Michael Nierenberg

CEO of Great Ajax

Field of Expertise

Finance & Banking - Finance

Economy Sector

Real Estate

Current Tenure

0 years 8 months (Jun 2024 - Present)

Previous Experience

Unknown

Michael Nierenberg has been the CEO of Rithm Capital Corp. since 2013. He brings a wealth of experience from leading roles in big financial firms like Bank of America and JP Morgan. At Rithm, he focuses on finance strategies that align with the company's goals. In 2023, he earned a total compensation of over $20 million, including a large bonus tied to company performance. Intriguingly, Nierenberg's insider trading activities show he consistently holds a significant amount of company stock, peaking at nearly $23.3 million in early 2024. This deep involvement often indicates a strong confidence in his company's future. Nierenberg's journey involves various positions, each building upon his financial expertise and leadership skills, making him a pivotal figure at Rithm. Additionally, he has an employment agreement ensuring his focus on long-term success, underlining his commitment to the company's growth.

Year

2023

Total Compensation

$13.20M

Salary

$1.25M

Board Justification

The compensation program is designed to align management incentives with the long-term interests of stockholders, focusing on attracting and retaining talent, paying for performance, and aligning management interests with those of stockholders.

Bonus

$10.00M

Board Justification

For 2023, Mr. Nierenberg had an annual short-term incentive amount of $5,000,000, of which he was eligible to earn between 0% and 200% based on various financial, strategic and individual performance metrics determined by the Compensation Committee each year.

Other

$160.04K

Board Justification

Other compensation included a payment of $144,509 representing dividends entitled to be paid on Mr. Nierenberg’s restricted stock awards, and a profit-sharing bonus of $15,250.

Restricted Stock

$1.79M(192.68K restricted stock)

Board Justification

The stock awards that vested in 2023 were based on performance-vesting restricted stock units granted on February 21, 2023, which are subject to vesting based on the achievement of specified targets relating to the Company’s annual average EAD ROE over a three-year performance period running from January 1, 2023 through December 31, 2025.

Performance Metrics

The performance metrics for Mr. Nierenberg's compensation included financial, strategic, and individual performance metrics, with specific targets set for Earnings Available for Distribution (EAD) per Diluted Share.

Lawrence A. Mendelsohn

Ex-CEO of Great Ajax

January 2021 - June 2024