Curt VanHyfte
Taylor Morrison HomeAbout Curt VanHyfte
Curt VanHyfte, 57, is Executive Vice President and Chief Financial Officer of Taylor Morrison Home Corporation (TMHC), appointed July 24, 2023 after serving as Interim CFO since May 1, 2023; he previously led TMHC’s West Area and joined via the William Lyon Homes (WLH) acquisition (2020). He holds a B.S. in accounting from St. John’s University (Minnesota) and has ~30 years in homebuilding across finance and divisional leadership roles in Chicago, St. Louis, Houston, and Phoenix . Under TMHC’s 2024 performance, the company delivered 12,896 homes (+12% YoY), generated $7.8B in home closings revenue at 24.4% adjusted gross margin, achieved adjusted EPS of $8.72, and repurchased 5.6M shares; EBT reached $1.167B (123.2% of plan), RONA was 17.82%, and a $100 investment in 2019 grew to $280 by YE2024, evidencing strong TSR during his CFO tenure period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TMHC | Interim CFO | 2023 (May 1–Jul 24) | Transitioned finance leadership; prepared for permanent CFO role . |
| TMHC | EVP & CFO | 2023–Present | Oversaw finance during 2024 performance (EBT 123.2% of plan; RONA 17.82%) . |
| TMHC | West Area President | 2020 (Nov)–2023 | Drove operational excellence across AZ, CA, WA, OR western markets . |
| William Lyon Homes (WLH) | Division President, Arizona | 2019–2020 | Led Phoenix market operations; integrated post-acquisition . |
| M/I Homes, Inc. | Area President, Chicago Division | Not disclosed | Ran homebuilding operations; broader multi-market divisional leadership . |
External Roles
No public company directorships or external board roles disclosed for VanHyfte .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 515,096 | 593,077 (raised Mar 2024 to $600,000 annual rate) |
| All Other Compensation ($) | 24,732 | 25,684 (401k match $15,733; life insurance $882; auto allowance $9,069) |
Notes:
- Employment Agreement (Amended & Restated): annual base salary initially $550,000; target annual cash bonus equal to 150% of base salary per agreement; eligible for equity awards under the 2013 Omnibus Plan . Base salary adjusted to $600,000 in March 2024 .
Performance Compensation
Annual Incentive Plan (2024)
| Metric | Weight | Threshold | Target/Max | Actual | Attainment % | Payout Mechanism |
|---|---|---|---|---|---|---|
| Homes Closed | 40% | 11,900 | 12,400 | 12,896 | 100% | Corporate attainment at 97.4% of target → bonus formula on base pay . |
| Home Closings Gross Margin (GAAP) | 40% | 21.0% | 22.0% | 24.5% | 100% | See above . |
| Operation Stabilization Composite Score | 20% | N/A | N/A | 17.4% improvement score | 87% | See above . |
| Aggregate Attainment | — | — | — | — | 97.4% | Paid Mar 12, 2025 (VanHyfte $573,162) . |
| Executive | Base Paid ($) | Target as % Base | Target Bonus ($) | Actual Attainment | Earned Bonus ($) |
|---|---|---|---|---|---|
| Curt VanHyfte | 588,462 | 100% | 588,462 | 97.4% | 573,162 |
Profit Sharing Bonus (2024)
| Parameter | Baseline | Stretch | Extreme | Actual |
|---|---|---|---|---|
| EBT ($mm) | 947.0 | 1,089.0 (115% of baseline) | 1,183.7 (125% of baseline) | 1,167.0 (123.2% of plan) |
| RONA Tier Modifier | Tier 3 at 15.05–22.54% → 100% | — | — | 17.82% → 100% |
| Executive | Baseline Multiple | Stretch Multiple | Extreme Multiple | Cash Paid ($) | RSUs for Extreme Portion |
|---|---|---|---|---|---|
| Curt VanHyfte | 1.0× base ($588,462) | 1.9× base ($1,118,078) | 1.0× base ($588,462) | $1,706,539 cash (baseline + stretch) | $489,600 grant (8,231 RSUs; vests 50%/yr over 2 years) |
Long-Term Incentives (2024 cycle granted Feb 23, 2024)
Design: 40% PSUs (half RONA, half Revenue) with 3-year performance period (2024–2026) and ±20% TSR modifier; 40% Service RSUs vest 33⅓% annually over 3 years; 20% stock options vest 25% annually over 4 years; option strike at grant date close .
| Award Type | Grant Date | Units | Vesting | Strike/FV |
|---|---|---|---|---|
| Stock Options | 2/23/2024 | 7,980 | 25% on each of 1st–4th anniversaries | $56.48 strike; grant-date FV $247,540 |
| Service RSUs | 2/23/2024 | 8,764 | 33⅓% on each of 1st–3rd anniversaries | Grant-date FV $494,991 |
| PSUs – RONA | 2/23/2024 | 4,382 target | Earn 50–200% at 2026 year-end; TSR modifier ±20% | Grant-date FV $247,495 |
| PSUs – Revenue | 2/23/2024 | 4,382 target | Earn 50–200% at 2026 year-end; TSR modifier ±20% | Grant-date FV $247,495 |
PSU Earnout (2022 grant, certified Feb 2025): RONA tranches earned at 200% (2022), 100% (2023), 0% (2024) then +20% TSR modifier; VanHyfte earned 10,027 PSUs after TSR adjustment .
Multi-Year Compensation Summary (VanHyfte)
| Component ($) | 2023 | 2024 |
|---|---|---|
| Salary | 515,096 | 593,077 |
| Stock Awards (grant-date FV) | 880,097 | 989,981 |
| Option Awards (grant-date FV) | 219,985 | 247,540 |
| Non-Equity Incentive Comp (Cash + PSU-linked RSUs) | 1,988,059 | 2,769,301 |
| All Other Compensation | 24,732 | 25,684 |
| Total | 3,627,969 | 4,625,583 |
Equity Ownership & Alignment
- Stock ownership guideline: 2× annual base salary for executive officers; all executive officers met minimum ownership as of Dec 31, 2024 .
- Anti-hedging: Company-wide prohibition on hedging, margin purchases, short sales; trading policy filed with 2024 10-K as Exhibit 19.1 .
- Beneficial ownership (Record Date Mar 31, 2025): VanHyfte owns 38,244 shares; options counted in “vested/vesting equity” within 60 days total 24,465; percent of shares outstanding is under 1% (100,539,960 shares outstanding) .
- Section 16(a) compliance: Two late Form 4s in 2024 (Feb 14 and Aug 16) for RSU settlements and tax withholding; noted by company in proxy .
Ownership Detail (as of Dec 31, 2024 unless stated)
| Item | Amount |
|---|---|
| Common Stock Beneficially Owned (shares) | 38,244 |
| Shares Outstanding (Record Date) | 100,539,960 |
| Options – Exercisable/Unexercisable | 2/10/2020: 0/1,501; 2/16/2021: 3,562/3,563; 5/04/2021: 564/564; 2/11/2022: 3,081/6,162; 2/21/2023: 2,992/8,977; 7/31/2023: 571/1,712; 2/23/2024: 0/7,980 |
| Service RSUs – Unvested | 2/11/2022: 2,786; 2/21/2023: 6,600; 7/31/2023: 1,322; 2/23/2024: 8,764 |
| PSUs – Unearned (at target unless noted) | 2/11/2022: 8,356 earned set; 2/21/2023: 9,899 target; 7/31/2023: 1,983 target; 2/23/2024: 8,764 target |
No pledging of shares was disclosed; the company policy explicitly prohibits hedging and margin transactions but does not enumerate pledging in the cited sections .
Employment Terms
| Provision | Curt VanHyfte |
|---|---|
| Agreement | Amended & Restated Employment Agreement dated Jul 24, 2023 . |
| Base Salary | $550,000 in agreement; adjusted to $600,000 in Mar 2024 . |
| Target Bonus | 150% of base salary per agreement; program-level annual incentive set at 100% of base with separate profit-sharing opportunity . |
| Long-Term Incentive Target | 225% of base salary (2024) . |
| Severance (Qualifying Termination) | 1.5× (base + higher of target or 3-year average bonus) paid over 18 months, plus prorated annual bonus, 12 months COBRA subsidy, up to 12 months outplacement . |
| CIC Severance (Double-trigger) | 2.0× (base + higher of target or 3-year average bonus) lump sum, plus prorated annual bonus and prorated profit-sharing bonus; equity acceleration as described below . |
| Non-Compete / Non-Solicit | 18-month non-compete/non-solicit linked to certain terminations; for VanHyfte, covenants apply only while receiving severance if terminated without cause or resigns for good reason; separate 2-year post-termination non-solicit of employees/customers/suppliers . |
| Equity Treatment (CIC & Retirement) | No single-trigger; double-trigger acceleration for options and Service RSUs on CIC termination; Performance RSUs deemed at target upon CIC then vest on service completion unless CIC termination, in which case vest on termination . Retirement eligibility allows continued performance-vesting for PSUs and full vesting of Service RSUs/options under conditions . |
| Excise Tax Gross-up | None; potential 280G cutback if beneficial . |
| Clawbacks | Incentive compensation clawback per NYSE Rule 10D-1; bonus recovery on misconduct-related restatements; equity forfeiture for breaches of restrictive covenants . |
Estimated Termination/Change-in-Control Economics (as of Dec 31, 2024)
| Component | Qualifying Termination ($) | CIC Qualifying Termination ($) | Death/Disability ($) |
|---|---|---|---|
| Base Severance | 3,123,699 | 4,164,932 | — |
| Prorated Annual Bonus | 573,162 | 573,162 | — |
| Profit Sharing Bonus | — | 2,196,139 | — |
| Continued Benefits (COBRA) | 36,276 | 36,276 | — |
| Outplacement | 10,000 | 10,000 | — |
| Accelerated Equity Awards | — | 4,162,949 | 2,663,926 |
| Total | 3,743,137 | 11,143,458 | 2,663,926 |
Compensation Structure Analysis
- High share of at-risk pay: 2024 non-equity incentives and equity (options/RSUs/PSUs) dominate total comp, consistent with pay-for-performance philosophy .
- Metrics emphasize profitable growth and returns: Annual plan uses Homes Closed, Gross Margin, Ops Stabilization; profit-sharing ties to EBT and RONA; long-term PSUs on RONA, Revenue, with relative TSR modifier .
- No single-trigger CIC; clawbacks and anti-hedging in place; no excise tax gross-ups (shareholder-friendly) .
- Say-on-Pay support strong at 96% in 2024, indicating shareholder alignment with comp practices .
Risk Indicators & Red Flags
- Section 16(a) late filings (Feb 14 and Aug 16, 2024) for RSU settlements and tax withholding (administrative lapse) .
- No pledging disclosed; hedging prohibited—reduces misalignment risk .
- No single-trigger CIC, no tax gross-ups—lower governance risk .
Compensation Peer Group (Benchmarking)
Peer group used for compensation benchmarking included major public homebuilders (e.g., D.R. Horton, Lennar, Pulte, NVR, Toll Brothers, Meritage, KB Home, M/I Homes, TRI Pointe, Beazer, Hovnanian, MDC), with no changes in 2024 .
Equity Award Details and Vesting Schedules
- 2024 Options: 7,980 at $56.48; vest 25% annually over 4 years .
- 2024 Service RSUs: 8,764; vest 33⅓% annually over 3 years .
- 2024 PSUs: 4,382 RONA + 4,382 Revenue targets; 3-year performance to FY2026 with ±20% TSR modifier; payout 50–200% of target, capped at target if TSR is negative .
- 2024 Extreme Profit Sharing RSUs: $489,600 (8,231 RSUs); vest 50% annually over 2 years .
Performance & Track Record
- Company performance in 2024: 12,896 closings, $7.8B revenue, adjusted closings gross margin 24.4%, adjusted EPS $8.72, liquidity ~$1.4B, and 5.6M buybacks; net sales orders +13% .
- EBT and RONA achieved above plan (EBT 123.2%; RONA 17.82%); drove top-tier profit sharing payouts .
- TSR since 2019 indicates strong performance (fixed $100 → $280; peer group $230) .
Equity Ownership & Alignment
| Ownership Guideline | Requirement | Compliance |
|---|---|---|
| Executive Officers | 2× base salary ownership; retain ≥50% of net shares until guideline met | All executive officers met by Dec 31, 2024 . |
Employment Contracts and Covenants
- Term: Indefinite; terminable by either party .
- Non-compete/non-solicit and confidentiality covenants; duration tailored to termination circumstances .
- Severance structure aligns with market practice; CIC benefits are double-trigger .
Investment Implications
- Compensation strongly aligned to profitable growth (EBT, RONA) and long-term value (RONA/Revenue PSUs with TSR modifier), suggesting sustained focus on returns and shareholder value under VanHyfte’s finance leadership .
- Double-trigger CIC, clawbacks, and anti-hedging policies reduce governance and misalignment risk; absence of tax gross-ups is shareholder-friendly .
- Minor administrative risk indicated by late Section 16 filings; however, no material insider selling—2024 shows RSU vesting and cash profit-sharing; options largely unexercised in 2024 for VanHyfte, mitigating near-term selling pressure from option exercises .