Robert Leibrock
ACI WORLDWIDEAbout Robert Leibrock
Robert (“Bobby”) Leibrock, 43, became ACI Worldwide’s Executive Vice President, Chief Financial Officer and Chief Accounting Officer effective July 1, 2025, after serving as Red Hat’s CFO and, from February 2025, COO; he previously held senior finance roles at IBM and was a pivotal leader in IBM’s $34B Red Hat acquisition integration . Since his appointment, ACI raised FY25 guidance and executed share repurchases while maintaining conservative leverage, with Q3 2025 YTD revenue up 12% and adjusted EBITDA up 12%, cash on hand $199M, net debt leverage 1.3x, and a $500M repurchase authorization; he certified ACI’s Q2 and Q3 2025 10-Qs as Principal Financial Officer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ACI Worldwide | EVP, CFO & Chief Accounting Officer | 2025–present | Elevated guidance and expanded buyback authorization; led capital allocation and investor communications . |
| Red Hat (IBM subsidiary) | SVP & CFO; added COO in Feb 2025 | 2022–2025 | Oversaw global finance and operations; advanced AI-driven initiatives; led finance through growth and transformation . |
| IBM | Senior finance roles across CFO and Software orgs | ~2002–2022 | Key leader in $34B Red Hat acquisition integration strategy and value creation . |
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $530,000 | Effective with CFO appointment . |
| Target Bonus (STIP) | 80% of base salary | Pro-rated for 2025; STIP framework detailed below . |
| Benefits | Severance Pay Plan eligibility; welfare benefits; standard indemnification | Per 8‑K appointment terms . |
Performance Compensation
| Program | Metric | Weighting | 2024 Target | 2024 Actual | 2024 Payout Factor |
|---|---|---|---|---|---|
| STIP | Adjusted EBITDA | 40% | $423.5M | $466.8M | 200% (metric) . |
| STIP | Revenue Net of Interchange Growth | 60% | $1,122.0M | $1,130.4M | 125.04% (metric) . |
| STIP (weighted) | Combined weighted payout | — | — | — | 155.03% of target (company) . |
| LTIP (PSUs, 2024 design) | Gross Revenue Growth; rTSR ±20% vs S&P SmallCap 600; EBITDA gate | 100% (PSU metric) | Annual growth targets set at grant | Paid after 3-year period; subject to rTSR modifier and EBITDA gate | Structure for NEOs; not specific to initial CFO grants . |
Notes:
- ACI’s STIP pays 0–200% based on performance; individual modifiers up to ±10% may apply. CFO’s 2025 bonus is pro-rated to tenure and governed by the same plan framework .
Equity Ownership & Alignment
| Element | Detail | Vesting | Value/Size |
|---|---|---|---|
| Initial equity grant (onboarding) | RSUs | 50% vests quarterly over 3 years; 50% cliff vests at 3 years | $3.1M aggregate grant date value . |
| Make‑whole equity (forfeited incentives) | RSUs | 50% vests quarterly over 3 years; 50% cliff vests at 3 years | $5.5M aggregate grant date value . |
| Ownership guidelines | 3x base salary for executive officers | 5-year compliance window from appointment | Policy applies company‑wide . |
| Hedging/pledging | Prohibited for executives | Company policy | No hedging or pledging permitted . |
| Clawback | Mandatory recovery of incentive-based comp upon restatement (NASDAQ policy) | 3 fiscal years preceding restatement | Adopted Oct 2023; legacy recoupment broader . |
Implications:
- Quarterly vesting creates regular vest events that can coincide with open trading windows, potentially increasing near-term sellable supply if shares are sold to cover taxes or diversify; alignment is supported by multi-year cliff tranches and ownership guidelines .
Employment Terms
| Term | Detail |
|---|---|
| Start date; tenure | Effective July 1, 2025; ~4.5 months as CFO as of Nov 6, 2025 . |
| Severance | Eligible under Company Severance Pay Plan . |
| Change‑in‑control (CIC) | Standard form CIC agreement; ACI executive awards follow “double‑trigger” convention (CIC + qualifying termination) . |
| Clawback | NASDAQ‑compliant compensation recovery policy; legacy recoupment policy broader . |
| Certification | Signed SOX 302/906 certifications as PFO for Q2 and Q3 2025 10‑Qs . |
Performance & Track Record
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Revenue ($M) | $401 | $482 . |
| Recurring Revenue ($M) | $322 | $— (Q3 recurring up 10% YoY) . |
| Adjusted EBITDA ($M) | $81 | $171 . |
| Cash on Hand ($M) | $190 | $199 . |
| Debt ($M) | ~$900 | $873 . |
| Net Leverage (x) | 1.4x | 1.3x . |
| Share Repurchases | 2.4M shares in Q2 (≈2.4% outstanding); $119M in Q2; $223M remaining authorization at June 30 | 3.1M shares YTD through Q3 for $150M; $500M authorization approved Oct 31, 2025 . |
| FY25 Guidance | Raised in Q2: revenue $1,710–$1,740; adj. EBITDA $490–$505 | Raised in Q3: revenue $1,730–$1,754; adj. EBITDA $495–$510 . |
Qualitative highlights:
- CFO commentary emphasized transparency, operational discipline, and balanced capital allocation, including expanded buybacks and improved guidance cadence; ACI signed first customer for its cloud-native Connetic platform, supporting growth and mix improvement .
Investment Implications
- Pay-for-performance architecture with stringent clawback, double-trigger CIC, and anti-hedging/pledging aligns management and shareholder interests; executive ownership guidelines further reinforce alignment .
- Onboarding equity is entirely time-based RSUs (initial and make-whole), signaling strong retention emphasis but less direct linkage to long-term financial KPIs versus PSUs; expect future annual cycles to incorporate PSUs consistent with ACI’s LTIP design (gross revenue growth with EBITDA gate and rTSR ±20%) .
- Execution signals under Leibrock include raised FY25 guidance, accelerated buybacks, conservative leverage, and growing recurring revenue and adjusted EBITDA; this supports confidence in near-term cash generation and shareholder returns while building credibility with investors via CFO certifications and enhanced disclosure .
- Watch vesting cadence and potential Form 4 activity as RSUs begin to settle; while policies constrain hedging/pledging, normal tax-related sales can still create periodic supply. Continue monitoring 8‑K/DEF 14A updates for any changes to CIC multiples, ownership compliance status, and PSU award mix for 2026+ .