Stephen Simcock
SoFi TechnologiesAbout Stephen Simcock
Stephen Simcock is General Counsel and Secretary of SoFi, serving since June 2024. He previously was Managing Director and General Counsel of Consumer Banking and Vice Chair of the Legal Department at JPMorgan Chase (2014–2024), and earlier served as General Counsel of Citigroup’s Global Consumer Business and in legal leadership roles across mortgage lending, commercial and small business, and consumer banking units. He holds a B.A. in French literature from Colby College and a J.D. from Washington and Lee University School of Law . Company-level performance context for 2024: Total Shareholder Return 67.99, Net Income $498,665k, and Adjusted Net Revenue $2,606,170k, illustrating alignment of executive pay with firm results via the pay-versus-performance framework .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JPMorgan Chase & Co. | Managing Director & General Counsel, Consumer Banking; Vice Chair, Legal Department | 2014–2024 | Led consumer banking legal function and senior leadership responsibilities in a highly regulated environment . |
| Citigroup, Inc. | General Counsel, Global Consumer Business; legal leadership in mortgage lending, commercial & small business, and consumer banking | n/d | Senior legal leadership across multiple consumer finance segments . |
Fixed Compensation
| Year | Base Salary Paid (USD) | Annualized Base Salary (USD) | Target Bonus (%) | Actual Bonus Paid (USD) |
|---|---|---|---|---|
| 2024 | $288,461 | $500,000 | 100% | $320,000 |
Performance Compensation
Annual Cash Bonus Design and Outcome (2024)
| Metric | Weighting (%) | Target Achievement (%) | Payment Percentage (%) |
|---|---|---|---|
| Adjusted Net Revenue | 35 | 105 | 118 |
| Adjusted EBITDA | 35 | 93 | 109 |
| New Members | 15 | 134 | 138 |
| ROTE | 15 | 101 | 115 |
| Aggregate Funding (Committee-Adjusted) | — | — | 117.5 |
| Executive | Aggregate Funding (%) | Individual Multiplier (%) | Final Bonus Payment (USD) | Payout Timing |
|---|---|---|---|---|
| Stephen Simcock | 117.5 | 94 | $320,000 | Annual cash bonus paid in March following year |
The Annual Cash Bonus Plan eligibility changed starting in 2025 to require continued employment on the bonus payout date .
Equity Awards (New Hire RSUs)
| Award Type | Grant Date | Shares | Grant-Date Fair Value (USD) | Vesting Schedule |
|---|---|---|---|---|
| RSUs (time-based) | June 3, 2024 | 1,141,650 | $7,728,971 | 12.5% at six months from vesting commencement; 6.25% quarterly thereafter over 4 years; vesting commencement June 14, 2024 |
No PSUs were indicated for Simcock’s new hire package in 2024; his equity was 100% RSUs .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Shares Beneficially Owned | % Ownership | Notes |
|---|---|---|---|
| Stephen Simcock | 124,260 | <1% | Shares held of record by Mr. Simcock . |
| Shares Outstanding (reference) | 1,104,104,203 | — | Basis for % ownership calculation . |
Outstanding Equity Awards (as of December 31, 2024)
| Award Type | Unvested Units | Market Value (USD) |
|---|---|---|
| RSUs | 998,944 | $15,383,738 (at $15.40 close on 12/31/2024) |
Stock Vested During 2024
| Shares Acquired on Vesting | Value Realized on Vesting (USD) |
|---|---|
| 142,706 | $2,318,973 |
- Stock Ownership Guidelines: Executive officers subject to Section 16 must hold SoFi shares of at least 3.0x annual base salary; value measured on 90-day weighted average price; noncompliant executives must retain at least 50% of net profit shares until compliant. Majority were in compliance as of Dec 31, 2024; full compliance anticipated in 2025 .
- Hedging/Pledging: Short sales, options trading, and hedging generally prohibited; pledging or margin trading requires written approval by the Compliance Officer and Board; any approved forward-/option-based hedging requires meeting Rule 16c-4 exemptions and continued ownership requirements .
- Clawback: Policy effective Oct 2, 2023 (amended July 2024) enables recoupment of erroneously awarded incentive compensation due to restatements, misconduct-related matters, and time-based equity, with a 3-year lookback; applies to current/former executive officers and expanded to SVPs/VPs .
Employment Terms
- Offer Letter: Entered Feb 29, 2024; at-will employment; subject to SoFi’s standard confidential information and invention assignment agreement .
- Double-Trigger Change-of-Control: Payments/benefits require both a change of control and a qualifying termination; accelerated vesting of certain awards is subject to plan terms and individualized agreements, with release requirement .
Severance and Change-of-Control Economics (Illustrative Values)
| Scenario | Cash Severance (USD) | Equity Acceleration (USD) | Continued Health Benefits (USD) | Total (USD) |
|---|---|---|---|---|
| Qualifying Termination | $1,000,000 | — | $13,053 | $1,013,053 |
| Qualifying Termination with Change of Control | $1,000,000 | $15,383,738 | $13,053 | $16,396,791 |
- Tax Gross-Ups: Company states it does not provide excise tax gross-ups on change-of-control payments .
- Equity Grant Timing: Not timed around MNPI; typically granted in Q1; off-cycle grants for new hires permissible .
Investment Implications
- Retention and alignment: Large unvested RSU balance ($15.38M value at 12/31/2024) with quarterly vesting through mid-2028 creates strong retention incentives; double-trigger CoC provisions further reduce flight risk but offer meaningful protection in a sale scenario .
- Pay-for-performance: 2024 bonus metrics balanced across growth, profitability, capital efficiency and member growth; aggregate funding adjusted to 117.5% with Simcock’s individual multiplier at 94%, resulting in $320k payout—indicating differentiated individual assessment within a strong corporate outcome framework .
- Governance risk controls: Robust clawback (expanded in 2024) and strict hedging/pledging limits, plus ownership guidelines at 3× salary, collectively mitigate misalignment and headline risk associated with legal and compliance leadership roles .
- Ownership skin-in-the-game: Direct holdings are modest (<1%), but unvested RSUs provide substantial future exposure; continued vesting pace may create occasional tax-withholding sales at vest dates, but broader hedging/pledging restrictions constrain leverage-based liquidity tactics .