Nathan Blecharczyk
AirbnbAbout Nathan Blecharczyk
Co-founder of Airbnb (2008), currently Chief Strategy Officer (CSO), Chairman of Airbnb China, and a member of the board; age 41; B.A. in Computer Science from Harvard University . Company performance context: in 2024, revenue grew 12% to $11.1B and Adjusted EBITDA grew 11% to $4.0B; free cash flow was $4.5B, and GBV rose 12% to $81.8B . Since IPO (base $100 on 12/10/2020), cumulative TSR stood at 90.81 at YE 2024 (company’s pay-versus-performance table) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Airbnb | Co-founder; currently CSO and Chairman of Airbnb China | 2008–present | Co-founded and leads strategy; oversees China initiatives |
| Various (pre-Airbnb) | Engineering roles | Pre-2008 | Prepared technical foundation prior to co-founding Airbnb |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | No other public company directorships mentioned in proxy biography | — | — |
Board Governance (Service, Committees, Independence, Attendance)
- Director class/term: Class III director; current term expires at the 2026 annual meeting .
- Independence: Not independent as an executive officer; board majority independent; lead independent director is Kenneth Chenault .
- Committees: Member, Stakeholder Committee (advisory; chaired by James Manyika) .
- Board meeting attendance: Board met 4 times in 2024; all directors attended at least 75% of aggregate board/committee meetings; all directors attended the 2024 annual meeting .
- Dual-role implications: Executive-director status (CSO + director) mitigated by an independent lead director and fully independent Audit, People & Compensation, and Nominating & Corporate Governance committees .
Fixed Compensation
Multi-year cash pay and annual bonus outcomes for Nathan Blecharczyk:
| Year | Base Salary ($) | Target Bonus (% of Salary) | Actual Bonus ($) |
|---|---|---|---|
| 2022 | 400,000 | 60% | 232,800 |
| 2023 | 400,000 | 60% | 230,400 |
| 2024 | 442,308 | 60% | 259,200 |
Perquisites noted: company-paid personal security (residence/personal travel) included in “All Other Compensation” ($129,561 in 2024), plus employee travel coupons and associated nominal gross-ups .
Performance Compensation
Summary compensation (equity grant-date fair values):
| Year | Stock Awards ($) | Option Awards ($) | Total Compensation ($) |
|---|---|---|---|
| 2022 | 3,054,096 | 3,728,698 | 7,665,844 |
| 2023 | 2,889,738 | 3,763,939 | 7,484,459 |
| 2024 | 4,893,057 | 3,066,899 | 8,794,656 |
2024 equity awards (structure and vesting):
- RSUs: 30,247 units; vest 1/16 quarterly starting 2/19/2024 (service-based) .
- Stock options: 32,408 options at $168.18 exercise price; vest in 48 equal monthly installments beginning 2/19/2024 .
2024 bonus plan (company-wide structure and payout):
| Priority | Examples of Metrics Considered | Weighting | Weighted Achievement |
|---|---|---|---|
| Business Performance | Nights booked growth | 15% | 15% |
| Make Hosting Mainstream | Listings growth | 15% | 15% |
| Perfect the Core | Quality of trips; CSAT; site reliability; fixed cost growth | 25% | 23% |
| Expand Beyond the Core | International markets growth; Winter Release | 15% | 14% |
| Grow & Engage Guests | Summer Release; new guest growth | 30% | 29% |
- Formulaic company performance multiplier delivered 96% of target for participants (Nathan included) .
Equity delivery and 2024 monetization signals:
- Options exercised in 2024: 156,924 shares; value realized upon exercise $16,448,774 .
- RSUs vested in 2024: 80,677 shares; value realized upon vesting $11,069,876 .
Equity Ownership & Alignment
Beneficial ownership and near-term convertible holdings (as of April 7, 2025 unless noted):
| Item | Detail |
|---|---|
| Class A shares | 461,457 shares (includes direct, trust, and equity settling within 60 days) |
| Class B shares | 61,636,357 shares (33.2% of Class B) |
| Voting power | 29.7% of total voting power (Class A + Class B) |
| Options exercisable within 60 days | 326,231 Class A equivalent shares |
| RSUs vesting/settling within 60 days | 6,720 Class A equivalent shares |
| 12/31/2024 unvested RSUs (select) | 24,576 (2024 grant); 13,786 (2023); 5,715 (2022) – not exhaustive |
| 12/31/2024 unexercisable options (select) | 25,657 (2024); 33,188 (2023); 13,335 (2022); 1,579 (2021) – not exhaustive |
Policies and alignment:
- Hedging prohibited; pledging prohibited absent board approval, capped at 5% of an insider’s holdings and loans ≤ $50M .
- Executive stock ownership policy: CEO 10x salary; other executive officers (including CSO) 5x salary; mandatory post-vest holding of 50% of net after-tax shares until compliance .
Employment Terms (Severance and Change-in-Control)
Severance and CIC protections (estimated as of 12/31/2024; double-trigger in CIC):
| Scenario | Cash Severance | Medical Continuation | Equity Acceleration | Total |
|---|---|---|---|---|
| Termination without cause (outside CIC) | $450,000 | $40,858 | $1,393,272 | $1,884,130 |
| Qualifying termination during CIC period | $720,000 (base + target bonus) | $40,858 | $6,215,427 | $6,976,285 |
- Outside CIC: time-based equity accelerates by the next 6 months’ scheduled vesting .
- During CIC (3 months pre to 12 months post): time-based equity fully vests upon qualifying termination; performance awards per award terms .
- “Cause” and “Good Reason” defined with cure periods and restrictions; payments subject to release of claims .
Compensation Committee Analysis, Peer Group, and Say-on-Pay
- People and Compensation Committee: independent members Angela Ahrendts (Chair), Kenneth Chenault, Alfred Lin; met 5 times in 2024; engaged Semler Brossy as independent advisor .
- 2024 primary executive pay peer group included Adobe, Block, Booking Holdings, DoorDash, Intuit, Netflix, Pinterest, Salesforce, ServiceNow, Shopify, Spotify, Uber, Zoom Video Communications .
- Say-on-Pay result: 98.8% approval at the 2024 Annual Meeting .
- 2024 program shift: annual equity mix moved to 70% RSUs / 30% options (from 50/50), increasing time-based equity weight; awards generally vest over 4 years .
Related Party Arrangements and Founder Controls
- Nominating Agreement (11/27/2020): Company must include the founders (Chesky, Blecharczyk, Gebbia) in the director slate, with obligations terminating upon specified events (e.g., resignation, removal for cause, or ownership threshold not met) .
- Founder Voting Agreement (12/4/2020): Founders agree to vote for each founder’s election and against removal; includes proxy mechanics among founders; remains until Class B converts to Class A under charter triggers .
- Multi-class structure: Class B carries 20 votes per share; founders collectively maintain majority voting power; Board opposed a 2025 shareholder proposal seeking disclosure of vote results by share class .
Performance Context (Financials)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 8,399,000,000 [S&P Global]* | 9,917,000,000 [S&P Global]* | 11,102,000,000 [S&P Global]* |
| EBITDA ($) | 1,946,000,000 [S&P Global]* | 1,549,000,000 [S&P Global]* | 2,584,000,000 [S&P Global]* |
Values retrieved from S&P Global.
Note: Values marked [S&P Global] are sourced via S&P Global (Capital IQ) data feeds and may reflect standardized definitions; company-reported Adjusted EBITDA for 2024 is $4.0B as disclosed in the proxy .
Risk Indicators and Red Flags
- Hedging banned; pledging tightly restricted (board approval, ≤5% holdings, ≤$50M loans) .
- No “single-trigger” equity acceleration on CIC; double-trigger construct for executives .
- Repricing not disclosed; clawback policy adopted under SEC/Nasdaq rules .
- Personal security perquisite disclosed for Blecharczyk (and CEO), highlighting security risk profile; costs reported in 2024 compensation .
- Concentrated founder voting control via Class B and Founder Voting Agreement may raise governance and independence considerations .
Investment Implications
- Alignment: Very high equity ownership (≈61.6M Class B; 29.7% voting power) tightly aligns Blecharczyk’s incentives with long-term equity value, reinforced by four-year vesting schedules and ownership/holding policies .
- Retention risk: Substantial unvested RSUs/options and a 2024 shift to 70% RSUs bolster retention; severance/CIC terms are shareholder-standard (double-trigger), supporting continuity through strategic cycles .
- Trading signals: 2024 option exercises (156,924 shares; $16.45M intrinsic value) and RSU settlements ($11.07M) indicate ongoing liquidity events; monitor Form 4s around quarterly vest dates for potential selling pressure .
- Governance: Dual role (executive + director) exists, but mitigants include independent lead director and fully independent key committees; nonetheless, founder control via Class B and voting agreements centralize influence—relevant for activism and say-on-pay engagement (98.8% 2024 approval) .
- Execution: 2024 delivered double-digit revenue and Adjusted EBITDA growth, with product cadence and international focus; equity-heavy comp tied to sustained performance supports long-term orientation, but macro travel demand and regulatory dynamics remain key external variables .
Citations:
- Board/committee/independence/attendance: **[1559720_0001193125-25-096938_d842295ddef14a.htm:10]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:14]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:16]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:18]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:19]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:20]**
- Bio/age/education/roles: **[1559720_0001193125-25-096938_d842295ddef14a.htm:13]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:10]**
- Pay program, bonus metrics, equity mix and grants, payouts, perquisites, clawback/ownership policies: **[1559720_0001193125-25-096938_d842295ddef14a.htm:30]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:31]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:32]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:35]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:36]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:37]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:39]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:40]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:41]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:42]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:43]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:44]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:46]**
- Ownership, voting power, near-term exercisables/settlements: **[1559720_0001193125-25-096938_d842295ddef14a.htm:64]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:65]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:66]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:67]**
- Severance/CIC terms and estimates: **[1559720_0001193125-25-096938_d842295ddef14a.htm:47]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:48]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:49]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:50]**
- Performance context and TSR: **[1559720_0001193125-25-096938_d842295ddef14a.htm:29]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:52]**
- Peer group, consultant, say-on-pay: **[1559720_0001193125-25-096938_d842295ddef14a.htm:33]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:34]**
- Multi-class & founder agreements: **[1559720_0001193125-25-096938_d842295ddef14a.htm:5]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:23]** **[1559720_0001193125-25-096938_d842295ddef14a.htm:61]**