The Office and Professional Employees International Union (OPEIU) and the Communications Workers of America (CWA) filed formal complaints with the Securities and Exchange Commission, the New York Stock Exchange, and the New York Attorney General on October 14, 2025. The complaints allege that Synchrony Financial failed to disclose a material relationship that compromised the independence of its Audit Committee chair, Paget Alves, in violation of NYSE rules.
Paget Alves, who has served as the chair of Synchrony’s Audit Committee, sits on the advisory committee of Project Black, a private‑equity fund managed by Ariel Alternatives. In February 2023, Synchrony co‑invested $100 million in Project Black, and in November 2024 Alves was appointed CEO of Sorenson Communications, a company majority owned by Project Black and Ariel Alternatives. Synchrony has not disclosed these relationships in its 10‑K filings or proxy statements.
The filing triggers regulatory scrutiny and could result in enforcement action, potential fines, and a reassessment of Synchrony’s governance practices. The unions also expressed concerns about working conditions at Sorenson Communications, highlighting broader corporate governance and labor issues that may affect investor confidence.
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