---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-036669"
form_type: "8-K/A"
ticker: "PFSI"
cik: "0001745916"
company_name: "PennyMac Financial Services, Inc."
filed_at: "2023-03-24T23:59:59+00:00"
generated_at: "2026-06-17T16:52:45.863102+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-036669
- form_type: 8-K/A
- ticker: PFSI
- cik: 0001745916
- company_name: PennyMac Financial Services, Inc.
- filed_at: 2023-03-24T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1745916/000110465923036669/0001104659-23-036669-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1745916/000110465923036669/tm2310448d1_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-036669
- JSON: https://secwatch.observer/filing/0001104659-23-036669.json
- Plain text: https://secwatch.observer/filing/0001104659-23-036669.txt

## Key facts
- Executive change
  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
  source text: Vandad Fartaj ceased serving as the Company’s Senior Managing Director and Chief Investment Officer on March 3, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1745916/000110465923036669/0001104659-23-036669-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.