Aaron Ahola
AKAMAI TECHNOLOGIESAbout Aaron Ahola
Aaron S. Ahola, age 55, is Executive Vice President, General Counsel and Corporate Secretary at Akamai, a role he has held since May 2019; he joined Akamai in April 2000 and previously served as Vice President & Deputy General Counsel (2011–2017) and Chief Privacy Officer (2008–2017), after corporate/M&A roles at Ropes & Gray (Boston) and Cleary Gottlieb (New York); he also serves on the Nasdaq Listing and Hearing Review Council . Company performance during his tenure as EVP GC includes 2024 revenue of $3.99B (+5% y/y), Security revenue surpassing $2B (+16% y/y), Compute at >$630M (+25% y/y), and operating cash flow of $1.52B (38% of revenue) with $557M buybacks (5.6M shares) ; in 2023 revenue was $3.8B (+5% y/y) with $1.35B operating cash flow and the share price up 40% (vs. S&P 500 +24%) alongside $654M buybacks (7.8M shares) . Long-horizon shareholder return context from pay outcomes: 2022–2024 relative TSR ranked 26th percentile (28% of target payout), while 2021–2023 relative TSR ranked ~34th percentile (51.5% payout) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Akamai Technologies | EVP, General Counsel & Corporate Secretary | May 2019–present | Oversees legal, governance, disclosure, and corporate secretary functions during portfolio shift to Security and Compute and active capital returns . |
| Akamai Technologies | SVP, General Counsel & Corporate Secretary | Oct 2017–Apr 2019 | Led legal and governance prior to elevation to EVP . |
| Akamai Technologies | VP & Deputy General Counsel | 2011–2017 | Supported legal strategy and operations through growth phases . |
| Akamai Technologies | Chief Privacy Officer | 2008–2017 | Built and led privacy program across global operations . |
| Akamai Technologies | Joined company | Apr 2000 | Long-tenured legal leadership across multiple roles . |
| Ropes & Gray LLP | Corporate/M&A Attorney | Pre-2000 | Large law firm training with focus on transactions . |
| Cleary Gottlieb Steen & Hamilton LLP | Corporate/M&A Attorney | Pre-2000 | Complex cross-border transactions experience . |
External Roles
| Organization | Role | Years | Scope |
|---|---|---|---|
| Nasdaq Listing and Hearing Review Council | Member | Current | Market oversight and listing compliance advisory body . |
Fixed Compensation
- Not a Named Executive Officer (NEO) in Akamai’s 2024–2025 proxies; individual salary/bonus figures for Mr. Ahola are not disclosed in those filings .
- For context on executive pay design at Akamai (applies to NEOs): mix emphasizes “at-risk” pay; annual bonuses are paid in stock and tied to revenue (FX-adjusted) and non-GAAP operating income, with an ESG modifier; LTI mix uses time-vesting RSUs (50%), PRSUs (20%), and relative TSR RSUs (30%) .
Performance Compensation
Akamai’s executive incentive designs and 2023–2024 outcomes (for NEOs):
- Annual bonus plan structure and results
| Metric (units) | 2023 Target | 2023 Actual | 2023 Payout | 2024 Target | 2024 Actual | 2024 Payout |
|---|---|---|---|---|---|---|
| Revenue (FX-adjusted, $mm) | 3,804.1 | 3,818.6 | 103.8% | 4,118.4 | 4,032.7 | 79.2% |
| Non-GAAP Operating Income ($mm) | 1,008.3 | 1,143.2 | 200.0% | 1,216.3 | 1,187.5 | 76.3% |
| Overall Payout (pre-ESG) | — | — | 151.9% | — | — | 77.75% |
| ESG Modifier (pp) | — | — | +2.72 pp | — | — | –6.66 pp |
| Final Bonus Funding (% of target) | — | — | 156.03% | — | — | 72.57% |
| Sources |
- PRSU plan metrics and 2024 tranche results
| Metric (units) | 2024 Threshold | 2024 Target | 2024 Maximum | 2024 Actual | % of Target Earned |
|---|---|---|---|---|---|
| Revenue (FX-adjusted, $mm) | 3,706.6 | 4,118.4 | 4,530.2 | 4,032.7 | 79.2% |
| Non-GAAP EPS ($/share) | 6.04 | 6.71 | 7.38 | 6.59 | 81.8% |
| Overall (weighted 50/50) | — | — | — | — | 80.5% |
| Source |
- Relative TSR RSUs (multi-year outcomes used for context)
| Performance Window | TSR Percentile vs Index | % of Target RSUs Earned | Source |
|---|---|---|---|
| 2021–2023 | ~33.8th percentile | 51.5% | |
| 2022–2024 | 26th percentile | 28% |
Note: These plan structures/outcomes apply to Akamai’s NEOs and broader executive program and indicate the performance orientation of pay; Mr. Ahola’s specific participation/awards are not disclosed in the 2024–2025 proxies .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x salary; other NEOs 3x salary (raised from 2x in 2024); other senior executives who participate: 1x salary; directors: 5x cash retainer. Unvested equity and unexercised options do not count; directors’ vested-but-undistributed DSUs count . As of 12/31/2024 all NEOs had satisfied the minimum ownership requirement (directors also in compliance) .
- Anti-hedging/pledging: Hedging, short sales, and pledging of Akamai stock by executive officers/directors are prohibited .
- Beneficial ownership: Company tables disclose directors and NEOs; Mr. Ahola is not listed as a NEO in 2024–2025, and his personal beneficial ownership is not itemized in those tables .
Employment Terms
- Change-in-control (CIC) and severance program: In 2022, Akamai adopted a new CIC and severance agreement form for executive officers (excluding CEO) and other senior management, superseding prior agreements . Key economics upon a qualifying termination within 1 year post-CIC (double-trigger) include:
- Lump-sum prorated target annual bonus for year of termination .
- Lump-sum severance: 1x current base salary + 1x current target annual bonus .
- COBRA reimbursement up to 12 months (or equivalent outside the U.S.) .
- Equity awards: treatment per award agreements; performance awards convert per plan terms (target for incomplete periods; actual for completed) when assumed by acquirer per subsequent proxy disclosures .
- No excise tax gross-ups; double-trigger equity vesting (unless awards not assumed) .
- Good Reason includes material reduction in comp/benefits, materially inconsistent duties, or required relocation >25 miles without consent .
Investment Implications
- Pay-for-performance and dilution: Executive bonuses paid in stock and performance-based RSUs tie realized pay to financial/TSR outcomes, while robust repurchases ($557M/5.6M shares in 2024; $654M/7.8M in 2023) offset equity dilution—supportive for alignment and EPS protection .
- Retention and governance quality: Standard, shareholder-friendly CIC terms (double-trigger, no tax gross-ups, capped payouts) and strict anti-hedging/pledging and clawback policies reduce misalignment and governance risk; ownership guidelines further reinforce long-term orientation .
- Performance backdrop: Mixed TSR outcomes on a multi-year basis (sub-median relative TSR in recent cycles) temper incentive payouts on that metric; however, Security and Compute growth and strong cash generation provide underpinning for long-term value creation efforts .
- Data gaps: Mr. Ahola is not a proxy NEO in 2024–2025; individual pay/holdings and Form 4 trading detail are not disclosed in the cited proxies/8-Ks, limiting executive-specific sell-pressure analysis .