Brad Conner
RADIAN GROUPAbout Brad L. Conner
Independent director (age 63) at Radian Group Inc. since February 2020; currently Chair of the Board Risk Committee and a member of the Compensation & Human Capital Management (CHCM) and Governance Committees. Former Vice Chairman and Head of Consumer Banking at Citizens Financial Group (Jan 2014–Jan 2020) with prior senior leadership at JPMorgan Chase in home equity and education finance; presently a director of USAA and Executive Chairman of USAA Federal Savings Bank. Core credentials: mortgage/consumer banking operator, risk management, financial and digital/IT oversight, and insurance/reinsurance exposure, directly aligned with RDN’s mortgage credit and risk businesses .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citizens Financial Group | Vice Chairman, Head of Consumer Banking | Jan 2014–Jan 2020 | Led Retail, Business Banking, Wealth Mgmt, Home Lending, Auto & Education Finance; oversight of phone bank and online channels |
| JPMorgan Chase (incl. Chase/Bank One) | President, Home Equity & Mortgage Home Loan Direct; CEO, Education Finance | Pre-2008–2008 (prior to Citizens) | Oversaw combined Home Equity business post-merger; leadership across consumer lending verticals |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USAA | Director | Current | USAA is a Radian customer; Board deemed no independence impairment based on arm’s-length terms and size of relationship |
| USAA Federal Savings Bank | Executive Chairman | Current | Subsidiary bank owned by USAA |
Board Governance
- Current RDN committee assignments: Risk (Chair), CHCM, Governance .
- Committee scope and cadence (2024):
- Risk Committee (met 4x): Oversees ERM, risk appetite, business risk (mortgage insurance, conduit, title), cybersecurity, counterparty risk, BCP .
- CHCM Committee (met 6x): Oversees compensation and human capital; independent consultant (Korn Ferry) retained; 2024 interlocks: none .
- Governance Committee (met 5x): Board refreshment, skills matrix, assessments, related party policy oversight .
- Board engagement/attendance: Board held five regular and one special meeting in 2024; each director attended at least 75% of Board/committee meetings; independent directors met regularly in executive session .
- Independence: Board affirms independence of all non-executive directors; for Conner, USAA customer relationship reviewed and deemed not to impair independence .
Fixed Compensation
| Item | Detail | Source |
|---|---|---|
| 2024 Fees Earned (Cash) | $153,750 | |
| 2024 Equity Grant (RSUs) | $160,000 grant date fair value | |
| 2024 RSU Grant Details | 5,109 RSUs granted 5/22/2024 at $31.32 grant-date value per RSU; director RSUs vest in one year | |
| 2024 Total Director Comp | $313,750 | |
| 2025 Director Cash Retainer | $140,000 (non-exec directors) | |
| 2025 Committee Chair Fees | Audit $40,000; Risk $40,000; CHCM $25,000; Governance $25,000 | |
| 2025 Annual Equity | $160,000 (non-exec directors) | |
| Meeting Fees | $5,000 only if Board meetings exceed threshold (not triggered in 2024) |
Performance Compensation
| Component | Structure | Vesting/Terms | Source |
|---|---|---|---|
| Performance-based Pay | None for directors | N/A | |
| Time-based RSUs | Annual RSUs; align long-term interests; dividend equivalents accrue | RSUs vest after 1 year; dividend equivalents paid at vest; deferred comp available |
Other Directorships & Interlocks
| Company | Role | Interlock/Counterparty | Independence Determination |
|---|---|---|---|
| USAA | Director | USAA is a customer of Radian’s Mortgage Insurance and Title businesses | Board concluded arm’s-length terms/size and lack of benefit preserve independence |
| USAA Federal Savings Bank | Executive Chairman | Owned by USAA | See above |
Expertise & Qualifications
- Skills matrix highlights: Business development; CEO/C-suite experience; financial; information/digital technology; insurance/reinsurance; mortgage/real estate; operations; risk management .
- Relevance: Deep mortgage and consumer banking operator; domain fit for Risk Committee chairing and oversight of mortgage credit cycles .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Shares Beneficially Owned (as of 3/24/2025) | 34,020 | Less than 1% of class; includes shares acquirable within 60 days |
| RSUs Convertible within 60 Days (as of 3/24/2025) | 5,109 | Included in beneficial ownership per table footnote methodology |
| Hedging/Pledging | Prohibited for directors (short sales, options, pledging/margin) | Insider Trading Policy; anti-hedging and anti-pledging |
| Ownership Guidelines | ≥5x annual cash retainer for non-exec directors; 5-year compliance window | All non-exec directors currently in compliance |
Governance Assessment
- Board effectiveness: Risk Chair role plus cross-membership on CHCM and Governance supports integrated oversight of ERM, human capital/compensation risk, and board refreshment—positive for control environment and strategy execution .
- Independence and conflicts: Dual role at USAA/USAA FSB noted and evaluated; Board reaffirmed independence given arm’s-length customer relationship size and lack of personal benefit—mitigates conflict risk .
- Alignment/skin-in-the-game: Beneficial ownership with recurring annual RSUs and stringent ownership/anti-hedging policies align incentives; director equity is time-based with one-year vest and dividend equivalents paid at vesting; optional deferral available .
- Engagement: Attendance threshold met across Board/committees; routine independent executive sessions bolster oversight quality .
- Director pay structure: Balanced cash/equity; modest chair premia; no meeting fees in normal cadence; transparent and benchmarked by independent consultant—low red-flag profile .
- RED FLAGS: None evident from latest proxy. Related person transaction policy robust; anti-hedging/pledging in force; CHCM interlocks: none .
Note: Section 16(a) compliance—company reports all required insider filings were timely for 2024, indicating sound compliance processes .