneMain HoldingsAbout Jeannette Osterhout
Jeannette E. Osterhout is Executive Vice President and Chief Financial Officer (CFO) of OneMain Holdings, Inc., serving as CFO since March 2024; she joined OneMain in January 2020 and previously served as Chief Administrative Officer (Jan–Nov 2020) and Chief Strategy Officer (Nov 2020–Mar 2024). She is 43 and also serves as Director, President, and CEO of subsidiary OneMain Finance Corporation (OMFC) . Prior roles include CFO for BNY Mellon’s Investment Management Group and Head of Corporate Development (Dec 2014–Jan 2020), and consultant at McKinsey (Aug 2008–Dec 2014) . Company performance in 2024 included $509 million net income, $685 million capital generated, and 11% managed receivables growth; over the last three years, OneMain outperformed the NYSE Composite, NYSE Financial Sector, and 2024 peer group, with a $100 initial investment growing to $228.93 by 2024 and TSR up 129% from 2020–2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OneMain Holdings, Inc. | CFO | Mar 2024–present | Oversees finance, capital markets, and reporting; led 2024 program aligning incentives with Capital Generation, cost discipline, and new products |
| OneMain Holdings, Inc. | Chief Strategy Officer | Nov 2020–Mar 2024 | Drove strategy in new products/channels, analytics, and funding/investor strategy |
| OneMain Holdings, Inc. | Chief Administrative Officer | Jan 2020–Nov 2020 | Led administrative functions; positioned for subsequent strategy leadership |
| BNY Mellon | CFO, Investment Management Group; Head of Corporate Development | Dec 2014–Jan 2020 | Finance leadership and corporate development for a global IM franchise |
| McKinsey & Company | Consultant (financial services practice) | Aug 2008–Dec 2014 | Advised top financial institutions; data/analytics focus |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OneMain Finance Corporation (OMFC) | Director, President & CEO | Current | Executive leadership of lending subsidiary |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $600,000 | No change vs 2023 |
| Target Annual Cash Incentive | $760,000 | Established early 2024 |
| Actual Annual Cash Incentive Paid | $979,640 | Reflects 129% payout for 2024 |
| All Other Compensation | $395,551 dividend equivalents; no 401(k) match | Dividend equivalents $395,551; 401(k) match N/A for Osterhout in 2024 |
Performance Compensation
Annual Incentive Design and 2024 Outcomes
| Metric | Weight | 2024 Target (range) | 2024 Result | Achievement |
|---|---|---|---|---|
| Capital Generation (non-GAAP) | 50% | $630–$770mm | $685mm | 100% |
| C&I Operating Expenses (non-GAAP) | 10% | $1,577–$1,501mm | $1,554mm | 100% |
| New Products/Channels | 10% | $1,238–$1,513mm | $1,727mm | 150% |
| Financial Subtotal | 70% | 100% | 107% | 75% (weighted) |
| Qualitative Strategic Factors | 30% | 100% | 180% (Ms. Osterhout) | 54% (weighted) |
| Total Payout | — | — | — | 129% |
2024 qualitative focus: production/credit management, operating expense reductions, disciplined investment in new products, analytics/data/cloud, employer-of-choice reputation, and funding/investor strategy .
Long-Term Incentives (granted 2024)
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value | Vesting/Performance |
|---|---|---|---|---|
| RSUs | Feb 14, 2024 | 15,562 units | $725,812 | 1/3 vested Feb 20, 2025; 1/3 vests Feb 20, 2026; 1/3 vests Feb 19, 2027 (continued service) |
| PSUs | Feb 14, 2024 | Threshold 7,781; Target 15,562; Max 37,349 | $773,120 (target); Max fair value $1,855,488 | 3-year performance: 2024 Capital Generation (34%), 2025 Capital Generation Growth (33%), 2026 Capital Generation Growth (33%); TSR modifier ±20% vs peer group |
2022 PSU cycle paid $0 to NEOs after thresholds were not met (Cumulative 3-year Capital Generation ≈ $2.5bn; 3-year avg Capital Generation ROR 4.2%) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Mar 31, 2025) | 19,800 shares of common stock |
| Unvested RSUs (12/31/2024) | 46,707 units; scheduled vestings: 16,511 vested Feb 2025; 12,500 vest Aug 2025; 12,508 vest Feb 2026; 5,188 vest Feb 2027 |
| Unvested PSUs (12/31/2024) | 68,763 units: 10,982 vest 1Q26; 7,781 vest 1Q27; 50,000 retention PSUs vest no later than Sep 2028, all subject to performance |
| Ownership Guidelines | Executives must hold ≥3x base salary; all executive officers have achieved required levels |
| Hedging/Pledging | Prohibited for Section 16 reporting persons; no margining or pledging allowed |
| Insider Trading Windows | Pre-clearance required; 10b5-1 administration procedures in policy |
Employment Terms
| Provision | Terms |
|---|---|
| Executive Severance Plan | If terminated without cause (or for good reason within 12 months post-change-in-control): 12 months base salary continuation and lump-sum COBRA premiums (Osterhout: $28,048) |
| Equity Acceleration (change-in-control double trigger) | RSUs: all unvested vest upon termination without cause or resignation for good reason within 12 months post-change-in-control (Osterhout: 46,707 RSUs; $2,434,836 as of 12/31/2024) ; PSUs: vest at target upon qualifying termination within 12 months post-change-in-control (Osterhout: 97,571 shares; $5,086,376 as of 12/31/2024) |
| Restrictive Covenants | Non-competition, non-solicitation, non-disclosure obligations tied to severance agreements |
| Clawback | 3-year lookback on incentive-based compensation upon accounting restatement, regardless of fault |
| Tax Gross-ups | No excise tax gross-ups; dividend equivalents not paid on unvested PSUs from 2023 onward |
Compensation Structure Notes
- 2024 target total direct compensation for Osterhout: Base $600,000; Cash incentive $760,000; RSU target $700,000; PSU target $700,000 (total $2,760,000) .
- The program emphasizes pay-for-performance, with 70% of annual incentive tied to financial metrics (Capital Generation, operating expenses, new products/channels) and 30% qualitative factors; PSUs align with multi-year Capital Generation and Relative TSR .
- 2025 compensation peer group was updated to reflect size/industry alignment, adding Ally Financial, Global Payments, PROG Holdings, Rocket Companies, SoFi Technologies, and Toast .
Say-on-Pay & Governance Signals
- 2023 advisory vote on executive compensation received ~95% approval; program refined and communicated through investor engagement .
- Insider Trading Policy prohibits hedging, pledging, margining; strong ownership guidelines and clawback reinforce alignment .
Investment Implications
- Incentive alignment: Osterhout’s 2024 annual incentive paid at 129% of target on balanced financial and strategic goals; PSUs hinge on sustained Capital Generation growth and Relative TSR, with prior 2022 PSU cycle paying $0—indicating robust performance hurdles and reduced windfall risk .
- Potential selling pressure: Upcoming scheduled RSU vesting events in Aug 2025, Feb 2026, and Feb 2027, plus PSU settlements in 1Q26 and 1Q27, may coincide with customary tax sales or 10b5-1 executions; dividend equivalents also represent cash flows on outstanding RSUs/legacy PSUs .
- Retention risk: Severance economics for Osterhout are modest (12 months base plus COBRA) compared to CEO terms; equity accelerates only on double trigger, mitigating opportunistic departure incentives while protecting against adverse CIC outcomes .
- Alignment safeguards: Ownership guidelines achieved, hedging/pledging prohibited, and a three-year clawback enhance shareholder alignment; strong say-on-pay support and refreshed peer benchmarking reduce pay inflation risks .