Abbie Tidmore - Senior Managing Director and Chief Revenue Officer | PennyMac Financial Services (PFSI) Executive Profile & Compensation

About Abbie Tidmore

Abbie Tidmore is Senior Managing Director and Chief Revenue Officer (CRO) at PennyMac Financial Services (PFSI), responsible for revenue generation across production channels; she has held the CRO role since October 2022, after leading Correspondent Group Sales and previously heading the correspondent channel since 2016, with senior roles at PFSI since 2011 . She holds a B.A. from The University of Texas at Austin and previously served as Vice President and Sales Manager at Bank of America from 1999–2011 . Age: 60 . Context for performance under her revenue remit: in FY 2024 PFSI delivered net income of $311.4M, ROE of 8.5%, $116.3B production UPB, and $665.8B servicing UPB, while increasing the dividend to $0.30 per quarter; management highlighted scale leadership (#2 overall producer; 19% correspondent share; #3 broker channel with 4.1% share) .

Past Roles

Organization	Role	Years	Strategic Impact
PennyMac Financial Services (PFSI)	Senior Managing Director & Chief Revenue Officer	Oct 2022 – present	Leads revenue across production channels; builds on prior correspondent leadership
PFSI	Senior Managing Director, Correspondent Group Sales	Jan 2021 – Oct 2022	Drove correspondent sales performance
PFSI	Managing Director & Head of Correspondent Channel	Feb 2016 – Dec 2020	Built and led the correspondent lending division
PFSI	Senior positions	2011 – 2016	Progressively senior roles supporting mortgage production
Bank of America	Vice President & Sales Manager	1999 – 2011	National mortgage sales leadership experience

Fixed Compensation

Component	2024	Notes
Base salary	Not disclosed for Ms. Tidmore	2025 proxy discloses detailed compensation tables only for named executive officers (NEOs); Ms. Tidmore was not a 2024 NEO .
Target bonus %	Not disclosed for Ms. Tidmore	Annual incentive framework is disclosed company‑wide (see Performance Compensation), but individual targets for non‑NEOs are not provided .

Performance Compensation

PFSI’s executive pay design centers on annual cash incentives and long‑term equity (PSUs, RSUs, options); the framework below applied to NEOs in 2024 and reflects the company’s program design used to align pay with performance.

Annual incentive structure (2024): | Metric | Weight | Target | Payout Scale | Notes | |---|---|---|---|---| | Return on Equity (ROE) | 70% | 15% ROE = 100% payout | 0% at ≤5% ROE; 37.5% at 7.5%; 75% at 10%; 200% at 20%; 300% at 30% (interpolated) | Objective financial measure; no non‑GAAP adjustments . | | Strategic objectives | 30% | 100% at “Target” | 0% at below threshold; up to 150% at maximum (interpolated) | Focus areas included balanced model leadership, tech, efficiency, products, customer metrics, risk, culture . |
FY 2024 outcomes context (NEOs): Company ROE of 8.5% produced a 52.6% payout on the ROE component, with strategic objectives at 150%; blended payout equaled 81.8% of target for NEOs . This demonstrates downward sensitivity of cash incentives to macro‑driven ROE .
Long‑term equity design (2024 grants): | Instrument | Target Mix | Vesting | Performance Design | |---|---|---|---| | PSUs | 50% of LTI value | 3‑year performance period (2024‑2026) | ROE payout scale: 0% at <5% cumulative annualized ROE, 100% at 15%, 250% at ≥30%; leverage ratio multiplier 50% (≥5x) to 120% (≤1.5x); individual effectiveness multiplier 60%–100%; max 300% of target . | | Time‑based RSUs | 25% | Ratable over 3 years | Time‑based retention . | | Stock options | 25% | Ratable over 3 years; 10‑year term | Exercise price at grant FMV; aligned to stock appreciation . |
Pay governance features: heavy bias toward performance‑based equity, clawbacks, no single‑trigger vesting if assumed, and prohibitions on hedging/pledging/short sales/margin trading .
Validation of performance sensitivity: 2022 PSU cohort paid 0% based on three‑year ROE under threshold (8.8% vs 15% target), despite a favorable leverage multiplier; all awards forfeited .

Equity Ownership & Alignment

Policy/Practice	Detail
Executive stock ownership guidelines	CEO 5x salary; other executive officers 3x salary; five‑year compliance period; includes common stock and unvested time‑based RSUs in counting .
Clawback policies	SEC‑compliant clawback for Section 16 officers; an additional clawback also applies to non‑Section 16 officers with the title Senior Managing Director (covers Ms. Tidmore) .
Anti‑hedging/anti‑pledging	Prohibits hedging, pledging, short sales, public put/call transactions, and margin trading in company securities .

Note: The proxy provides detailed beneficial ownership only for specified executives and directors; Ms. Tidmore’s individual share count was not included in the ownership table .

Employment Terms

Topic	Terms (as disclosed)
Change‑of‑control (COC) equity treatment	Under the 2013/2022 Equity Incentive Plans: time‑based awards vest at COC unless assumed/continued; performance‑based awards may vest pro‑rata based on achieved performance to date, with the remaining portion subject to assumption or committee determination on payout/forfeiture .
COC severance plan	A dedicated COC severance plan covers named executive officers without individual agreements (2x salary + 200% bonus; equity acceleration; 18 months benefits and outplacement; double‑trigger; best‑net cutback for 280G) . The proxy does not disclose plan coverage for Ms. Tidmore specifically (non‑NEO) .
Non‑compete/solicit	Not specifically disclosed for Ms. Tidmore; the proxy details select terms only for the CEO/President employment agreements .
Deferred compensation	Company adopted a non‑qualified Executive Deferred Compensation Plan in 2024 allowing deferral of salary/bonus/RSUs/PSUs; participation and company contributions at discretion; generally applies to eligible senior management .

Company Operating Context (FY 2024)

Metric	Value
Net income	$311.4 million
ROE	8.5%
Production volume (UPB)	$116.3 billion
Servicing portfolio (UPB)	$665.8 billion (incl. PMT fulfilled/subserviced loans)
Dividend	Increased to $0.30 per share quarterly
Market position	#2 U.S. mortgage producer; #1 correspondent (19.0% share); #3 broker (4.1% share)

Investment Implications

Alignment and retention: The program’s heavy at‑risk mix (NEO at‑risk comp 86% in 2024) and three‑year PSUs with ROE and leverage discipline create strong performance and retention ties for senior leaders under Ms. Tidmore, while ownership guidelines (3x salary) and anti‑hedging/pledging improve long‑term alignment .
Sensitivity and downside risk: 2024 cash incentive payouts below target (81.8% for NEOs) and full forfeiture of 2022 PSUs (0% payout) evidence robust downside sensitivity when ROE underperforms, limiting windfalls and signaling discipline to investors .
Vesting and potential selling pressure: Time‑based RSUs and options vest ratably over three years, and PSUs vest after three years, creating predictable vesting events that can coincide with periodic insider selling for tax/liquidity; the company’s no‑pledge/hedge policy mitigates leverage‑related risks .
Change‑of‑control protections: Equity plan COC treatment and the NEO COC severance plan (double‑trigger) reduce retention risk during strategic events; individual COC terms for non‑NEO executives like Ms. Tidmore are not disclosed, a modest visibility gap for investors .
Performance execution: With CRO oversight of revenue channels, contextually strong 2024 production scale and maintained segment balance support execution credibility; however, macro‑driven ROE pressures directly flow through incentive outcomes, aligning pay with cycle realities .