Christopher D. Farrar has been the CEO of Velocity Financial since its conversion from a limited liability company to a corporation in January 2020. With a solid background in finance, holding a Bachelor's degree in the field, he has steered...

Christopher D. Farrar has been the CEO of Velocity Financial since its conversion from a limited liability company to a corporation in January 2020. With a solid background in finance, holding a Bachelor's degree in the field, he has steered the company through several key developments. He was awarded a total compensation of around $3.9 million in 2023, showcasing his performance-oriented leadership. Notably, his bonuses are tied to company performance metrics like core net income growth, which reflects his focus on driving growth. Farrar took home a cash bonus of $1.83 million in 2023, emphasizing the link between his pay and the success of Velocity Financial. Under his leadership, the company has seen impressive growth in core net income, which has consistently exceeded expectations. His significant involvement in insider trades indicates a strong belief in the company's future, with his holdings peaking at approximately $15.9 million recently. Farrar’s leadership style focuses on alignment between executive achievements and shareholder interests, driving Velocity Financial toward sustained growth in the competitive financial landscape.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

V

Christopher D. Farrar

Founder and CEO of Velocity Financial

Education

Bachelor of Science in Business Administration from Pepperdine University

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

January 1, 1969 - 56 years ago

CEO of Velocity Financial for

20 years 11 months (Jun 2004 - Present)

Previous Experience

Co-founded Velocity Financial, Inc. and served as Chief Credit Officer for Worth Funding.

Rivals

Competitors/colleagues of Christopher D. Farrar

Holdings

See how much did Christopher D. Farrar make over time.

Christopher D. Farrar's financial investment in Velocity Financial tells a compelling story. Over the years, his holdings have shown remarkable growth. By December 2023, his insider holdings peaked at approximately $15.9 million. Back in 2020, just after the company’s IPO,...

Christopher D. Farrar's financial investment in Velocity Financial tells a compelling story. Over the years, his holdings have shown remarkable growth. By December 2023, his insider holdings peaked at approximately $15.9 million. Back in 2020, just after the company’s IPO, his holdings were notably lower, indicating a significant rise in his belief and investment as the company's performance improved. The surge in his holdings, especially in 2023, underlines a strong commitment to the company's trajectory. Notably, there was a dramatic increase in the value of his holdings after the company reported impressive net income growth. This pattern suggests that Farrar not only leads the company but also shares in its financial prosperity.

Insider Trading

See recent insider trades of Christopher D. Farrar.

VEL

$1.10M

VEL at $15.86/share

Jan 23, 2024

Received

VEL

$708.75K

VEL at $10.00/share

Jan 13, 2023

Received

VEL

$568.35K

VEL at $12.63/share

Feb 14, 2022

Received

VEL

$1.27M

VEL at $7.04/share

Jan 15, 2021

Received

VEL

$20.50K

VEL at $4.10/share

Aug 18, 2020

Purchase

Compensation History

See how much did Christopher D. Farrar make over time.

Christopher D. Farrar's compensation illustrates his performance-driven approach as CEO of Velocity Financial. In 2023, he earned a total of $3.9 million, which included a base salary of $630,000 and a cash bonus of $1.83 million. The bonus reflects his performance in line with company goals, specifically based on core net income growth. This performance metric is crucial as it links executive pay to the success of the company, showing a direct incentive for Farrar to drive Velocity Financial forward. Over the years, his compensation has evolved; for example, in 2021, he received $2.6 million, while in 2022, this amount increased to $3 million. His current pay reflects not just the company's growing success but also the strategic role he plays in ensuring Velocity remains competitive in the financial sector.

Year

2023

Total Compensation

$2.48M

Salary

$630.00K

Board Justification

The compensation philosophy emphasizes performance-based pay that aligns executives' interests with those of shareholders, aiming to attract and retain top talent while rewarding superior performance.

Bonus

$1.83M

Board Justification

The cash incentive bonus awarded for 2023 was based on a performance-based cash incentive program, with a formulaic outcome of $1,890,000, but was reduced to $1,830,465 by the Compensation Committee.

Other

$17.84K

Board Justification

Other compensation includes a matching contribution under the 401(k) Plan and reimbursement for medical and dental insurance premiums.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock was reported as vested in 2023 for the CEO.

Performance Metrics

The performance metrics for the CEO's compensation included core net income annual growth and individual performance objectives.