8-KLeadership ChangesRegulation FDExhibits & Filings

Rocket Companies, Inc. 8-K Report, Executive Changes (Feb 1, 2024)

Filed February 1, 2024For Securities:RKT

Summary

Rocket Companies, Inc. (RKT) announced a strategic expansion of its Board of Directors, increasing its size from eight to nine members with the appointment of Alastair Rampell as a Class II director, effective February 1, 2024. Mr. Rampell brings significant experience from his role as a General Partner at Andreessen Horowitz, where he focuses on financial services and has a strong track record of investing in and advising portfolio companies, including co-founding several successful ventures such as Affirm. His appointment is intended to enhance the board's expertise and governance capabilities. Mr. Rampell has been deemed independent by the Board, meeting all applicable SEC and NYSE listing standards, and has no material relationships with the Company outside of his directorship. His compensation package includes an annual cash retainer of $75,000 and a restricted stock unit (RSU) grant valued at $215,000, which vests after one year. This move signals a potential focus on leveraging external expertise to navigate the evolving financial services landscape and drive future growth.

Key Highlights

  • 1Rocket Companies, Inc. appointed Alastair Rampell to its Board of Directors, expanding the board to nine members.
  • 2Alastair Rampell brings extensive experience in financial services and venture capital, serving as a General Partner at Andreessen Horowitz.
  • 3Mr. Rampell's background includes co-founding multiple companies, including the well-known fintech Affirm.
  • 4The Board has determined that Mr. Rampell is an independent director, meeting SEC and NYSE independence standards.
  • 5Mr. Rampell's compensation as a director will include a $75,000 annual cash retainer.
  • 6He will also receive an initial grant of $215,000 in restricted stock units (RSUs) vesting after one year.
  • 7The appointment is effective February 1, 2024, and his term expires at the 2025 annual meeting of stockholders.

Frequently Asked Questions

Alastair Rampell is a new Class II director appointed to Rocket Companies' Board of Directors. He has been a General Partner at Andreessen Horowitz since October 2015, focusing on financial services investments. His background also includes co-founding several companies, such as Affirm, FraudEliminator, Point, TrialPay, TXN, and Yub. He holds a BA in Applied Mathematics and Computer Science from Harvard University.

The company expanded its Board of Directors from eight to nine members to appoint Alastair Rampell. This suggests a strategic decision to bring in additional expertise and potentially enhance governance, particularly given Mr. Rampell's significant experience in financial services and technology.

Alastair Rampell will receive an annual cash retainer of $75,000, prorated for his service period. Additionally, upon his appointment, he will receive a grant of restricted stock units (RSUs) valued at $215,000, which will vest after one year. He will also be eligible for future annual equity grants.

Yes, the Board of Directors has determined that Alastair Rampell meets all applicable standards of independence established by the SEC and the New York Stock Exchange. He is considered independent and free of any material relationships with the Company outside of his directorial role.