Alex Elezaj
About Alex Elezaj
Executive Vice President and Chief Strategy Officer of UWM since April 2018; Class I Director since 2021; age 48; MBA (Michigan State University) and BBA (Walsh College); YPO member since 2013 . Company performance context during his recent tenure: 2024 TSR value of initial $100 investment = $62.51, net income $329,375k, adjusted EBITDA $459,975k; 2023 TSR $77.21, net loss $(69,782)k, adjusted EBITDA $478,270k . He is a management director (no board committee assignments), which raises standard independence considerations for dual-role executives on classified, controlled-company boards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UWM Holdings Corporation | EVP, Chief Strategy Officer | Apr 2018–Present | Senior executive driving strategy and growth initiatives |
| Class Appraisal, Inc. | Chief Executive Officer | Apr 2015–Apr 2018 | Led appraisal management co.; executive experience in related mortgage ecosystem |
| Whitlam Group | Chief Operating Officer; VP Sales & Marketing | Dec 2010–Mar 2015; Jun 2008–Dec 2010 | Responsible for growth strategies and marketing initiatives at labeling/packaging firm |
| Takata Corporation | Group Manager | Prior to 2008 | Operational leadership in automotive parts industry |
External Roles
| Organization | Role | Years |
|---|---|---|
| Young Presidents’ Organization (YPO) | Member | Since 2013 |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 359,000 | 369,000 | 379,000 (reported SCT); 2024 base set at $380,000 effective Feb 10, 2024 |
| All Other Compensation ($) | 75,383 | 2,500 | 10,716 (includes $8,216 personal aircraft use) |
Notes:
- 2024 base salaries were set by the Compensation Committee at $380,000 for Elezaj; SCT reflects amounts paid for the year (reported $379,000) .
Performance Compensation
Captains Annual Bonus Plan (Annual Incentive)
| Item | 2024 |
|---|---|
| Target Bonus ($) | 519,750 |
| Payout Achievement (%) | ~120.97% |
| Total Amount Earned ($) | 629,862 |
| Cash Paid ($) | 534,430 (85%) |
| RSUs Paid ($) | 95,432 (15%), granted Feb 6, 2025, ~1-year vest |
| Metric Category | Weighting | Target | Actual | Payout Impact | Vesting |
|---|---|---|---|---|---|
| People (Engaging & Exciting Workplace) | Equal weighting across metrics | Not disclosed | Exceeded Maximum | Contributed to ~120.97% overall payout | 15% of earned bonus in RSUs, ~1-year vest |
| Leadership | Equal | Not disclosed | Exceeded Target | Positive | RSUs ~1-year vest |
| Service (Client Service) | Equal | Not disclosed | Met Target | Neutral | RSUs ~1-year vest |
| Processing Time | Equal | Not disclosed | Between Threshold and Target | Mixed | RSUs ~1-year vest |
| Compliance (Reduce Defects/Errors) | Equal | Not disclosed | Exceeded Target | Positive | RSUs ~1-year vest |
| Quality (Loan Quality) | Equal | Not disclosed | Between Threshold and Target | Mixed | RSUs ~1-year vest |
| Production (Market Share) | Equal | Not disclosed | Met Target | Neutral | RSUs ~1-year vest |
| Purchase Loan Production | Equal | Not disclosed | Between Threshold and Target | Mixed | RSUs ~1-year vest |
| Expenses (Cost Reductions) | Equal | Not disclosed | Between Target and Maximum | Positive | RSUs ~1-year vest |
| Broker Channel Growth | Equal | Not disclosed | Exceeded Maximum | Positive | RSUs ~1-year vest |
| Campus Visits | Equal | Not disclosed | Exceeded Maximum | Positive | RSUs ~1-year vest |
Long-Term Incentive Plan (LTIP)
| Item | 2024 |
|---|---|
| Plan Funding | 3% of net income, capped at $1.0B NI (pool cap $30.0M) |
| 2024 Amount Earned ($) | 1,551,186 (Elezaj) |
| Payout Schedule | Paid in equal installments over four years, typically starting Q3 following performance year, subject to continued employment |
| CEO Participation | CEO does not participate in LTIP |
Equity Awards (RSUs)
| Grant Date | Type | Shares/Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Feb 9, 2024 | RSUs (equity component of 2023 Captains Plan) | 15,021 | 58,091 | ~1-year service-based vest (March 1, 2025 per outstanding table) |
| Aug 30, 2024 | Discretionary service-based RSUs (retention) | 658,617 | 4,379,803 (ASC 718; adjusted for expected dividends to vest date) | |
| Outstanding at 12/31/2024 | Unvested RSUs (Feb 2024 grant) | 8,606 units; market value $50,517 (at $5.87 close) | ||
| Outstanding at 12/31/2024 | Unvested RSUs (Aug 2024 grant) | 658,617 units; market value $3,866,082 (at $5.87 close), vest Aug 30, 2031 |
Stock vested in 2024: 19,611 shares; value realized $131,093; 6,504 shares were withheld for taxes .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (Class A) | 302,597 shares; <1% |
| Shares Outstanding (as of Apr 7, 2025) | 200,781,659 Class A; 1,397,782,620 Class D |
| Vested vs Unvested (12/31/2024) | Unvested RSUs: 8,606 (vest ~Mar 1, 2025) and 658,617 (vest Aug 30, 2031) |
| Hedging Policy | Hedging and short sales prohibited for officers/directors/employees; trading windows and pre-clearance apply |
| Pledging Policy | Pledging or margining UWM shares requires prior consent; cautions on margin/pledge risks |
| Indications of Pledging | No pledging disclosure for Elezaj in security ownership table |
Employment Terms
| Provision | Status |
|---|---|
| Employment Agreement | None; no individual severance agreement for current executive officers |
| Severance / CIC | Upon change in control or death/disability, all outstanding RSUs vest; LTIP: portion of unpaid amounts previously earned vest upon death |
| Non-compete / Non-solicit | Not disclosed |
| Garden Leave | Not disclosed |
Board Governance (Director Role)
- Board Role: Class I Director since 2021; committees: none .
- Board Structure: 10 members; classified into three classes; rationale emphasizes continuity given mortgage cyclicality .
- Controlled Company Governance: Compensation Committee may include non-independent members while controlled; audit committee comprises independent directors; independent director executive sessions targeted each regular meeting (at least two/year) .
- CEO on Compensation Committee; subcommittee of two independent directors sets CEO pay .
Director Compensation (Program; management directors excluded)
| Program Element | FY 2024 |
|---|---|
| Cash Retainer | $120,000 annual plus $3,000 per Board meeting (non-employee directors) |
| Annual Equity Grant | $25,000 in Class A shares (3,782 shares), immediately vested (non-employee directors) |
| Management Director Treatment | Compensation for Mat Ishbia, Alex Elezaj, Laura Lawson, Melinda Wilner covered in SCT; excluded from director compensation table |
Compensation Structure Analysis
| Component | FY 2022 | FY 2023 | FY 2024 | Commentary |
|---|---|---|---|---|
| Salary ($) | 359,000 | 369,000 | 379,000 (base set $380,000) | ~3% YoY raise; fixed pay modest vs at-risk |
| Stock Awards ($) | — | 64,891 | 4,437,894 (includes Aug 2024 RSUs) | Shift toward long-dated RSUs; strong retention tilt |
| Non-Equity Incentive ($) | 4,636,438 | 2,322,794 | 2,085,616 | Annual incentive variability aligns with operational metrics |
| All Other Comp ($) | 75,383 | 2,500 | 10,716 (aircraft personal use) | Perqs limited; aircraft use tracked and disclosed |
Related Party Transactions & Policies
- Aircraft usage: UWM leases aircraft from entities controlled by CEO; NEOs may have personal use authorized; Elezaj’s 2024 “All Other Compensation” includes $8,216 for personal aircraft use; company paid ~$0.2m to CEO entities for aircraft usage in 2024 and ~$0.2m to unrelated third parties for ancillary services .
- Campus leases: Corporate campus leased from entities controlled by Jeffrey A. Ishbia and Mat Ishbia; 2024 lease expense $19.5m .
- Approval controls: Audit Committee pre-approves related party transactions; robust insider trading/anti-hedging policy .
Say-on-Pay & Peer Group
- Say-on-Pay: Over 99% of votes cast supported executive compensation at 2024 annual meeting; Compensation Committee reviews this feedback annually .
- Benchmarking & Consultants: Compensation Committee does not benchmark to a peer group; no compensation consultant used in 2024 .
Equity Vesting & Insider Selling Pressure
| Upcoming Vesting | Shares/Units | Date | Notes |
|---|---|---|---|
| RSUs (Captains 2023 equity component) | 8,606 unvested (as of 12/31/24) | ~Mar 1, 2025 | 2024 saw 19,611 shares vest; 6,504 withheld for taxes |
| RSUs (Aug 2024 retention grant) | 658,617 | Aug 30, 2031 | Long-dated vest; significant retention anchor |
Employment & Contracts (Retention risk)
- LTIP payout cadence over four years, contingent on continued employment, supports retention; 2024 LTIP earned $1,551,186 for Elezaj .
- No severance/CIC cash multiples; RSU acceleration upon CIC/death/disability; LTIP partial vest upon death mitigates unforeseen separation risks .
Board Service History, Committee Roles, and Dual-Role Implications
- Service: Class I director since 2021; re-nomination for term expiring 2028; committees: none .
- Dual-role: As an active executive officer serving on the board, Elezaj is a management (non-independent) director; UWMC is a controlled company with CEO on the Compensation Committee and a classified board, which concentrates governance power and may heighten independence considerations (mitigated by independent committee structures and executive sessions) .
Investment Implications
- Alignment: Significant long-dated RSU grant (658,617 units vesting in 2031) and four-year LTIP payout schedule create strong retention and multi-year alignment; near-term RSU vest in early 2025 is modest, limiting short-term selling pressure .
- Pay-for-performance: Annual bonus tightly linked to operational metrics with equal weighting; 2024 payout at ~121% reflects outperformance in broker channel, people, and cost reductions, aligning incentives to growth and quality .
- Governance watchpoints: Dual-role management directorship in a controlled, classified board structure and related-party arrangements (campus leases, aircraft) warrant continued monitoring; policies and Audit Committee oversight are disclosed, but independence optics persist .
- Compensation trend: Shift toward RSUs from cash suggests increasing emphasis on retention and shareholder alignment; absence of options reduces repricing risks; no severance/CIC cash multiples lowers parachute concerns; hedging/pledging restrictions reduce misalignment risk .