Nikul Patel
VroomAbout Nikul Patel
Nikul Patel, age 52, joined Vroom’s Board in April 2025 and is classified as an independent director under Nasdaq rules. He is CEO and Chair of LoanGlide, an embedded financing platform, and brings deep consumer finance, technology, and cybersecurity expertise with NACD Directorship Certification and NACD Cyber-Risk Oversight Program credentials. His education includes a B.S. in Electronics & Communication Engineering (Gujarat University), M.S. in Computer Engineering (Florida Atlantic University), and MBA from Wharton. If reelected at the June 12, 2025 annual meeting, he is expected to join the Audit Committee and the Nominating & Corporate Governance Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LoanGlide, Inc. | Chief Executive Officer & Chair (Co-founder) | Nov 2019 – Present | Embedded financing platform leadership in consumer finance; board governance experience |
| LendingTree, Inc. | Chief Strategy Officer; Chief Product Officer; Chief Operating Officer; Chief Technology Officer; SVP Product | Jun 2012 – Feb 2019 | Led strategy, product, tech, and operations for consumer finance marketplace |
| Intel Corporation | Various leadership roles | 2012 – 2019 | Technology and product leadership experience |
| Bills.com, Inc. / Home-Account, Inc. | President, Products; COO & VP | 2009 – 2012 | Consumer fintech product/operations leadership |
| Movoto.com | Co-founder | 2003 | Online real estate platform founding experience |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| Data Axle, Inc. | Director | Jul 2019 | Private/company unspecified in filing |
| Skyline Champion Homes | Director | Jul 2022 | Company type unspecified in filing |
| GetAround, Inc. | Director | May 2024 | Company type unspecified in filing |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board determined Patel is independent under Nasdaq rules |
| Committee Assignments (expected if reelected) | Audit Committee; Nominating & Corporate Governance Committee |
| Committee Meetings (2024 baseline) | Audit: 8; Compensation: 7; Nominating & Corporate Governance: 4 |
| Board Attendance (2024 baseline for then-incumbents) | >95% of Board and committee meetings |
| Board leadership | Independent Executive Chair separate from CEO |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Cash Retainer (Board Member) | $30,000 | Policy resumed Mar 12, 2025; cash compensation was suspended for 2024 |
| Independent Executive Chair | $20,000 | Additional cash retainer |
| Board Chair | $10,000 | Additional cash retainer |
| Audit Committee Chair | $10,000 | Committee chair fee; members (non-chair) $5,000 |
| Compensation Committee Chair | $5,000 | Members (non-chair) $2,500 |
| Nominating & Corporate Governance Chair | $4,000 | Members (non-chair) $2,000 |
| FY 2024 Director Compensation (Patel) | Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Not a director in FY 2024 | — | — | — |
• The Board suspended all director cash and equity compensation for 2024; no fees or grants were paid to any non-employee directors in 2024. Compensation resumed as of March 12, 2025 under the Director Compensation Policy.
Performance Compensation
| Policy Component | Grant Date | Award Type | Grant Value | Vesting |
|---|---|---|---|---|
| Annual RSU grant for directors | At each annual meeting | RSUs | $100,000 | Vests by next annual meeting or first anniversary, subject to service |
| Initial RSU (for appointments outside annual meeting) | Appointment date | RSUs | $100,000 (prorated) | 1/3 per year over 3 years, subject to service |
| Disclosed RSU Grants to Patel (2025) | Grant Date | Award Type | Shares/Value |
|---|---|---|---|
| None disclosed as of Apr 29, 2025 | — | — | — |
• Make‑whole RSUs were granted on March 12, 2025 to certain directors who served during the 2024 suspension; Patel was appointed in April 2025 and is not listed among the make‑whole recipients.
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Data Axle, Inc. | Director | No related-party transactions with Patel disclosed by Vroom |
| Skyline Champion Homes | Director | No related-party transactions with Patel disclosed by Vroom |
| GetAround, Inc. | Director | No related-party transactions with Patel disclosed by Vroom |
Expertise & Qualifications
• Consumer finance, technology and cybersecurity expertise; NACD Directorship Certification and NACD Cyber‑Risk Oversight Program certification.
• Degrees: B.S. Electronics & Communication Engineering (Gujarat University), M.S. Computer Engineering (Florida Atlantic University), MBA (Wharton).
• Relevant governance experience across strategy, operations, product, and technology from LendingTree and Intel; fintech founding and leadership roles.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| Nikul Patel (as of Apr 17, 2025) | — | — |
• Vroom prohibits directors and executive officers from hedging or pledging company securities.
Governance Assessment
• Independence and expected Audit Committee service are positives for oversight; he is expected to join Audit and Nominating & Corporate Governance committees if reelected.
• Ownership alignment is limited at appointment: no beneficial ownership reported for Patel as of the record date; director RSU grants are policy‑based and resumed in March 2025.
• Sector overlap: Patel leads LoanGlide (personal loan embedded finance) while Vroom owns UACC (indirect auto lender); no related‑party transactions are disclosed, but overlapping finance exposure merits monitoring for conflicts.
• Control and influence context: Mudrick Capital owns ~76.58% and holds a $25 million related‑party line of credit and a Board Observer seat, increasing sponsor influence—Board’s related‑party policy assigns Audit Committee approval/oversight to mitigate conflicts.
• Board effectiveness baseline: 100% independent committees, >95% attendance among then‑incumbents in 2024, executive sessions held regularly—strong practices supporting investor confidence.
RED FLAGS
- Sponsor dominance and related‑party financing (Mudrick credit facility and Board Observer) heighten governance scrutiny and potential conflict risk despite formal oversight policies.
- Limited personal share ownership reported for Patel at appointment reduces immediate “skin‑in‑the‑game” alignment; monitor post‑election RSU grants and any open‑market purchases.
- Sector overlap between LoanGlide (personal lending) and Vroom’s UACC (auto lending) warrants ongoing conflict checks, though no related‑party transactions are disclosed.