Francois Grunenwald
About Francois Grunenwald
Francois Grunenwald is Senior Vice President and Chief Accounting Officer at Onity Group Inc. (ONIT), serving since August 2019; he is 54 years old, a Certified Public Accountant, and holds a Master’s in Finance and Banking from the University of Paris II Panthéon-Assas . Company performance metrics driving executive pay include GAAP net income ($33M), diluted EPS ($4.13), and ROE (8%) for 2024, with long-term equity tied to relative total shareholder return (TSR) versus a defined peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Onity Group Inc. | SVP & Chief Accounting Officer | 2019–present | Leads accounting and financial reporting; executive officer oversight |
| PricewaterhouseCoopers | Partner (Financial Services) | ~2007–2019 | Advised financial services clients; senior leadership role |
| PricewaterhouseCoopers | Various accounting/advisory roles | 1996–2007 | Progressive responsibilities in financial advisory |
External Roles
No public company directorships or external board roles are disclosed for Grunenwald in Onity filings .
Fixed Compensation
| Component | Amount/Terms | Effective Date | Source |
|---|---|---|---|
| Base Salary | $410,000 | Aug 12, 2019 | |
| Target Annual Cash Incentive | $230,000 (discretionary based on individual and company performance) | Aug 12, 2019 | |
| Sign-on Bonus | $100,000 (repayable if resignation within 12 months) | Aug 12, 2019 | |
| Additional Bonus | $75,000 at completion of first year | Aug 12, 2019 | |
| Initial LTIP Target Award | $150,000 (subject to Compensation Committee approval in 2020) | 2020 | |
| Relocation | Eligible for reimbursement of certain expenses | 2019 |
Note: Current base salary/bonus targets are not itemized in the 2025 proxy because Grunenwald is not a Named Executive Officer (NEO) .
Performance Compensation
| Award/Metric | Grant/Period | Target | Actual | Payout/Terms | Vesting | Source |
|---|---|---|---|---|---|---|
| RSU grant | 3,532 RSUs granted | 3 equal annual tranches | — | Cash-settled upon vest | Vests ~1,177 per year on/around Apr 3, 2024–2026 | |
| RSU vesting (cash settlement) | Apr 3, 2025 | — | 1,177 RSUs vested | Settled in cash per award terms | 3-year schedule | |
| PRSU (TSR-based) | Award measured Mar 2, 2024 | 100% at 50th percentile TSR | 109% of target | Above-target payout | Cliff vest at end of 3-year period; company program standard | |
| LTIP structure | Annual LTIP awards | 50% time-vested RSUs; 50% PRSUs tied to TSR | — | PRSUs payout based on TSR vs peer group; RSUs time vest | RSUs over 3 years; PRSUs 3-year cliff | |
| TSR program outcomes (illustrative) | 2021 PRSU final | 100% | 109.1% | Above-target | Per program | |
| TSR program outcomes (illustrative) | 2024 PRSU Period 1 | 100% | 150.8% | Above-target for first measurement period | Per program |
AIP (Annual Incentive Plan) metrics and weightings that apply to executive officers (including CAO) are shown below; awards are funded by corporate scorecard and adjusted for service excellence and net income modifiers :
| AIP Metric | Weight | Threshold | Target | Maximum | 2024 Performance | Achievement | Weighted Achievement | Source |
|---|---|---|---|---|---|---|---|---|
| GAAP Net Income ($M) | 25% | -11.8 | 1.7 | 11.7 | 33.4 | 150% | 38% | |
| Adjusted Pre-Tax ROE | 25% | 8.5% | 11.6% | 13.7% | 20% | 150% | 38% | |
| Servicing Efficiency Ratio | 8% | 32.4% | 30.8% | 29.3% | 28.9% | 150% | 12% | |
| Originations Efficiency Ratio | 2% | 72.8% | 69.3% | 65.8% | 57.4% | 150% | 3% | |
| Corporate Functions Adjusted OpEx ($M) | 5% | 136 | 130 | 124 | 134 | 67% | 3% | |
| Gross Recapture Rate | 6.5% | 4.0% | 5.6% | 8.0% | 8.0% | 150% | 10% | |
| Originations Cash Yield | 6.5% | 0.00% | 0.27% | 0.53% | 0.68% | 150% | 10% | |
| MSR Growth (UPB $B) | 4% | 22.1 | 24.5 | 26.9 | 40.6 | 150% | 6% | |
| Subservicing Growth (UPB $B) | 4% | 54.9 | 68.7 | 82.4 | 44.9 | —% | —% | |
| Servicing EoY Total UPB ($B) | 4% | 297.8 | 315.5 | 332.5 | 301.7 | 61% | 2% | |
| Employee Engagement | 5% | -12 | +/-8 | 12 | 1.0 | 100% | 5% | |
| Equal Opportunity & Inclusion | 5% | 80% | 90% | 100% | 100% | 150% | 8% | |
| Corporate Scorecard Total | 100% | — | — | — | — | — | 134% | |
| Service Excellence Modifier | — | 80% | 100% | 120% | — | — | 107% | |
| Total Funding Result | — | — | — | — | — | — | 143% |
Equity Ownership & Alignment
- Beneficial ownership: The proxy aggregates 27,037 shares held by certain executive officers including Grunenwald (not NEO), but does not break out his individual holding . No shares have been pledged by named executive officers or directors, and company policy prohibits pledging and hedging .
- Stock ownership guidelines: Executives do not have formal ownership requirements (CEO is covered as a director), but all executive equity awards granted on/after Mar 31, 2022 have a one-year holding requirement on shares acquired upon vesting; philosophy emphasizes equity ownership to align interests .
- RSU/PRSU positions and vesting events are current via Form 4s: 3,532 RSUs granted Apr 3, 2023 (three equal annual vesting tranches); 1,177 RSUs vested and cash-settled Apr 3, 2025; PRSU payout at 109% of target on Mar 2, 2024 .
Employment Terms
- Employment: At-will; Company does not maintain fixed-term employment agreements for executive officers; no tax gross-ups (other than relocation); no option back-dating/repricing; hedging and pledging prohibited .
- Clawback: Incentive compensation clawback compliant with SEC/Dodd-Frank adopted Nov 10, 2023; additive to plan-level recoupment rights .
- Restrictive covenants: NEOs execute IP and non-disclosure agreements; non-compete/non-solicit can apply in separation agreements and select awards; executives’ equity award post-retirement vesting/exercises may be conditioned on covenant compliance .
- Change-in-control economics: RSUs/PRSUs feature double-trigger accelerated vesting (requires change in control plus termination without cause or resignation for good reason); options generally vest upon change in control; RSUs/PRSUs pro-rata vest upon death/disability; unvested units are forfeited upon voluntary resignation (without good reason) .
- Insider trading policy: Prohibits short sales, margin accounts, pledging, puts/calls, and hedging transactions in Company stock for all directors, officers, and employees .
Investment Implications
- Compensation alignment: TSR-based PRSUs with peer-relative measurement and above-target outcomes (e.g., 109% payout in 2024 measurement; strong interim TSR results in 2024) support pay-for-performance and equity-linked alignment for senior finance leadership, including the CAO .
- Insider selling pressure: RSUs vesting under a three-year schedule with cash settlement reduces immediate incremental share issuance and may limit open-market sales; recent Form 4s indicate cash settlement rather than stock sale transactions (Apr 3, 2025) .
- Retention risk: Double-trigger vesting and one-year post-vest holding requirements enhance retention and governance; no fixed-term employment and clawback provisions temper risks of misalignment .
- Governance red flags: Company-wide prohibitions on pledging/hedging and absence of tax gross-ups are shareholder-friendly; 2024 Say-on-Pay passed with 86.5% support, indicating investor acceptance of pay design .
Sources and Additional Notes
- Executive biography and role, age, and officer roster .
- 2019 offer letter terms (Ocwen; predecessor to Onity) .
- AIP scorecard, metrics, and 2024 funding results .
- LTIP/PRSU structure and TSR results .
- Clawback policy and restrictive covenant framework .
- Insider trading and anti-pledging/hedging policy .
- Beneficial ownership (aggregate disclosure for non-NEO executives including Grunenwald) .
- Say-on-Pay 2024 outcome .
- Form 4 filings (ownership and transactions) .