PennyMac Financial Services, Inc 8-K, filed Oct 16, 2020
PennyMac Financial Services, Inc. (PFSI)
About this 8-K
PennyMac Financial Services, Inc filed this 8-K on October 16, 2020, reporting on events of October 15, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported):
(formerly known as New PennyMac Financial Services, Inc.)
(Exact name of registrant as specified in its charter)
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of Directors. On October 15, 2020, the Board of Directors (the “Board”) of PennyMac Financial Services, Inc. (the “Company”) elected Lisa M. Shalett as a director. Ms. Shalett will serve until the Company’s next annual meeting of stockholders and until her successor is duly elected and qualified or until her earlier death, resignation or removal. Ms. Shalett will serve on the Audit Committee and the Nominating and Corporate Governance Committee of the Company’s Board.
In consideration for her services as a director of the Company, Ms. Shalett will be entitled to receive compensation on the same terms and in the same amounts as the other independent directors. Accordingly, Ms. Shalett will receive an annual base retainer of $80,000, as well as additional annual committee retainers of $10,000 for serving on the Audit Committee and $5,750 for serving on the Nominating and Corporate Governance Committee. In connection with her election to the Board, Ms. Shalett will receive a one-time equity grant of $125,000 in restricted stock units under the Company’s equity incentive plan (with such amount to be prorated based on days of service on the Board during the annual equity award cycle) that vests in full on the first anniversary of the date of grant.
In connection with her election, Ms. Shalett will enter into an indemnification agreement with the Company in the same form that the Company has entered into with its other directors. There are no other arrangements or understandings pursuant to which Ms. Shalett was elected as a director, and there are no related party transactions between the Company and Ms. Shalett.
Item 8.01 Other Events.
On October 16, 2020, the Company also issued a press release announcing the election of Ms. Shalett as referenced in Item 5.02 above. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated October 16, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PENNYMAC FINANCIAL SERVICES, INC. | |
| Date: October 16, 2020 | /s/ Andrew S. Chang |
| Andrew S. Chang | |
| Senior Managing Director and Chief Financial Officer |
Exhibit 99.1
| Media | Investors | |
| Janis Allen | Isaac Garden | |
| (805) 530-5817 | (818) 264-4907 |
PennyMac Financial Services, Inc. Announces
Lisa M. Shalett Has Joined Its Board of Directors
Westlake Village, CA, October 16, 2020 – PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Lisa M. Shalett, a Wall Street veteran and accomplished leader, has joined its Board of Directors.
“We are delighted to bring Lisa’s remarkable range of expertise to our Board of Directors,” said PFSI President and CEO David A. Spector. “Her experience in capital markets, risk and control functions, digital marketing and strategic innovation will add valuable perspective to our Board. On behalf of my fellow directors, I welcome her arrival with great enthusiasm.”
Ms. Shalett is a former Goldman Sachs Partner and former Managing Partner at Brookfield Asset Management. Over her 20 years at Goldman Sachs, she held leadership roles in Equities, Global Compliance, Legal and Internal Audit, and Brand Marketing and Digital Strategy. At Brookfield, she was the firm’s first Head of Strategic Innovation. Currently, Ms. Shalett advises growth companies and is the founder of Extraordinary Women on Boards, a community of women board directors focused on board excellence. She holds a Masters of Business Administration from Harvard Business School and a B.A., summa cum laude, in East Asian Studies from Harvard University.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Additional information about PennyMac Financial Services, Inc. is available on its investor relations website at www.ir.pennymacfinancial.com.