Kal Raman, the President and Chief Executive Officer at Xome, has resigned.
In an SEC filing submitted yesterday, Nationstar Mortgage Holdings, which owns and operates Xome, revealed its separation agreement with Raman. The separation was effective last Monday — November 23, 2015.
Here are the terms disclosed in the filing summary:
“Pursuant to the Separation Agreement the Company and Mr. Raman agree to the following: (i) Mr. Raman shall receive a total cash severance payment in the amount of $600,000 paid out over 52 weeks commencing within 30 days after November 23, 2015 (the “Termination Date”); (ii) Mr. Raman’s unvested and vested Stock Appreciation Rights in the appreciation of Xome are forfeited as of the Termination Date; (iii) Mr. Raman forfeits as of the Termination Date the shares of restricted stock granted on December 1, 2014 due to vest on December 1, 2015; and (iv) Mr. Raman’s medical coverage will continue under the Company’s medical plan until the earlier of (A) the period of time Mr. Raman takes to become eligible for the medical benefits program of a new employer or (B) twelve (12) months from the Termination Date. The Separation Agreement contains certain non-compete, non-solicitation and non-disparagement provisions.”
Xome launched in June of this year and touts itself as the real estate industry’s first end-to-end platform, where consumers can browse properties, find an agent, secure a mortgage and more.
“We’re a customer-experience company that happens to be in real estate,” said Raman in a June interview with Inman.
“Raman, an experienced tech executive who has stints at tech powerhouses eBay and Groupon under his belt, likens the platform to another e-commerce giant on his resume, Amazon,” we wrote in June. “He described Xome’s real estate value proposition to consumers as ‘selection, price and convenience.'”
Two weeks ago, Xome released an app that it said was the first end-to-end mobile platform “enabling real estate brokers and agents to collaborate with clients and complete major steps in the home buying and selling process.”