Onity Group Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 30, 2025, the Board of Directors (the “Board”) of Onity Group Inc. (the “Company” or “Onity”) appointed Robert S. Welborn to serve as a director, effective October 1, 2025. Concurrent with Mr. Welborn’s appointment, the Board has temporarily increased its size to eight directors. The Board has determined that Mr. Welborn is an independent director under the listing standards of the New York Stock Exchange and applicable rules of the Securities and Exchange Commission, including the independence standards applicable to members of compensation committees and audit committees.
Mr. Welborn, 52, is self-employed as a marketing technology consultant. Since October 2021, he has served as a director of NOV Inc. (NYSE:NOV), an equipment and technology provider to the global energy industry. From November 2020 through August 2024, Mr. Welborn served as the Head of Data Science for Meta Inc. Prior to that, he was the Head of Programs Data Science, Small Business Group for Meta Inc. Before joining Meta Inc. in 2020, he held various positions within General Motors Company between 2018 and 2020, including Global Chief Data and Analytics Officer. Between 2009 and 2017, Mr. Welborn served in several positions of increasing responsibility at USAA, including Chief Data Scientist. Mr. Welborn holds a Bachelor of Science in Engineering from Texas A&M University and a Master of Business Administration from the University of California, San Diego.
Effective with his appointment, Mr. Welborn has been appointed to serve on the Company’s Risk and Compliance Committee.
There are no arrangements or understandings between Mr. Welborn and any other person pursuant to which Mr. Welborn was selected as a member of the Board. In addition, there are no transactions in which Mr. Welborn has an interest that are required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Welborn will receive compensation for his services as a director in accordance with the compensation arrangements for non-management directors as described in the Company’s proxy statement for its 2025 annual meeting of shareholders filed with the Securities and Exchange Commission on April 15, 2025. Mr. Welborn will also enter into a customary indemnification agreement with the Company, the form of which is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 26, 2015.
In addition, DeForest B. Soaries, Jr., a director of the Company, has notified the Board that he has decided not to stand for re-election at the Company’s 2026 annual shareholder meeting, which is currently scheduled for May 20, 2026. Dr. Soaries will continue to serve on the Board until that time. The Board has determined that its size shall be decreased to seven effective immediately prior to the beginning of the 2026 annual shareholder meeting. Onity thanks Dr. Soaries for his many contributions over 11 years of service to the Company as a director. Dr. Soaries’ retirement from the Board is not due to any disagreement with the Company relating to its operations, policies or practices.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
Description | |
| 104 | Cover Page Interactive Data File formatted in online XBRL (included as Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| ONITY GROUP INC. | ||
| (Registrant) | ||
| Date: October 3, 2025 | By: | /s/ Joseph J. Samarias |
| Joseph J. Samarias | ||
| Chief Legal Officer | ||