Aman Joshi
Bloom EnergyAbout Aman Joshi
Aman Joshi, age 48, has served as Bloom Energy’s Chief Commercial Officer since January 2024, leading global sales and business development after two decades at General Electric across GE Capital, Corporate, Aviation, Global Growth Organization, and GE Power/GE Vernova; he holds credentials from The Institute of Chartered Accountants of India and The Institute of Company Secretaries of India . During 2024, Bloom delivered record revenue of $1.47B, positive operating income, and $92M in operating cash flow, providing a constructive backdrop for Joshi’s commercial mandate .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| GE Vernova (GE Power) | Global GM, Aeroderivative Gas Turbine Units | 2018–2024 | Worked with policymakers, regulators and utilities on energy transition; led efficient, reliable, clean power solutions go‑to‑market |
| GE Vernova | Business Unit CFO roles | 2013–2018 | Financial leadership roles supporting power business execution and performance |
Fixed Compensation
| Metric | 2024 Value |
|---|---|
| Base salary rate | $575,000 |
| Target annual cash incentive (ACI) | 50% of salary |
| ACI payout | 150% of target; $427,500 |
| Executive Sales Incentive Plan (ESIP) target | 50% of salary (not guaranteed) |
| ESIP payout (2024) | 200% of target; $575,000 |
| ACI guarantee | Target ACI guaranteed for 2024 and 2025 per offer letter (prorated year of hire) |
Performance Compensation
2024 Annual Cash Incentive (Company-wide metrics and outcomes)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout factor |
|---|---|---|---|---|---|---|
| Non-GAAP Operating Income | 50% | $1M | $100M | $140M | $108M | 61.5% |
| Non-GAAP Gross Margin % | 50% | 23% | 28% | 30% | 29% | 62.5% |
| Total Revenue Growth add-on | — | — | +1 ppt per 1% growth up to +15 ppts | — | +11 ppts (11% growth) | +11 ppts |
| Total Plan Funding | — | — | — | — | — | 135% |
2024 Equity Performance Outcomes (determined Feb 18, 2025)
| Award | Grant date | Metric | Weight | Threshold | Target | Maximum | Actual | Achievement % | Shares/Options earned |
|---|---|---|---|---|---|---|---|---|---|
| PSO (new‑hire award) | 3/1/2024 | Total Annual Revenue | 100% | $1,000M | $1,400M | $1,600M | $1,474M | 118.5% | 133,272 |
| PSO (special award) | 8/29/2024 | Data Center Bookings (MW) | — | 40 MW | 60 MW | 100 MW | 100 MW | 150.0% | 90,000 |
Notes: 2024 PSOs permit 0–150% earnout based on performance; ACI/ESIP cash outcomes for 2024 are shown in Fixed Compensation .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 216,801 shares; includes 193,272 options exercisable within 60 days of Feb 28, 2025 |
| Ownership as % of shares outstanding | Less than 1% |
| 2024 RSU grant | 150,000 RSUs on 3/1/2024; fair value $1,362,000; vests 25% after 1 year, then quarterly over next 3 years |
| 2024 PSO (from converted PSUs) | Converted 225,000 PSUs into 450,000 PSOs on 3/1/2024; target earnable 225,000; strike $9.08; vests in four equal annual installments subject to Total Revenue Growth |
| 2024 PSO (special) | 180,000 PSOs on 8/29/2024; target earnable 90,000; strike $11.90; vests in three equal annual installments, subject to bookings, Total Revenue and non‑GAAP GM goals |
| Executive stock ownership guideline | 1.5x base salary; must retain 85% of net settled shares until guideline met; officers either compliant or within time to comply |
| Hedging/pledging | Prohibited by insider trading policy |
Employment Terms
| Provision | Term |
|---|---|
| Change-in-control structure | Double trigger required for equity acceleration (no single-trigger) |
| Severance cash (non‑CIC) | $575,000 |
| Severance cash (CIC qualifying termination) | $1,725,000 |
| Equity vesting acceleration (CIC qualifying termination) | $11,095,800 (based on 12/31/2024 closing price) |
| Continued benefits | Non‑CIC: $37,441; CIC: $56,162 |
| Additional protection (new hire) | If terminated other than for Cause within first 24 months, entitled to $1.5 million payment |
| Clawback | Cash and equity incentive compensation subject to recoupment for fraud, intentional misconduct, gross negligence, or restatement |
| Say‑on‑pay (2024 meeting) | Approved: For 130,129,069; Against 11,396,781; Abstentions 277,090 |
Investment Implications
- Alignment: Joshi’s cash and equity are tightly linked to revenue, gross margin, and data center bookings (PSO metrics), reinforcing growth and mix quality; 2024 ACI funded at 135% reflects record revenue and margin attainment, and PSO outcomes show early over‑target achievement (118.5% on revenue; 150% on data center bookings) .
- Retention risk/signals: ACI is guaranteed at target for 2024–2025 (cushioning downside), and an additional $1.5M protection applies if terminated without cause in first 24 months; CIC economics include 3x base cash and sizable acceleration value, providing retention through uncertainty and potentially influencing M&A dynamics .
- Selling pressure/overhang: Significant PSO/RSU schedules and CIC acceleration value can create supply overhang as tranches vest or upon a transaction; however, prohibitions on hedging/pledging and strict ownership/retention guidelines mitigate misalignment risks .
- Pay-for-performance governance: Double‑trigger equity, clawbacks, no tax gross‑ups, and say‑on‑pay approval support governance quality; 2024 plan design used rigorous operating income and gross margin targets with additive revenue growth, and payouts were formulaic .
Overall: The package emphasizes commercial growth execution (revenue, bookings, mix) aligned with Bloom’s AI/data center power opportunity and broader C&I pipeline. Guarantees and CIC protection reduce near‑term attrition risk as the sales engine scales, while multi‑year PSO structures keep focus on sustained revenue growth and margin improvement .