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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
________________________
Filed by the Registrant  x
Filed by a Party other than the Registrant  o
Check the appropriate box:
o
Preliminary Proxy Statement
oConfidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
x
Definitive Proxy Statement
oDefinitive Additional Materials
oSoliciting Material under §240.14a-12
Synchrony_Logo_RGB_Pos.jpg
SYNCHRONY FINANCIAL
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
xNo fee required.
oFee paid previously with preliminary materials.
o
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11




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NOTICE OF 2024
ANNUAL MEETING
OF STOCKHOLDERS
Dear Stockholders:
You are invited to attend Synchrony Financial’s 2024 Annual Meeting of Stockholders (the “Annual Meeting”) to be held on June 11, 2024 at 11:00 a.m., Eastern Time, for the following purposes:
To elect the 10 directors named in the proxy statement for the coming year;
To approve our named executive officers’ compensation in an advisory vote;
To approve the Synchrony Financial 2024 Long-Term Incentive Plan;
To ratify the selection of KPMG LLP as our independent registered public accounting firm for 2024;
To approve an amendment to the Company's Amended and Restated Certification of Incorporation to reflect recently amended Delaware law provisions regarding officer exculpation; and
To consider any other matters that may properly come before the meeting or any adjournments or postponements of the meeting.
The meeting will be held virtually to provide expanded access, improved communication and cost savings for our stockholders and Synchrony Financial. Hosting a virtual meeting enables increased stockholder attendance and participation because stockholders can participate from any location. Our virtual meeting is designed to ensure that all attendees are afforded the same rights and opportunities to participate as they would at an in-person meeting. During the live Q&A session of the meeting we will answer questions as they come in, and we commit to publishing each relevant question received following the meeting. The live webcast is available to stockholders and the general public at the time of the meeting, and a replay of the meeting is made publicly available on the company’s website. The website address for the virtual meeting is: www.virtualshareholdermeeting.com/SYF2024.
To participate in the meeting, you will need the 16-digit control number included on your Notice of Internet Availability of Proxy Materials, on your proxy card or in the instructions that accompanied your proxy materials. The meeting will begin promptly at 11:00 a.m., Eastern Time. Online check-in will begin at 10:45 a.m., Eastern Time, and you should allow for time to complete the online check-in procedure. You are eligible to vote if you were a stockholder of record at the close of business on April 16, 2024. Proxy materials are being mailed or made available to stockholders on or about April 25, 2024. Whether or not you plan to attend the meeting, please submit your proxy by mail, internet or telephone to ensure that your shares are represented at the meeting.
Sincerely,
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Jonathan S. Mothner
Executive Vice President,
Chief Risk and Legal Officer
April 25, 2024
PROXY
LOGISTICS
AT A GLANCE
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DATE
June 11, 2024
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TIME
11:00 a.m. Eastern Time
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VIRTUAL MEETING
WEBSITE ADDRESS
www.virtualshareholder meeting.com/SYF2024
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RECORD DATE
April 16, 2024
IMPORTANT NOTICE
REGARDING INTERNET
AVAILABILITY OF PROXY
MATERIALS FOR THE 2023
ANNUAL MEETING TO BE
HELD ON JUNE 11, 2024
Our proxy materials relating to our Annual Meeting (notice, proxy statement and annual report) are available at www.proxyvote.com.
2024 ANNUAL MEETING AND PROXY STATEMENT / 1


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29

2 / 2024 ANNUAL MEETING AND PROXY STATEMENT
















APPENDIX A: SYNCHRONY FINANCIAL 2024 LONG-TERM INCENTIVE PLAN
2024 ANNUAL MEETING AND PROXY STATEMENT / 3

Table of Contents
PROXY SUMMARY
This summary highlights certain information in this proxy statement in connection with our 2024 Annual Meeting of Stockholders (the “Annual Meeting”). As it is only a summary and does not contain all of the information you should consider, please review the complete proxy statement before you vote. In this proxy statement, references to the “Company” and to “Synchrony” are to Synchrony Financial. For answers to frequently asked questions regarding the Annual Meeting, please refer to pages 78-80 of this proxy statement. Proxy materials are being mailed or made available to stockholders on or about April 25, 2024.
LOGISTICSVOTING
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DATE
June 11, 2024
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BY MAIL
You may date, sign and promptly return your proxy card by mail in a postage prepaid envelope (such proxy card must be received by June 10, 2024).
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TIME
11:00 a.m. Eastern Time
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BY TELEPHONE
You may use the toll-free telephone number shown on your Notice of Internet Availability of Proxy Materials (the “Notice”) or proxy card up until 11:59 p.m., Eastern Time, on June 10, 2024.
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VIRTUAL MEETING
WEBSITE ADDRESS
www.virtualshareholdermeeting.com/SYF2024
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BY THE INTERNET
In Advance
You may vote online by visiting the internet website address indicated on your Notice or proxy card or scan the QR code included on your Notice or proxy card with your mobile device, and follow the on-screen instructions until 11:59 p.m., Eastern Time, on June 10, 2024.
At the Annual Meeting
You may attend the virtual Annual Meeting by visiting this internet website address: www.virtualshareholdermeeting.com/SYF2024.
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RECORD DATE
April 16, 2024
ELIGIBILITY TO VOTE
You are eligible to vote if you were a stockholder of record at the close of business on April 16, 2024.
AGENDA
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Election of 10 directors named in this proxy statement
Voting standard: Majority of votes cast
Page Reference — 18
BOARD
RECOMMENDATION FOR
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Ratify the selection of KPMG LLP as our independent registered public accounting firm for 2024
Voting standard: Majority of votes cast
Page Reference — 32
BOARD
RECOMMENDATION FOR
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Advisory approval of our named executive officers’ compensation
Voting standard: Majority of votes cast
Page Reference — 33
BOARD
RECOMMENDATION FOR
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Approval of Synchrony Financial 2024 Long-Term Incentive Plan
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Approval of an Amendment to the Company's Amended and Restated Certification of Incorporation to reflect recently amended Delaware law provisions regarding officer exculpation
Voting standard: Majority of votes cast
Page Reference — 66
BOARD
RECOMMENDATION FOR
Voting standard: Majority of voting power of shares outstanding and entitled to vote thereon
Page Reference — 73
BOARD
RECOMMENDATION FOR
4 / 2024 ANNUAL MEETING AND PROXY STATEMENT

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PROXY SUMMARY
EXECUTIVE SUMMARY
In 2023, Synchrony delivered another year of strong financial performance – including record purchase volume – by once again putting the value of experience, the strength of our operating model, and strategic investments in play to deliver for customers, partners, the Company, shareholders, and external stakeholders.
Synchrony achieved continued strong growth, improved operating efficiency, and delivered strong risk-adjusted returns – all while maintaining a robust balance sheet. These results were achieved while prioritizing good governance and sound risk management. The Company enhanced our customer experiences and customer acquisition through simplification, product development, and innovation. Synchrony continues to invest in a strong culture by co-creating with our employees an experience that works for our team and for our business, including a focus on total wellness, work-life balance and Equity, Diversity, Inclusion and Citizenship (“EDIC”). We earned external awards and recognition, including:
Fortune:
Fortune 100 Best Companies to Work For® -
U.S.—2024 (#5)
Great Place To Work®:
Best Workplaces for Parents - U.S. (#10)
Best Companies to Work For - Philippines (#1)
The Economic Times:
Top 100 Best Companies to Work For - India (#5)
Overall, 95% of our employees say Synchrony is a great place to work, compared to 57% at a typical U.S. company.
Synchrony continued to support the communities in which we serve and live by investing in education and other community programs through our skills programs and other outreach.
KEY FINANCIAL HIGHLIGHTS
$2.2B
in net earnings
2.0%
return on assets
$103B
in loan receivables
$1.5B
in capital returned
to shareholders
34.9%
Efficiency Ratio*
*Efficiency Ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.




GROWTH AND RETURNS
In 2023, Synchrony delivered double digit growth in loan receivables of $10.5 billion. This was possible through our execution across multiple strategic initiatives, including the expansion of our distribution channels, continued scaling of new products to offer our customers flexibility and choice, and signing or renewing over 50 partnerships. Key metrics demonstrating our growth in 2023 include:
25+
new partnerships
30+
partnership renewals
~23M
new accounts
2.8%
increase in purchase volume to a record $185 billion
11.4%
increase in loan receivables to $103 billion
Growth in our Health and Wellness platform contributed to this performance and was highlighted by a 14.7% increase in purchase volume, a 13.3% increase in average active accounts, and 19.2% increase in interest and fees on loans. These results reflected continued higher promotional purchase volume, broad-based growth led by our Dental, Pet and Cosmetic verticals, and lower customer payment rates. The financing flexibility that our products offer, coupled with seamless customer experiences, contributes to a loyal customer base with high repeat behavior and consistently strong satisfaction scores.
Digital platform purchase volume increased 7.1%, with growth in average active accounts. Diversified & Value purchase volume increased 8.0%, reflecting higher out-of-partner spend, strong retailer performance, and average active account growth of 5.8%. Lifestyle purchase volume increased 7.7%, with higher transaction values in Outdoor and Luxury. In Home & Auto, purchase volume was flat, as growth in commercial, Home Specialty and Auto were offset by lower retail traffic in Furniture and Electronics and the impact of lower gas and lumber prices.
Overall, our growth in 2023 exceeded internal goals, reflecting our differentiated business strategy that prioritizes sustainable growth at strong risk-adjusted returns, even as market conditions change and customer needs evolve.

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PROXY SUMMARY
FINANCIAL FOUNDATION
Synchrony balances strategic goals focused on growth by also maintaining a resilient financial foundation, including:
Funding – deposit balances grew by over $9 billion in a competitive funding environment.
Capital – the Company returned $1.5 billion to shareholders, including a 7% increase in dividends per share and $1.1 billion of share repurchases – reducing common shares outstanding by 7% or 31 million shares.
Efficiency Ratio – improved industry-leading efficiency ratio of 34.9%, driven by higher revenue partially offset by higher expenses.
Furthermore, during 2023, we initiated workstreams to develop strategies to mitigate the anticipated impact of changes to credit card late fee rules, which were issued in March 2024. These workstreams explored product, policy and pricing changes to allow us to continue to provide credit to our customer base while attempting to minimize the impact of a reduction to credit card late fees on our business.
CUSTOMER EXPERIENCE
Synchrony continues to enhance our customer experience by focusing on digital products and capabilities, deeper and more personalized relationships and simplified interactions.
Digital Transformation – The Company continues to focus its efforts on digital experiences through a number of specific projects, including our authentication software moving us toward a 'universal ID' for our applications and integration of all digital tools. The Company has strategically positioned mobile wallets as a distribution channel, launching multiple capabilities for clients. We also launched our Synchrony Marketplace online and within our MySynchrony native app, where shoppers can access hundreds of offers promoting our partner brands supported by Synchrony's tailored multiproduct financing solutions. In fact, as Synchrony leverages our analytics and marketing capabilities to develop compelling cross-shopping opportunities in this initial launch, Synchrony Marketplace has attracted more than 220 million visits by shoppers for our partners, providers and merchants, as we more than doubled the number of partners participating.
Product Development and Innovation – A mix of new and improved capabilities are helping Synchrony grow and provide great customer experiences.
Synchrony Pay Later is providing installment loans as an option for financing
SyPI provides a digital app experience within our partner’s own app
MySynchrony native app is providing a Synchrony experience that supports customer interaction
Third-party real-time analysis and optimizer to provide improved pricing and portfolio segmentation for our savings products
Direct payments with the Federal Reserve is improving the speed and efficiency for payments by customers
Simplifying Customer Interactions – Synchrony has optimized our websites to ensure a clear and efficient user interface to help drive organic online traffic to both Synchrony and partners. And with PRISM, we have improved credit decisions in the application process, maintaining approval rates, and protecting our risk-based discipline for extending credit. We have also simplified several customer requests and actions such as 1-click autopay and credit dispute inquiries.
GOVERNANCE AND RISK MANAGEMENT
At Synchrony, we promote and value a sound risk culture which results in (i) better risk management that allows us to identify, assess, and mitigate risks more efficiently; (ii) improved compliance that helps us to adhere to relevant laws, regulations and ethical standards; (iii) better decision-making by encouraging open and honest communication; (iv) a stronger reputation which helps retain customers, employees, and investors; and (v) increased employee engagement by valuing transparency, accountability, and collaboration helping to reduce turnover.
In addition to day-in-day-out risk oversight of the business, in 2023 the Company continued to adhere to a rigorous annual process that reviews (i) the behaviors and risk-based outcomes of our leaders and (ii) incentive programs for individuals or groups of individuals who could, together, put the Company at risk. Both of these processes and associated results were reviewed with the Board of Directors (the “Board”) and confirmed a strong risk culture at Synchrony, evidenced in part, by an independent third party risk assessment of each of our incentive plans that highlighted no concerns and an internal process that distills a company-wide set of risk events, to issues being investigated, to adverse risk outcomes that are discussed after root causes are identified and appropriate actions
are taken.
Specific improvements and actions taken in 2023 that support our governance and risk management include:
Enhanced Prudential Standards Compliance – As of March 31, 2023, Synchrony’s average total consolidated assets exceeded $100 billion. As a result, we will become subject to enhanced prudential standards following applicable transition periods. During 2023, we established new procedures and governance in preparation for compliance with these enhanced standards, including by implementing monthly reporting on loans and liquidity filings, conducting readiness activities for Comprehensive Capital Analysis and Review examinations by regulators, and deploying a risk-based pricing team.

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PROXY SUMMARY
Governance Review – In 2023, Synchrony kicked off a company-wide initiative to review and refine our corporate governance practices across all our functions to enhance our risk culture and drive sustainable growth. This initiative helped ensure (i) cultural awareness that compliance and risk management are everyone’s responsibility – from call center agents, to process owners, to our executive leadership team, (ii) issues are timely identified and escalated to senior leaders when our customers are impacted and (iii) we have the appropriate tools and controls to adequately manage risk within our Company.
SUPPORTING OUR EMPLOYEES
Based on feedback from employees, we continued to invest in our people through enhancements in both mental and physical wellness, compensation, benefits, flexibility and career development. We maintained our support for employees to choose where and how they work best which allows our diverse workforce – with diverse needs – the ability to choose the option that works best for them and to reap the benefits of greater work/life balance.
We also continue to recognize the important role our associates play in driving our business forward. Synchrony funded its Performance Plus Bonus program for full-time, frontline hourly associates in our U.S. contact centers at $1,250 – well above the target of $750. In addition, in the first quarter of 2024, we paid a special inflation bonus of $1,000 to our full-time non-exempt and other employees to help alleviate the impacts of inflation to those feeling the most outsized impacts.
A summary of highlights of our current benefit programs and additional changes in 2023 to support employees include:
Thrive Global – Synchrony’s newest employee wellness resource, Thrive Global, is a science-backed well-being platform designed to help people create sustainable, healthy habits that improve resilience and performance through continuous, whole-human support. It includes a full suite of wellness tools and resources, including daily check-in questions, wellness challenges and Thrive Resets, which are 60-second videos that help employees take a meaningful pause to recharge and transition between customer service calls or during other work. Thrive Global helps build stress-relief and mental well-being into employees’ daily workflows, improving the overall employee experience, which in turn improves our customer experience.
Wellness Reimbursement Program – In 2023, we made two changes to our wellness reimbursement program to (i) increase the amount of the benefit from $300 to $500 per year and (ii) allowed a wider range of wellness activities or goods included in the program such as fitness classes, music and art lessons, home gym equipment, and nutrition programs.
Financial Wellness – We continue to support employees through financial wellness programs including: (i) a financial education portal to help Synchrony employees sharpen their personal money management skills and make smart decisions about their spending habits,
building credit, saving for retirement, reducing debt and investing wisely; and (ii) Rainy Day Savings Fund – a program where employees who took financial education lessons from our online education portal and saved between $3 and $5 each pay period for a total of six months received a $65 cash deposit from Synchrony. We also continue to make free, relatable personal finance resources available through our Money 360 program.
Maternity/Parental Leave – In 2023, we expanded our support for new parents by ensuring a minimum level of paid time off globally. Our global programs support new parents through a mix of combined maternity and/or parental leave with 22 weeks of 100% paid leave for parents who give birth and 12 weeks of 100% paid leave for all other new parents including adoptions.
Sabbaticals – The Synchrony Sabbatical and Employee Balance programs let employees reduce their schedules or take anywhere from one to 12 months leave while retaining benefits. It’s part of our broader commitment to flexibility and investments in our people’s well-being.
Well-Being Coaches – We continue to expand our well-being support for employees by adding dedicated coaches with diverse backgrounds that match our workforce. These coaches help employees create personalized wellness strategies and serve as guides for benefits and resources. Our slate of well-being coaches also partner with Synchrony's eight diversity networks to support various initiatives throughout the year.
Gender Affirming Benefits – Our Gender Affirming coverage includes the most common and safe surgeries available. This is a special and unique benefit that Synchrony offers above and beyond what other companies provide.
Fertility and Family Planning – Our fertility benefit provides a comprehensive and easy-to use program that covers multiple paths to parenthood, including couples struggling with fertility, LGBTQ+ families, single parents by choice and singles/couples who require donor tissue. The program includes three cycles of fertility treatment and covers cost from beginning to end.
Adoption and Surrogacy Assistance – In 2023, to better support our employees’ paths to parenthood, we added coverage for surrogacy and expanded our financial support from $8,000 to $35,000 per adoption or surrogacy arrangement.
Tuition Reimbursement – Synchrony has an industry leading tuition reimbursement program that provides up to $20,000 per year for full-time employees, $5,000 per year for part-time employees and up to $9,000 for skill-based certifications. In addition, we cover up to $4,000 per year for academic fees such as registration fees, lab use fees, books, and course-related software. Our tuition reimbursement program covers degrees relevant to an employee's job as well as healthcare and education-related degree programs. In partnership with the Bright Horizons EdAssist program, Synchrony can pay employees’ tuition directly through our Debt-Free Tuition option, offering no out-of-pocket cost for employees.

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SUPPORTING EMPLOYEES AND COMMUNITIES THROUGH EQUITY, DIVERSITY AND INCLUSION
We are committed to creating an environment that is inclusive and helps everyone be their best. Our Equity, Diversity, Inclusion and Citizenship programs aim to evolve the workforce to reflect the diversity of the populations in the communities we serve, nurture a culture of inclusion where employees are valued as their authentic selves, and increase access to education for those who need it most. These are some of our programs:
Pay Equity – Since 2018, Synchrony has hired an independent third party to analyze pay equity for all employees. In 2023, Synchrony continued our annual practice of reviewing the Company’s pay equity for all employees globally, including base pay, cash incentive plans, and stock-based compensation. The third-party analysis in 2023 continued to support our goal to maintain 100% pay equity for employees across genders globally and across racial/ethnic groups in the United States, as well as our commitment to improve Synchrony’s compensation processes to better support equity. Synchrony is committed to continuing our global pay equity analysis and disclosing the results each year.
New Way of Working – Realizing that employees have diverse needs and to help all employees feel included in Synchrony’s culture, the Company continues to provide choice and flexibility on where employees work. Feedback from our workforce and externally by potential employees wanting to work at a company with an inclusive culture
has been very positive. In 2023, our voluntary turnover in the United States was over 40% lower than pre-pandemic levels, our applicant pools for exempt roles nearly doubled pre-pandemic levels, and business results continued to improve in spite of challenging economic conditions.
Inclusive Culture – At Synchrony, we believe in a strong employee culture that supports EDIC and bolsters business results by:
Attracting and retaining top talent who are looking for a supportive and engaging workplace. This has helped mitigate turnover and improve employee retention.
Boosting employee morale and engagement, which leads to higher productivity and better job performance.
Improving teamwork and collaboration, which can lead to better problem-solving, more efficient decision-making, and improved results.
Building a positive Company reputation, which helps attract top talent, new customers, investors, and business partners.

Diversity – In 2023, we published our first Diversity Report that provides transparency and a holistic overview of our diversity accomplishments and program. Our ability to cultivate and sustain a diverse workforce that reflects our customers and communities we serve, combined with our focus to hire the most qualified candidate for each role, is what drives our approach. In 2023, we had a year-over-
year increase in diverse demographics driven in part by increasing representation of Blacks and Hispanics at Vice President and above levels in the United States and increasing the number of females in Vice President and above roles globally. As of December 2023, our
workforce in the United States comprised 50% non-white, including 19% Black, 17% Hispanic, 7% Asian and globally,
61% female.
Other initiatives include:
Diverse Pipeline – In 2023, we expanded our development programs designed to increase our pipeline for executive roles in the Company by including more diverse populations.
Supplier Diversity – Our continued efforts to support diverse suppliers have increased diverse representation in companies included in our Request for Proposals (“RFPs”). In 2023, we achieved a 15% increase from prior year in the number of diverse suppliers included in RFPs. Of the diverse suppliers included in RFPs, we increased the total number of diverse suppliers by 26% – from 62 to 78. As a result, we ended 2023 with our diverse supplier spend increasing by 95% from 2022.
Investing in Diverse Startups – Synchrony announced a $100 million commitment in Ariel Alternatives’ Project Black Fund, which aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies. Project Black invests in middle-market companies that are not currently minority owned, as well as existing Black- and Hispanic-owned businesses, providing capital, resources and minority executive talent. Under Project Black’s ownership, these companies are expected to be transformed into certified minority business enterprises (“MBEs”) of scale to fuel Fortune 500 vendor and supply chain diversity. Synchrony, along with other investors, plans to explore collaboration opportunities with portfolio company management teams to pursue growth strategies. In addition to our $100 million commitment to Project Black, Synchrony Ventures has committed $45 million to venture capital funds led by diverse partners with a track record of investing in minority-owned start-ups since 2021. In 2020, the Synchrony Foundation committed $5 million over four years to support funding of small business. In 2023, $1 million of this commitment went to support Operation Hope which offers technical support and financial counseling to small business owners.
Synchrony was recognized for its work by the Executive Leadership Council (ELC), as their 2023 Corporate Award recipient for outstanding commitment to achieving DEI.

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PROXY SUMMARY
Synchrony has made EDIC a continued priority for the Company by creating a culture that enables every colleague to be their complete, authentic self-evidenced by our Great Place to Work® rankings, pay equity results, low turnover, and large candidate pools for open positions.
Our focus on supporting our employees and enhancing their engagement has led the Company to once again be recognized as a Great Place to Work® on Fortune’s Best Companies to Work For® list, which uses employee feedback as a core criterion. Synchrony has moved up the list every year since 2019 and we're now in the Top 5 in the United States. Great Place to Work® also ranked Synchrony in the top spot in the Philippines and number five in India. Overall, 95% of employees say Synchrony is a great place to work, compared to 57% at a typical U.S. company.
SUPPORTING OUR COMMUNITIES
At Synchrony, our values drive how we work, how we serve our customers and partners, and how we engage in the communities where we live and work every day. Over the last five years, Synchrony’s community development lending and investment activities totaled more than $1.6 billion. In 2023, Synchrony continued to support our communities in a variety of ways including (i) Community Reinvestment Act ("CRA") investments; (ii) grant donations through our Education as an Equalizer initiative; (iii) financial education and inclusion; and (iv) skills and career development. Synchrony was recognized for the fifth year in a row on JUST Capital’s JUST 100 list of America’s Most
JUST Companies.
CRA – Investments totaling $265 million that will add or preserve affordable housing serving households with income from less than 30% of area median income ("AMI") to up to 80% of AMI.
Education as an Equalizer – An initiative to expand access to higher education, skills training in high-growth fields and financial literacy for underserved communities and our own workforce. Since 2021, we have distributed over $19 million in grants and provided more than 1,400 scholarships through this initiative.
Financial Education and Inclusion – Synchrony participates in Project REACh – Roundtable for Economic Access and Change – as a member on the steering committee of the Alternative Credit Assessment Utility Workstream, one of four workstreams under Project REACh, working to improve credit availability and consumer financial literacy for underserved communities, individuals and small businesses. In 2023, Synchrony continued to use bank and deposit account data made available through Project REACh to extend credit to the “credit invisible” population – consumers who have no record or trade lines at the credit bureau. Through our efforts to date, we have observed that over 50% of new account holders offered credit utilizing Project REACh data attained a “prime” 651+ Vantage score within
12 months.
Skills and Career Development – Synchrony supports multiple partnerships with organizations already on the front lines of bringing education, skills training and career placement to the underserved in their communities including Latinx Executive Alliance, and The Mom Project. Our multi-million-dollar state-of-the-art Synchrony Skills Academy located at our headquarters in Stamford, CT holds community programs focused on skilling and reskilling the local workforce.
OUR NAMED EXECUTIVE OFFICERS
The executive officers whose compensation we discuss in this Compensation Discussion and Analysis section (“CD&A”) – our named executive officers (“NEOs”) for 2023 – are Brian D. Doubles, President and CEO; Brian J. Wenzel, Sr., Executive Vice President, CFO; Carol D. Juel, Executive Vice President and Chief Technology and Operating Officer; Jonathan S. Mothner, Executive Vice President, Chief Risk and Legal Officer and Curtis Howse, Executive Vice President and CEO, Home & Auto.
In September 2023, the Board approved the following changes to roles and responsibilities of our NEOs:
Jonathan S. Mothner was appointed Executive Vice President, Chief Risk and Legal Officer effective November 1, 2023. He previously served as our Executive Vice President, General Counsel and Secretary from February 2014 to October 2023.



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PROXY SUMMARY
COMPENSATION PHILOSOPHY
TARGET COMPENSATION
A majority of our NEOs’ compensation is performance-based and therefore at risk. The only fixed compensation paid is base salary, which represents approximately 7% of the CEO’s total direct compensation and no more than 17% of the other NEOs’ total direct compensation. Below are the 2023 mix of direct pay charts for our CEO and CFO:
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Below we illustrate our CEO Target pay from 2021 to 2023 and alignment with market and our compensation philosophy. For each year we have shown market median (in thousands) as reported in proxy filings by peer companies that year.
SYNCHRONY CEO DIRECT PAY VS MARKET
As part of our compensation philosophy, the Management Development and Compensation Committee ("MDCC") targets median pay but may set total compensation above or below the median based on a variety of factors including but not limited to, each executive's role, responsibilities, experience, and performance. Mr. Doubles’ pay was initially set below median as part of the planned CEO succession with the intent of increasing his target pay over a multi-year time period. The MDCC will continue to use market data to help inform its decision-making regarding competitive pay levels and to understand how Mr. Doubles' compensation compares to the market for comparable CEOs.
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PROXY SUMMARY
2023 SAY-ON-PAY ADVISORY VOTE AND STAKEHOLDER
ENGAGEMENT ON EXECUTIVE COMPENSATION
At our 2023 annual meeting of stockholders, our investors supported the compensation for our named executive officers with more than 93% of the votes approving the advisory say-on-pay proposal. The MDCC considers the results of our say-on-pay advisory vote as part of its review of our overall compensation programs and policies. In 2023, we continued our regular engagement with stakeholders regarding our compensation program. We also engaged with proxy advisory firms and sought regulatory perspectives.
BEST PRACTICE COMPENSATION PROGRAMS AND POLICIES
The MDCC has implemented the following measures as part of our executive compensation programs:
WHAT WE DO
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Substantial portion of executive pay based on performance against goals set by the MDCC
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Risk governance framework underlies compensation decisions
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Stock ownership requirements for executive officers
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Minimum vesting of 12 months for any options or stock appreciation rights
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Minimum vesting of 12 months for any restricted stock units (“RSUs”)
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Greater percent of equity grants in Long-Term Performance Share Units (“PSUs”) (55% of the LTI mix)
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Compensation subject to claw-back in the event of misconduct in addition to “no fault” in the case of financial restatements for all NEOs
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Limited perquisites
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Peer company benchmarking, targeting median among peers with additional consideration based on the size,
scope and impact of role, market data, leadership skills, length of service and both company and individual performance and contributions
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Double-trigger vesting of equity and long-term incentive plan awards upon change in control
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Annual “Say-on-Pay” frequency
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Independent compensation consultant advises the MDCC
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Include relative performance metric via Total Shareholder Return modifier on long-term performance awards
linked to stockholder returns relative to peers
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Significant portion of incentive compensation mix in equity
WHAT WE DON’T DO
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No hedging or pledging, short selling, or option trading of Company stock
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No employment agreements for executive officers
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No tax gross-ups on perquisites for executive officers
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No cash buyouts of stock options or stock appreciation rights with exercise prices that are not in-the-money
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No payout of dividends on unvested equity prior to the vesting date
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No backdating or repricing of stock option awards
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No CIC excise tax gross-ups for executive officers
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CORPORATE GOVERNANCE
We believe that strong corporate governance is integral to building long-term value for our stockholders and enabling effective
Board oversight. We are committed to governance policies and practices that serve the interests of the Company and its stockholders. The Board monitors emerging issues in the governance community and regularly reviews our governance
practices to incorporate evolving best practices and stockholder feedback.
A FEW OF OUR CORPORATE GOVERNANCE BEST PRACTICES INCLUDE:
BOARD LEADERSHIP STRUCTURE
Our Board is led by Jeffrey Naylor, our non-executive Chair. Mr. Naylor assumed this role in April 2023 after serving as Lead Independent Director since April 2021, and has served as an independent director on our Board since 2014.
Our Board, led by the Nominating and Corporate Governance Committee, annually reviews the Board's leadership structure and has determined to re-elect Mr. Naylor as non-executive Chair. We continue to believe that having an independent director serve as the non-executive Chair of the Board is in the best interests of our stockholders and is the appropriate leadership structure for the Company at this time. The separation of roles allows our Chair to focus on the organization and effectiveness of the Board. At the same time, it allows our CEO to focus on executing our strategy and managing our operations, performance and risks.
BOARD’S ROLE IN STRATEGY
The Board actively oversees the Company’s strategic direction and the performance of our business and management. On an annual basis, the Board conducts an intensive, multi-day review of the Company’s short-, medium- and long-term strategic plan, taking into consideration economic, consumer, technology, regulatory and other significant trends and changes, as well as other developments in the industry impacting our business. The Board’s input is then incorporated into the strategic plan and approved at the subsequent Board meeting. The output of these meetings provides the strategic context for the Board’s discussions at its meetings throughout the next year, including regular updates and feedback from the Board on the Company’s progress on its strategic plan and deep dives on developments in important areas such as cybersecurity and healthcare. In addition, the Board regularly discusses and reviews feedback on strategy from our stockholders and other stakeholders, and often engages with internal and external experts and advisors to ensure our strategy reflects the latest competitive landscape.
Looking ahead, the Company remains focused on improving all aspects of the customer experience, starting with a quick, seamless account opening process all the way through account self-servicing features. The Board will oversee our plan to continue to invest heavily in digital innovations to develop new products and services that drive deeper customer relationships.

BOARD'S ROLE IN RISK OVERSIGHT
We manage enterprise risk using an integrated framework that includes Board-level oversight, administration by a group of cross-functional management committees, and day-to-day implementation by a dedicated risk management team led by the Chief Risk Officer ("CRO"), a role currently held by our Chief Risk and Legal Officer. The Board (with input from the Risk Committee) is responsible for approving the Company’s enterprise-wide risk appetite statement and framework, as well as certain other risk management policies, and oversees the Company’s strategic plan and enterprise-wide risk management program.
The Board regularly devotes time during its meetings to review and discuss the most significant risks facing the Company and management’s responses to those risks. During these discussions, the President and CEO, the CFO, the CRO, the Managing General Counsel and other members of senior management present management’s assessment of risks, a description of the most significant risks facing the Company and any mitigating factors and plans or practices in place to address and monitor those risks. The Board has also delegated certain of its risk oversight responsibilities to its committees.
The Risk Committee of the Board has responsibility for the oversight of the risk management program, and the four other board committees have oversight roles with respect to risk management within their respective oversight areas. Several management committees and subcommittees have important roles and responsibilities in administering the risk management program. This committee-focused governance structure provides a forum through which risk expertise is applied cross-functionally to all major decisions, including development of policies, processes and controls used by the CRO and risk management team to execute our risk management philosophy. The CRO manages our risk management team and is responsible for establishing and implementing standards for the identification, management, measurement, monitoring and reporting of risk on an enterprise-wide basis. The CRO regularly reports to the Board of Directors and the Risk Committee on risk management matters. The enterprise risk management philosophy is to ensure that all relevant risks are appropriately identified, measured, monitored and controlled. The approach in executing this philosophy focuses on leveraging risk expertise to drive enterprise risk management using a strong governance framework structure, a comprehensive enterprise risk assessment program and an effective risk appetite framework.
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CORPORATE GOVERNANCE
Responsibility for risk management flows to individuals and entities throughout our Company, including the Board, various Board and management committees and senior management. The corporate culture and values, in conjunction with the risk management accountability incorporated into the integrated Enterprise Risk Government Framework, which includes a governance structure and three distinct “Lines of Defense” (as further described below), has facilitated, and will continue to facilitate, the evolution of an effective risk presence across the Company.
The “First Line of Defense” is comprised of the business areas whose day-to-day activities involve decision-making and associated risk-taking for the Company. As the business owner, the first line is responsible for identifying, assessing, managing and controlling that risk, and for mitigating our overall risk exposure. The first line formulates strategy and operates within the risk appetite and risk governance framework. The “Second Line of Defense,” also known as the independent risk management organization, provides oversight of first line risk-taking and management. The second line assists in determining risk capacity, risk appetite, and the strategies, policies and structure for managing risks. The second line owns the risk governance framework. The “Third Line of Defense” is comprised of Internal Audit. The third line provides independent and objective assurance to senior management and to the Board and Audit Committee that first and second line risk management and internal control systems and its governance processes are well-designed and working as intended.
BOARD OVERSIGHT OF CYBERSECURITY AND TECHNOLOGY
The protection and security of financial and personal information of our consumers is one of the Company’s highest priorities. To that end, we have an extensive cybersecurity oversight framework in place, which includes oversight of cybersecurity risk. The Board and its Risk Committee receive regular reports on cybersecurity and the Company ensures the Board includes members with cybersecurity experience. The information security program includes administrative, technical and physical safeguards and is designed to provide an appropriate level of protection to maintain the confidentiality, integrity, and availability of our Company’s, our client's and our customers’ information. This includes protecting against known and evolving threats to the security or integrity of customer records and information, and against unauthorized access, compromise or loss of customer records or information. For more information regarding our cybersecurity risk management strategy and governance, please see "Item 1C. Cybersecurity" in our Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on February 8, 2024.
A key part of our strategic focus is the continued development of innovative, efficient, and flexible technology to deliver products and services that meet the needs of our partners and customers and enables us to operate our business efficiently. The integration of our technology with our partners is at the core of our value proposition, enabling us to anticipate and deliver the experiences and tools our partners and consumers want, while reducing fraud and enhancing customer service. Recognizing the importance of technology and innovation to our future success, and in order to better leverage the Board’s technology expertise, we have a committee of the Board devoted exclusively to technology and innovation. The Technology Committee reviews and advises the Board on major strategies and other subjects relating to the Company’s approach to technology-related innovation, the technology development process and existing and emerging technologies, including artificial intelligence. The Chair of the Technology Committee is Art Coviello, a leader in the technology industry and former Executive Vice President of EMC Corporation and Executive Chairman of RSA Security, Inc.
BOARD COMMITMENT TO DIVERSITY
Since our IPO, the Board has consistently believed that sustainable, long-term stockholder value creation requires caring for our business, our customers, our partners, our employees, our communities, and the environment. We believe diversity makes our business stronger, more innovative and more successful. We have strong hiring practices for women, minorities, veterans, the LGBTQ+ community and people with disabilities. We promote this inclusive culture by sponsoring eight different employee Diversity Networks.
Five of our 10 directors are women and/or minorities; nine are independent; three are women and three are considered members of minority groups. This diversity enables our Board to guide and oversee management more effectively, bringing strategically relevant, forward-looking and inclusive perspectives to our boardroom.
Since 2020, our Board has elevated its attention to social justice and racial equity within Synchrony and in our communities. Our Board receives regular updates on progress in Synchrony’s EDIC efforts. Our directors have hosted all-employee events on EDIC in the workplace, participated in our annual Global Diversity Experience, and shared their thought leadership on EDIC at conferences.
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CORPORATE GOVERNANCE
BOARD FOCUS ON OTHER ENVIRONMENTAL, SOCIAL AND GOVERNANCE MATTERS
Our Board actively engages on diversity and other environmental, social and governance matters ("ESG") topics throughout the year. Our Board delegates primary responsibility for oversight of our ESG strategy and performance to our Nominating and Corporate Governance Committee. The Committee receives updates from management on ESG matters at least four times per year. All of our Board committees oversee matters that impact our ESG strategy and performance. For example: our Audit and Risk Committees oversee compliance matters; our Risk Committee oversees cybersecurity risks associated with
information security and data privacy; and our Management Development and Compensation Committee oversees human capital practices, including our EDIC efforts. Our Nominating and Corporate Governance Committee and our Management Development and Compensation Committee hold an annual joint meeting on ESG reflecting the significance of human capital and community initiatives in our overall ESG strategy and performance. Our Nominating and Corporate Governance Committee regularly reports to the Board on the ESG-related activities of the Board committees.
ESG OVERSIGHT BY OUR BOARD COMMITTEES
Synchrony Financial Board of Directors
Nominating
& Corporate
Governance
Committee
Audit
Committee
Management,
Development &
Compensation
Committee
Risk
Committee
Technology
Committee
Oversee ESG and corporate social responsibility
Oversee Synchrony’s corporate governance, including director qualifications, and board leadership and committee structure
Oversee Synchrony’s compliance with legal, ethical and regulatory requirements and related processes and programs, including our compliance and Ombuds programs
Oversee Synchrony’s human capital management, including policies and strategies for recruiting, retention, career development and progression, management succession for key executives, corporate culture, diversity, and employment practices
Oversee Synchrony’s enterprise-wide risk management framework, including as it relates to operational risks, which encompass cybersecurity, compliance, and business resilience risks
Review of Synchrony’s approach to technology-related innovation
You can read more about our ESG efforts in our ESG report at www.synchrony.com. Our ESG report is not, and will not be deemed to be, a part of this proxy statement or incorporated by reference into any of our other filings with the SEC.
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CORPORATE GOVERNANCE
STOCKHOLDER ENGAGEMENT
We continue to value our stockholders’ perspectives on our strategy and governance practices. We believe that maintaining a dialogue with our stockholders allows us to better understand and respond to their perspectives on matters of importance to them. As part of our regular stockholder engagement in 2023, we engaged with representatives of a majority of our outstanding shares on a variety of topics, including our growth plans, business strategy, board composition, compensation practices and ESG issues. We also hosted our first Investor Day in 2021 to provide stockholders and other stakeholders a deeper dive into our business model, long-term growth strategy and financial operating framework.
BOARD REFRESHMENT
Under the leadership of our Nominating and Corporate Governance Committee, Synchrony’s Board of Directors and its committees routinely evaluate our Board and Board committee composition and leadership, as well as our latest updated skills matrix. This established process helps to ensure that the Board has the requisite expertise to oversee Synchrony’s business today and as it evolves under our strategy for the future. As a result, since 2019, we have added four new directors, adding expertise in healthcare, digital, technology, the consumer sector and risk management in the consumer banking sector. As a group, our Board possesses expertise in areas directly relevant to our business and strategy—including accounting, consumer banking, credit cards, cyber security, government affairs, healthcare, marketing, retail, risk management, digital and technology. We also recently rotated the chairs of our Audit Committee, Management Development and Compensation Committee, and Nominating and Corporate Governance Committee.



CORPORATE GOVERNANCE PRACTICES
OUR GOVERNANCE HIGHLIGHTS INCLUDE:
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Nine out of 10 directors are independent
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Experienced Board members with a diversity of skills and backgrounds
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Five out of 10 directors are women and/or minorities
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Three out of five Board committee chairs are women and/or minorities
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Each of the Audit Committee, MDCC, Nominating and Corporate Governance Committee, Risk Committee
and Technology Committee is comprised exclusively of independent directors
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Non-executive Chair of the Board
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Regular meetings of independent directors in executive session without management
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Annual election of all directors
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Majority voting standard for directors in uncontested elections
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Stockholder special meetings may be called upon the request of a majority of stockholders
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Single-class voting structure (one share, one vote)
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No stockholder rights plan
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Stock ownership requirements for our executive officers and directors
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Stockholder proxy access
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Nominating and Corporate Governance Committee regularly reviews overall corporate governance
framework and oversees the Company’s ESG efforts
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CORPORATE GOVERNANCE
BOARD OF DIRECTORS
We believe that our directors possess the highest personal and professional ethics, deep industry knowledge and expertise, and are committed to representing the long-term interests of our stockholders. We deliberately and thoughtfully formed a Board with diverse perspectives and experiences, which we believe is critical to effective corporate governance and to achieving our strategic goals. Five of our 10 directors are women and/or minorities; nine are independent; three are women and three are considered members of minority groups. The composition of the Board reflects distinct and varied professional experience and cognitive diversity.
BOARD OF DIRECTORS DIVERSITY AND SKILLS MATRIX
FERNANDO
AGUIRRE
PAGET
ALVES
KAMILA
CHYTIL
ARTHUR
COVIELLO
BRIAN
DOUBLES
ROY
GUTHRIE
JEFFREY
NAYLOR
BILL
PARKER
LAUREL
RICHIE
ELLEN
ZANE
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GENDER DIVERSITY
MALE
FEMALE
ETHNIC DIVERSITY
BLACK OR AFRICAN AMERICAN
HISPANIC
WHITE/CAUCASIAN
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FINANCIAL EXPERT
RISK EXPERT
FINANCIAL SERVICES INDUSTRY
C-SUITE EXPERIENCE
BRAND AND MARKETING
DIRECT CONSUMER/RETAILERS
GOVERNMENT/REGULATORY
HEALTHCARE
HUMAN CAPITAL/COMPENSATION
STRATEGIC PLANNING
TECH/DIGITAL/CYBER
OTHER PUBLIC COMPANY BOARD


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CORPORATE GOVERNANCE
DIVERSITY
DIRECTOR INDEPENDENCE
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3 OF 10 ARE FEMALE
9 OF 10 ARE INDEPENDENT
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DIRECTOR AGE
3 OF 10 ARE MINORITIES
AVERAGE AGE 64
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5 OF 10 ARE FEMALE AND/OR MINORITIES
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YEARS
BOARD QUALIFICATIONS
COMMITTEE MEMBERSHIP
NAMEAGEDIRECTOR
SINCE
INDEPENDENT
AUDIT
MDC
NCG
RISK
TECH
Brian D. Doubles
President and CEO of Synchrony Financial
49
2021
Fernando Aguirre
Former Chairman, President and CEO of Chiquita Brands International, Inc.
662019
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syf_icons_human_element_Single_Person_Icon_rgb_chr_white_fill.jpg
Paget L. Alves
Former Chief Sales Officer of Sprint Corporation
69
2015
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syf_icons_human_element_Single_Person_Icon_rgb_chr_fill.jpg
Kamila Chytil
Chief Operating Officer of DentaQuest LLC
442022
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Arthur W. Coviello, Jr.
Former Executive Vice President of EMC Corporation;
Former Executive Chairman of RSA Security, Inc.
702015
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Roy A. Guthrie
Former CEO of Renovate America, Inc.;
Former Executive Vice President and Chief Financial
Officer of Discover Financial Services, Inc.
702014
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syf_icons_human_element_Single_Person_Icon_rgb_chr_white_fill.jpg
Jeffrey G. Naylor
(Non-Executive Chair of the Board)
Former CFO and Chief Administrative Officer
of the TJX Companies, Inc.
65
2014
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P.W. “Bill” Parker
Former Vice Chairman and Chief Risk Officer
of U.S. Bancorp
672020
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Laurel J. Richie
Former President of the Women’s National
Basketball Association LLC
65
2015
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syf_icons_human_element_Single_Person_Icon_rgb_chr_fill.jpg
Ellen M. Zane
Former President and CEO of Tufts Medical
Center and Tufts Children’s Hospital
722019
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syf_icons_human_element_Single_Person_Icon_rgb_chr_white_fill.jpg
Committee chair
Committee member
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ITEM 1—ELECTION OF DIRECTORS
The Board consists of 10 directors: our President and CEO, Brian D. Doubles, and nine directors who are “independent” under the listing standards of the New York Stock Exchange (“NYSE”) and our own independence standards set forth in our Governance Principles. The independent directors are Fernando Aguirre, Paget L. Alves, Kamila Chytil, Arthur W. Coviello, Jr., Roy A. Guthrie, Jeffrey G. Naylor, Bill Parker, Laurel J. Richie and Ellen M. Zane (together, the “Independent Directors”). Under our Bylaws, our directors will be elected annually by a majority of votes cast in uncontested elections. As discussed under Committees of the Board of Directors below, our Nominating and Corporate Governance Committee is responsible for recommending to our Board, for its approval, the director nominees to be presented for stockholder approval at each annual meeting.
NOMINEES FOR ELECTION TO THE BOARD OF DIRECTORS
Each of the 10 director nominees (the “Director Nominees”) listed on the following pages is currently a director of the Company.
The following biographies describe the business experience of each Director Nominee. Following the biographical information for each Director Nominee, we have listed specific qualifications that the Board considered in determining whether to recommend that the director be nominated for election at the Annual Meeting.
If elected, each of the Director Nominees is expected to serve for a term of one year or until their successors are duly elected and qualified. The Board expects that each of the Director Nominees will be available for election as a director. However, if by reason of an unexpected occurrence one or more of the Director Nominees is not available for election, the persons named in the form of proxy have advised that they will vote for such substitute Director Nominees as the Board may nominate.
THE BOARD RECOMMENDS
A VOTE FOR
the following nominees for election as directors.
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BRIAN D. DOUBLES
PRESIDENT AND CHIEF EXECUTIVE OFFICER

Mr. Doubles, 49, has been our CEO and a director since April 2021 and our President since May 2019. He has also been a member of the board of directors of Synchrony Bank (the “Bank”) since 2009. Mr. Doubles previously served as our Executive Vice President and CFO from February 2014 to April 2019. Prior to Synchrony’s founding, Mr. Doubles served in various roles of increasing responsibility and management at the General Electric Company (“GE”). Mr. Doubles is a member of the Business Roundtable and Bank Policy Institute. Mr. Doubles received a B.S. in Engineering from Michigan State University.
We believe that Mr. Doubles should serve as a member of the Board due to his extensive experience in the retail finance business, his risk expertise, and the perspective he brings as our President and CEO.
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Mr. Aguirre, 66, has been a director since July 2019. He served as President and CEO of Chiquita Brands International, Inc. from January 2004 to October 2012 and also served as Chairman from May 2004 to October 2012. Prior to that, Mr. Aguirre held various global marketing and management roles at Procter & Gamble from 1980 to 2004. Mr. Aguirre is currently on the boards of directors of CVS Health, a publicly-traded American healthcare company that owns CVS Pharmacy, CVS Caremark, and Aetna; and Barry Callebaut, a publicly-traded company which is one of the world’s largest cocoa processors and chocolate manufacturers. He previously served on other boards including Aetna, Inc., Coca-Cola Enterprises, and Levi Strauss & Co. Mr. Aguirre is currently the Owner & CEO of the Erie SeaWolves Minor League Baseball team, the double AA affiliate of the Detroit Tigers. He also owns a minority stake in the Myrtle Beach Pelicans, a low A affiliate of the Chicago Cubs. A native of Mexico, Mr. Aguirre is a prominent figure in the Hispanic community, recognized as one of the 100 Influentials by Hispanic Business Magazine and honored with the Hispanic Heritage Leadership Award by the NFL. Mr. Aguirre received a B.S. from Southern Illinois University Edwardsville.
We believe that Mr. Aguirre should serve as a member of the Board due to his significant knowledge and experience in the areas of leadership, strategy, digital marketing, branding, and communications, as well as his extensive experience as chair and CEO of a large publicly-traded company and as a director of other publicly-traded companies.
Mr. Alves, 69, has been a director since November 2015 and was a non-voting Board observer from July 2015 to November 2015. He has also been a member of the Board of Directors of the Bank since January 2017. He served as Chief Sales Officer of Sprint Corporation, a wireless and wireline communications services provider, from January 2012 to September 2013 after serving as President of that company’s Business Markets Group from 2009 to 2012. Prior thereto, Mr. Alves held various positions at Sprint Corporation, including President, Sales and Distribution, from 2008 to 2009; President, South Region, from 2006 to 2008; Senior Vice President, Enterprise Markets, from 2005 to 2006; and President, Strategic Markets, from 2003 to 2005. Between 2002 and 2003, he served as President and Chief Operating Officer of Centennial Communications Corporation and from 2000 to 2001 served as President and CEO of PointOne Telecommunications, Inc. Mr. Alves currently serves on the boards of directors of Assurant, Inc., a publicly-traded global provider of risk management products and services; and Yum! Brands, Inc., a publicly-traded company that develops, operates, franchises, and licenses a system of quick-service restaurants. Mr. Alves also serves on two private company boards: Sorenson Communications (Chairman) and Ariel Alternatives. Mr. Alves served on the board of International Game Technology PLC, a manufacturer and distributor of microprocessor-based gaming and video lottery products and software systems from 2015 to 2020. He previously served on the boards of directors of GTECH Holdings Corporation from 2005 to 2006; Herman Miller, Inc. from 2008 to 2010; and International Game Technology Inc. from 2010 to 2015. In 2017 and 2021, Savoy magazine recognized Mr. Alves among Savoy’s Most Influential Black Corporate Directors. Mr. Alves received a B.S. in Industrial and Labor Relations and a J.D. from Cornell University.
We believe that Mr. Alves should serve as a member of the Board due to his executive management and leadership experience, including leadership roles with technology companies, his extensive background in sales, his financial expertise and his experience with strategic and business development. He also has experience with strategic corporate transactions, including mergers and acquisitions. The Board has determined that Mr. Alves qualifies as an “audit committee financial expert” as defined in Item 407(d) (5) of Regulation S-K.




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Ms. Chytil, 44, has been a director since April 2022. Ms. Chytil has been the Chief Operating Officer of DentaQuest LLC, a private equity backed oral healthcare company, since March 2021. From October 2019 to March 2021, she served as the Chief Operating Officer of MoneyGram International, a public crossborder P2P payments and money transfer company. From May 2016 to October 2019, she served as MoneyGram’s Chief Global Operations Officer, and from May 2015 to May 2016 as its Senior Vice President of Key Partnerships and Payments. From August 2004 to March 2015, Ms. Chytil held various positions of increasing responsibility at FIS, a Financial Technology (FinTech) corporation that offers a wide range of financial products and services. At FIS, she served in multiple risk management, analytics, and operational roles, including Senior Vice President and General Manager of Retail Payments, focusing on traditional financial services as well as retail and underbanked focused financial products. From January 2003 to August 2004, she served as a Business Analyst at Danka Office Imaging Company and from May 2000 to January 2003 she served as an Account Manager at Capital One Financial Corporation. Ms. Chytil served as a board member for MoneyGram Foundation from 2019 to 2021; MoneyGram Poland from 2016 to 2021; and MoneyGram Payment Systems, Inc. from 2017 to 2021. In 2020, Ms. Chytil contributed to multiple articles on digital transformation in Forbes FinTech. In 2016 she was voted Woman of the Year in Business, Poland; and in 2017, she was awarded the Dallas Business Journal 40 under 40 award and she was chosen by PaymentSource as 1 of 25 Most Influential Women in Payments. Ms. Chytil earned a B.S. in International Business and Finance from the University of Tampa and an M.B.A. from the University of Florida.
We believe that Ms. Chytil should serve as a member of the Board due to her executive management and leadership experience, and her extensive background in consumer finance, technology and operations. The Board has determined that Ms. Chytil qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K.
Mr. Coviello, 70, has been a director since November 2015 and was a non-voting Board observer from July 2015 to November 2015. He has also been a member of the Board of Directors of the Bank since January 2017. Since 2015, he has been an independent cybersecurity consultant and since August 2022 has served as a Managing Partner of SYN Ventures, a venture capital firm specializing in investing in cybersecurity companies. He served as Executive Vice President of EMC Corporation, an IT infrastructure company, and Executive Chairman of RSA Security, Inc. (“RSA”), the Security Division of EMC Corporation and a provider of security, risk and compliance solutions, from 2011 to 2015, after serving as Executive Vice President and President of RSA from 2006 to 2011. Prior thereto, Mr. Coviello held various executive positions at RSA, including President and CEO from 2000 to 2006, and President from 1999 to 2000. Prior to RSA, he had extensive financial and operating management expertise in several technology companies. Mr. Coviello currently serves on the boards of directors of Tenable Holdings, Inc., a publicly-traded provider of Cyber Exposure solutions, which is a discipline for managing and measuring cyber security risk; and three private software companies, Oomnitza, Inc., Phosphorous Security Inc, and RegScale, Inc. Mr. Coviello previously served on the boards of directors of several public companies: Epiphany Technology Acquisition Corp., Mandiant, Inc., EnerNOC, Inc., and Gigamon, Inc. He received a B.B.A. in Accounting from the University of Massachusetts, Amherst.
We believe that Mr. Coviello should serve as a member of the Board due to his leadership experience, including as CEO of a publicly-traded company, his extensive financial expertise and accounting background and his considerable experience in technology and cybersecurity.

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Mr. Guthrie, 70, joined our Board and the Board of Directors of the Bank in connection with our IPO in July 2014. From October 2017 to September 2018, Mr. Guthrie served as CEO of Renovate America, Inc., a privately owned financial services company. From July 2005 to January 2012, Mr. Guthrie served as Executive Vice President, and from July 2005 to May 2011 as CFO of Discover Financial Services, Inc., a direct banking and payments company. From September 2000 to July 2004, he served as President and CEO of various businesses of Citigroup Inc., including CitiFinancial International from 2000 to 2004 and CitiCapital from 2000 to 2001. From April 1978 to September 2000, Mr. Guthrie served in various roles of increasing responsibility at Associates First Capital Corporation. Mr. Guthrie serves on the boards of directors of Mr. Cooper Group, Inc., a publicly-traded originator and servicer of real estate mortgage loans; and OneMain Holdings, Inc., a publicly-traded financial services company. He previously served on the boards of directors of Cascade Acquisition Corporation, LifeLock, Inc., and Garrison Capital Inc. During his tenure with Discover Financial Services, Inc., he also served on the board of directors of Discover Bank. Mr. Guthrie received a B.A. in Economics from Hanover College and an M.B.A. from Drake University.
We believe that Mr. Guthrie should serve as a member of the Board due to his leadership experience, including as CFO of two publicly-traded companies and as a director of other publicly-traded companies, financial expertise and accounting background, risk management experience and extensive experience in consumer finance (including the private-label credit card industry), including more than 30 years of experience in finance and/or operating roles.
Mr. Naylor, 65, was appointed non-executive Chair of the Board in April 2023. Mr. Naylor previously served as Lead Independent Director of the Board from April 2021 to April 2023. He joined our Board and the board of directors of the Bank in connection with the IPO in July 2014. From February 2013 to April 2014, Mr. Naylor served as Senior Corporate Advisor of the TJX Companies, Inc., a retail company of apparel and home fashions. From January 2012 to February 2013, Mr. Naylor served as Senior Executive Vice President and CAO of the TJX Companies, Inc.; from February 2009 to January 2012, he served as its Senior Executive Vice President, Chief Financial and Administrative Officer; from June 2007 to February 2009, he served as its Senior Executive Vice President, Chief Administrative and Business Development Officer; from September 2006 to June 2007, he served as its Senior Executive Vice President, Chief Financial and Administrative Officer; and from February 2004 to September 2006, he served as its CFO. From September 2001 to January 2004, Mr. Naylor served as Senior Vice President and CFO of Big Lots, Inc. From September 2000 to September 2001, Mr. Naylor served as Senior Vice President, Chief Financial and Administrative Officer of Dade Behring, Inc. From November 1998 to September 2000, he served as Vice President, Controller of The Limited, Inc. Mr. Naylor serves on the boards of directors of two public companies: Dollar Tree, Inc., an operator of discount variety stores; and Wayfair, Inc., an e-commerce retailer of home furnishings and decor. Mr. Naylor received a B.A. in Economics and Political Science from Northwestern University and an M.B.A. from the J.L. Kellogg Graduate School of Management.
We believe that Mr. Naylor should serve as a member of the Board due to his executive management and leadership experience, including as CFO of a publicly-traded company and as a director of other publicly-traded companies, his extensive financial expertise and accounting background, and his considerable experience accumulated over the course of 25 years in the retail and consumer goods industries. The Board has determined that Mr. Naylor qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K.
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Mr. Parker, 67, has been a director since July 2020. Mr. Parker served as Vice Chairman and Chief Risk Officer of U.S. Bancorp from December 2013 to September 2018. From October 2007 until December 2013 he served as Executive Vice President and Chief Credit Officer of U.S. Bancorp. From March 2005 until October 2007, he served as Executive Vice President of Credit Portfolio Management of U.S. Bancorp, having served as Senior Vice President of Credit Portfolio Management of U.S. Bancorp since January 2002. Mr. Parker currently serves on the board of directors of S&P Global Ratings, a fully owned division of S&P Global Inc. He previously served on the board of directors of U.S. Bank National Association from January 2011 to October 2018. Mr. Parker serves as a member of the capital campaign committees for The Arts Partnership, a nonprofit collaboration of four performing arts organizations in Minnesota, and CommonBond Communities, a nonprofit organization that provides affordable housing options in the Upper Midwest. Mr. Parker received a B.A. from Amherst College and an M.B.A. from the Tuck School of Business at Dartmouth.
We believe that Mr. Parker should serve as a member of the Board due to his leadership experience, and his extensive background in risk management and deep expertise in credit.
Ms. Richie, 65, has been a director since November 2015 and was a non-voting Board observer from July 2015 to November 2015. She has also been a member of the Board of Directors of the Bank since April 2021. Ms. Richie served as President of the Women’s National Basketball Association LLC, a professional sports league, from 2011 to 2015. From 2016 to 2018, Ms. Richie served as a brand consultant for Teach For America, and from 2008 to 2011, Ms. Richie served as Chief Marketing Officer of Girl Scouts of the United States of America. From 1984 to 2008, she held various positions at Ogilvy & Mather, including Senior Partner and Executive Group Director and member of the agency’s Operating and Diversity Advisory Boards. Ms. Richie is currently engaged by several Fortune 100 companies to advise c-suite executives on matters of personal leadership and corporate culture. Ms. Richie serves on the boards of directors of two public companies: Bright Horizons, a provider of high-quality education and childcare; and Hasbro, a global toy and game company whose mission is to entertain and connect fans through storytelling and play. She also serves as an independent director at SeatGeek, a closely held private corporation. Ms. Richie has been recognized as one of the 25 Most Influential Women in Business by The Network Journal, one of the Most Influential African Americans in Sports by Black Enterprise, and one of the Most Influential Black Corporate Directors by Savoy magazine. She is the recipient of numerous awards including Sports Business Journal’s Game Changer Award and Ebony magazine’s Outstanding Women in Marketing and Communications Award. Ms. Richie received a B.A. in Policy Studies from Dartmouth College. Ms. Richie is a former Trustee of the Naismith Basketball Hall of Fame and her alma mater where she served as Chair of the Board from 2017 to 2021.
We believe that Ms. Richie should serve as a member of the Board due to her executive management and leadership experience and her considerable experience in communications and marketing.
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Ms. Zane, 72, has been a director since February 2019 and was a non-voting Board observer from October 2018 to February 2019. She has also been a member of the Board of Directors of the Bank since May 2022. She currently serves as CEO Emeritus at Tufts Medical Center and Tufts Children’s Hospital, and from 2004 to 2011, she served as its President and CEO. From 1994 to 2004, Ms. Zane served as Network President for Mass General Brigham (formerly Partners Healthcare System), a physician/hospital network sponsored by the Harvard affiliated Massachusetts General Hospital and Brigham and Women’s Hospital. Prior to 2004, Ms. Zane served as the CEO of Quincy Hospital. Ms. Zane serves on the boards of directors of Boston Scientific Corporation, a publicly-traded manufacturer of medical devices, and Haemonetics Corporation, a publicly-traded global medical device company and provider of blood and plasma supplies and services. She previously served on the board of directors of Azenta Life Sciences (formerly Brooks Automation), a publicly-traded provider of biostorage and life sciences solutions. Ms. Zane received a Bachelor of Arts from George Washington University and a Master of Arts from Catholic University of America. She has an Advanced Professional Director Certification from the American College of Corporate Directors and she holds the following honorary degrees: Doctorate of Humane Letters from University of Massachusetts—Dartmouth; Doctorate of Commercial Science from Bentley University; Doctorate of Business Administration from Stonehill College; and Doctorate of Humane Letters from Curry College.
We believe that Ms. Zane should serve as a member of the Board due to her executive experience in the healthcare industry, including as the CEO of a large medical center, in addition to her financial expertise and substantial experience as a director at other public companies. The Board has determined that Ms. Zane qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K.
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QUALIFICATIONS OF DIRECTORS
Directors should possess the highest personal and professional ethics, integrity and values, and be committed to representing the long-term interests of the stockholders. They must also have an inquisitive and objective perspective, practical wisdom and mature judgment. The Company will endeavor to have a Board representing a range of experience at policy-making levels in areas that are relevant to the Company’s activities. The Nominating and Corporate Governance Committee takes into account a candidate’s ability to contribute to the diversity on the Board. It considers each candidate’s and the existing Board members’ race, ethnicity, gender, age, cultural background and professional experience. Directors must be willing to devote sufficient time to carrying out their duties and responsibilities effectively and should be committed to serve on the Board for an extended period of time. Our Governance Principles maintain that directors who also serve as CEOs or in equivalent positions should not serve on more than two boards of public companies in addition to the Company’s Board, and other directors should not serve on more than three boards of public companies in addition to the Company’s Board.
Pursuant to our Company’s Governance Principles, when a director’s principal occupation or job responsibilities change significantly during his or her tenure as a director, that director shall tender his or her resignation for consideration by the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will recommend to the Board the action, if any, to be taken with respect to the resignation. The Board does not believe that arbitrary term limits on directors’ service are appropriate, nor does it believe that directors should expect to be renominated annually until they reach the mandatory retirement age. The Nominating and Corporate Governance Committee will evaluate each director in connection with his or her renomination for election at each annual meeting of stockholders. Except in special circumstances, directors will not be nominated for election to the Board after their 75th birthday.
PROCESS FOR REVIEWING, IDENTIFYING AND EVALUATING DIRECTOR NOMINEES
The Nominating and Corporate Governance Committee is responsible for reviewing, identifying, evaluating and recommending director nominees to the Board after considering the qualifications described above and set forth in the Company’s Governance Principles. Upon recommendation of the Nominating and Corporate Governance Committee, the Board proposes a slate of nominees to the stockholders for election to the Board. Between annual stockholder meetings, the Board may fill vacancies and newly created directorships on the Board with directors who will serve until the next annual meeting.
Other stockholders may also propose nominees for consideration by the Nominating and Corporate Governance Committee by submitting the names and other supporting information required under our Bylaws to: Corporate Secretary, Synchrony Financial, 777 Long Ridge Road, Stamford, Connecticut 06902. The Nominating and Corporate Governance Committee will apply the same standards in considering director candidates recommended by stockholders that it applies to other candidates. In addition to recommending director candidates to the Nominating and Corporate Governance Committee, stockholders may also, pursuant to procedures established in our Bylaws, directly nominate one or more director candidates to stand for election by the stockholders. For information on how to nominate a person for election as a director at the 2025 Annual Meeting of Stockholders, including through the proxy access right to include such nominees in the Company’s proxy materials, please see the discussion under the heading “Additional Information—Stockholder Proposals for the 2025
Annual Meeting.”
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COMMITTEES OF THE BOARD OF DIRECTORS
The standing committees of the Board consist of the Audit Committee, the Nominating and Corporate Governance Committee, the MDCC, the Risk Committee, and the Technology Committee. The duties and responsibilities of these standing committees are set forth below. The Board may also establish various other committees to assist it in its responsibilities. Our Board has adopted charters for each of its standing committees. Copies of the committees’ charters are available on our website at http://investors.synchronyfinancial.com under “Governance—Governance Documents.” Each of the standing committees reports to the Board as it deems appropriate and as the Board requests.
COMMITTEESMEMBERSPRIMARY RESPONSIBILITIES# OF
MEETINGS
IN 2023
Audit
Mr. Alves (Chair)
Ms. Chytil
Mr. Naylor
Ms. Zane
 Selecting, evaluating, compensating and overseeing the independent registered public accounting firm
 Receiving reports from our internal audit, risk management and independent liquidity review functions on the results of risk management reviews and assessments, including the Company’s internal control system over operational and regulatory controls and of the adequacy of the processes for controlling the Company’s activities and managing its risk
 Reviewing the audit plan, changes in the audit plan, the nature, timing, scope and results of the audit, and any audit problems or difficulties and management’s response
 Overseeing our financial reporting activities, including our annual report, and accounting standards and principles followed (including any significant changes in such standards and principles)
 Reviewing and discussing with management and the independent auditor, as appropriate, the effectiveness of the Company’s internal control over financial reporting and the Company’s disclosure controls and procedures
 Reviewing our major financial risk exposures, the Company’s risk assessment and risk management practices and the guidelines, policies and processes for risk assessment and risk management
 In conjunction with the Risk Committee, overseeing our risk guidelines and policies relating to financial statements, financial systems, financial reporting processes, compliance and auditing, and allowance for credit losses, and addressing matters relating to risk including with respect to cybersecurity
 Approving audit and non-audit services provided by the independent registered public accounting firm
 Meeting with management and the independent registered public accounting firm to review and discuss our financial statements, critical accounting estimates, practices and policies, any critical audit matters (CAMs), non-GAAP financial measures and other matters required to be reviewed under applicable legal, regulatory or NYSE requirements
Reviewing and discussing with management, the Management Development and Compensation Committee, and the independent auditor, as appropriate, financial statement errors and related disclosures, and making appropriate recommendations to the Board
 Establishing and overseeing procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls and auditing matters
 Approving the appointment of, evaluating and, when appropriate, approving the replacement of the Chief Audit Executive
 Overseeing our internal audit function, including reviewing its organization, performance and audit findings, and reviewing our disclosure and internal controls
 Overseeing the Company’s compliance with legal, ethical and regulatory requirements (other than those assigned to other committees of the Board) and related processes and programs
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COMMITTEESMEMBERSPRIMARY RESPONSIBILITIES# OF
MEETINGS
IN 2023
Nominating and Corporate Governance
Mr. Aguirre (Chair)
Mr. Alves
Mr. Parker
Ms. Richie
 Developing, and recommending to our Board for approval, qualifications for director candidates, taking into account applicable regulatory or legal requirements regarding experience, expertise or other qualifications for service on certain of our Board’s committees, as well as candidates’ ability to contribute to the diversity of the Board
 Considering potential director nominees properly recommended by the Company’s stockholders, leading the search for other individuals qualified to become members of the Board, recommending to our Board for approval the director nominees to be presented for stockholder approval at the annual meeting, and recommending to the Board nominations for any vacancies that may arise on the Board prior to the annual meeting
 Reviewing and making recommendations to our Board with respect to the Board’s leadership structure and the size and composition of the Board and the Board committees
 Developing and annually reviewing our corporate governance principles, including guidelines for determining the independence of directors
 Annually reviewing director compensation and benefits
 Developing and recommending to the Board for its approval an annual self-evaluation process of the Board and the Board’s committees and overseeing the annual self-evaluation of our Board and its committees
 Reviewing and, if appropriate, approving or ratifying any “transaction” between the Company and a “related person” required to be disclosed under SEC rules and annually reviewing the use and effectiveness of such policy
 Reviewing our policies and procedures with respect to political spending
 Reviewing actions in furtherance of our environmental, social and governance matters and activities
 Reviewing and resolving any conflicts of interest involving directors or executive officers
 Overseeing the risks, if any, related to our corporate governance structure and practices
 Overseeing and discussing with management the risks, if any, related to our environmental and social responsibility actions and public policy initiatives
5
COMMITTEESMEMBERSPRIMARY RESPONSIBILITIES# OF
MEETINGS
IN 2023
Management Development and Compensation
Ms. Richie
(Chair)
Mr. Aguirre
Mr. Naylor
Ms. Zane
 Assisting our Board in developing and evaluating potential candidates for executive positions, including the CEO, and overseeing our management resources, structure, succession planning, development and selection process
Evaluating the CEO’s performance and approving and, where required, recommending for approval by the independent members of our Board, the CEO’s annual compensation, including salary, bonus and equity and non-equity incentive compensation
Evaluating the performance of other senior executives and approving and, where required, recommending for approval by our Board, each senior executive’s annual compensation, including salary, bonus and equity and non-equity incentive compensation, in each case, based on initial recommendations from the CEO
 Reviewing and overseeing incentive compensation arrangements with a view to appropriately balancing risk and financial results in a manner that does not encourage employees to expose us or any of our subsidiaries to imprudent risks, and are consistent with safety and soundness, and reviewing (with input from our Chief Risk Officer (“CRO”) and the CRO of the Bank) the relationship among risk management policies and practices, corporate strategies and senior executive compensation
Reviewing and overseeing equity incentive plans and other stock-based plans
Overseeing the administration of the Company's clawback policies
Assisting our Board in its oversight of the development, implementation and effectiveness of the Company’s policies and strategies relating to its human capital management, including but not limited to those policies and strategies regarding recruiting, retention, career development and progression, management succession for key executives, corporate culture, diversity and employment practices
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COMMITTEESMEMBERSPRIMARY RESPONSIBILITIES# OF
MEETINGS
IN 2023
Risk
Mr. Guthrie (Chair)
Mr. Coviello
Mr. Parker
 Assisting our Board in its oversight of our enterprise-wide risk management framework, including as it relates to credit and investment, market, liquidity, operational, cyber security (including information security and data privacy), compliance and strategic risks
Reviewing and, at least annually, approving our risk governance framework, and our risk assessment and risk management practices, guidelines and policies, including significant policies that management uses to manage credit and investment, market, liquidity, operational, compliance and strategic risks
 Reviewing and, at least annually, recommending to our Board for approval, our enterprise-wide risk appetite, including our liquidity risk tolerance, and reviewing and approving our strategy relating to managing key risks and other policies on the establishment of risk limits as well as the guidelines and policies for monitoring and mitigating such risks
 Meeting separately, at least quarterly, with our CRO and the Bank’s CRO to discuss the Company’s risk assessment and risk management practices and related guidelines and policies
Receiving periodic reports from management on the metrics used to measure, monitor and manage known and emerging risks, including management’s view on acceptable and appropriate levels of exposure
Receiving reports from our internal audit, risk management and independent liquidity review functions on the results of risk management reviews and assessments, including the Company’s internal control system over operational and regulatory controls and of the adequacy of the processes for controlling the Company’s activities and managing its risk
 Reviewing and approving, at least annually, the Company’s enterprise-wide capital and liquidity framework (including our contingency funding plan) for addressing liquidity needs during liquidity stress events
 Reviewing, at least quarterly, in coordination with the Bank’s Risk Committee, the Company’s allowance for credit losses methodology, liquidity, risk appetite, regulatory capital and ratios, and internal capital adequacy assessment processes and our annual capital plan and the Bank’s resolution plan
 Reviewing, at least quarterly, information provided by senior management to determine whether we are operating within our established risk appetite and sharing reports with the Board, at least semi-annually, reflecting the Company's material risks, mitigation strategies and any relevant public disclosure considerations
 Reviewing the status of financial services regulatory examinations
 Reviewing the independence, authority and effectiveness of our risk management function and independent liquidity review function
Approving the appointment of, evaluating and, when appropriate, approving the replacement of the CRO
Reviewing the disclosure regarding risk contained in our annual and quarterly reports filed with the SEC
6
COMMITTEESMEMBERSPRIMARY RESPONSIBILITIES# OF
MEETINGS
IN 2023
Technology
Mr. Coviello (Chair)
Ms. Chytil
Mr. Guthrie
Reviewing the Company’s approach to technology-related innovation, including the Company’s competitive position and relevant trends in technology and innovation
 Reviewing the technology development process to assure ongoing business growth
Providing a forum for dialogue on existing and emerging technologies which present opportunities or threats to the Company’s strategic agenda
4
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CORPORATE GOVERNANCE
AUDIT COMMITTEE
The Board has determined that each of Mr. Alves, Ms. Chytil, Mr. Naylor and Ms. Zane qualifies as an “audit committee financial expert” as defined in Item 407(d) (5) of Regulation S-K, and the Board is satisfied that all members of our Audit Committee have sufficient expertise and business and financial experience necessary to effectively perform their duties as members of the Audit Committee.
MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE
Each of Ms. Richie, Mr. Aguirre, Mr. Naylor and Ms. Zane qualifies as “non-employee directors” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act").
ATTENDANCE AT MEETINGS
It is our policy that each director is expected to dedicate sufficient time to the performance of his or her duties as a director, including by attending meetings of the stockholders, and meetings of the Board and Board committees of which he or she is a member.
In 2023, the Board held nine meetings, including regularly scheduled and special meetings. All directors attended at least 75% of the aggregate of (i) the total number of meetings of the Board (held during the period for which he or she has been a director); and (ii) the total number of meetings held by all committees on which he or she served (during the periods for which he or she has served). All directors attended the 2023 Annual Meeting of Stockholders.
EXECUTIVE SESSIONS OF INDEPENDENT DIRECTORS
In accordance with our Governance Principles, at the conclusion of every Board meeting, the independent directors have an executive session without any non-independent directors present. The Chair of the Board, Mr. Naylor, presides at executive sessions. During executive sessions, the independent directors have complete access to Company personnel as they may request.

COMMUNICATIONS WITH THE BOARD OF DIRECTORS
Stockholders and any interested parties who would like to communicate with the Board or its committees may do so by writing to them via the Company’s Corporate Secretary by email at corporate.secretary@synchronyfinancial.com or by mail at Synchrony Financial, 777 Long Ridge Road, Stamford, Connecticut 06902 or by leaving a voicemail message at (800) 275-3301. Stockholders and any interested parties may also communicate with the Board (on an anonymous basis if desired) through a third-party managed hotline at (800) 477-6531 or https://synchrony.ethicspoint.com.
All communications directed to the Board, the Chair of the Board or any other members of the Board are initially reviewed by the Company’s Ombuds Leader. Any communications that allege or report fiscal improprieties or complaints about internal accounting controls or other accounting or auditing matters are immediately forwarded to the Chair of the Audit Committee, the Managing General Counsel and the Chief Audit Executive, and after consultation with the Chair of the Audit Committee, may be sent to the other members of the Audit Committee. Any communications that raise legal, ethical or compliance concerns about the Company’s policies or practices are immediately forwarded to the Managing General Counsel and the Chief Compliance Officer. The Chair of the Board is advised promptly of any such communication that alleges misconduct on the part of the Company’s management or raises legal, ethical or compliance concerns about the Company’s policies or practices and that the Managing General Counsel or the Chief Compliance Officer believes may be credible, and after consultation with the Chair of the Board, such communication may be reported to the other members of the Board or to a committee of the Board.
Typically, the Ombuds Leader will not forward to the Company’s directors communications from stockholders or other communications that are of a personal nature or not related to the duties and responsibilities of the Board, including: junk mail and mass mailings; routine customer service complaints; human resources matters; service suggestions; resumes and other forms of job inquiries; opinion surveys and polls; business solicitations; or advertisements.
CODE OF CONDUCT
We have adopted a Code of Conduct that applies to anyone who works for or represents Synchrony, including all directors, officers and employees. A copy of this code is available on our website at http://investors.synchronyfinancial.com under “Governance—Governance Documents.” If we make any material amendments to this code or grant any waiver from a provision to our CEO, principal financial officer or principal accounting officer, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8-K.
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CORPORATE GOVERNANCE
GOVERNANCE PRINCIPLES
Our Governance Principles provide the framework for the governance of the Company. The Nominating and Corporate Governance Committee is responsible for developing and implementing our Governance Principles, periodically reviewing such Governance Principles and recommending any proposed changes to the Board for approval. A copy of our Governance Principles is available on our website at http://investors.synchronyfinancial.com under “Governance—Governance Documents.”

MANAGEMENT DEVELOPMENT
AND COMPENSATION
COMMITTEE INTERLOCKS
AND INSIDER PARTICIPATION
The members of the Company’s MDCC are Ms. Richie, Mr. Aguirre, Mr. Naylor and Ms. Zane. None of Ms. Richie, Mr. Aguirre, Mr. Naylor and Ms. Zane was, during 2023 or previously, an officer or employee of the Company or any of its subsidiaries. During 2023, there were no compensation committee interlocks required to be disclosed. In addition, no member of the MDCC had any relationship requiring disclosure under Item 404 of Regulation S-K under the Exchange Act.
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AUDIT MATTERS
INDEPENDENT AUDITOR
The Audit Committee retained KPMG LLP (“KPMG”) to audit our consolidated financial statements for 2023. In addition, the Audit Committee retained KPMG to provide other auditing and advisory services in 2023. In selecting KPMG as the independent auditor for 2024, the Audit Committee considered, among other factors, KPMG’s performance during 2023, including that of the lead audit partner, its independence and its attention to quality control matters. We understand the need for KPMG to maintain objectivity and independence in its audit of our financial statements. To minimize relationships that could appear to impair the objectivity of KPMG, our Audit Committee has restricted the non-audit services that KPMG may provide to us primarily to tax services and merger and acquisition due diligence and integration services. The Audit Committee also requires key KPMG partners assigned to our audit to be rotated at least every five years.
PRE-APPROVAL PROCESSES
The Audit Committee approves all audit engagement fees and terms. It is the Audit Committee’s policy to review and pre-approve all audit and non-audit services provided to the Company by KPMG on an engagement-by-engagement basis. To minimize relationships that could appear to impair KPMG’s objectivity, it is the Audit Committee’s practice to restrict the non-audit services that may be provided to the Company by KPMG primarily to tax services and merger and acquisition due diligence and integration services. The Chair of the Audit Committee is authorized to pre-approve any audit or non-audit service on behalf of the Audit Committee, provided such decisions are presented to the full committee at its next regularly scheduled meeting.
ACCOUNTING FEES AND SERVICES
The following table presents fees paid for the audit of our annual consolidated financial statements and all other professional services rendered by KPMG for the years ended December 31, 2023 and 2022.
FOR THE YEARS ENDED
DECEMBER 31,
2023
2022
Audit fees$5,059,578 $5,282,629 
Audit-related fees504,561 508,177 
Tax fees— — 
All other fees— — 
Total fees$5,564,139 $5,790,806 
In the above table, in accordance with SEC rules, “Audit” fees are fees that we paid to KPMG for (i) the audit of the Company’s annual financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and review of financial statements included in the Quarterly Reports on Form 10-Q for the first, second, and third quarters of 2023, and (ii) services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements, including comfort letter procedures and consent-related procedures. “Audit-related” fees are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements, including agreed-upon procedures. “Tax” fees are fees for tax compliance, tax advice, and tax planning, and “All other” fees are fees for any services not included in the first
three categories.
HIRING RESTRICTIONS
The Audit Committee has adopted restrictions on our hiring of any KPMG partner, director, manager, staff, advising member of the department of professional practice, reviewing actuary, reviewing tax professional, and any other persons having responsibility for providing audit assurance on any aspect of KPMG’s certification of the Company’s financial statements. These restrictions are contained in our Audit Committee Key Practices, which are published on the Company’s website at http://investors.synchrony.com under “Governance—Governance Documents.” This document, or any other information on the Company's website, will not be deemed to be incorporated by reference into this proxy statement.
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AUDIT MATTERS
ITEM 2—RATIFICATION OF SELECTION OF KPMG LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE COMPANY FOR 2024
We are asking our stockholders to ratify the selection of KPMG as our independent registered public accounting firm for 2024. The Audit Committee has approved the selection of KPMG as our independent registered public accounting firm for 2024. KPMG is currently our independent registered public accounting firm.
THE AUDIT COMMITTEE
AND THE BOARD RECOMMEND
A VOTE FOR
ratification of the selection of KPMG as our independent registered public accounting
firm for 2024.
Although the Company is not required to seek stockholder approval of this appointment, the Board believes that doing so is consistent with good corporate governance practices. If the selection is not ratified, the Audit Committee will explore the reasons for stockholder rejection and whether it is appropriate to select another independent auditor.
We have been advised that representatives of KPMG will attend the Annual Meeting. They will have an opportunity to make a statement if they wish to do so and will be available to respond to appropriate questions.

AUDIT COMMITTEE REPORT
The Audit Committee reviews and oversees the Company’s financial reporting process on behalf of the Board, including the selection, evaluation, compensation, and oversight of our independent auditor. Management has the primary responsibility for the Company’s financial statements and overall financial reporting process, including the Company’s internal control over financial reporting. KPMG, our independent auditor for 2023, has the responsibility to conduct an independent audit in accordance with generally accepted auditing standards and to issue an opinion on the conformity of the Company’s audited financial statements with generally accepted accounting principles.
In this context, the Audit Committee:
Has reviewed and discussed with management the Company’s audited consolidated financial statements for the year ended December 31, 2023;
Has discussed with KPMG the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board ("PCAOB") and
the SEC;
Has discussed with KPMG its assessment of the effectiveness of the Company’s internal control over financial reporting;
Has received from KPMG the written disclosures and the letter required by applicable requirements of the PCAOB regarding KPMG’s communications with the Audit Committee concerning independence; and
Has discussed with KPMG its independence, taking into consideration the amount and nature of the fees paid to the firm for audit and non-audit services.
Based on the review and discussions described above, the Audit Committee has recommended to the Board that the audited consolidated financial statements for the year ended December 31, 2023 be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for filing with the SEC.
Respectfully submitted by the Audit Committee of
the Board.
Paget L. Alves, Chair
Kamila Chytil
Jeffrey G. Naylor
Ellen M. Zane
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COMPENSATION MATTERS
ITEM 3—ADVISORY VOTE TO APPROVE NAMED
EXECUTIVE OFFICER COMPENSATION
In accordance with Section 14A of the Exchange Act, we are asking stockholders to approve the compensation paid to our named executive officers, as disclosed in this proxy statement on pages 33-56 (the “Say-on-Pay Vote”). Although the voting results are not binding, we value continuing and constructive feedback from our stockholders on compensation and other important matters, and the Company’s MDCC will consider the voting results when evaluating our executive compensation program.
We believe that our executive compensation program aligns the interests of the Company’s executives with those of the Company and its stockholders. The program is intended to attract, retain and motivate high-caliber executive talent to enable the Company to maximize operational efficiency and long-term profitability. The program is also designed to differentiate compensation based upon individual contribution, performance and experience.
WE ASK FOR YOUR ADVISORY APPROVAL OF THE FOLLOWING RESOLUTION:
“RESOLVED, that the stockholders hereby approve, on an advisory basis, the compensation paid to Synchrony Financial’s named executive officers, as described in this proxy statement on pages 33-56.”

THE BOARD RECOMMENDS
A VOTE FOR
approval of the compensation paid to the Company’s named executive officers, as disclosed in this proxy statement.
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COMPENSATION MATTERS
MANAGEMENT
The following table sets forth certain information concerning our current executive officers (other than Mr. Doubles): Alberto Casellas, Curtis Howse, Carol Juel, David P. Melito, Jonathan S. Mothner, Maran Nalluswami, Bart Schaller, and Brian J. Wenzel, Sr. For information concerning Mr. Doubles, see “Corporate Governance—Election of Directors.”
NAME AND
PRESENT POSITION
WITH THE COMPANY
AGE, PERIOD SERVED IN PRESENT POSITION AND OTHER BUSINESS EXPERIENCE
Alberto Casellas
Executive Vice President and CEO—
Health & Wellness
Mr. Casellas, 57, has been the Executive Vice President and CEO of our Health & Wellness platform since June 2021. Prior to that he served as CEO of Synchrony’s CareCredit platform from January 2019 to June 2021. He previously served as our Executive Vice President and Chief Customer Engagement Officer from November 2016 to December 2018 and as our Senior Vice President, Retail Card Client Initiatives Group from March 2014 to November 2016. Mr. Casellas joined GE in 1990 and held various leadership roles of increasing responsibility in sales, operations, and P&L including Vice President & General Manager, Retail Card Portfolios, leading several client relationships out of the San Francisco Bay Area from 2004 to 2014; Site Operations Leader in Charlotte, NC under GE Capital’s Consumer Finance from 2002 to 2004; Leader of the e-Business initiative for GE Structured Services from 1999 to 2002; and General Manager, GE Supply South America Operations in Sao Paulo, Brazil and Buenos Aires, Argentina from 1997 to 1999. Mr. Casellas serves on the Board of Directors of Domus Kids, a Stamford, CT nonprofit organization that helps thousands of the Stamford area’s most vulnerable youth experience success. He is also the Executive Sponsor of Synchrony’s Hispanic Network+. Mr. Casellas received a B.A. in Economics from Yale University.
Curtis Howse
Executive Vice President and CEO—Home & Auto
Mr. Howse, 60, has been our Executive Vice President and CEO of our Home & Auto platform since June 2021. Mr. Howse served as the Executive Vice President and CEO of our Payment Solutions platform and our Chief Commercial Officer from January 2021 to May 2021. Prior to this role, Mr. Howse led Synchrony’s Direct to Consumer efforts from October 2018 to December 2020 and was Senior Vice President and General Manager of the Diversified Client Group at Synchrony from April 2011 to September 2018. Before Synchrony’s separation from GE in 2015, Mr. Howse held roles in operations, business development and client development at GE Consumer Finance, and led various business divisions in the U.S., Argentina, Brazil, Canada and Mexico. Mr. Howse received a bachelor’s degree in computer information systems from DeVry University. Mr. Howse is the executive sponsor of Synchrony’s Black Experiences Diversity Network, and a former global operating leader for GE’s African American Forum. He currently serves on the American Bankers Association Card Policy Council, HBCU Partnership Challenge and is a Congressional Black Caucus intern sponsor. Mr. Howse is also a member of the Executive Leadership Council, an inductee to the Arkansas Black Hall of Fame and has been named one of Savoy Magazine’s Most Influential Black Executives in Corporate America.
Carol Juel
Executive Vice President,
Chief Technology and
Operating Officer
Ms. Juel, 51, has been our Executive Vice President, Chief Technology & Operating Officer of Synchrony since June 2021. She served as our Executive Vice President & Synchrony’s Chief Information Officer from July 2014 to May 2021. Prior to Synchrony’s separation from GE, Ms. Juel served as Chief Information Officer of GE Capital Retail Finance from November 2011 to June 2014. In her tenure with GE, she held a variety of senior technology leadership roles in governance, security, business development, digital and marketing from May 2004 to October 2011. Before joining GE, Carol was a technology consultant at Accenture from August 1995 to April 2004. Ms. Juel serves as the executive sponsor of Synchrony’s Women’s Network. She currently serves on the board of Brighthouse Financial and is board chair of Girls Who Code, a nonprofit helping to close the gender gap in technology. She is a member of the Advisory Board for the School of Engineering at the University of Connecticut, a member of the CNBC Technology Executive Council and a member of the Fast Company Impact Council. Ms. Juel was honored by American Banker as a Most Powerful Woman in Banking Standout in 2021, by the National Diversity Council as one of the Most Powerful Women in Technology in 2021, by ORBIE as the 2019 CIO of the Year and was named one of the most “Influential Women in Payments” by PaymentsSource in 2016 and 2017. Ms. Juel earned a bachelor’s degree from the College of the
Holy Cross.
David P. Melito
Senior Vice President,
Chief Accounting Officer
and Controller
Mr. Melito, 58, has been our Senior Vice President, Chief Accounting Officer and Controller since February 2014. Prior to this role, he served as Controller for GE’s North American retail finance business from March 2009 to January 2014. From January 2008 to March 2009, Mr. Melito served as Global Controller, Technical Accounting for GE Capital Aviation Services. From January 2001 to January 2008, Mr. Melito served as Global Controller, Technical Accounting for GE Capital Commercial Finance. Prior to that, Mr. Melito worked in public accounting. Mr. Melito received a B.A. in Accounting from Queens College, City University of New York, and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.
Jonathan S. Mothner
Executive Vice President,
Chief Risk and Legal Officer
Mr. Mothner, 60, has been our Executive Vice President, Chief Risk and Legal Officer since November 2023. He previously served as our Executive Vice President, General Counsel and Secretary from February 2014 to October 2023. Mr. Mothner served as General Counsel for GE’s North American retail finance business from January 2009 to January 2014 and the Bank from September 2011 to January 2014. From December 2005 to July 2009, Mr. Mothner served as Chief Litigation Counsel and Chief Compliance Officer of GE’s global consumer finance business. From June 2004 to December 2005, Mr. Mothner served as Chief Litigation Counsel and head of the Litigation Center of Excellence of GE Commercial Finance. From May 2000 to June 2004, Mr. Mothner served as Litigation Counsel of GE’s global consumer finance business. Prior to joining GECC, Mr. Mothner served in various legal roles in the U.S. Department of Justice and a private law firm. Mr. Mothner received a B.A. in Economics from Hobart College and a J.D. from New York University School of Law.
Maran Nalluswami
Executive Vice President and CEO—Diversified & Value and Lifestyle
Mr. Nalluswami, 48, has been our Executive Vice President and CEO of our Diversified & Value and Lifestyle platforms and Business Development since January 2023. From June 2021 to January 2023, Mr. Nalluswami served as Senior Vice President of our Diversified & Value platform. Prior to that, he served as Senior Vice President and General Manager of the Sam’s Club relationship from October 2017 to June 2021 and Senior Vice President and General Manager of Synchrony’s Payment Solutions Lifestyle Markets from April 2016 to October 2017. Mr. Nalluswami served in various roles of increasing responsibility at GE Capital from 1999-2016, including sales, audit, marketing and finance. Mr. Nalluswami received a Bachelor of Engineering from the University of Maryland College Park in 1999.
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COMPENSATION MATTERS
NAME AND
PRESENT POSITION
WITH THE COMPANY
AGE, PERIOD SERVED IN PRESENT POSITION AND OTHER BUSINESS EXPERIENCE
Bart Schaller
Executive Vice President and CEO—Digital
Mr. Schaller, 55, has been our Executive Vice President and Chief Executive Officer of our Digital platform since June 2021. Prior to this role, Mr. Schaller was the Chief Marketing Officer of Synchrony from May of 2016 to June of 2021. From March of 2014 to May 2016, he led Synchrony’s Business Development team where he oversaw new partner programs, sales activities, strategic investments, and mergers and acquisitions opportunities, including Synchrony’s corporate venture team. Prior to Synchrony’s separation from GE, Mr. Schaller was Vice President and General Manager for GE Retail Consumer Finance from February of 2005 to March of 2014. Mr. Schaller is an executive sponsor of Synchrony’s EnAbled+ Network, one of eight Synchrony diversity networks that promote diversity and inclusion throughout the company. Mr. Schaller earned a bachelor’s degree in business administration from Southern Methodist University, where he serves on the Cox School of Business Alumni Board.
Brian J. Wenzel, Sr.
Executive Vice President,
Chief Financial Officer
Mr. Wenzel, 56, has been our Chief Financial Officer since May 2019. Prior to that he served as SVP and Deputy Chief Financial Officer from April 2018 to April 2019 and as Chief Financial Officer for our Retail Card platform from September 1998 to April 2018. Earlier in his career, Mr. Wenzel held Chief Financial Officer roles in Business Development, Growth & Investments for Synchrony and for GE’s Treasury & Global Funding Operation. He was also an Assistant Controller for GE’s Consumer North American Finance Business. Prior to GE, Mr. Wenzel worked at PricewaterhouseCoopers from 1989 to 1993 and held various roles in a start-up healthcare venture from 1993 to 1998. Mr. Wenzel received a B.S. from Marist College and is a CPA.
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COMPENSATION MATTERS
COMPENSATION PHILOSOPHY
TARGET COMPENSATION
A majority of our NEOs’ compensation is performance-based and therefore at risk. The only fixed compensation paid is base salary, which represents approximately 7% of the CEO’s total direct compensation and no more than 17% of the other NEOs’ total direct compensation. Below are the 2023 mix of direct pay charts for our CEO and CFO:

2023 Proxy_Charts_v1vb-ALL.jpg
Below we illustrate our CEO Target pay from 2021 to 2023 and alignment with market and our compensation philosophy. For each year we have shown market median (in thousands) as reported in proxy filings by peer companies that year.
SYNCHRONY CEO DIRECT PAY VS MARKET
As part of our compensation philosophy, the Management Development and Compensation Committee ("MDCC") targets median pay but may set total compensation above or below the median based on a variety of factors including but not limited to, each executive's role, responsibilities, experience and performance. Mr. Doubles’ pay was initially set below median as part of the planned CEO succession with the intent of increasing his target pay over a multi-year time period. The MDCC will continue to use market data to help inform its decision-making regarding competitive pay levels and to understand how Mr. Doubles' compensation compares to the market for comparable CEOs.
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COMPENSATION MATTERS
SYNCHRONY PROGRAM PRINCIPLES
Synchrony’s executive compensation program is designed to reward financial performance and create long-term stakeholder value while discouraging excessive or imprudent risk-taking and is guided by the following principles underlying the oversight of our MDCC:
Performance—compensation programs are linked to business and individual performance against both qualitative and quantitative goals and objectives;
Values—compensation programs are also linked to how employees demonstrate the behaviors and values expected of our employees;
Stockholder Alignment—compensation programs should be designed to align management incentives with the creation of stockholder returns over the long-term;
Market Competitiveness—compensation programs should be competitive with the external labor markets;
Internal Equity—compensation programs should be internally equitable, subject to the employee’s experience, performance and other relevant factors;
Prudent Risk—compensation programs, particularly in the form of incentive compensation, must not encourage employees to expose the Company to inappropriate or excessive risks and should be based in part on the long-term performance outcomes of risks taken. Employees should take risks only within approved policy limits, in accordance with the MDCC charter and key practices and in consideration of Synchrony’s ability to effectively identify and manage such risks, including credit, operational and reputational risks;
Fair Customer Treatment—compensation programs should encourage employees to follow established Company procedures and to treat customers fairly; and
Reporting Concerns—compensation programs should be designed in such a way as to encourage employees to raise concerns without fear of retaliation.
The consistent application of these design principles enables Synchrony to maintain compensation programs that are reasonable and balanced, and that effectively attract, retain, motivate and engage employees to achieve the mission, goals and objectives of Synchrony in a way that is aligned with effective risk management controls and long-term stockholder value.
KEY CONSIDERATIONS IN SETTING COMPENSATION
During 2023, Synchrony’s compensation program – in conjunction with our culture, our flexibility in the way we work, and new or expanded benefit programs supporting employees – helped grow the Company. Synchrony grew loan receivables while maintaining turnover below industry norms which sustained a positive customer and partner experience.
The MDCC continued to use the considerations and philosophy outlined below in setting compensation for our NEOs and did not change the overall philosophy for our pay programs in 2023. In light of the current labor market and to align NEO incentive pay in the context of 2023 performance, the MDCC considered the substantial achievement of the Company’s improvement in cultural and strategic objectives as well as financial results when making decisions on pay for 2023. The details of the impact of these factors and performance associated with 2023 are provided in the Compensation Elements section and the Compensation Discussion and Analysis performance summary.
Consistent and Sustainable Performance
Our executive compensation program provides the greatest pay opportunity when executives demonstrate superior performance for sustained periods of time. It also rewards executives for executing our Company’s strategy through business cycles, so that the achievement of long-term strategic objectives is not compromised by short-term considerations. The emphasis on consistent performance affects annual salary and equity incentive compensation. With the prior year’s salary and grant serving as an initial basis for consideration, the final determinations for salary and grants are based on an assessment of an executive’s past performance and expected future contributions. Because current-year, past and sustainable performance are incorporated into compensation decisions, any percentage increase or decrease in the amount of total annual compensation tends to be more gradual than in a framework that is focused solely or largely on current-year performance.
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COMPENSATION MATTERS
Balanced Compensation Mix
We strive to provide an appropriate mix of compensation elements to achieve a balance between short versus long-term compensation, cash versus equity incentive compensation and other features that cause the amounts ultimately received by the NEOs to appropriately reflect risk and risk outcomes. Cash payments primarily, but not exclusively, reward more recent performance, whereas equity awards encourage our NEOs to continue to deliver results over a longer period, align our executives’ interests with the interests of our stockholders and serve as a retention tool. We believe that the compensation paid or granted to our NEOs should be based on our Company’s sustained operating performance against both internal goals and relative to peers, as well as our stock price performance over multiple years.
Quantitative and Qualitative Factors
The MDCC uses quantitative and qualitative factors in determining the amount of compensation. While quantitative calculations and formulas set the majority of funding and maximum award levels for our performance-based programs, the MDCC assesses qualitative factors such as execution of our strategic plan, risk considerations, performance against approved cultural goals, improvement in certain environmental, social and governance areas, and the economic environment relative to other companies. The MDCC has included a 20% weighting on Strategy and Culture measures as part of the annual incentive plan since 2021.
Risk Mitigation
Our compensation program is balanced, focused on the long-term and takes into consideration the full range of risks associated with an NEO’s activities. Under this structure, through clawback policies and other program features, the highest amount of compensation can be achieved through consistent superior performance but only within the limits of our stated risk appetite. In addition, significant portions of compensation are earned only over the longer term and may be adjusted during the vesting period for risk outcomes. This provides strong incentives for executives to manage our Company for the long-term while avoiding excessive risk-taking in the short-term. As discussed further below under “Compensation Governance – Compensation and Risk,” Synchrony’s MDCC reviews the relationship between our risk management policies and practices and the incentive compensation provided to
our NEOs.
Peer Company Pay
We also considered compensation levels and pay practices at our peer companies when setting target pay levels for 2023, targeting median pay among peers with additional consideration based on the size, scope and impact of the executive’s role, market data, leadership skills, experience and performance. The peer group was selected to provide a credible representation for assessing the competitiveness of executive compensation (both in amounts and structure), as well as for performance comparisons for annual and long-term incentives. Our peer group reflects publicly traded financial services companies headquartered in the United States considering assets, annual revenue, and market capitalization equal to approximately one-half to two-times Synchrony’s size. At the time of the most recent peer group analysis reviewed by the MDCC in 2023, Synchrony was at the 40th percentile rank in assets, 54th percentile rank in revenue. and 20th percentile rank in market capitalization.
For 2023, upon the recommendation of Meridian Compensation Partners, LLC (“Meridian”), the MDCC maintained the same peer group as 2022, listed below.
CONSUMER FINANCEDATA PROCESSINGCOMMERCIAL BANKS
Ally Financial Inc.Fidelity National Information Services, Inc.Citizens Financial Group, Inc.
American Express CompanyFiserv, Inc.Fifth Third Bancorp
Bread Financial HoldingsGlobal Payments Inc.Huntington Bancshares Incorporated
Capital One Financial CorporationMastercard IncorporatedKeyCorp
Discover Financial ServicesPayPal Holdings, Inc.M&T Bank Corporation
Visa Inc.Regions Financial Corporation
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COMPENSATION MATTERS
COMPENSATION DISCUSSION AND ANALYSIS
EXECUTIVE SUMMARY
In 2023, Synchrony delivered another year of strong financial performance – including record purchase volume – by once again putting the value of experience, the strength of our operating model, and strategic investments in play to deliver for customers, partners, the Company, shareholders, and external stakeholders.
Synchrony achieved continued strong growth, improved operating efficiency, and delivered strong risk-adjusted returns – all while maintaining a robust balance sheet. These results were achieved while prioritizing good governance and sound risk management. The Company enhanced our customer experiences and customer acquisition through simplification, product development, and innovation. Synchrony continues to invest in a strong culture by co-creating with our employees an experience that works for our team and for our business, including a focus on total wellness, work-life balance and Equity, Diversity, Inclusion and Citizenship (“EDIC”). We earned external awards and recognition, including:
Fortune:
Fortune 100 Best Companies to Work For® - U.S.—
2024 (#5)
Great Place To Work®:
Best Workplaces for Parents - U.S. (#10)
Best Companies to Work For - Philippines (#1)
The Economic Times:
Top 100 Best Companies to Work For - India (#5)
Overall, 95% of our employees say Synchrony is a great place to work, compared to 57% at a typical U.S. company.
Synchrony continued to support the communities in which we serve and live by investing in education and other community programs through our skills programs and other outreach.
KEY FINANCIAL HIGHLIGHTS
$2.2B
in net earnings
2.0%
return on assets
$103B
in loan receivables
$1.5B
in capital returned
to shareholders
34.9%
Efficiency Ratio*
*Efficiency Ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.

GROWTH AND RETURNS
In 2023, Synchrony delivered double digit growth in loan receivables of $10.5 billion. This was possible through our execution across multiple strategic initiatives, including the expansion of our distribution channels, continued scaling of new products to offer our customers flexibility and choice, and signing or renewing over 50 partnerships. Key metrics demonstrating our growth in 2023 include:
25+
new partnerships
30+
partnership renewals
~23M
new accounts
2.8%
increase in purchase volume to a record $185 billion
11.4%
increase in loan receivables to $103 billion
Growth in our Health and Wellness platform contributed to this performance and was highlighted by a 14.7% increase in purchase volume, a 13.3% increase in average active accounts, and 19.2% increase in interest and fees on loans. These results reflected continued higher promotional purchase volume, broad-based growth led by our Dental, Pet and Cosmetic verticals, and lower customer payment rates. The financing flexibility that our products offer, coupled with seamless customer experiences, contributes to a loyal customer base with high repeat behavior and consistently strong satisfaction scores.
Digital platform purchase volume increased 7.1%, with growth in average active accounts. Diversified & Value purchase volume increased 8.0%, reflecting higher out-of-partner spend, strong retailer performance, and average active account growth of 5.8%. Lifestyle purchase volume increased 7.7%, with higher transaction values in Outdoor and Luxury. In Home & Auto, purchase volume was flat, as growth in commercial, Home Specialty and Auto were offset by lower retail traffic in Furniture and Electronics and the impact of lower gas and lumber prices.
Overall, our growth in 2023 exceeded internal goals, reflecting our differentiated business strategy that prioritizes sustainable growth at strong risk-adjusted returns, even as market conditions change and customer needs evolve.

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COMPENSATION MATTERS
FINANCIAL FOUNDATION
Synchrony balances strategic goals focused on growth by also maintaining a resilient financial foundation, including:
Funding – deposit balances grew by over $9 billion in a competitive funding environment.
Capital – the Company returned $1.5 billion to shareholders, including a 7% increase in dividends per share and $1.1 billion of share repurchases – reducing common shares outstanding by 7% or 31 million shares.
Efficiency Ratio – improved industry-leading efficiency ratio of 34.9%, driven by higher revenue partially offset by higher expenses.
Furthermore, during 2023, we initiated workstreams to develop strategies to mitigate the anticipated impact of changes to credit card late fee rules, which were issued in March 2024. These workstreams explored product, policy and pricing changes to allow us to continue to provide credit to our customer base while attempting to minimize the impact of a reduction to credit card late fees on our business.
CUSTOMER EXPERIENCE
Synchrony continues to enhance our customer experience by focusing on digital products and capabilities, deeper and more personalized relationships and simplified interactions.
Digital Transformation – The Company continues to focus its efforts on digital experiences through a number of specific projects, including our authentication software moving us toward a 'universal ID' for our applications and integration of all digital tools. The Company has strategically positioned mobile wallets as a distribution channel, launching multiple capabilities for clients. We also launched our Synchrony Marketplace online and within our MySynchrony native app, where shoppers can access hundreds of offers promoting our partner brands supported by Synchrony's tailored multiproduct financing solutions. In fact, as Synchrony leverages our analytics and marketing capabilities to develop compelling cross-shopping opportunities in this initial launch, Synchrony Marketplace has attracted more than 220 million visits by shoppers for our partners, providers and merchants, as we more than doubled the number of partners participating.
Product Development and Innovation – A mix of new and improved capabilities are helping Synchrony grow and provide great customer experiences.
Synchrony Pay Later is providing installment loans as an option for financing
SyPI provides a digital app experience within our partner’s own app
MySynchrony native app is providing a Synchrony experience that supports customer interaction
Third-party real-time analysis and optimizer to provide improved pricing and portfolio segmentation for our savings products
Direct payments with the Federal Reserve is improving the speed and efficiency for payments by customers
Simplifying Customer Interactions – Synchrony has optimized our websites to ensure a clear and efficient user interface to help drive organic online traffic to both Synchrony and partners. And with PRISM, we have improved credit decisions in the application process, maintaining approval rates, and protecting our risk-based discipline for extending credit. We have also simplified several customer requests and actions such as 1-click autopay and credit dispute inquiries.
GOVERNANCE AND RISK MANAGEMENT
At Synchrony, we promote and value a sound risk culture which results in (i) better risk management that allows us to identify, assess, and mitigate risks more efficiently; (ii) improved compliance that helps us to adhere to relevant laws, regulations and ethical standards; (iii) better decision-making by encouraging open and honest communication; (iv) a stronger reputation which helps retain customers, employees, and investors; and (v) increased employee engagement by valuing transparency, accountability, and collaboration helping to reduce turnover.
In addition to day-in-day-out risk oversight of the business, in 2023 the Company continued to adhere to a rigorous annual process that reviews (i) the behaviors and risk-based outcomes of our leaders and (ii) incentive programs for individuals or groups of individuals who could, together, put the Company at risk. Both of these processes and associated results were reviewed with the Board of Directors (the “Board”) and confirmed a strong risk culture at Synchrony, evidenced in part, by an independent third party risk assessment of each of our incentive plans that highlighted no concerns and an internal process that distills a company-wide set of risk events, to issues being investigated, to adverse risk outcomes that are discussed after root causes are identified and appropriate actions
are taken.
Specific improvements and actions taken in 2023 that support our governance and risk management include:
Enhanced Prudential Standards Compliance – As of March 31, 2023, Synchrony’s average total consolidated assets exceeded $100 billion. As a result, we will become subject to enhanced prudential standards following applicable transition periods. During 2023, we established new procedures and governance in preparation for compliance with these enhanced standards, including by implementing monthly reporting on loans and liquidity filings, conducting readiness activities for Comprehensive Capital Analysis and Review examinations by regulators, and deploying a risk-based pricing team.

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COMPENSATION MATTERS
Governance Review – In 2023, Synchrony kicked off a company-wide initiative to review and refine our corporate governance practices across all our functions to enhance our risk culture and drive sustainable growth. This initiative helped ensure (i) cultural awareness that compliance and risk management are everyone’s responsibility – from call center agents, to process owners, to our executive leadership team, (ii) issues are timely identified and escalated to senior leaders when our customers are impacted and (iii) we have the appropriate tools and controls to adequately manage risk within our Company.
SUPPORTING OUR EMPLOYEES
Based on feedback from employees, we continued to invest in our people through enhancements in both mental and physical wellness, compensation, benefits, flexibility and career development. We maintained our support for employees to choose where and how they work best which allows our diverse workforce – with diverse needs – the ability to choose the option that works best for them and to reap the benefits of greater work/life balance.
We also continue to recognize the important role our associates play in driving our business forward. Synchrony funded its Performance Plus Bonus program for full-time, frontline hourly associates in our U.S. contact centers at $1,250 – well above the target of $750. In addition, in the first quarter of 2024, we paid a special inflation bonus of $1,000 to our full-time non-exempt and other employees to help alleviate the impacts of inflation to those feeling the most outsized impacts.
A summary of highlights of our current benefit programs and additional changes in 2023 to support employees include:
Thrive Global – Synchrony’s newest employee wellness resource, Thrive Global, is a science-backed well-being platform designed to help people create sustainable, healthy habits that improve resilience and performance through continuous, whole-human support. It includes a full suite of wellness tools and resources, including daily check-in questions, wellness challenges and Thrive Resets, which are 60-second videos that help employees take a meaningful pause to recharge and transition between customer service calls or during other work. Thrive Global helps build stress-relief and mental well-being into employees’ daily workflows, improving the overall employee experience, which in turn improves our customer experience.
Wellness Reimbursement Program – In 2023, we made two changes to our wellness reimbursement program to (i) increase the amount of the benefit from $300 to $500 per year and (ii) allowed a wider range of wellness activities or goods included in the program such as fitness classes, music and art lessons, home gym equipment, and nutrition programs.
Financial Wellness – We continue to support employees through financial wellness programs including: (i) a financial education portal to help Synchrony employees sharpen their personal money management skills and make smart decisions about their spending habits,
building credit, saving for retirement, reducing debt and investing wisely; and (ii) Rainy Day Savings Fund – a program where employees who took financial education lessons from our online education portal and saved between $3 and $5 each pay period for a total of six months received a $65 cash deposit from Synchrony. We also continue to make free, relatable personal finance resources available through our Money 360 program.
Maternity/Parental Leave – In 2023, we expanded our support for new parents by ensuring a minimum level of paid time off globally. Our global programs support new parents through a mix of combined maternity and/or parental leave with 22 weeks of 100% paid leave for parents who give birth and 12 weeks of 100% paid leave for all other new parents including adoptions.
Sabbaticals – The Synchrony Sabbatical and Employee Balance programs let employees reduce their schedules or take anywhere from one to 12 months leave while retaining benefits. It’s part of our broader commitment to flexibility and investments in our people’s well-being.
Well-Being Coaches – We continue to expand our well-being support for employees by adding dedicated coaches with diverse backgrounds that match our workforce. These coaches help employees create personalized wellness strategies and serve as guides for benefits and resources. Our slate of well-being coaches also partner with Synchrony's eight diversity networks to support various initiatives throughout the year.
Gender Affirming Benefits – Our Gender Affirming coverage includes the most common and safe surgeries available. This is a special and unique benefit that Synchrony offers above and beyond what other companies provide.
Fertility and Family Planning – Our fertility benefit provides a comprehensive and easy-to use program that covers multiple paths to parenthood, including couples struggling with fertility, LGBTQ+ families, single parents by choice and singles/couples who require donor tissue. The program includes three cycles of fertility treatment and covers cost from beginning to end.
Adoption and Surrogacy Assistance – In 2023, to better support our employees’ paths to parenthood, we added coverage for surrogacy and expanded our financial support from $8,000 to $35,000 per adoption or surrogacy arrangement.
Tuition Reimbursement – Synchrony has an industry leading tuition reimbursement program that provides up to $20,000 per year for full-time employees, $5,000 per year for part-time employees and up to $9,000 for skill-based certifications. In addition, we cover up to $4,000 per year for academic fees such as registration fees, lab use fees, books, and course-related software. Our tuition reimbursement program covers degrees relevant to an employee's job as well as healthcare and education-related degree programs. In partnership with the Bright Horizons EdAssist program, Synchrony can pay employees’ tuition directly through our Debt-Free Tuition option, offering no out-of-pocket cost for employees.

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COMPENSATION MATTERS
SUPPORTING EMPLOYEES AND COMMUNITIES THROUGH EQUITY, DIVERSITY AND INCLUSION
We are committed to creating an environment that is inclusive and helps everyone be their best. Our Equity, Diversity, Inclusion and Citizenship programs aim to evolve the workforce to reflect the diversity of the populations in the communities we serve, nurture a culture of inclusion where employees are valued as their authentic selves, and increase access to education for those who need it most. These are some of our programs:
Pay Equity – Since 2018, Synchrony has hired an independent third party to analyze pay equity for all employees. In 2023, Synchrony continued our annual practice of reviewing the Company’s pay equity for all employees globally, including base pay, cash incentive plans, and stock-based compensation. The third-party analysis in 2023 continued to support our goal to maintain 100% pay equity for employees across genders globally and across racial/ethnic groups in the United States, as well as our commitment to improve Synchrony’s compensation processes to better support equity. Synchrony is committed to continuing our global pay equity analysis and disclosing the results each year.
New Way of Working – Realizing that employees have diverse needs and to help all employees feel included in Synchrony’s culture, the Company continues to provide choice and flexibility on where employees work. Feedback from our workforce and externally by potential employees wanting to work at a company with an inclusive culture has been very positive. In 2023, our voluntary turnover in the United States was over 40% lower than pre-pandemic levels, our applicant pools for exempt roles nearly doubled pre-pandemic levels, and business results continued to improve in spite of challenging economic conditions.
Inclusive Culture – At Synchrony, we believe in a strong employee culture that supports EDIC and bolsters business results by:
Attracting and retaining top talent who are looking for a supportive and engaging workplace. This has helped mitigate turnover and improve employee retention.
Boosting employee morale and engagement, which leads to higher productivity and better job performance.
Improving teamwork and collaboration, which can lead to better problem-solving, more efficient decision-making, and improved results.
Building a positive Company reputation, which helps attract top talent, new customers, investors, and business partners.

Diversity – In 2023, we published our first Diversity Report that provides transparency and a holistic overview of our diversity accomplishments and program. Our ability to cultivate and sustain a diverse workforce that reflects our customers and communities we serve, combined with our focus to hire the most qualified candidate for each role, is what drives our approach. In 2023, we had a year-over-year increase in diverse demographics driven in part by increasing representation of Blacks and Hispanics at Vice President and above levels in the United States and increasing the number of females in Vice President and above roles globally. As of December 2023, our workforce in the United States comprised 50% non-white, including 19% Black, 17% Hispanic, 7% Asian and globally, 61% female.
Other initiatives include:
Diverse Pipeline – In 2023, we expanded our development programs designed to increase our pipeline for executive roles in the Company by including more diverse populations.
Supplier Diversity – Our continued efforts to support diverse suppliers have increased diverse representation in companies included in our Request for Proposals (“RFPs”). In 2023, we achieved a 15% increase from prior year in the number of diverse suppliers included in RFPs. Of the diverse suppliers included in RFPs, we increased the total number of diverse suppliers by 26% – from 62 to 78. As a result, we ended 2023 with our diverse supplier spend increasing by 95% from 2022.
Investing in Diverse Startups – Synchrony announced a $100 million commitment in Ariel Alternatives’ Project Black Fund, which aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies. Project Black invests in middle-market companies that are not currently minority owned, as well as existing Black- and Hispanic-owned businesses, providing capital, resources and minority executive talent. Under Project Black’s ownership, these companies are expected to be transformed into certified minority business enterprises (“MBEs”) of scale to fuel Fortune 500 vendor and supply chain diversity. Synchrony, along with other investors, plans to explore collaboration opportunities with portfolio company management teams to pursue growth strategies. In addition to our $100 million commitment to Project Black, Synchrony Ventures has committed $45 million to venture capital funds led by diverse partners with a track record of investing in minority-owned start-ups since 2021. In 2020, the Synchrony Foundation committed $5 million over four years to support funding of small business. In 2023, $1 million of this commitment went to support Operation Hope which offers technical support and financial counseling to small business owners.
Synchrony was recognized for its work by the Executive Leadership Council (ELC), as their 2023 Corporate Award recipient for outstanding commitment to achieving DEI.

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COMPENSATION MATTERS
Synchrony has made EDIC a continued priority for the Company by creating a culture that enables every colleague to be their complete, authentic self-evidenced by our Great Place to Work® rankings, pay equity results, low turnover, and large candidate pools for open positions.
Our focus on supporting our employees and enhancing their engagement has led the Company to once again be recognized as a Great Place to Work® on Fortune’s Best Companies to Work For® list, which uses employee feedback as a core criterion. Synchrony has moved up the list every year since 2019 and we're now in the Top 5 in the United States. Great Place to Work® also ranked Synchrony in the top spot in the Philippines and number five in India. Overall, 95% of employees say Synchrony is a great place to work, compared to 57% at a typical U.S. company.
SUPPORTING OUR COMMUNITIES
At Synchrony, our values drive how we work, how we serve our customers and partners, and how we engage in the communities where we live and work every day. Over the last five years, Synchrony’s community development lending and investment activities totaled more than $1.6 billion. In 2023, Synchrony continued to support our communities in a variety of ways including (i) Community Reinvestment Act ("CRA") investments; (ii) grant donations through our Education as an Equalizer initiative; (iii) financial education and inclusion; and (iv) skills and career development. Synchrony was recognized for the fifth year in a row on JUST Capital’s JUST 100 list of America’s Most JUST Companies.
CRA – Investments totaling $265 million that will add or preserve affordable housing serving households with income from less than 30% of area median income ("AMI") to up to 80% of AMI.
Education as an Equalizer – An initiative to expand access to higher education, skills training in high-growth fields and financial literacy for underserved communities and our own workforce. Since 2021, we have distributed over $19 million in grants and provided more than 1,400 scholarships through this initiative.
Financial Education and Inclusion – Synchrony participates in Project REACh – Roundtable for Economic Access and Change – as a member on the steering committee of the Alternative Credit Assessment Utility Workstream, one of four workstreams under Project REACh, working to improve credit availability and consumer financial literacy for underserved communities, individuals and small businesses. In 2023, Synchrony continued to use bank and deposit account data made available through Project REACh to extend credit to the “credit invisible” population – consumers who have no record or trade lines at the credit bureau. Through our efforts to date, we have observed that over 50% of new account holders offered credit utilizing Project REACh data attained a “prime” 651+ Vantage score within
12 months.

Skills and Career Development – Synchrony supports multiple partnerships with organizations already on the front lines of bringing education, skills training and career placement to the underserved in their communities including Latinx Executive Alliance, and The Mom Project. Our multi-million-dollar state-of-the-art Synchrony Skills Academy located at our headquarters in Stamford, CT holds community programs focused on skilling and reskilling the local workforce.
OUR NAMED EXECUTIVE OFFICERS
The executive officers whose compensation we discuss in this Compensation Discussion and Analysis section (“CD&A”) – our named executive officers (“NEOs”) for 2023 – are Brian D. Doubles, President and CEO; Brian J. Wenzel, Sr., Executive Vice President, CFO; Carol D. Juel, Executive Vice President and Chief Technology and Operating Officer; Jonathan S. Mothner, Executive Vice President, Chief Risk and Legal Officer and Curtis Howse, Executive Vice President and CEO, Home & Auto.
In September 2023, the Board approved the following changes to roles and responsibilities of our NEOs:
Jonathan S. Mothner was appointed Executive Vice President, Chief Risk and Legal Officer effective November 1, 2023. He previously served as our Executive Vice President, General Counsel and Secretary from February 2014 to October 2023.




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COMPENSATION MATTERS
COMPENSATION GOVERNANCE
2023 SAY-ON-PAY ADVISORY VOTE AND STAKEHOLDER ENGAGEMENT ON EXECUTIVE COMPENSATION
At our 2023 annual meeting of stockholders, our investors supported the compensation for our named executive officers with more than 93% of the votes approving the advisory say-on-pay proposal. The MDCC considers the results of our say-on-pay advisory vote as part of its review of our overall compensation programs and policies. In 2023, we continued our regular engagement with stakeholders regarding our compensation program. We also engaged with proxy advisory firms and sought regulatory perspectives.
BEST PRACTICE COMPENSATION PROGRAMS AND POLICIES
The MDCC has implemented the following measures as part of our executive compensation programs:
WHAT WE DO
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Substantial portion of executive pay based on performance against goals set by the MDCC
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Risk governance framework underlies compensation decisions
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Stock ownership requirements for executive officers
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Minimum vesting of 12 months for any options or stock appreciation rights
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Minimum vesting of 12 months for any restricted stock units (“RSUs”)
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Greater percent of equity grants in Long-Term Performance Share Units (“PSUs”) (55% of the LTI mix)
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Compensation subject to claw-back in the event of misconduct in addition to “no fault” in the case of financial restatements for all NEOs
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Limited perquisites
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Peer company benchmarking, targeting median among peers with additional consideration based on the size,
scope and impact of role, market data, leadership skills, length of service and both company and individual performance and contributions
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Double-trigger vesting of equity and long-term incentive plan awards upon change in control
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Annual “Say-on-Pay” vote frequency
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Independent compensation consultant advises the MDCC
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Include relative performance metric via Total Shareholder Return modifier on long-term performance awards
linked to stockholder returns relative to peers
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Significant portion of incentive compensation mix in equity
WHAT WE DON’T DO
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No hedging or pledging, short selling, or option trading of Company stock
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No employment agreements for executive officers
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No tax gross-ups on perquisites for executive officers
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No cash buyouts of stock options or stock appreciation rights with exercise prices that are not in-the-money
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No payout of dividends on unvested equity prior to the vesting date
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No backdating or repricing of stock option awards
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No CIC excise tax gross-ups for executive officers

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COMPENSATION MATTERS
2023 COMPENSATION ELEMENTS
The following summarizes the compensation elements used for 2023 to reward and retain our NEOs.
BASE SALARY
Base salaries for our NEOs depend on several factors, including the size, scope and impact of their role, market data, leadership skills, length of service and individual performance and contributions.
The MDCC regularly reviews base salaries and benchmark data provided by the MDCC’s independent compensation consultant. For 2023, the MDCC kept salaries for NEOs flat other than reflecting market movement and appropriate transition for the CEO, Brian Doubles. The MDCC increased Mr. Doubles’ salary from $1,100,000 to $1,150,000.
ANNUAL INCENTIVE
Annual incentive awards to our NEOs (and approximately 4,900 other employees) are made pursuant to Synchrony’s Annual Incentive Plan (“AIP”) with metric weightings and specific goals for threshold, target and maximum payout levels set in January or February each year. Target incentive opportunities are based on market practices for an officer’s role balanced against internal importance of the role.
In January 2023, the MDCC approved the metrics for Synchrony’s AIP consistent with the prior year based on two weighted quantitative metrics and one qualitative metric with defined goals outlined below. We believe these metrics promote a balanced focus on profit, growth, risk, expenses, strategy and culture.
PPNR (Pre-Provision Net Revenue less Net Charge-Offs – 50% weighting) — a quantitative metric that aligns the interests of executives with the interests of stockholders with a metric focused on pre-tax earnings that neutralizes the impact of change in reserves, but continues to capture credit quality through a reduction of actual charge offs. This metric also mitigates volatility in earnings and more closely aligns management decisions with goals and payouts.
Average Receivables Growth (30% weighting) — a quantitative metric that focuses executives on expanding the business to drive future earnings.
Strategy and Culture (20% weighting) — a qualitative metric that drives accountability to a framework focused on goals – approved by the Committee – related to Synchrony’s culture and strategic results. The framework for this metric includes multiple areas of focus including Strategic Impact, New Way of Working, Diversity, Equity, Inclusion and Citizenship, Employee Support and Engagement, and Social Responsibility which are closely aligned to company values. The goals for this metric are approved by the Committee and include targets for product distribution, capital, efficiency, representation, and culture improvement.
The MDCC established minimum, target and maximum performance levels based on Synchrony’s business plan and financial and economic outlook for the industry. Additionally, goals considered (i) historical performance for Synchrony and our peers, (ii) achieving our operating plan and/or (iii) exceeding prior year performance after reflecting accounting or other governance changes. The Annual Incentive Plan metrics, weights, and goals, approved at the January 2023 MDCC meeting and performance against those goals are shown below:
GOALSASSOCIATED PAYOUTCALCULATION
METRICWEIGHTMINTARGETMAXMINTARGETMAX 2023
PERFORMANCE
2023
WEIGHTED
PAYOUT
PPNR minus Charge-Offs50%$2,750$3,750$4,75050%100%200%$4,31678.3%
Average Receivables Growth30%4.0%8.0%12.0%50%100%200%12.0%60.0%
Strategy & Culture20%Based on Framework50%100%200%150%30.0%
Total Payout:168.3%
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COMPENSATION MATTERS
The framework approved by the MDCC for Strategy & Culture Metric and associated performance resulting in 30% funding for that metric is shown below:
STRONG FOUNDATIONDRIVE GROWTHCOMMUNITY SUPPORTGREAT PLACE TO WORK®
Cost Efficiency – industry leading efficiency ratio of 34.9% down by over 2% compared to prior year
Bank Deposits – increase in bank deposits by 13.1%
Fiscal Strength – $1.1 billion in share repurchases and increase in quarterly dividend to $0.25 per share during 2023
Partnerships – signed or renewed over 50 partnerships
Health & Wellness – increased receivables to $14.5B through product expansion and network penetration
Pets Best – signed agreement to sell Pets Best at a significant premium to initial investment
Supplier Diversity – increased Synchrony Spend with Diverse Suppliers by 95% compared to prior year
• Education – more than doubled the number of participants in Reskilling programs from 2022 to 2023
• Investments – donations of over $19 million in 2023 to help communities we service and improve education and skills
Pay Equity – maintained equity with no statistical difference between diverse and non-diverse employees, globally
• Diverse Representation – increased representation at VP and above levels in 2023
• “Top 100” Great Place to Work – improved ranking to #20 in the U.S. in 2023
• Exec Leadership Council – received council’s Corporate Award in 2023
Based on the calculation of performance against the financial goals (i.e., PPNR minus charge-offs and average receivables growth) as well as qualitative performance against the strategy and culture framework goals approved by the MDCC, the aggregate performance and payout for the annual incentive plan was 168.3% of target. The MDCC awarded each NEO 168.3% of their target annual incentive for 2023.
NAME2023 TARGET ANNUAL INCENTIVE 2023 ANNUAL INCENTIVE PAYOUT
Brian Doubles$2,300,000$3,870,900
Brian Wenzel$1,050,000$1,767,150
Carol Juel$1,050,000$1,767,150
Jonathan Mothner$1,050,000$1,767,150
Curtis Howse$781,250$1,314,844

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COMPENSATION MATTERS
2023 LONG-TERM INCENTIVE (LTI) AWARDS
Our executives are eligible to receive long-term (equity) awards which are intended to provide compensation that supports multiple goals including to: (i) motivate and reward long-term performance, (ii) reinforce an ownership mentality, (iii) align our executives with shareholder interests, (iv) support retention, and (v) mitigate risk through long-term ownership and stock holdings.
In 2023, NEOs received 45% RSUs and 55% PSUs. The MDCC increased the mix of PSUs to 55% starting in 2020 to further align the interest of management with metrics designed to reflect long-term success of the Company beyond increasing stock price.
RESTRICTED STOCK UNITS (RSUs) –
45% OF LTI AWARD
The NEOs received annual grants of RSUs in early 2023. The amount of RSUs awarded to each NEO is based on target incentive levels for each executive, based on the competitive market for their role and subject to adjustment by the MDCC. In 2023, the MDCC maintained the vesting period for RSUs at 1/3 per year over three years. Synchrony grants RSUs to reward and retain executives by offering them the opportunity to receive shares of Synchrony stock on the date the restrictions lapse as long as they continue to be employed by the Company.
PERFORMANCE SHARE UNITS (PSUs) –
55% OF LTI AWARD
Under the Synchrony Financial 2014 Long-Term Incentive Plan, we issued performance-based, long-term PSUs in 2023 that vest based on financial performance over the 2023-2025 (3-year) performance period. The PSUs will be paid in shares of common stock if we achieve pre-defined goals relating to our cumulative annual diluted earnings per common share (“EPS”) and average return on equity (ROE), each weighted 50%. The MDCC selected and approved the metrics and the goals for threshold, target and stretch with the ultimate award ranging from 0% (if threshold performance is not achieved) up to 150% for achieving stretch performance levels. These outcomes are subject to modification based on our three-year relative Total Shareholder Return (+/- 20%).
Target payout levels set for the 2023–2025 performance period require increases in both normalized EPS growth and Return on Equity over the 3-year PSU grant period compared to prior year grants. Performance below threshold results in forfeiture of the share units allocated to the corresponding performance measure. Dividend equivalents are accrued but not paid until the end of the performance period based on the actual number of shares earned. These performance metrics align the interests of our executives with the interests of stockholders by encouraging growth while ensuring that growth does not come at the cost of lower returns on assets. In addition, the relative Total Shareholder Return modifier promotes alignment of PSUs outcomes with relative shareholder returns. Grants of PSUs will vest at the end of the three-year period in the event performance conditions are met.

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COMPENSATION MATTERS
The 2023 PSU grants continue to include a Total Shareholder Return (“TSR”) modifier of +/-20% based on our TSR performance relative to peers. The details of how the modifier impacts the final payout calculations are shown below:
PERFORMANCEMODIFIER*
Bottom Quartile80%
MedianNo Impact
Top Quartile120%
*Any performance between bottom quartile and median or median and top quartile is linearly interpolated.
Below is a summary of the equity grants made to executives in 2023:
NAME OF EXECUTIVE RESTRICTED STOCK UNITS PERFORMANCE
SHARE UNITS
TOTAL
Brian Doubles$6,097,531$7,452,501$13,550,032
Brian Wenzel$1,372,529$1,677,532$3,050,061
Carol Juel$1,237,532$1,512,527$2,750,059
Jonathan Mothner$990,026$1,210,007$2,200,033
Curtis Howse$1,054,718$1,289,091$2,343,809
2021-2023 LONG-TERM PERFORMANCE AWARDS (PSUs) PAYOUTS
In 2021, the MDCC granted performance-based, long-term PSUs that vested based on financial performance over the 2021–2023 performance period. The metrics used during the 3-year cycle were chosen to balance executives’ focus on profitability, returning capital to investors, and growing the Company. Target payouts set for the 2021–2023 performance period required annual growth in EPS over the period, and a 15% return on equity. The chart below reflects (i) the performance over the last three years against goals approved at the beginning of the period and (ii) overall negative adjustments to GAAP that neutralize the impact of the Gap Inc. and BP reserve releases and (iii) adjustments to neutralize the other one-time items including restructuring charges and new deals.
METRICWEIGHTGOALSASSOCIATED PAYOUTCALCULATION
MINTARGETMAXMINTARGETMAX2021-2023
PERFORMANCE
2021-2023
PAYOUT
Cumulative EPS50%$8$11$1450%100%150%$18.24150.0%
Return on Equity50%12.0%15.0%18.0%50%100%150%22.7%150.0%
  Weighted Average:
150.0%
TSR Adjustment Factor:100.9%
Total Payout:151.3%
TSR ADJUSTMENT FACTOR CALCULATION
For the 2021-2023 three-year performance period, the Company’s Total Shareholder Return was 18.2% which was the 51st percentile of peers, resulting in an adjustment factor of 100.9% and overall upward adjustment of 1.3%.
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COMPENSATION MATTERS
OTHER COMPENSATION PROGRAMS AND PRACTICES
SYNCHRONY DEFERRED COMPENSATION PLAN
Our Deferred Compensation Plan does not pay an “above-market” rate of interest and is available to a select group of management and highly compensated employees of Synchrony and any of its participating affiliates. Under the plan, eligible employees may elect to defer up to 80% of their base salary and bonus. The plan administrator will designate two or more investment benchmarks which participants can choose between to determine the rate of return or loss applicable to their deferred compensation amounts. Participants can also make elections regarding the time and form of payment of their deferral under the plan, in accordance with Section 409A of the Internal Revenue Code (the “Code”). We have established notional unfunded accounts attributable to participants’ deferrals, which will be adjusted based on participants’
investment elections.
OTHER BENEFITS
In addition to standard health and welfare benefits available to other Synchrony employees, in 2023, Synchrony provided certain executive officers with (i) financial counseling and/or tax preparation services, (ii) annual physical examinations, (iii) supplementary life insurance, and (iv) individual disability income protection, which are reported in the “All Other Compensation” column in the 2023 Summary Compensation Table. The supplementary life insurance policies are intended to maintain benefits that existed for certain executives as GE employees prior to the completion of our split-off from GE and in lieu of life insurance benefits that are provided to other Synchrony employees. These policies were frozen in value and participation upon Synchrony’s IPO. While Synchrony could have “bought out” the value of these polices upon IPO, the Company chose to freeze the insurance amount and maintain the policies to help retain senior management through Synchrony’s transition away from GE. The policies require an executive to stay with Synchrony through age 60 to receive the full value of the benefit. The face value of the supplementary life insurance policies for all participants is less than the value of the standard life insurance program for Synchrony employees. Brian Doubles voluntarily forfeited the supplementary life insurance program and transitioned to the standard group term life plan offered to other employees when he became CEO.
OTHER COMPENSATION PRACTICES
STOCK OWNERSHIP GUIDELINES
Our Stock Ownership Guidelines require the Company’s President & CEO and Executive Vice Presidents to own significant amounts of our common stock, helping to ensure alignment of executives’ interests with those of our stockholders. The stock ownership guideline for our President & CEO is six times base salary. The stock ownership guideline for Executive Vice Presidents, including the other NEOs, is three times base salary. The guidelines are to be met within five years of being subject to the policy and/or promotion. For the purposes of our stock ownership guidelines, all shares of common stock, RSUs and phantom stock units held by our executives are credited toward ownership levels. All of our NEOs’ stock ownership exceeds the ownership guidelines. Based on our latest closing stock price as of April 5, 2024 of $41.28, our NEOs had the following ownership base-salary multiples:
NAME OF
EXECUTIVE
REQUIRED
MULTIPLE
OWNERSHIP
AS OF
APRIL 5, 2024
Brian Doubles6X
21.7X
Brian Wenzel3X
8.1X
Carol Juel3X
6.0X
Jonathan Mothner3X
8.5X
Curtis Howse3X
9.3X
ANTI-HEDGING AND ANTI-PLEDGING RESTRICTIONS
Our Code of Conduct, which applies to all of our employees (including officers) and directors, includes anti-hedging provisions that prohibit all employees and directors from engaging in transactions in derivatives of or short-selling of Synchrony securities, including buying and writing options. We also maintain an anti-pledging policy that prohibits employees and directors from pledging activity in Synchrony securities.
CLAWBACK POLICIES
Since 2018, the Company’s clawback policy has included “no fault” financial restatements for all of our named executive officers. In 2023, we adopted our Incentive-Based Compensation Recovery Policy, which supplemented our existing clawback policy, to incorporate the new requirements of NYSE listing standards and Section 10D of the Exchange Act. Under the policy, in the event that the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under the securities laws, the Company will take action to recover from any current or former executive officer who received any annual or long-term incentive compensation paid, awarded, or granted during the three-year period preceding the date on which the Company is required to prepare an accounting restatement, based on the erroneous data, in excess of what would have been paid to the executive officer under the accounting restatement.
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COMPENSATION MATTERS
Additionally, under the Company’s existing policy, if it is determined that an employee at or above a designated executive grade under the Company’s compensation structure has engaged in conduct detrimental to the Company, the Bank or any of the Company’s other subsidiaries, the MDCC or, in the case of a Bank employee, the Bank’s Development and Compensation Committee, may take a range of actions to remedy the misconduct, prevent its recurrence, and impose such discipline as would be appropriate. Discipline may vary depending on the facts and circumstances, and may include, without limitation, (i) termination of employment, (ii) initiating an action for breach of fiduciary duty, (iii) reducing, cancelling or seeking reimbursement of any paid or awarded compensation, and (iv) if the conduct resulted in a material inaccuracy in the Company’s financial statements or performance metrics that affects the executive’s compensation, seeking reimbursement of any portion of incentive compensation paid or awarded to the executive that is greater than what would have been paid or awarded if calculated based on the accurate financial statements or performance metrics. If it is determined that an executive engaged in fraudulent misconduct, the MDCC or, in the case of a Bank employee, the Bank’s Development and Compensation Committee, will seek such reimbursement. These remedies would be in addition to, and not in lieu of, any actions imposed by law enforcement agencies, regulators or other authorities, or as otherwise required by any agreement with a stock exchange on which the Company’s securities are listed.
COMPENSATION AND RISK
RISK REVIEW PROCESS
Synchrony’s risk management culture is strongly supported by a thorough risk review process that focuses on whether the risks we take are within our risk appetite framework. Each year, working cross-functionally, our CEO and senior executives from our risk and human resources teams identify the individuals considered to be Material Risk Takers (“MRTs”) or Material Risk Controllers (“MRCs”). These individuals are required to have annual goals and objectives specifically tied to risk and compliance standards. As part of the annual process, our Control Function Leaders, our CEO, our Audit Committee, MDCC and Risk Committee conduct assessments on MRTs and MRCs, which take into consideration MRT/MRC behavior in relation to their annual goals and objectives as well as any adverse risk outcomes during the year. These assessments are included in each MRT/MRC’s annual performance evaluation. By conducting these risk review processes as well as maintaining full transparency on all our risk management policies and procedures, we believe that we effectively discourage inappropriate risk-taking.
REVIEW OF NEO INCENTIVE COMPENSATION RELATED TO RISK MANAGEMENT
Each year the MDCC reviews the relationship between our risk management policies and practices and the incentive compensation provided to our NEOs to confirm that their incentive compensation appropriately balances risk and reward and that our compensation policies and practices are not reasonably likely to have a material adverse effect on our Company. The MDCC meets with the Chief Risk Officer to discuss the annual risk assessment with respect to incentive compensation plans in which all employees (including the NEOs) participate, including whether these arrangements have any features that might encourage excessive risk-taking that could threaten the value of the Company. The Chief Risk Officer also discusses the risk mitigation factors reviewed in the annual risk assessment, including the balance between financial and non-financial measures as well as the short-term and long-term oriented measures. The MDCC also continues to monitor a separate, ongoing risk assessment by senior management of our broader employee compensation practices consistent with the federal banking regulators’ guidance on sound incentive compensation practices.
RISK REVIEW OF INCENTIVE PLANS
Each year, we conduct a risk analysis on each of our incentive plans. In 2023, we hired an outside independent consultant to conduct this risk assessment. The analysis covered 100% of our incentive eligible population and allowed us to understand the degree to which our plans contribute to excessive risk-taking. Based on this review, all our incentive plans were rated such that they conform to or exceed key standards for risk management. Additionally, all incentive plans including any changes are reviewed each year and approved by our Chief Risk and Chief Human Resources Officers.
ROLE OF INDEPENDENT COMPENSATION CONSULTANT
Under its charter, the MDCC has the authority to retain such compensation consultants, outside counsel and other advisors as the MDCC may deem appropriate in its sole discretion. In 2023, the MDCC engaged Meridian to provide advice regarding market pay levels, strong pay practices and other executive compensation matters. Meridian also provided advice to the Nominating and Corporate Governance Committee regarding director compensation. Meridian does not provide any other services to the MDCC or to Synchrony. The MDCC has determined that Meridian is independent and does not have any conflicts of interest.


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COMPENSATION MATTERS
COMPENSATION COMMITTEE REPORT
The MDCC of the Board of Directors of Synchrony has reviewed and discussed the Compensation Discussion and Analysis with Synchrony’s management, and based on our review and discussions with management, we recommend to Synchrony’s Board of Directors that this Compensation Discussion and Analysis be included in this proxy statement.
Respectfully submitted by the MDCC of the Board.
Laurel J. Richie, Chair
Fernando Aguirre
Jeffrey G. Naylor
Ellen M. Zane
2023 EXECUTIVE COMPENSATION
The following table contains 2023 compensation information for our NEOs.
2023 SUMMARY COMPENSATION TABLE
NAMEYEAR SALARY
STOCK
AWARDS(1)
NON-EQUITY
INCENTIVE
PLAN COMP. (2)
ALL OTHER
COMP. (3)
TOTAL
Brian Doubles2023$1,141,346$13,550,032$3,870,900$613,406$19,175,684
2022$1,082,692$8,200,011$3,968,800$450,438$13,701,941
2021$950,685$5,250,015$2,450,000$229,647$8,880,347
Brian Wenzel2023$700,000$3,050,061$1,767,150$224,560$5,741,771
2022$700,000$3,000,036$1,262,800$197,891$5,160,727
2021$700,000$2,600,000$980,000$150,151$4,430,151
Carol Juel
2023$700,000$2,750,059$1,767,150$246,381$5,463,590
2022$691,346$2,600,047$1,262,800$192,154$4,746,347
2021$639,658$2,000,108$910,000$160,589$3,710,355
Jonathan Mothner
2023$700,000$2,200,033$1,767,150$264,327$4,931,510
Curtis Howse
2023$625,000$2,343,809$1,314,844$227,902$4,511,555
(1)For 2023, these amounts include the grant date fair value of three-year PSUs based on the probable outcome of the performance conditions: Mr. Doubles ($7,452,501); Mr. Wenzel ($1,677,532); Ms. Juel ($1,512,527); Mr. Mothner ($1,210,007); and Mr. Howse ($1,289,091). The value of these awards, assuming that the highest level of performance conditions will be achieved is as follows: Mr. Doubles ($13,414,502); Mr. Wenzel ($3,019,556); Ms. Juel ($2,722,549); Mr. Mothner ($2,178,013); and Mr. Howse ($2,320,364).
(2)This column represents amounts paid under Synchrony’s Annual Incentive Plan. The MDCC awarded a final payout of 168.3% for the 2023 performance year.
(3)See “2023 All Other Compensation Table” for additional information about All Other Compensation paid in 2023.
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COMPENSATION MATTERS
2023 ALL OTHER COMPENSATION
In 2023, our NEOs received additional benefits, reflected in the table below, which Synchrony believed to be reasonable, competitive and consistent with its overall executive compensation program. The costs of these benefits are shown below after giving effect to any reimbursements by the NEOs.
2023 ALL OTHER COMPENSATION TABLE
NAME OF EXECUTIVE
PERQUISITES &
OTHER PERSONAL
BENEFITS (1)
VALUE OF
SUPPLEMENTARY
INSURANCE
PREMIUMS (2)
PAYMENTS
RELATING
TO EMPLOYEE
SAVINGS PLAN (3)
AMOUNTS
CREDITED
TO RESTORATION
PLAN ACCOUNT (4)
TOTAL
Brian Doubles$48,795$2,495$36,300$525,816$613,406
Brian Wenzel
––
$8,652$36,300$179,608$224,560
Carol Juel$20,680$9,793$36,300$179,608$246,381
Jonathan Mothner$13,800$34,619$36,300$179,608$264,327
Curtis Howse$10,163$24,964$36,300$156,475$227,902
(1)Amounts in this column include the cost to the Company of financial counseling and/or tax preparation services, annual physical examinations reimbursed in 2023, and personal security that were, in the aggregate, $10,000 or more for the respective NEO.
(2)This column reports taxable payments made to cover premiums for universal life insurance policies owned by Ms. Juel, Mr. Mothner, and Mr. Howse, as well as non-taxable premiums paid by the Company for supplemental individual disability income protection for all executives. Payments related to universal life insurance policies are made in lieu of the higher standard term life insurance coverage available to other employees, and are intended to maintain benefits that existed for these executives as GE employees prior to the completion of our split-off from GE. These policies provide coverage amounts fixed at two times their annual pay at the time of the completion of our split-off from GE.
(3)This column reports Company core contributions, matching contributions and additional contributions to the NEOs’ 401(k) savings accounts up to the limitations imposed under IRS rules, and the plan.
(4)This column reports Company core contributions, matching contributions and additional contributions to the NEOs’ Restoration Plan accounts. For additional details on the Restoration Plan and the specific design elements of the plan, see “Synchrony Financial Restoration Plan.”
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COMPENSATION MATTERS
2023 GRANTS OF PLAN-BASED AWARDS
The following table provides information about Synchrony plan-based awards granted to the NEOs in 2023, including the annual non-equity incentive plan awards granted pursuant to Synchrony’s Annual Incentive Plan and the equity awards granted under the Synchrony Financial 2014 Long-Term Incentive Plan. In regard to the annual non-equity incentive plan awards granted pursuant to Synchrony’s Annual Incentive Plan, the table below provides the threshold, target and maximum cash awards linked to Synchrony’s performance over the 2023 performance period based on the following metrics: earnings (50%), receivables growth (30%), and strategy and culture (20%). In regard to the equity incentive plan awards granted pursuant to the Synchrony Financial 2014 Long-Term Incentive Plan, the table below provides: (i) the grant date, (ii) the number of shares or stock units underlying stock awards, (iii) the number of other securities underlying option awards granted, (iv) the exercise or base price of the stock option grants, which reflects the closing price of Synchrony common stock on the date of grant, and (v) the grant date fair value of each option grant computed in accordance with applicable SEC rules.
2023 GRANTS OF SYNCHRONY PLAN-BASED AWARDS TABLE
  ESTIMATED FUTURE PAYOUTS UNDER
NON-EQUITY INCENTIVE PLAN AWARDS
ESTIMATED FUTURE PAYOUTS UNDER
EQUITY INCENTIVE PLAN AWARDS
 
NAME OF
EXECUTIVE
GRANT
DATE
ANNUAL
INCENTIVE
THRESHOLD $
ANNUAL
INCENTIVE
TARGET $
ANNUAL
INCENTIVE
 MAXIMUM $
PSU AWARDS
THRESHOLD #(1)
PSU AWARDS
TARGET #(1)
PSU AWARDS
MAXIMUM #(1)
ALL OTHER STOCK
AWARDS: NUMBER
OF SHARES – RSU AWARDS(2)
VALUE OF STOCK
AWARDS(3)
Doubles3/1/231,150,0002,300,0004,600,000103,565207,129310,694169,470$13,550,032
Wenzel3/1/23525,0001,050,0002,100,00023,31246,62469,93638,147$3,050,061
Juel
3/1/23525,0001,050,0002,100,00021,01942,03863,05734,395$2,750,059
Mothner
3/1/23525,0001,050,0002,100,00016,81533,63050,44527,516$2,200,033
Howse
3/1/23390,625781,2501,562,50017,91435,82853,74229,314$2,343,809
(1)These columns show the number of PSUs granted as long-term performance awards that are linked to Synchrony’s performance over the 2023-2025 performance period. The PSUs will be payable in shares of common stock based on our cumulative annual diluted earnings per share and average return on equity over the performance period provided performance and vesting conditions are met. Final payout will be subject to a TSR modifier of +/-20% of the amounts reflected above based on our TSR performance relative to peers used to set executive pay levels.
(2)This column shows the number of RSUs granted as part of the annual equity incentive grant in March 2023. All RSUs will vest ratably in three equal annual installments beginning one year from the date of grant and each year thereafter.
(3)This column shows the aggregate grant date fair value of PSUs and RSUs granted to the NEOs during 2023. Generally, the aggregate grant date fair value is the expected accounting expense that will be recognized over the award’s vesting schedule. For RSUs and PSUs, the value is assumed to be the stock price on the grant date (or the last trading day prior to the grant date).
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COMPENSATION MATTERS
2023 OUTSTANDING SYNCHRONY EQUITY AWARDS AT FISCAL YEAR-END
The following table provides information on the holdings of Synchrony equity awards by the NEOs as of the 2023 fiscal year-end. This table includes unexercised (both vested and unvested) option grants and unvested RSUs and PSUs with vesting conditions that were not yet satisfied as of December 31, 2023. Each equity grant is shown separately. The vesting schedule for each outstanding award is shown following this table.
2023 OUTSTANDING SYNCHRONY EQUITY AWARDS AT FISCAL YEAR-END TABLE
 OPTION AWARDSSTOCK AWARDS
NAME OF
EXECUTIVE
GRANT DATENUMBER OF
SECURITIES
UNDERLYING
UNEXERCISED
OPTIONS
EXERCISABLE
NUMBER OF
SECURITIES
UNDERLYING
UNEXERCISED
OPTIONS
UNEXERCISABLE
OPTION
EXERCISE
PRICE
OPTION
EXPIRATION
DATE
NUMBER OF
SHARES OR UNITS
OF STOCK THAT
HAVE NOT VESTED
MARKET VALUE OF
SHARES OR UNITS
OF STOCK THAT
HAVE NOT VESTED(1)
EQUITY INCENTIVE
PLAN AWARDS:
NUMBER OF
UNEARNED SHARES,
UNITS OR OTHER
RIGHTS THAT HAVE
NOT VESTED
EQUITY INCENTIVE
PLAN AWARDS:
MARKET OR
PAYOUT VALUE OF
UNEARNED
SHARES, UNITS
OR OTHER RIGHTS
THAT HAVE NOT
VESTED(2)
Doubles7/31/201459,6960$23.00 7/31/2024
4/1/201520,7280$30.41 4/1/2025
4/1/201628,0190$29.33 4/1/2026
4/1/201728,4490$34.30 4/1/2027
4/1/201839,1050$33.53 4/1/2028
3/1/202112,042$459,896 
4/1/20218,673$331,207 
3/1/202265,492$2,501,158 120,069$4,585,442 
3/1/2023173,628$6,630,848 212,211$8,104,331 
Wenzel4/1/20156,2810$30.41 4/1/2025
4/1/20168,4900$29.33 4/1/2026
4/1/20178,5140$34.30 4/1/2027
4/1/20188,7990$33.53 4/1/2028
3/1/202110,437$398,576 
3/1/202223,962$915,090 43,928$1,677,605 
3/1/202339,083$1,492,577 47,768$1,824,256 
Juel
4/1/201511,4360$30.41 4/1/2025
4/1/201617,1770$29.33 4/1/2026
4/1/201716,6130$34.30 4/1/2027
4/1/201818,1450$33.53 4/1/2028
3/1/20217,025$268,293 
7/1/2021818$31,244 
3/1/202220,766$793,054 38,072$1,453,959 
3/1/202335,239$1,345,772 43,069$1,644,820 
Mothner
4/1/201516,1630$30.41 4/1/2025
4/1/201622,6390$29.33 4/1/2026
4/1/201723,2580$34.30 4/1/2027
4/1/201821,8990$33.53 4/1/2028
3/1/20216,824$260,608 
3/1/202215,974$610,060 29,286$1,118,430 
3/1/202328,191$1,076,618 34,455$1,315,840 
Howse
4/1/201712,0860$34.30 4/1/2027
4/1/201811,3800$33.53 4/1/2028
3/1/20217,025$268,293 
3/1/202217,971$686,307 32,946$1,258,204 
3/1/202330,033$1,146,968 36,707$1,401,841 
(1)The market value of the stock awards represents the product of the closing price of Synchrony common stock as of December 29, 2023, which was $38.19, and the number of shares underlying each such award.
(2)PSUs granted in 2023 and 2022 vest, to the extent earned, on December 31, 2025 and December 31, 2024, respectively. The market value of PSUs that have not vested as of December 31, 2023 was calculated using the closing price of Synchrony common stock as of December 29, 2023, which was $38.19, multiplied by the number of unvested units based on achieving target performance goals.
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COMPENSATION MATTERS
2023 OUTSTANDING SYNCHRONY EQUITY AWARDS VESTING SCHEDULE
NAME OF
EXECUTIVE
GRANT DATE
STOCK AWARDS
VESTING SCHEDULE (1)
EQUITY INCENTIVE PLAN
VESTING SCHEDULE (2)
All Executives3/1/2133.3% vests 2024
Doubles4/1/2133.3% vests 2024
Juel7/1/2133.3% vests 2024
All Executives3/1/2233.3% vests 2024, 2025100% vests 2024
All Executives3/1/2333.3% vests 2024, 2025, 2026100% vests 2025
(1)This column shows the vesting schedule of unvested RSUs reported in the “Number of Shares or Units of Stock That Have Not Vested” column of the “2023 Outstanding Synchrony Equity Awards at Fiscal Year-End Table.” The RSUs vest on the anniversary of the grant date in the years shown in the table above.
(2)This column shows the vesting schedule of the unvested PSUs reported in the “Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested” column of the 2023 Outstanding Synchrony Equity Awards at Fiscal Year-End Table.” PSUs vest to the extent earned on December 31 of the year shown in the table above.
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COMPENSATION MATTERS
2023 SYNCHRONY NONQUALIFIED DEFERRED COMPENSATION
The table below provides information on the nonqualified deferred compensation of the NEOs in 2023, including our Deferred Compensation and Restoration Plans.
SYNCHRONY-DEFERRED COMPENSATION
Our Deferred Compensation Plan does not pay an “above-market” rate of interest and is available to a select group of management and highly compensated employees of Synchrony and any of its participating affiliates. Under the plan, eligible employees may, to the extent permitted by the administrator of the plan, elect to defer up to 80% (or such lower percentage, as determined by the plan administrator) of their base salary and bonus, and all or a portion of any other type of compensation, as determined by the plan administrator.
SYNCHRONY FINANCIAL RESTORATION PLAN
The Restoration Plan mirrors the Company’s qualified 401(k) plan. The plan provides a continuation of Company contributions on salary and bonus that would have been made to our 401(k) plan but for various limitations imposed by the Code, along with additional Company contributions that cannot be made to the 401(k) plan. The plans include Company contributions of (i) a 3% core contribution, (ii) a 4% match, and (iii) 4% additional contribution for former participants of GE pension plans. The Restoration Plan account is forfeited if an executive leaves voluntarily prior to age 60. For 2023, each of our NEOs received contributions to his or her Restoration Plan account, which are reported in the “All Other Compensation” column in the 2023 Summary Compensation Table.
2023 SYNCHRONY NONQUALIFIED DEFERRED COMPENSATION
NAME OF
EXECUTIVE
TYPE OF PLANEXECUTIVE
CONTRIBUTIONS IN
LAST FISCAL YEAR
REGISTRANT
CONTRIBUTIONS IN
LAST FISCAL YEAR
AGGREGATE
EARNINGS IN LAST
FISCAL YEAR (1)
AGGREGATE
BALANCE AT LAST
FISCAL YEAR-END
DoublesRestoration Plan$0$525,816$526,844$2,921,627
Deferred Comp Plan$0$0$0$0
WenzelRestoration Plan$0$179,608$237,476$1,229,668
Deferred Comp Plan$0$0$0$0
Juel
Restoration Plan$0$179,608$205,079$1,326,432
Deferred Comp Plan$0$0$0$0
Mothner
Restoration Plan$0$179,608$208,162$1,745,732
Deferred Comp Plan$0$0$0$0
Howse
Restoration Plan$0$156,475$168,521$1,095,595
Deferred Comp Plan$1,183,250$0$911,755$6,012,875
(1)The earnings on amounts contributed to the Restoration and Deferred Compensation Plans may be positive or negative, depending on the NEO’s
investment choice.
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COMPENSATION MATTERS
PAY VERSUS PERFORMANCE
As required by the SEC, and in accordance with its regulations and guidance, we are providing a review of Pay vs. Performance as outlined below. The Pay vs. Performance table below presents total compensation as disclosed in the Summary Compensation Table (columns A, C, and E) and “compensation actually paid” or “CAP” (columns B, D, and F), as defined by the SEC, to our current CEO, former CEO/Executive Chair, and, as an average, to our Non-CEO NEOs. The table below also shows Synchrony’s performance for 2020-2023 as illustrated by TSR (as compared to the TSR of our peers), Net Income, and Loan Receivables, which we have selected as our “Company selected measure”. Reconciliations between Summary Compensation Table totals and CAP are provided in the “Determination of Compensation Actually Paid” and “Changes In Equity Reflected In CAP Calculation” sections that follow.
ABCDEFVALUE OF INITIAL $100
INVESTMENT 12/31/2019:
YEAR
SUMMARY
COMP TABLE
TOTAL FOR
CEO
(DOUBLES)1
COMPENSATION
ACTUALLY PAID
TO CEO
(DOUBLES)2
SUMMARY
COMP TABLE
TOTAL FOR
FORMER CEO /
EXEC CHAIR
(KEANE)1
COMPENSATION
ACTUALLY PAID TO
FORMER CEO /
EXEC CHAIR
(KEANE)2
AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR NON-CEO
NEOS3
AVERAGE
COMPENSATION
ACTUALLY PAID TO
NON-CEO NEOS4
SYF5
PEERS6
NET INCOME
(MILLIONS)7
LOAN RECEIVABLES
(BILLIONS)8
2023$19,175,684 $23,718,659 $5,162,107 $6,466,785 $119 $113 $2,238 $103.0 
2022$13,701,941 $8,599,737 $6,516,202 $1,775,284 $99 $101 $3,016 $92.5 
2021$8,880,347 $20,462,092 $13,500,981 $46,015,762 $4,124,797 $10,116,008 $136 $122 $4,221 $80.7 
2020$12,940,513 ($28,817)$4,131,919 $1,300,820 $100 $121 $1,385 $81.9 
(1)The dollar amounts reported in columns (A) and (C) are the amounts of total compensation reported for Mr. Doubles (our current CEO) and Ms. Keane (for her role as CEO in 2021 and 2020), respectively, in the years in which they served as CEO, for each corresponding year in the “Total” column of the Summary Compensation Table.
(2)The dollar amounts reported in columns (B) and (D) represent the amount of “compensation actually paid” to Mr. Doubles and Ms. Keane, respectively, in the years in which they served as CEO, computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Doubles or Ms. Keane during the applicable years. "Compensation actually paid" fluctuates significantly due to variance in stock price from one year to the next, which correlates directly with the calculation. See "Determination of Compensation Actually Paid" below for the adjustments that were made to Mr. Doubles’ total compensation in 2023 to determine the compensation actually paid.
(3)The dollar amounts reported in column (E) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Doubles for 2021 and 2022, and excluding Ms. Keane for 2020 and 2021, in the “Total” column of the Summary Compensation Table in each applicable year). The NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Brian Wenzel, Carol Juel, Jonathan Mothner, and Curtis Howse, (ii) for 2022, Margaret Keane, Brian Wenzel, Thomas Quindlen, and Carol Juel; (iii) for 2021, Brian Wenzel, Thomas Quindlen, Alberto Casellas, and Carol Juel; and (iv) for 2020, Brian Doubles, Brian Wenzel, Neeraj Mehta, and Thomas Quindlen.
(4)The dollar amounts reported in column (F) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Doubles for 2023, 2022, and 2021 and Ms. Keane in 2021 and 2020), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group during the applicable year. See "Determination of Compensation Actually Paid" below for the adjustments that were made to Mr. Doubles’ and Ms. Keane’s total compensation for each year to determine the compensation actually paid.
(5)Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period beginning at market close on 12/31/2019, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(6)Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of 2020. The peer group used for this purpose is the peer group outlined in the Compensation Discussion and Analysis section, which is used for setting pay and determining relative TSR with respect to performance share units.
(7)The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8)Loan Receivables, our “Company selected measure”, reflect loan receivables as reported under GAAP at December 31 for the applicable year.
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COMPENSATION MATTERS
Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers
and Company Performance
Our TSR directly impacts the value of Compensation Actually Paid (CAP) given the weight of the LTI component in our compensation program (see "Compensation Discussion & Analysis – 2023 Compensation Elements"). As a result, our CEO and other NEO CAP is highly correlated with investor interests. 2021 and 2023 were higher years for CAP as well as strong years from a TSR perspective. Synchrony cumulative TSR is above the weighted average TSR of the peer group over the four-year time period ending in 2023. Through the Annual Incentive Plan, our NEO CAP is tied directly to net income, through the PPNR minus Charge-Offs measure, and loan receivables growth. Goals for these metrics consider each year’s particular strategic initiatives, economic conditions, and commercial outlook. Our NEO CAP is also linked to net income through the EPS measure included in our Performance Share Units goals. In general, our CEO and other NEO CAP are directionally aligned from year to year as executives participate in the same incentive plans and are accountable to the same company-wide results, although our CEO pay mix makes CAP subject to more significant fluctuation.
Most Important Measures to Link Compensation Actually Paid to Company Performance
The following table identifies the financial performance measures which, in our assessment, represent the most important financial performance measures used by us to link the compensation actually paid to our CEO and other NEOs in 2023 to Company performance. How each of these performance measures is used in determining our NEOs’ compensation is discussed above in the 2023 Compensation Elements section of our CD&A.
MOST IMPORTANT FINANCIAL PERFORMANCE MEASURES
Loan Receivables
PPNR minus Charge-Offs
Return on Equity
Earnings Per Share
Relative Total Shareholder Return
Determination of Compensation Actually Paid
The tables below show the reconciliation between the amounts provided for “Summary Compensation Table Total” and “Compensation Actually Paid” in the Pay vs. Performance table above for our CEO, and, as an average, Non-CEO NEOs.
CEO(A)(X)(B)
YEARSUMMARY
COMPENSATION
TABLE TOTAL (SCT)
DEDUCTIONS OF
EQUITY AWARDS*
ADDITIONS/
ADJUSTMENTS TO
SCT TOTAL**
COMPENSATION
ACTUALLY PAID
(CAP)
2023$19,175,684($13,550,032)$18,093,007$23,718,659
Non-CEO NEOs(E)(Z)(F)
YEARSUMMARY
COMPENSATION
TABLE TOTAL (SCT)
DEDUCTIONS OF
EQUITY AWARDS*
ADDITIONS/
ADJUSTMENTS TO
SCT TOTAL**
COMPENSATION
 ACTUALLY PAID
 (CAP)
2023$5,162,107($2,585,991)$3,890,669$6,466,785
*Grant Date Fair Market Value of stock awards made in year, as reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year for our CEO and, as an average, our NEOs.
**Year-end Fair Market Value of awards made in year plus change in Fair Market Value of awards made in prior years, as further illustrated below.
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COMPENSATION MATTERS
Changes in Equity Reflected in CAP Calculation
The tables below show additional details on the changes in equity value reflected in the calculation of compensation actually paid for 2023 to our CEO and Non-CEO NEOs, as applicable.
CEO Equity(X)
TYPEFAIR VALUE AT YE OF
OUTSTANDING
UNVESTED AWARDS
GRANTED DURING
APPLICABLE YEAR
YEAR OVER
YEAR CHANGE IN FAIR
VALUE OF AWARDS
GRANTED IN PRIOR YEARS
THAT VESTED DURING
APPLICABLE YEAR
CHANGE IN FAIR
VALUE OF AWARDS
GRANTED IN PRIOR
YEARS THAT REMAIN
UNVESTED
VALUE INCLUDED IN
“COMP ACTUALLY
PAID”
2023
RSUs
$6,630,848$154,098$544,987$7,329,933
PSUs$8,444,713$755,521$1,586,225$10,786,459
SOs$0($23,385)$0($23,385)
Total$15,075,561$886,234$2,131,212$18,093,007
Non-CEO NEOs Equity(Z)
TYPEFAIR VALUE AT YE OF
OUTSTANDING
UNVESTED AWARDS
GRANTED DURING
APPLICABLE YEAR
YEAR OVER YEAR CHANGE
IN FAIR VALUE OF AWARDS
GRANTED IN PRIOR YEARS
THAT VESTED DURING
APPLICABLE YEAR
CHANGE IN FAIR
VALUE OF AWARDS
GRANTED IN PRIOR
YEARS THAT REMAIN
UNVESTED
VALUE INCLUDED IN
“COMP ACTUALLY
PAID”
2023
RSUs
$1,265,484$78,110$175,117$1,518,711
PSUs$1,611,650$292,954$476,358$2,380,962
SOs$0($9,004)$0($9,004)
Total$2,877,134$362,060$651,475$3,890,669
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COMPENSATION MATTERS
CEO PAY RATIO
As required by the SEC and in accordance with its regulations and guidance, we determined the ratio of the annual total compensation of our CEO and the annual total compensation of our median employee using the following methodology.
To identify our median employee, we first calculated the individual target annual total compensation including retirement contributions ("annual target compensation") for all employees globally as of December 31, 2023. We then identified the population of employees with the median annual target compensation. From that population, we selected employees with the earliest start date in 2023, and within that selection identified the employee with actual compensation closest to the average annual target compensation of that group.
We calculated the median employee’s annual total compensation by determining actual compensation in accordance with the SEC rules used to calculate the amount set forth in the “total” column of the Summary Compensation Table, adding the value of benefits, and annualizing the total based on the median employee's start date. Accordingly, our median employee’s estimated annual total compensation was calculated as $57,653 including benefits.
With respect to the annual total compensation of our CEO, we used the amount reported in the “total” column of our Summary Compensation Table for 2023 and added the value of benefits. Accordingly, our CEO’s annual total compensation for purposes of the pay ratio determination was $19,199,246 including benefits.
Based on our CEO’s annual total compensation compared to the estimated annual total compensation for our median employee, our estimated pay ratio for 2023 was 333:1.
2023 POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL AT FISCAL YEAR-END
The information below describes and quantifies certain compensation that would have become payable under existing plans and arrangements if the NEO’s employment had terminated on December 31, 2023, given the NEO’s compensation and service levels as of such date and based on Synchrony’s closing stock price on December 31, 2023 as applicable. Due to the number of factors that affect the nature and amount of any benefits provided upon the events discussed below, any amounts actually paid or distributed may be different. Factors that could affect these amounts include the time during the year of any such event, Synchrony’s stock price, as applicable, and the executive’s age.
EXECUTIVE SEVERANCE PLAN
The purpose of the Executive Severance Plan is to secure the continued services and ensure the continued dedication of our NEOs and other executives. The Executive Severance Plan provides that if a participating executive is laid off, part of a redundancy or reorganization, or terminated for “for the good of the Company,” such executive will be entitled to the following cash payment:
CEO — 18 months of the executive’s base salary, offset by any other severance cash payment that the executive will receive from the Company in connection with being laid off, such as payment from the broad-based severance plan available to other U.S. employees;
Other NEOs — 12 months of an NEO’s base salary, offset by any other severance cash payment that the NEO will receive from the Company in connection with being laid off, such as payment from the broad-based severance plan available to other U.S. employees.
CIC SEVERANCE PLAN
The purpose of the CIC Severance Plan is to secure the continued services and ensure the continued dedication and objectivity of executives in the event of any occurrence of, threat of, or negotiation or other action that could lead to, a change in control of the Company. The CIC Severance Plan provides for the following benefits upon a “double-trigger” qualifying termination of employment within 30 months following a change in control:
CEO — Cash payment of (1) the executive’s prorated bonus for the year of termination, (2) a severance benefit equal to the product of three multiplied by the sum of the executive’s annual base salary and average target bonus for the three prior years, and (3) an amount equal to 36 months of the employer portion of the monthly premium or cost of coverage for the health benefits elected by the executive, based on the rates for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“Healthcare Premiums”). In addition, for 36 months following the executive’s termination of employment, the executive will be entitled to reasonable executive outplacement services.
Other NEOs — Cash payment of (1) the NEO’s prorated bonus for the year of termination, (2) a severance benefit equal to the product of two-and-one-half multiplied by the sum of the NEO’s annual base salary and average target bonus for the three prior years, and (3) an amount equal to 30 months of the employer portion of the monthly premium or cost of coverage for the health benefits elected by the NEO, based on the rates for continuation coverage pursuant to the Healthcare Premiums. In addition, for 30 months following the NEO’s termination of employment, the NEO will be entitled to reasonable executive outplacement services.

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COMPENSATION MATTERS
SYNCHRONY EQUITY AWARDS
If one of the NEOs were to retire (voluntarily terminating after reaching age 60 with three years of service) or involuntarily terminate with over 20 years of service, all awards held for at least one year will continue to vest according to the original vesting schedule. For involuntary termination with less than 20 years of service, all awards held for at least one year continue to vest on a pro-rata basis according to the original vesting schedule. For death and disability, all awards immediately vest and any unvested PSUs pay out at target levels. For these purposes, “disability” general