PennyMac finalizes separation with ex-CIO Fartaj; $1.525M cash severance plus equity vesting

PennyMac Financial Services, Inc.

Vandad Fartaj (former Sr. MD & CIO) will receive $1,525,000 cash severance in two installments.
Fartaj retains vested stock options from 2020/2021 plus partial vesting of 2021-2022 PFSI/PMT equity awards.
2023 equity grants forfeited; unvested RSUs/PSUs vest on original schedule without continued service.
Agreement includes mutual non-disparagement, cooperation, and standard release of claims.
Fartaj's service ended March 17, 2023; earlier 8-K reported departure as of March 3.

item 5.02 item 9.01

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Departed

Vandad Fartaj

Senior Managing Director and Chief Investment Officer

PFSI · PennyMac Financial Services, Inc.

Effective: 2023-03-03
Filed: March 24, 2023, 7:59 PM ET

Vandad Fartaj ceased serving as the Company’s Senior Managing Director and Chief Investment Officer on March 3, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Vandad Fartaj departed as Senior Managing Director and Chief Investment Officer at PennyMac Financial Services, Inc..

Action: ceased serving
Role: Senior Managing Director and Chief Investment Officer

Exact text from the filing

Vandad Fartaj ceased serving as the Company’s Senior Managing Director and Chief Investment Officer on March 3, 2023.

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PennyMac Financial Services, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-036669

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