Sasha G. Macomber
About Sasha G. Macomber
Sasha G. Macomber, age 56, is Chief Human Resource Officer (CHRO) at Redwood Trust, Inc. (RWT); she has been employed by Redwood since 2018. She previously led HR functions at Peet’s Coffee for 11 years and held HR leadership roles at The North Face, Room & Board, and QRS Corporation; she holds a B.A. in English Literature from Mills College and an M.S. in Organizational Development from the University of San Francisco . Company performance context for incentive alignment: 2024 GAAP ROE was 4.1%, non-GAAP EAD ROE was 6.4%, book value TSR was 5.7%, and common dividends paid were $0.67/share; the quarterly dividend was raised to $0.18 in Q4 2024 (+12.5% YoY) . Longer-term TSR framing: Redwood’s four-year TSR (2021–2024) was +9.9% and three-year TSR (2022–2024) lagged peers; PSU vesting limits avoid above-target payouts if absolute TSR is negative .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peet’s Coffee | Led talent acquisition, talent management, HRBP, engagement, leadership communications | 11 years | Built HR systems and leadership capabilities to scale consumer brand |
| The North Face | HR leadership | Not disclosed | Consumer goods HR leadership experience |
| Room & Board | HR leadership | Not disclosed | Retail HR leadership experience |
| QRS Corporation | HR leadership | Not disclosed | Technology HR leadership experience |
External Roles
No public company directorships or external board roles disclosed for Ms. Macomber in the proxy .
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($) | $500,000 | $525,000 | Committee increased CHRO salary for 2025 |
| Target Annual Bonus (%) | 175% of salary | 175% of salary | No change vs 2024 |
| Target Annual Bonus ($) | $875,000 | $918,750 | Based on salary and target % |
| Actual Annual Bonus Paid ($) | $702,853 (80.3% of target) | Not disclosed | 2024 realization below target |
| Perquisites/Benefits ($) | Concierge medical: $35,000; 401(k) match: $11,500 | Not disclosed | 2024 disclosed amounts |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Mechanics |
|---|---|---|---|---|---|
| Adjusted ROE | 37.5% of bonus | 11.5% | Not disclosed | Company component for CHRO derived ≈67% of target (see note) | Annual cash bonus; Committee-set non-GAAP target |
| Adjusted EAD ROE | 37.5% of bonus | 6.5% | 6.4% (non-GAAP EAD ROE) | Company component for CHRO derived ≈67% of target (see note) | Annual cash bonus; non-GAAP measure |
| Individual Strategic/Operational Goals | 25% of bonus | Pre-set goals | Committee assessed as above target | 120% of individual component; $262,500 | Annual cash bonus; goals include efficiency, product expansion, risk mgmt |
Note: 2024 bonus structure was 75% company financial (Adjusted ROE and Adjusted EAD ROE) + 25% individual; for Ms. Macomber, total realized was $702,853 with individual component $262,500 (120%). The implied company component was $440,353 vs a $656,250 company target, yielding ≈67% realization for the company portion, consistent with below-target financial performance .
2024 year-end long-term awards (granted Dec 19, 2024):
| Award Type | Units Granted | Grant-Date Fair Value per Unit ($) | Grant-Date Value ($) | Vesting/Performance Terms |
|---|---|---|---|---|
| Deferred Stock Units (DSUs) | 38,403 | $6.64 | $254,996 | Four-year vesting; fully vests Dec 18, 2028 |
| Cash-settled RSUs (csRSUs) | 74,548 | $6.64 | $494,999 | Four-year vesting; fully vests Dec 18, 2028; cash-settlement at vest |
| Performance Stock Units (PSUs) | Target 99,966; Max 249,915 | $7.5025 | $749,995 | Three-year performance period starting 1/1/2025; bvTSR, absolute TSR, rTSR; no above-target vesting if absolute TSR is negative |
Maximum potential PSU value for Ms. Macomber (assuming max units vest at grant-date price, before dividend adjustments): $1,659,436 .
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Total Beneficial Ownership (shares) | 140,128 |
| Ownership as % of Shares Outstanding | <1% |
| Breakdown | 61,443 common shares; 78,685 DSUs (vested or vesting within 60 days) |
| Stock Ownership Guideline | 3.0x current salary for executive officers; 5-year compliance window |
| Compliance Status | All executive officers in compliance or within permitted timeframe as of 3/27/2025 |
| Hedging/Margin/Pledging | Prohibited under Insider Trading Policy; blackout periods and pre-clearance required |
Alignment observations:
- Significant long-term equity grants with four-year vesting and PSUs tied to TSR strengthen pay-for-performance and alignment; no pledging/hedging allowed reduces misalignment risk .
- Mandatory executive stock ownership requirements and disclosed compliance further support alignment .
Employment Terms
| Term | Detail |
|---|---|
| Employment Start at Redwood | 2018 (CHRO) |
| Severance Multiples (Additional Cash Severance) | Change of Control: 1x sum of base salary + target bonus; Other than Change of Control: 0.75x sum of base salary + target bonus |
| Illustrative No-CoC Termination (12/31/2024) | Cash severance: $1,906,250; Accelerated vesting of DSUs/csRSUs: $1,712,323; Benefits: $110,661; Total: $3,729,234 (assumes stock price $6.53) |
| Equity Treatment on Qualifying Termination | Time-based awards (DSUs/csRSUs) vest in full; PSUs remain outstanding and may vest based on end-of-period performance |
| Benefit Continuation | Health, life, disability for 9–24 months depending on executive/type of termination |
| Payment Timing | 75% of severance paid 6 months post-termination; 25% paid monthly over next 6 months |
| Triggers | No single-trigger change-in-control severance or equity acceleration |
| Clawback | Clawback policy compliant with NYSE/Dodd-Frank |
| Tax Gross-Ups | None; 280G cut-back vs full-pay “best net” election |
| Post-termination Restrictions | Non-solicitation for one year if severance is paid (subject to enforceability) |
Governance and Compensation Program Context
- Compensation Committee: Chair Georganne C. Proctor; members Doneene K. Damon, Debora D. Horvath, Greg H. Kubicek; independent directors .
- Independent consultant: Semler Brossy; no conflicts; peer benchmarking used for structure and levels .
- 2024 Say-on-Pay approval: 91.3%; outreach covered investors holding 90% of institutional shares; program integrates best-practice risk mitigants .
Investment Implications
- Pay-for-performance alignment: CHRO’s variable cash tied to Adjusted ROE and Adjusted EAD ROE, with 2024 bonus at 80.3% of target amid below-target financials; multi-year equity with TSR-based PSUs and four-year vesting supports retention and alignment, limiting near-term sell pressure through 2028 .
- Retention risk: Standard severance (≤1x CoC; 0.75x otherwise), full vesting of time-based awards and performance continuation for PSUs, plus benefit continuation and staged payments balance retention incentives without excessive golden parachute risk; no tax gross-ups and clawback policy reduce governance red flags .
- Trading signals: Prohibition on hedging/margin/pledging reduces adverse alignment risks; DSU/csRSU vesting cadence implies scheduled equity delivery through 2028, a manageable source of potential supply; strong Say-on-Pay support (91.3%) suggests low near-term shareholder pressure on comp design .