David Maday
About David Maday
Aurora Innovation’s Chief Financial Officer (age 55) since June 2023; previously SVP and VP of Business Development & Product Strategy at Aurora since 2021 and 2020, respectively. Education: B.A. in Finance (Michigan State University) and MBA (Wayne State University) . Under Maday’s tenure as CFO, Aurora’s 2024 company TSR improved to 65.63 (from 45.52 in 2023) while net loss narrowed modestly to ($748) million from ($796) million in 2023 . Aurora highlighted 2024 progress in technology readiness, partner traction, and a $483 million capital raise, indicating execution momentum ahead of commercialization .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aurora Innovation | Chief Financial Officer | Jun 2023–present | Principal financial officer; oversees reporting, capital strategy, and commercialization financing |
| Aurora Innovation | SVP, Business Development & Product Strategy | Aug 2021–Jun 2023 | Led partnerships and product strategy as Aurora prepared for commercial launch |
| Aurora Innovation | VP, Business Development & Product Strategy | Sep 2020–Aug 2021 | Drove BD and product strategy during early scaling phase |
| General Motors | VP, Corporate Development & Global M&A | Sep 2019–Sep 2020 | Led multi‑billion dollar partnerships and M&A |
| General Motors | Executive Director (incl. Global Product Programs Finance; Portfolio Analysis & Advanced Propulsion Finance) | Jan 2016–Sep 2019 (Exec Dir) | Oversaw product program finance, portfolio analysis, and advanced propulsion finance |
External Roles
- No public-company directorships or external board roles disclosed for Maday in the company’s executive officer biography .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (year-end rate) ($) | $500,000 | $525,000 |
| Actual Salary Paid ($) | $481,096 | $523,750 |
| Target Annual Bonus (% of salary) | 40% | 40% |
Performance Compensation
Aurora converted its 2024 cash bonus program into RSUs to conserve cash and align with launch milestones; final amounts were to be determined by end of April 2025 with RSUs 100% vested/settled in May 2025 .
| Incentive | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| 2024–2025 Incentive Bonus (converted to RSUs) | Company milestones in technology, product and operations + individual performance | Not disclosed | $207,924 | Dollar value to be converted into RSUs at lower of 20‑day avg ending Jan 2, 2025 or Apr 15, 2025 close; final determined by end of Apr 2025 | RSUs expected to be 100% vested and settled in May 2025 |
Multi‑year equity grants emphasize retention and alignment. In March 2024, Maday received 285,715 RSUs and 285,715 options; RSUs vest quarterly over four years; options vest monthly over four years .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 2,199,274 Class A shares equivalent (includes shares, options exercisable within 60 days, and RSUs vesting within 60 days) |
| Breakdown | 587,214 Class A shares; 1,493,880 options exercisable within 60 days; 118,180 RSUs vesting within 60 days |
| Ownership as % outstanding | <1% |
| Hedging/Pledging | Prohibited for executives/directors (no short sales, hedging, pledging, or margin accounts) |
| Clawback | Policy to recover incentive‑based compensation after an accounting restatement (3‑year lookback) |
| Say‑on‑Pay support | ~96% approval at 2024 annual meeting |
Outstanding Equity and Vesting (selected awards)
| Grant date | Award | Amount/Status | Vesting schedule | Strike | Expiration |
|---|---|---|---|---|---|
| 3/8/2024 | RSUs | 232,144 unvested at 12/31/2024 (from original 285,715) | 1/16th quarterly from May 20, 2024 | — | — |
| 3/8/2024 | Options | 59,523 exercisable; 226,192 unexercisable at 12/31/2024 | 1/48th monthly from Mar 20, 2024 | $2.20 | 3/8/2034 |
| 6/14/2023 | RSUs | 250,000 unvested at 12/31/2024 | 1/8th quarterly from Feb 20, 2024; another block 1/4th quarterly from Feb 20, 2026 | — | — |
| 6/14/2023 | Options | 250,000 exercisable; 250,000 unexercisable | 1/24th monthly after Dec 20, 2023; plus a 1/12th monthly tranche after Dec 20, 2025 | $2.07 | 6/14/2033 |
| 3/8/2023 | RSUs | 12,500 unvested at 12/31/2024 | 1/8th quarterly from May 20, 2023 | — | — |
| 3/8/2023 | Options | 91,666 exercisable; 8,334 unexercisable | 1/24th monthly from Mar 20, 2023 | $1.42 | 3/8/2033 |
| 2/1/2021 | Options | 716,377 exercisable (fully vested) | Fully vested | $3.67 | 2/1/2031 |
Note: In June 2023, Maday’s legacy 2017‑plan options were amended to allow net exercise (NSO portion) and net share issuance for taxes, subject to insider trading policy .
Employment Terms
| Term | Detail |
|---|---|
| Employment letter terms | Base salary $525,000; target bonus 40% of salary |
| Severance (outside Change‑in‑Control) | 6 months base salary ($262,500) and up to 6 months COBRA ($14,699) |
| Change‑in‑Control (double‑trigger) | 1x base salary ($525,000), 1x prorated target bonus ($207,924), up to 12 months COBRA ($29,397), and acceleration of 100% of unvested time‑based equity (value at 12/31/2024: $6,649,257) |
| CIC/severance policy mechanics | Three‑year policy with auto‑renewal; requires release; double‑trigger equity acceleration applies to time-based awards |
| Clawback | Restatement‑based recovery (3‑year lookback) |
| Hedging/Pledging | Prohibited (short sales, derivatives, pledging, margin accounts) |
| Trading controls | Blackout windows, pre‑clearance for officers, 10b5‑1 plan standards and cooling‑off periods |
Compensation Structure (multi‑year)
| Component | 2023 | 2024 |
|---|---|---|
| Salary ($) | $481,096 | $523,750 |
| Stock Awards ($) | $1,694,500 | $628,573 |
| Option Awards ($) | $930,222 | $342,572 |
| Non‑Equity Incentive ($) | $439,515 | — (2024 paid as RSUs in 2025) |
| Total ($) | $3,545,333 | $1,494,895 |
Performance & Track Record
- 2024 operating highlights included advancing safety case closure for Dallas–Houston, approaching 100% API loads, launching a Partner Success Program, expanding lanes, and raising $483 million gross proceeds in summer 2024 .
- Pay‑versus‑performance disclosure shows 2024 company TSR of 65.63 vs 45.52 in 2023, and net income of ($748) million vs ($796) million in 2023 .
Compensation Governance and Peer Benchmarking
- 2024 compensation retained pay‑for‑performance features, emphasized equity, and used market survey data; no formal compensation peer group was established for 2024 given stage/uniqueness .
- Best‑practice features include double‑trigger CIC, clawback, prohibition on pledging/hedging, and no excise tax gross‑ups .
Equity Ownership & Security Ownership Table (Maday)
| Metric | Value |
|---|---|
| Beneficial Class A shares (direct) | 587,214 |
| Options exercisable within 60 days | 1,493,880 |
| RSUs vesting within 60 days | 118,180 |
| Total beneficial (as-defined) | 2,199,274 |
| % of Class A + B outstanding | <1% |
Key Vesting/Cashflow Dates (Selling Pressure Watch)
- 2024–2025 Incentive RSUs are expected to be fully vested and settled in May 2025 (one‑time, 100% vest), a potential near‑term liquidity event .
- Regular quarterly RSU vest dates occur on Feb 20, May 20, Aug 20, Nov 20; options vest monthly (20th) under standard schedules .
Risk Indicators & Red Flags
- No pledging or hedging permitted per policy (reduces misalignment risk) .
- Clawback policy in place; no excise tax gross‑ups; double‑trigger CIC acceleration standard (shareholder‑friendlier than single trigger) .
- Option amendment allows net exercise and net issuance (facilitates liquidity without cash outlay; can modestly increase saleable float upon exercises) .
Compensation Peer Group & Say‑on‑Pay
- No fixed peer group for 2024; market surveys used .
- Say‑on‑Pay: ~96% approval at 2024 meeting, indicating strong investor support .
Investment Implications
- Alignment/retention: Significant unvested RSUs/options and double‑trigger CIC accelerate alignment with long‑term equity value creation; 100%‑vested 2024–2025 RSU bonus in May 2025 may create a discrete selling window, but overall ownership and multi‑year vesting reduce immediate turnover risk .
- Pay design: Heavy equity mix (RSUs and options) and conversion of 2024 cash bonus into RSUs conserve cash and tie rewards to milestones and share performance—a positive signal for capital discipline ahead of commercialization .
- Governance quality: Prohibitions on pledging/hedging, clawback, and double‑trigger CIC terms are shareholder‑friendly; strong say‑on‑pay outcome further supports governance credibility .
- Execution and value creation: Company TSR improved in 2024 and net loss narrowed modestly; progress toward launch (safety case, partners, capital) suggests improving fundamentals, with CFO stewardship central to financing and commercialization runway .