William Banfield
Rocket CompaniesAbout William Banfield
William Banfield is Chief Business Officer at Rocket Companies (RKT) and has held this role since March 2024. He oversees capital markets, mortgage servicing, and government affairs; previously he served as Chief Risk Officer (Jan 2020–Mar 2024) and EVP–Capital Markets (Feb 2017–Jan 2020). He joined Rocket Mortgage in 1999 after roles at MCA Mortgage and Lambrecht Mortgage, holds a Bachelor’s in Finance from Western Michigan University, and is age 53 as of the proxy record date . Company performance in 2024 included adjusted revenue of $4.9B (+30% YoY) and adjusted EBITDA of $862M (18% margin), reflecting efficiency gains and share growth .
| Metric (FY 2024) | Value |
|---|---|
| Adjusted revenue ($B) | 4.9 |
| Adjusted EBITDA ($M) | 862 |
| Adjusted EBITDA margin (%) | 18% |
| Adjusted diluted EPS ($) | 0.23 |
| Adjusted net income ($M) | 456 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rocket Companies (RKT) | Chief Business Officer | Mar 2024–Present | Oversees capital markets, servicing, government affairs; drives product innovation and interest rate risk management |
| Rocket Companies (RKT) | Chief Risk Officer | Jan 2020–Mar 2024 | Led enterprise risk and interest rate risk management |
| Rocket Companies (RKT) | EVP – Capital Markets | Feb 2017–Jan 2020 | Managed capital markets; enhanced mortgage offerings |
| MCA Mortgage; Lambrecht Mortgage | Various roles | Not disclosed | Early mortgage operations experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mortgage Bankers Association | Board of Directors | Not disclosed (current as of proxy) | Industry leadership and policy engagement |
| Rocket Mortgage | Public spokesperson/economist | Jun 24, 2025 | Announced bridge loan product launch; client access to equity in competitive markets |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary ($) | Not disclosed | Banfield was not a named executive officer (NEO) in the proxy; individual salary not presented |
| Target bonus (%) | Not disclosed | Company transitioned executives to an Annual Incentive Plan (AIP) framework in 2024; specific targets for Banfield not disclosed |
| Actual bonus paid ($) | Not disclosed | Not disclosed in proxy for Banfield |
Performance Compensation
| Incentive | Metric | Weighting/Structure | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Objective Company financial metrics | 2/3 of target bonus | Not disclosed | Not disclosed | Annual payout (plan-level design) |
| Annual Incentive Plan (AIP) | Scorecard (Execution, Client, Culture) | 1/3 of target bonus | Not disclosed | Not disclosed | Annual payout (plan-level design) |
| Long-term equity (PSUs) | Relative TSR | Part of PSU mix; equal split of LT equity value between RSUs and PSUs | Not disclosed | Not disclosed | 3-year performance period |
| Long-term equity (PSUs) | Refinance Market Growth | Part of PSU mix | Not disclosed | Not disclosed | 3-year performance period |
| Long-term equity (PSUs) | Purchase Market Growth | Part of PSU mix | Not disclosed | Not disclosed | 3-year performance period |
| Long-term equity (RSUs) | Service-based | 50% of LT equity grant value (plan-level) | N/A | N/A | Multi-year; semiannual vesting pattern used in 2024 grants for NEOs |
Notes:
- In 2024, Rocket introduced AIP and PSUs to strengthen pay-for-performance; LT equity is split 50% RSUs/50% PSUs with three-year goals. Banfield-specific award values, targets and payouts were not disclosed, as he was not a 2024 NEO .
Equity Ownership & Alignment
- Stock ownership guidelines for executive officers: CEO 6x base salary; other NEOs 3x base salary; counts vested stock/units and stock held via purchase programs, excludes stock options and unvested RSUs/PSUs; five-year compliance period, with all NEOs met or on track as of Dec 31, 2024 .
- Clawback policy: The company maintains a policy for recovery in the event of financial restatements (aligned with SEC/NYSE rules) .
- Insider trading policy: The proxy notes a policy that prohibits or provides guidelines/limitations for transactions, with dedicated “Hedging and pledging” section referenced, though specific prohibitions are not detailed in the cited excerpts .
| Ownership Item | Status |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Banfield |
| Ownership vs outstanding (%) | Not disclosed for Banfield |
| Vested vs unvested shares | Not disclosed for Banfield |
| Pledged shares | Insider policy addresses hedging/pledging; specific Banfield pledges not disclosed |
| Stock ownership guideline compliance | Company reports executives are met/on track within five years (plan-level) |
Employment Terms
- Executive employment agreements disclosed for other executives (CEO, CMO, CTO, COO) include non-disclosure (perpetual), non-compete (18 months), non-solicit (18 months), and non-disparagement, with AIP eligibility and RSU/PSU grants; Banfield’s individual agreement terms are not disclosed in the proxy .
- Potential payments upon termination/change-in-control amounts are disclosed for certain NEOs; Banfield-specific severance and acceleration terms were not presented .
Compensation Structure Analysis
- Shift to AIP and PSUs (from discretionary cash and 100% RSUs) increases at-risk pay and ties compensation to explicit financial and strategic metrics, indicating stronger pay-for-performance alignment .
- Independent compensation consultants engaged: Korn Ferry (through Dec 2023) and Semler Brossy (from Oct 2024) with compensation risk assessments and market benchmarking .
- 2024 Say-on-Pay approval was 99.4%, suggesting broad shareholder support for the program changes .
- Company policies include no excise tax gross-ups, no option repricing, and a clawback aligned with listing standards .
Related Party & Governance Notes
- Overlap with RHI-affiliated entities is noted, with potential conflicts under commercial arrangements and acquisition opportunities; policies for related person transactions apply .
Investment Implications
- Alignment: Introduction of AIP metrics and PSUs with Relative TSR and market growth factors, plus stock ownership guidelines and a clawback policy, strengthen alignment between executive incentives and shareholder outcomes .
- Retention risk: Banfield’s 25-year tenure and internal promotion to Chief Business Officer suggest strong organizational embeddedness; however, the proxy does not disclose his severance/change-in-control terms, limiting assessment of contractual retention protections .
- Trading signals: No Banfield-specific ownership, vesting, or insider selling data were disclosed in the proxy; absence of individual grant/vesting detail reduces visibility into near-term selling pressure. The presence of stock ownership guidelines and hedging/pledging controls mitigates misalignment risk at the plan level .
- Execution: Banfield’s remit across capital markets and servicing is central to margin and recapture economics; product initiatives (e.g., bridge loans) reflect focus on market share and client acquisition, which can support origination growth across cycles .