Paget Alves
Synchrony FinancialAbout Paget L. Alves
Paget L. Alves, age 70, has served as an independent director of Synchrony Financial since 2015 and is designated an Audit Committee Financial Expert; he currently serves on the Audit Committee and the Nominating and Corporate Governance (NCG) Committee . He is CEO and Chairman of Sorenson Communications (since November 2024), brings extensive sales, financial, strategic planning and M&A experience from prior executive roles at Sprint and other telecom companies, and holds a B.S. in Industrial and Labor Relations and a J.D. from Cornell University . The Board lists his skills as Financial Expert, Risk Expert, C‑Suite Experience, Direct Consumer/Retailers, Strategic Planning, and Tech/Digital/Cyber .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sprint Corporation | Chief Sales Officer | Jan 2012–Sep 2013 | Senior leadership in sales and distribution |
| Sprint Corporation | President, Business Markets Group | 2009–2012 | Enterprise sales strategy |
| Sprint Corporation | President, Sales and Distribution | 2008–2009 | Commercial sales channels |
| Sprint Corporation | President, South Region | 2006–2008 | Regional P&L leadership |
| Sprint Corporation | SVP, Enterprise Markets | 2005–2006 | Enterprise client strategy |
| Sprint Corporation | President, Strategic Markets | 2003–2005 | Strategic segment development |
| Centennial Communications | President & COO | 2000–2001 | Operational leadership |
| PointOne Telecommunications | President & CEO | Not disclosed | Telecom operating leadership |
External Roles
| Organization | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| Sorenson Communications | Private | CEO & Chairman | Since Nov 2024 | Language services provider |
| Yum! Brands, Inc. | Public | Director | Not disclosed | QSR system operator; only current public company board |
| Ariel Alternatives | Private | Director | Not disclosed | Private company board |
| International Game Technology PLC | Public | Former Director | Not disclosed | Prior public board service |
| GTECH Holdings Corporation | Public | Former Director | Not disclosed | Prior public board service |
| Herman Miller, Inc. | Public | Former Director | Not disclosed | Prior public board service |
| International Game Technology Inc. | Public | Former Director | Not disclosed | Prior public board service |
Board Governance
- Independence: Alves is one of 10 independent directors on an 11-member Board; all standing committees (Audit, MDCC, NCG, Risk, Technology) are composed exclusively of independent directors .
- Committee assignments: Member, Audit Committee (all members are Audit Committee Financial Experts; 11 meetings in 2024) and Member, NCG Committee (6 meetings in 2024) .
- Attendance: In 2024, the Board held eight meetings; all directors attended at least 75% of the aggregate Board and relevant committee meetings and attended the 2024 Annual Meeting .
- Executive sessions: Independent directors hold executive sessions at the conclusion of every Board meeting, presided over by the Non‑Executive Chair, Jeffrey G. Naylor .
- Evaluation process: The NCG Committee oversees annual Board, committee, and individual director self‑evaluations; an external facilitator is engaged at least every third year .
| Committee | Role | Chair? | Meetings in 2024 | Notes |
|---|---|---|---|---|
| Audit | Member | No | 11 | All members designated Audit Committee Financial Experts |
| Nominating & Corporate Governance | Member | No | 6 | Oversees director independence, compensation, governance policies, related person transactions |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Independent Director Comp Structure (standard) | $265,000 ($100,000 cash; $165,000 RSUs) | $320,000 ($100,000 cash; $220,000 RSUs) |
| Committee Membership Fees | Audit/Risk: +$20,000 cash; NCG/MDCC/Tech: +$15,000 cash | Same: Audit/Risk: +$20,000 cash; NCG/MDCC/Tech: +$15,000 cash |
| Committee Chair Fees | Audit/Risk Chair: +$40,000 cash; NCG/MDCC/Tech Chair: +$25,000 cash | Same: Audit/Risk Chair: +$40,000; NCG/MDCC/Tech Chair: +$25,000 |
| Board Chair Increment | $235,000 ($110,000 cash; $125,000 RSUs) | $235,000 ($110,000 cash; $125,000 RSUs) |
| Alves Director Compensation | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash | $165,000 | $169,239 |
| Stock Awards (RSUs; grant-date fair value) | $165,098 | $165,083 |
| Total | $330,098 | $334,322 |
| RSU grant pricing references | $29.08 (Mar 31), $33.92 (Jun 30), $30.57 (Sep 30), $38.19 (Dec 31) | $43.12 (Mar 28), $47.19 (Jun 28), $49.88 (Sep 30), $65.00 (Dec 31) |
Performance Compensation
- Director equity is granted as RSUs with a one‑year vesting period; directors can elect to defer up to 80% of cash and RSUs into deferred stock units; grants are made quarterly on the last day of each fiscal quarter; no stock options have been granted in recent years .
- Anti‑hedging and anti‑pledging: Directors are prohibited from hedging and pledging company securities; options trading and short selling of Synchrony stock are prohibited .
| Element | Structure | Vesting | Grant Cadence | Notes |
|---|---|---|---|---|
| RSUs (Directors) | Annual component of director pay | 1 year | Quarterly (last day of each quarter) | Dividend equivalents reinvested in RSUs |
| Options (Directors) | Not granted | — | — | No options granted in 2024; not in recent years |
| Deferral | Up to 80% of cash and RSUs | Paid after Board service ends | Ongoing election | Deferred stock units receive dividend equivalents |
| Hedging/Pledging | Prohibited | — | — | Applies to directors, officers, employees |
Other Directorships & Interlocks
| Company | Relationship to SYF | Potential Interlock/Conflict |
|---|---|---|
| Yum! Brands, Inc. (current public board) | QSR operator; no SYF-related transaction disclosed | No related person transactions identified; NCG reviews if any arise . |
| Ariel Alternatives (private board) | Private company; no SYF-related transaction disclosed | No related person transactions identified . |
| Sorenson Communications (CEO & Chairman) | Private language services provider; no SYF-related transaction disclosed | No related person transactions identified . |
- Related-person transactions: The Company reports no transactions requiring disclosure since January 1, 2024; the NCG Committee oversees review/approval of any such transactions .
Expertise & Qualifications
- Board‑designated skills: Financial Expert; Risk Expert; C‑Suite Experience; Direct Consumer/Retailers; Strategic Planning; Tech/Digital/Cyber .
- Recognitions: Savoy’s Most Influential Black Corporate Directors list (three times, most recently 2024) .
- Education: B.S. in Industrial and Labor Relations and J.D., Cornell University .
Equity Ownership
| Metric | As of Date | Value |
|---|---|---|
| Beneficially owned shares (Alves) | April 1, 2025 | 44,299; less than 1.0% of shares outstanding |
| Shares outstanding (basis for % calc) | April 1, 2025 | 380,545,542 |
| RSUs outstanding (incl. accrued dividends) | Dec 31, 2024 | 3,320 |
| Deferred stock units outstanding (incl. accrued dividends) | Dec 31, 2024 | 28,758 |
| Director ownership guideline | 2024 policy | $500,000; all directors compliant as of Dec 31, 2024 |
| Anti‑hedging / anti‑pledging | Policy | Hedging and pledging prohibited |
Governance Assessment
- Board effectiveness: Alves’ dual committee service (Audit and NCG) and “Financial Expert” designation strengthen financial reporting oversight and governance policy rigor; Audit met 11 times in 2024 and NCG 6 times, indicating active oversight cadence .
- Independence & engagement: Independent status, regular executive sessions at every Board meeting, and at least 75% attendance across Board and committee meetings in 2024 support investor confidence in oversight quality .
- Alignment & incentives: Director pay mix ($100k cash/$220k RSUs) with one‑year vesting and quarterly grants, plus a $500k ownership guideline (and compliance) aligns directors with long‑term shareholders; hedging and pledging prohibitions further reinforce alignment .
- Conflicts & related‑party exposure: No related‑person transactions reported since Jan 1, 2024; NCG Committee has a robust policy to review and prohibit transactions inconsistent with shareholder interests .
- Compensation trend: Standard independent director retainer increased from $265k in 2023 to $320k in 2024/2025, with RSU portion rising; Alves’ total director compensation rose modestly to $334,322 in 2024, driven by committee assignments and standard RSU values .
Red Flags observed: None disclosed for Alves. No hedging/pledging permitted; no related‑party transactions; Section 16 compliance issues in 2024 were limited to other individuals due to administrative errors, not Alves .