loanDepot (LDI) announces settlement and cooperation agreement with Anthony Hsieh

Market Cap: $565 million | loanDepot, Inc. engages in originating, financing, selling, and servicing residential mortgage loans in the United States. 

On February 7, 2023, Anthony Hsieh, as the founder and largest voting stockholder (68.9%) of the company delivered a letter to the company nominating Steve Ozonian for election to the Board at the 2023 AGM. He stated his belief that the Nominee’s experience with consumer fintech and real estate leadership will be crucial to assisting the company in overcoming the challenges the company now faces

On February 8, 2023, Anthony Hsieh issued a statement to correct the record with respect to certain matters referenced in loanDepot’s press release of February 8.

On February 8, 2023, the company announced that Anthony Hsieh has stepped down as Executive Chairman, pursuant to a mutual agreement unanimously approved by LDI’s Board of Directors. 

On March 9, 2023, Anthony Hsieh filed proxy materials reminding board to concentrate on company's long-term success. Source

On March 15, 2023, Anthony Hsieh filed proxy materials seeking support for his nominee. Source

On April 4, 2023, the company entered into a settlement and cooperation agreement with Anthony Hsieh and pursuant to it, the size of the Board will be temporarily increased from eight to nine directors and Steven Ozonian will join the Board immediately. Ozonian, along with current directors Andrew Dodson and Pamela Hughes Patenaude, will be nominated for election to three-year terms at the 2023 AGM. In connection with the 2024 annual meeting, the Company will nominate only Hsieh and Brian Golson (or another designee of Parthenon) for re-election as a Class III director and the Board will be reduced from nine to eight directors, subject to the terms of the cooperation agreement.