Pavel Zamudio-Ramirez
APPIANAbout Pavel Zamudio-Ramirez
Pavel Zamudio-Ramirez is Appian’s Chief Customer Officer (CCO) since January 2021; he joined Appian as SVP, Customer Success in March 2020. He is 58, holds two MA degrees in Engineering and Management from MIT, and previously served as EVP of Innovation & Transformation Services at Salesforce and as a senior partner at Monitor Group (16 years) . Company performance during his tenure has included 2024 revenue of $617.0 million, subscriptions revenue growth of 19% to $490.6 million, cloud subscription revenue retention of 116%, GAAP net loss improvement to $(92.3) million, and adjusted EBITDA of $20.3 million versus a $(44.8) million loss in 2023 . Appian’s total shareholder return (TSR) value of an initial $100 investment was $86.31 in 2024 and $98.56 in 2023, contextualizing pay-versus-performance disclosures .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Appian | Senior Vice President, Customer Success | Mar 2020–Dec 2020 | CEO characterized Pavel as a “star” hire to strengthen services amid COVID; emphasized happy customers and high renewal rates . |
| Appian | Chief Customer Officer | Jan 2021–present | Leads Customer Success; bonuses tied to CS gross profit/net profit signal accountability for services profitability . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Entrepreneur | Advisor/Operator integrating strategy, innovation, collaboration | Jan 2018–Mar 2020 | Independent practice prior to joining Appian . |
| Salesforce | EVP, Innovation & Transformation Services | 2012–Dec 2017 | Led transformation services; senior operating role at major CRM platform . |
| Monitor Group | Senior Partner, West Coast business unit | ~16 years | Senior strategy consulting leadership (global firm) . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 775,000 | 800,000 | 800,000 |
| Stock Awards ($) | — | — | 196,271 |
| Option Awards ($) | — | — | — |
| Non-Equity Incentive Plan Compensation ($) | 309,101 | 117,500 | 170,680 |
| All Other Compensation ($) | 16,206 | 164,978 | 4,206 (incl. ESPP match $2,250) |
| Total ($) | 1,100,307 | 1,082,478 | 1,171,157 |
Performance Compensation
| Plan | Year | Performance metric(s) | Target structure | Actual disclosed | Payout ($) | Notes |
|---|---|---|---|---|---|---|
| Senior Executive Cash Incentive Bonus Plan | 2024 | Total software ACV growth; executive alignment with corporate strategy | Committee-set; discretionary element via executive committee | Amount only | 85,000 | All amounts were discretionary for 2024 . |
| Customer Success Bonus Plan | 2024 | Normalized net profit of Customer Success | Target bonus $31,250 per quarter; earned ratably beginning at 75% | Amount only | 45,681 | Quarterly payouts; end-of-year catch-up possible . |
| Senior Executive Cash Incentive Bonus Plan | 2023 | New logos; net new ACV above 2022; alignment with culture/strategy | Half formulaic on logos/ACV; half discretionary | Amount only | 117,500 | Half based on corporate goals, half discretionary . |
| Customer Success Bonus Plan | 2023 | Gross profit of Customer Success organization | Target bonus $62,500 per quarter; earned ratably beginning at 75% | Amount only | 147,760 | Quarterly measurement . |
| Senior Executive Cash Incentive Bonus Plan | 2022 | ACV bookings above threshold; net new subscription customers | Formulaic per ACV % and $ per NNSC with caps | Amount only | 60,000 | No discretionary element for 2022 . |
| Customer Success Bonus Plan | 2022 | Service Revenue MBOs | Target bonus $62,500 per quarter; earned ratably beginning at 75% | Amount only | 82,762 | Quarterly measurement . |
Company noted no financial metrics linking compensation actually paid for NEOs in 2024, except the portion of Mr. Zamudio-Ramirez’s bonus tied to CS gross profit .
Equity Ownership & Alignment
Beneficial Ownership
| Item | As of record date | Detail |
|---|---|---|
| Shares owned directly | 18,360 | Direct Class A shares . |
| RSUs vesting within 60 days of Mar 31, 2025 | 4,887 | Near-term RSU vesting count . |
| Shares pledged as collateral | Not indicated | His ownership footnote does not indicate any pledged shares (contrast: other director footnotes explicitly disclose pledging) . |
Outstanding RSUs and 2025 Vesting Schedule
| Grant date | Units unvested at 12/31/24 | Vesting date(s) | Market value at 12/31/24 ($32.98) |
|---|---|---|---|
| May 5, 2020 | 4,299 | May 5, 2025 | 141,781 |
| May 4, 2021 | 588 | May 5, 2025 | 19,392 |
| Nov 2, 2021 | 1,034 | Nov 5, 2025 | 34,101 |
In 2024, 5,921 RSUs vested for Mr. Zamudio-Ramirez with value realized of $196,271, indicating consistent multi-year vesting cadence .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement | Standard agreement; at-will employment . |
| Severance (without cause or for good reason) | None; standard agreement provides no severance/change-in-control payments . |
| Change-in-control | No severance or automatic equity acceleration under his agreement; 2017 Plan/2007 Plan have no automatic acceleration on change-in-control . |
| Equity forfeiture | Unvested RSUs forfeited upon termination under 2017 Plan; option post-termination windows per 2007 Plan . |
| Clawbacks / non-compete / non-solicit | Not disclosed in proxy for Mr. Zamudio-Ramirez (skip) . |
Performance & Track Record
- CEO highlighted Pavel as a “star” hire in services during 2020 refit, citing happy customers and high renewal rates, reflecting his mandate to enhance customer success effectiveness .
- Company performance context: 2024 revenue $617.0M; subscription revenue +19% to $490.6M; cloud subscription retention 116%; GAAP net loss improved to $(92.3)M; adjusted EBITDA turned positive at $20.3M .
- Pay-versus-performance disclosure shows the company did not use financial metrics to link compensation actually paid in 2024 beyond CCO’s CS gross profit component, emphasizing qualitative alignment objectives .
Compensation Structure Analysis
- Year-over-year mix: For 2022–2024, compensation is predominantly salary plus cash incentives from corporate and CS plans; minimal/no option grants; RSU grants not recurring annually (no 2023 grants, no 2024 plan-based RSU grants) .
- Discretionary elements increased in 2023–2024 in corporate bonus plan (half or all discretionary), tempering pure pay-for-performance linkage to quantitative financial outcomes .
- Company does not use a compensation peer group or market benchmarks currently, which may reduce external pay inflation pressures but complicates relative pay calibration .
- Say-on-pay support remained high (95% approval in 2024), signaling shareholder acceptance of compensation design .
Say-on-Pay & Shareholder Feedback
- Say-on-pay approval: over 95% in 2024; company views this as validation of executive compensation policies .
- Investor engagement: ongoing via earnings calls, conferences, IR outreach .
Equity Ownership & Pledging Considerations
- His ownership footnotes list direct holdings and near-term RSU vests, with no indication of pledged shares for Mr. Zamudio-Ramirez, supporting alignment (pledging is a red flag when present; other individuals disclose pledging explicitly) .
Investment Implications
- Alignment: The CCO’s incentives are directly tied to Customer Success profitability metrics (gross profit/net profit), which align with efficient service delivery and renewal health; 2025 vesting events totaling 5,921 RSUs may create predictable supply around May/Nov 2025 settlement windows .
- Retention risk: As an at-will executive with no severance/change-in-control protections and forfeiture of unvested RSUs upon termination, retention relies on ongoing equity vesting and bonus opportunities; lack of guaranteed severance can be a double-edged signal for investors regarding stability .
- Trading signals: Monitor insider Form 4s around vest dates (May 5 and Nov 5, 2025) for sell-to-cover or discretionary sells; prior-year vesting quantity and realized value indicate consistent cadence that could influence short-term float/liquidity dynamics .
- Program design: Increased discretionary bonus components (2023–2024) and absence of financial performance linkages beyond CS profit in 2024 suggest limited direct pay-for-financial-performance linkage; investors should focus on disclosed operational metrics (subscription growth, retention, adjusted EBITDA trajectory) for qualitative alignment rather than strict formulaic pay ties .