Mark McKechnie
ACM ResearchAbout Mark McKechnie
Mark McKechnie (age 58) is ACM Research’s Chief Financial Officer, Treasurer, and Secretary; he was appointed CFO on November 4, 2019 and has served in finance leadership since July 2018. He holds a Bachelor of Science in Electrical Engineering from Purdue University and an MBA from Northwestern University’s Kellogg School of Management . During his tenure, ACM’s 2024 revenue was $782 million and net income was $131 million, with cumulative total shareholder return value of $245.5 versus peer group $190.5 in the 2020–2024 pay-versus-performance framework .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ACM Research, Inc. | Vice President of Finance → CFO, Treasurer & Secretary | VP Finance: Jul 2018–Nov 2019; CFO: Nov 2019–present | Finance leadership, capital markets readiness, CFO accountability |
| Silver Spring Networks | Vice President, Investor Relations & Strategic Initiatives | Nov 2014–Jan 2018 | Investor engagement and strategic initiatives for smart grid connectivity provider |
| Evercore Partners | Managing Director, Technology Equity Research | 2012–2014 | Sell-side technology research leadership at global investment bank |
External Roles
No public company directorships or external board roles were disclosed for Mr. McKechnie .
Fixed Compensation
Multi-year cash compensation for Mark McKechnie:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $267,000 | $273,675 | $280,350 |
| Actual Cash Bonus ($) | $100,000 | $37,500 | $100,000 |
Performance Compensation
2022 performance-based stock option outcomes for Mr. McKechnie (granted Mar 4, 2022; 60,000 total options):
| Metric | Target (Deadline) | Actual | Payout (Shares) | Vesting Date | Notes |
|---|---|---|---|---|---|
| PCAOB-compliant auditor engagement | Approve PCAOB-inspected auditor (by Dec 31, 2023) | Achieved | 15,000 | Dec 28, 2022 | Audit Committee approval drove vesting |
| First acquisition/strategic investment | Complete 1 transaction (by Dec 31, 2023) | Achieved | 7,500 | Dec 28, 2022 | First transaction completed |
| Capital raise | Close public/private capital raise (by Dec 31, 2023) | Not achieved | 0 (forfeited) | — | Options expired unvested at period end |
| Second acquisition/strategic investment | Complete 2nd transaction (by Dec 31, 2023) | Not achieved | 0 (forfeited) | — | Options expired unvested at period end |
Option grants in 2023 and 2024:
- 2023: 300,000 ACMR options granted at $13.89 exercise price; time-based vesting (25% at first anniversary then monthly), 10-year term, accelerates on defined change-in-control .
- 2024: No equity awards granted to NEOs (including Mr. McKechnie) .
Equity Ownership & Alignment
Beneficial ownership and alignment indicators:
| Item | Value |
|---|---|
| Beneficial ownership (Class A shares) | 255,483 shares; less than 1% of Class A; includes options exercisable within 60 days |
| Options exercisable within 60 days (included above) | 254,583 shares |
| Shares pledged as collateral | Hedging and pledging prohibited absent CFO/CEO approval per Insider Trading Policy; no pledging by Mr. McKechnie disclosed |
| Ownership guidelines | Not disclosed in proxy materials |
Outstanding options (as of Dec 31, 2024):
| Grant | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 4/22/2029 (time-based) | 45,000 | — | 5.60 | 04/22/2029 | Fully vested |
| 11/03/2029 (time-based) | 8,750 | — | 4.55 | 11/03/2029 | Fully vested |
| 03/03/2032 (performance-based; 2022 award) | 22,500 | — | 25.45 | 03/03/2032 | Vested 22,500; 37,500 forfeited |
| 08/11/2032 (time-based; 2022 grant) | 58,333 | 41,667 | 19.49 | 08/11/2032 | 25% cliff then monthly; COC acceleration |
| 08/09/2033 (time-based; 2023 grant) | 100,000 | 200,000 | 13.89 | 08/09/2033 | 25% at 1-year, then monthly; COC acceleration |
Recent insider activity (realized value from option exercises):
- 2023: Exercised 41,250 shares; value realized $591,000 .
- 2024: Exercised 46,516 shares; value realized $800,859 .
Employment Terms
- Start date and tenure: Appointed CFO November 4, 2019; currently in role since 2019 .
- Employment agreement: None for Mr. McKechnie (U.S.-based); PRC-based NEOs have statutory employment agreements .
- Severance: PRC statutory severance applies to PRC-based NEOs; not applicable to U.S.-based Mr. McKechnie .
- Change-in-control: Time-based options accelerate upon defined change-in-control; estimated vesting value for Mr. McKechnie $1,698,333 (assuming event on Dec 31, 2024 at $15.10 share price, net of exercise price) .
- Clawbacks: Dodd-Frank recoupment policy adopted in 2023; CFO subject to Sarbanes-Oxley clawback of incentive/equity comp upon misconduct-related restatement .
- Hedging/pledging: Prohibited for employees and directors; pledging allowed only with prior approval; CFO pledges require CEO approval .
Performance & Track Record
- Company-level results in 2024: Revenue $782 million; net income $131 million .
- Pay-versus-performance TSR: Company TSR value $245.5 versus peer group $190.5 for the 2020–2024 measurement window .
- Execution outcomes tied to 2022 performance options: Auditor selection and first strategic investment achieved (22,500 shares vested); capital raise and second investment not achieved (37,500 forfeited) .
Compensation Committee, Peer Group & Say-on-Pay
Committee and consultant:
- Compensation Committee members: Haiping Dun (Chair), Tracy Liu; both independent .
- Independent compensation consultant: Aon plc engagement for market analysis and peer group review .
Compensation peer group (2025 review used for 2024 decisions):
| Peer Company |
|---|
| Alpha and Omega Semiconductor Limited (AOSL) |
| AXT, Inc. (AXTI) |
| Cohu, Inc. (COHU) |
| FormFactor, Inc. (FORM) |
| Ichor Holdings, Ltd. (ICHR) |
| Indie Semiconductor, Inc. (INDI) |
| Kulicke and Soffa Industries, Inc. (KLIC) |
| Magnachip Semiconductor Corporation (MX) |
| PDF Solutions, Inc. (PDSF) |
| Photronics, Inc. (PLAB) |
| Semtech Corporation (SMTC) |
| SkyWater Technology, Inc. (SKYT) |
| Ultra Clean Holdings, Inc. (UCTT) |
| Veeco Instruments Inc. (VECO) |
Say-on-Pay and frequency (2024 votes):
- Say-on-Pay approval: ~85% in favor .
- Say-on-Frequency: ~83% voted for a three-year interval .
Investment Implications
- Alignment and retention: Significant unvested and time-based options (e.g., 200,000 from 2023 grant; 41,667 from 2022 grant) create ongoing vesting cadence and potential retention lock-in; acceleration on change-in-control increases optionality value ($1.70 million estimate) .
- Selling pressure indicators: Recent exercises (46,516 shares in 2024; $800,859 value; plus 41,250 shares in 2023; $591,000) indicate periodic liquidity events; monitor upcoming vesting tranches from the 2023 grant that vest monthly through 2033 for potential Form 4 selling cadence .
- Pay-for-performance structure: Discretionary annual bonuses tied to company priorities (no preset weights) and use of long-dated stock options concentrate incentives on revenue growth and operating margin improvement as highlighted in pay-versus-performance disclosures .
- Governance and risk: No employment agreement or guaranteed severance for U.S.-based CFO reduces fixed severance liabilities; robust clawback and hedging/pledging prohibitions mitigate misconduct and alignment risks .