Daniel Berenbaum
Bloom EnergyAbout Daniel Berenbaum
Daniel Berenbaum, 55, has served as Bloom Energy’s Chief Financial Officer since April 29, 2024. He is a U.S. Naval Academy graduate and a veteran finance leader across semiconductors and industrial tech, with prior roles as CFO of National Instruments (until its sale in Oct-2023), VP Finance/Global Operations Controller at Micron, CFO of Everspin, APAC CFO at GlobalFoundries, a decade as a Wall Street tech analyst, earlier roles at Applied Materials, and a nuclear‑power‑trained U.S. Navy surface line officer . During 2024, BE delivered record revenue of $1.47B, positive operating income, and $92M cash from operations; the Board also enhanced liquidity with $402.5M 2029 green converts, repurchased 50% of 2025 converts, and ended 2024 with >$950M cash—context for Berenbaum’s finance mandate in scaling execution and capital markets readiness .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Instruments | EVP & CFO | Jan 2023 – Oct 2023 | Led finance through sale process and transition; public‑company reporting and capital allocation . |
| Micron Technology | VP Finance, Global Operations Controller | 2021 – 2023 | Oversaw financial performance of global manufacturing; supported footprint expansions and cost discipline . |
| Everspin Technologies | Chief Financial Officer | 2020 – 2021 | Strengthened strategy/execution leveraging semiconductor finance and ops expertise . |
| GlobalFoundries | APAC Chief Financial Officer | 2013 – 2020 | Led regional manufacturing performance, accounting, shared services; supported M&A . |
| Wall Street (various) | Technology Equity Analyst | ~10 years | Covered tech equities; capital markets and investor communications expertise . |
| Applied Materials | Technical/Management Roles | Earlier career | Process/operations grounding in semiconductor equipment . |
| U.S. Navy | Nuclear‑power‑trained Surface Line Officer | Earlier career | Leadership, operational discipline, technical rigor . |
External Roles
No current public company directorships or external board roles were disclosed for Berenbaum in company filings .
Fixed Compensation
| Component | 2024 Terms | 2024 Actual | Notes |
|---|---|---|---|
| Base Salary | $575,000 | $364,904 | Joined April 29, 2024; pro‑rated salary . |
| Target Annual Bonus (ACI) | 100% of base salary | $389,275 | Payout at 100% of pro‑rated target for 2024; Company ACI funding was 135% overall . |
| Sign‑On Bonus | $200,000 | $200,000 | Paid upon hire . |
| Relocation Payment | $150,000 | $150,000 | Paid upon relocation to Bay Area; included in “All Other” comp of $155,000 (includes $5,000 401(k) match) . |
Performance Compensation
Long‑Term Equity Awards (granted May 6, 2024)
| Award Type | Shares/Target | Grant Date Fair Value | Vesting | Performance Framework |
|---|---|---|---|---|
| RSUs | 200,000 | $2,440,000 | 25% on first anniversary of grant (May 6, 2025), then quarterly over 4 years, subject to continued employment . | Time‑based . |
| PSUs (Target) | 100,000 (Threshold 50,000; Max 150,000) | $1,220,000 | 3‑year performance period; payout 0–150% based on metrics below . | Avg Total Revenue Growth (60%) and Avg Non‑GAAP Gross Margin (40%) over 3 years . |
FY2024 PSU Determination (first third)
| Metric | Weight | Threshold | Target | Maximum | Actual (2024) | Achievement % | Shares Earned (first third) |
|---|---|---|---|---|---|---|---|
| Total Revenue Growth | 60% | 20% | 24% | 28% | 10.5% | — | — . |
| Non‑GAAP Gross Margin % | 40% | 25% | 28% | 31% | 28.7% | 111.7% | — . |
| Weighted Result | — | — | — | — | — | 44.7% | 14,889 shares (of 33,333 first‑third target) . |
Notes:
- The Compensation Committee approved first‑third PSU results on Feb 18, 2025; remaining tranches continue under the 3‑year framework .
- For 2024, NEO PSU metrics emphasized long‑term financial outcomes; the company did not disclose absolute 3‑year targets due to competitive sensitivity .
Annual Cash Incentive (ACI) Summary (2024)
- Company ACI funding: 135% based on strong 2024 performance; Berenbaum’s payout was 100% of pro‑rated target given months of service .
Equity Ownership & Alignment
| Item | Status/Amount | Notes |
|---|---|---|
| Beneficial Ownership (as of Feb 28, 2025) | — shares reported | No shares beneficially owned within 60 days; recently hired with unvested awards . |
| Unvested RSUs | 200,000 | As of 12/31/2024 outstanding . |
| Unvested PSUs (Target) | 100,000 | As of 12/31/2024 outstanding; payout 0–150% over 3 years . |
| Ownership Guidelines | CFO: 1.5x base salary; 5‑year compliance window | Officers must retain 85% of net after‑tax shares until compliant; company states officers have achieved guidelines or still have time to comply . |
| Hedging/Pledging | Prohibited | Insider Trading Policy bans hedging and pledging of company stock . |
Vesting and selling pressure:
- RSUs vest 25% on May 6, 2025, then quarterly—creating periodic but measured delivery; PSUs vest based on performance and are not guaranteed, moderating near‑term selling pressure .
Employment Terms
| Term | Details | Economics |
|---|---|---|
| Start Date | April 29, 2024 | Appointed CFO effective this date . |
| At‑Will; Term | At‑will employment | No fixed term . |
| CIC/Severance Agreement | Qualifying Termination (no CIC): Cash severance = 1x base salary; 12 months COBRA; no equity acceleration for other NEOs | CFO follows “Other NEOs” schedule . |
| Double‑Trigger CIC | CIC Qualifying Termination: 1.5x (base + target bonus) + pro‑rata current‑year bonus; 18 months COBRA; all unvested options/RSUs fully accelerate; PSUs deemed at target unless specified otherwise | Company‑wide terms; CFO amounts below . |
| Potential Payments (as of 12/31/2024) | Qualifying Termination: $575,000 cash; $37,441 benefits; Total $612,441 | Assumes stock at $22.21; no equity acceleration outside CIC . |
| Potential Payments (as of 12/31/2024) | CIC Qualifying Termination: $1,410,000 cash; $56,162 benefits; $6,663,000 equity acceleration; Total $8,129,162 | Based on closing price $22.21 and unvested awards . |
| Clawbacks | Cash and equity incentive compensation subject to recoupment for misconduct/restatement; policy updated per SEC rules | Governance “What we do” includes clawbacks . |
| Tax Gross‑Ups | None | Company states no tax gross‑ups . |
Investment Implications
- Alignment and incentives: High equity mix (200k RSUs + 100k PSUs target) tied to multiyear revenue growth and margin expands pay‑for‑performance. First‑third PSU payout at ~44.7% signals goals are challenging and reduce windfall risk .
- Retention risk: Substantial unvested RSUs and PSUs with multi‑year duration create meaningful retention hooks; double‑trigger CIC terms are market‑standard and not excessive (1.5x base+bonus), moderating change‑of‑control optionality .
- Selling pressure: No beneficial ownership reported as of record date; first RSU cliff vests in May 2025 with ongoing quarterly vesting—expect incremental, programmatic delivery rather than immediate selling overhang; hedging/pledging prohibited .
- Execution lens: 2024 results (record $1.47B revenue, positive operating income, $92M CFO) and strengthened liquidity (2029 converts, >$950M cash) frame the CFO’s remit to scale, optimize costs, and support AI/data center opportunity—key to future PSU outcomes and equity value creation .
Overall: Compensation design emphasizes long‑term financial outcomes with rigorous PSU hurdles; retention features are meaningful but balanced; governance (no pledging, robust clawbacks, ownership guidelines) is shareholder‑friendly. Continued progress on revenue growth and margin expansion is the lever for realized pay and investor returns .