Curtis Howse
Synchrony FinancialAbout Curtis Howse
Curtis Howse is Executive Vice President and CEO—Home & Auto at Synchrony (SYF). He has served in this role since June 2021 and is 61 years old . He previously led Payment Solutions and served as Chief Commercial Officer (Jan–May 2021), led Direct to Consumer (Oct 2018–Dec 2020), and was SVP/GM of Diversified Client Group (Apr 2011–Sep 2018). Earlier GE Consumer Finance roles spanned operations, business development and client development across the U.S., Argentina, Brazil, Canada and Mexico. He holds a bachelor’s degree in computer information systems from DeVry University . Company performance context: Synchrony’s TSR value of a $100 investment from 12/31/2019 reached $206 in 2024 (peers $149), with Net Income of $3,499 million and Loan Receivables of $104.7 billion in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Synchrony Financial | EVP & CEO—Home & Auto | Jun 2021–Present | Leads Home & Auto platform; senior executive over business performance and partnerships . |
| Synchrony Financial | EVP & CEO—Payment Solutions; Chief Commercial Officer | Jan–May 2021 | Oversaw Payment Solutions and commercial strategy . |
| Synchrony Financial | Lead, Direct to Consumer | Oct 2018–Dec 2020 | Led D2C initiatives . |
| Synchrony Financial | SVP & GM, Diversified Client Group | Apr 2011–Sep 2018 | General management across client portfolio . |
| GE Consumer Finance | Operations, business/client development leadership across U.S., AR, BR, CA, MX | Pre-2015 | Led divisions in multiple geographies . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Bankers Association Card Policy Council | Member | Current | Industry policy engagement . |
| HBCU Partnership Challenge | Participant/Sponsor | Current | Pipeline and community engagement . |
| Congressional Black Caucus | Intern Sponsor | Current | Sponsorship role . |
| Executive Leadership Council | Board Member | Current | Leadership network . |
| Arkansas Black Hall of Fame | Inductee | — | Recognition . |
| Savoy Magazine | Most Influential Black Executives | — | Recognition . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Actual Bonus Paid ($) | All Other Compensation ($) | Perquisites ($) | Supplementary Insurance ($) | 401(k) Contributions ($) | Restoration Plan Credits ($) |
|---|---|---|---|---|---|---|---|---|
| 2023 | 625,000 | 781,250 | 1,314,844 | 227,902 | 10,163 | 24,964 | 36,300 | 156,475 |
Performance Compensation
Annual Incentive Plan (AIP) – 2023
| Metric | Weighting | Payout vs Target | Notes |
|---|---|---|---|
| Earnings (PPNR minus charge-offs) | 50% | 168.3% aggregate payout | MDCC-approved financial metric . |
| Average Receivables Growth | 30% | 168.3% aggregate payout | Growth metric . |
| Strategy & Culture | 20% | 30% funding for this component; 168.3% aggregate payout | Framework items disclosed . |
Equity Awards and Vesting
| Award Type | Grant Date | Quantity/Target | Vesting Schedule | Performance Metrics & Modifiers |
|---|---|---|---|---|
| RSU (Annual LTI) | 3/1/2023 | 29,314 units | Vests ratably 1/3 per year beginning one year from grant date | N/A |
| PSU (3-yr LTI) | 3/1/2023 | Target 35,828; Threshold 17,914; Max 53,742 | Vest at end of 2023–2025 period; payable based on performance; PSUs shown at target before TSR modifier | 50% cumulative diluted EPS; 50% average ROE; TSR modifier ±20% vs peers . |
| RSU (Prior) | 3/1/2022 | 17,971 units | Vests per RSU schedule; outstanding at 12/31/2023 | N/A |
| PSU (Prior) | 3/1/2022 | 32,946 target units | Vest at 12/31/2024 to extent earned | EPS/ROE with TSR modifier |
Options
| Grant Date | Exercisable Options (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| 4/1/2017 | 12,086 | 34.30 | 4/1/2027 |
| 4/1/2018 | 11,380 | 33.53 | 4/1/2028 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 119,061 shares; <1% of total; based on 401,457,225 shares outstanding as of 4/5/2024 . |
| Unvested RSUs (12/31/2023) | 30,033 units; market value $1,146,968 (based on $38.19 close) . |
| Unearned PSUs (12/31/2023) | 36,707 units; market value $1,401,841 (based on $38.19 close) . |
| Stock Ownership Guidelines | EVP requirement 3x salary; Howse at 9.3x—exceeds requirement (as of 4/5/2024, $41.28 price) . |
| Hedging/Pledging | Prohibited for directors/officers/employees per Insider Trading Policy and Code of Conduct . |
| Insider Trading – Recent | One Form 4 was filed one day late, reporting the disposition of 21,934 shares under a 10b5-1 plan (administrative error) . |
Employment Terms
- No employment agreements for executive officers; independent compensation consultant; double-trigger vesting of equity upon change in control; no hedging/pledging; no CIC excise tax gross-ups; clawback policies in place .
Termination/CIC Economics (as of 12/31/2023)
| Element | Involuntary Termination ($) | Death/Disability ($) | Change-in-Control ($) |
|---|---|---|---|
| Severance | 625,000 | 0 | 4,326,953 |
| Restricted Stock Units | 954,600 | 2,101,569 | 2,101,569 |
| Long-Term Performance Plan (PSUs) | 1,258,204 | 2,660,045 | 2,660,045 |
| Annual Cash Incentive | 1,314,844 | 1,314,844 | 1,314,844 |
| Health Benefits Payment | 0 | 0 | 29,524 |
| Restoration Plan | 1,095,595 | 1,095,595 | 1,095,595 |
| Deferred Compensation | 6,012,875 | 6,012,875 | 6,012,875 |
| Total Value | 11,261,118 | 13,184,928 | 17,541,405 |
- Retirement/Vesting Treatment: All NEOs except Ms. Juel eligible for continued vesting at 100% for awards held at least one year due to >20 years of service; retirement treatment requires age 60 with ≥3 years of service .
Clawback & Risk Policies
- Incentive-Based Compensation Recovery Policy adopted in 2023 per NYSE and Exchange Act Section 10D; recovery for restatements and misconduct; “no fault” restatements covered since 2018 .
Investment Implications
- Pay-for-performance alignment: AIP tied to earnings and receivables growth with strategy/culture overlay; LTI mix 55% PSUs and 45% RSUs, with PSUs linked to EPS/ROE and TSR modifier—this increases exposure to multi-year performance outcomes .
- Ownership/Alignment: Strong skin-in-the-game—Howse exceeds 3x salary ownership guideline at 9.3x; anti-hedging/anti-pledging policies remove misalignment risks from derivatives or collateralized holdings .
- Retention/Pressure: Substantial deferred comp and continued vesting eligibility (>20 years service) support retention; RSU/PSU schedules and option expirations stagger near/medium term. A reported 10b5-1 disposition of 21,934 shares suggests planned diversification rather than discretionary selling; administrative late filing was noted as not the reporting person’s error .
- Change-in-control economics: Double-trigger equity vesting with meaningful CIC values indicate negotiated protection but with standard market features (no gross-ups), limiting shareholder-unfriendly terms .