Dorika Beckett
About Dorika M. Beckett
Dorika M. Beckett has been an independent director of Velocity Financial, Inc. since July 2020. She is a seasoned operator and investor, serving for over a decade as CEO of LW Staffing (an ATC Healthcare Services franchise) and Livewell Home Care Inc., with prior experience as a private equity partner, director of operations, and management consultant; she also chairs the Imani Baraka Foundation. Beckett holds an A.B. in Economics from Harvard College and an MBA from Harvard Business School . The Board has affirmatively determined she is independent under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LW Staffing (ATC Healthcare Services franchise) | Chief Executive Officer | Over a decade | Executive leadership and operational oversight |
| Livewell Home Care Inc. | Chief Executive Officer | Over a decade | Elder care services operations in CA and NC |
| Private Equity Firm (unnamed) | Partner | Prior to current roles | Investment and portfolio oversight |
| Various industries | Director of Operations; Management Consultant | Prior to current roles | Operational improvements and consulting |
External Roles
| Organization | Capacity | Tenure | Notes |
|---|---|---|---|
| Imani Baraka Foundation | Chair (family non-profit) | Current | Philanthropic leadership |
| Public company boards | — | — | None disclosed |
Board Governance
| Item | Detail |
|---|---|
| Board service start | July 2020 |
| Independence | Independent director (affirmed by Board) |
| Committee memberships | Audit Committee (member) ; Governance Committee (member) |
| Committee chair roles | None |
| Board meetings in 2024 | 7 meetings |
| Audit Committee meetings in 2024 | 5 meetings |
| Governance Committee meetings in 2024 | 1 meeting |
| Attendance | All directors attended at least 75% of Board and committee meetings in 2024 |
| Lead Independent Director | Joy L. Schaefer |
| Executive sessions | Independent directors and committees may meet in executive session; chairs preside; any non-management director may call sessions |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 95,000 | 95,000 | 190,000 |
Director compensation structure (company policy):
- Annual Board cash retainer: $75,000
- Committee member cash retainer: $10,000 per committee
- Committee chair cash retainer: $10,000 per chair
- Equity compensation: $95,000 restricted stock grant annually (issued upon re-election at Annual Meeting)
Performance Compensation
Directors do not receive performance-based incentives; equity grants are time-based restricted stock issued upon re-election.
| Component | Metric | Payout Range | Notes |
|---|---|---|---|
| Director equity grant | None (time-based vesting) | N/A | Annual restricted stock; expected 2025 director grants of $95,000 per eligible non-employee director upon re-election |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlock/Conflict Note |
|---|---|---|---|
| — | — | — | No public company directorships disclosed |
Expertise & Qualifications
- Executive leadership across healthcare staffing and elder care services; entrepreneurial and operational background .
- Investment and private equity experience, plus prior operations and management consulting roles .
- Philanthropic governance (Chair of family foundation) .
- Education: Harvard College (A.B. Economics); Harvard Business School (MBA) .
Equity Ownership
| Holder | Beneficial Shares | Percent of Class | Notable Components |
|---|---|---|---|
| Dorika M. Beckett | 42,634 | 0.1% | Includes 15,811 unvested restricted shares and 12,500 vested options |
Ownership alignment policies:
- Director stock ownership guideline: 4x annual cash retainer (to be met within 4 years) .
- Anti-hedging and anti-pledging policy: Directors prohibited from hedging or pledging company stock; no margin purchases .
- Equity plan cap for director pay: Max $1,000,000 in total value (cash plus equity) per non-employee director per fiscal year .
Compliance status with ownership guideline for Beckett is not disclosed .
Governance Assessment
- Independence and Audit/ Governance involvement: Beckett’s dual committee roles (Audit and Governance) strengthen financial oversight and board evaluation/ESG practices; Audit Committee members, including Beckett, are deemed financially literate and qualified as “audit committee financial experts,” enhancing credibility of financial reporting oversight .
- Attendance/engagement: Met the company’s disclosure threshold (≥75% of meetings) in 2024 amid 7 Board, 5 Audit, and 1 Governance meetings, indicating baseline engagement; per-director attendance rates are not disclosed .
- Ownership alignment: Holds equity (restricted stock and options) and is subject to stock ownership guidelines and strict anti-hedging/pledging rules, supporting alignment with shareholders; specific guideline compliance status is not provided .
- Conflicts/interlocks: No related-party transactions involving Beckett in 2024; the company’s Related Person Transaction Policy centralizes review under the Audit Committee. Only disclosed related party item was CEO’s adult child employment; none for directors like Beckett .
- Board nominee dynamics: Major shareholders (Snow Phipps and PIMCO) retain nomination rights and place designees on the Board and committees; Beckett is not a designee of these groups, preserving independence from controlling holders .
- Risk indicators: No Section 16(a) reporting issues in 2024; robust clawback policy applies to incentive compensation; anti-hedging/pledging policy reduces red-flag risk; no severance or golden parachutes for executives; governance practices include majority vote standard and advance resignation policy, supporting investor confidence .
RED FLAGS: None disclosed for Beckett specifically (no related-party transactions, pledging/hedging, or attendance shortfalls reported) .