ONITY GROUP INC. 8-K

What Happened

• On February 24, 2026, Onity Group Inc. (ONIT) announced that Aulene Wessel joined the company effective February 23, 2026 as Senior Vice President and Chief Accounting Officer. Ms. Wessel, 43, succeeds Francois Grunenwald, who will depart after a transition period. The company stated Mr. Grunenwald’s departure is not due to any disagreement with the company’s accounting operations, policies or practices.

Key Details

• Compensation: annual base salary of $435,000 and an annual cash target incentive of $235,000 (actual payout discretionary by the Compensation and Human Capital Committee).
• Sign-on and equity: $455,000 cash sign-on at start, plus $70,000 payable within 30 days after six months (both subject to repayment if she resigns within 24 months); cash-settled restricted stock units with a target value of $250,000 vesting in three tranches between 6 and 24 months; and a proposed long-term equity award with a target value of $250,000 to be granted in 2026 subject to committee approval.
• Predecessor arrangements: Francois Grunenwald will receive severance under the company’s U.S. Basic Severance Plan and payment of his 2025 annual cash incentive with a target value of $251,000 (actual payout discretionary by the committee).
• Background: Ms. Wessel most recently served as Executive VP & Deputy Controller at Truist Bank (Aug 2024–Feb 2026) and previously held senior accounting roles at SoFi, Silicon Valley Bank and American Express. She holds accounting degrees from the University of Stellenbosch and the University of Natal and is a Chartered Global Management Accountant.

Why It Matters

• Leadership and accounting continuity: Appointing an experienced Chief Accounting Officer addresses a key finance leadership role that oversees financial reporting and controls—important for investors tracking financial accuracy and disclosure.
• Costs and incentives: The hire includes substantial upfront cash and equity incentives plus potential future long-term awards, which affect near-term cash outflows and equity-related compensation.
• Transition protections: The outgoing CACO will receive severance and a discretionary 2025 incentive payment; the company states there was no disagreement over accounting matters, reducing immediate governance concerns.