Travis Hess
BIGCAbout Travis Hess
Travis Hess, 53, is Chief Executive Officer and a Class I director at BigCommerce, appointed CEO effective October 1, 2024 after joining as President on May 28, 2024 . He has deep ecommerce and agency leadership experience (Accenture, The Stable, BVA, LiveArea/Merkle, Amplifi Commerce), with recent focus on DTC strategy and Shopify partnerships . Under 2024 performance, BigCommerce delivered 7.6% revenue growth to $332.9M and improved adjusted EBITDA to $23.5M (7.1% margin), while GAAP net loss narrowed to ($27.0)M; pay programs were tied to revenue, ARR, adjusted EBITDA and relative TSR .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Accenture | Managing Director; led DTC commerce offering and go-to-market; managed global Shopify partnership | Aug 2022–May 2024 | Led DTC strategy, scaled Shopify alliance to drive enterprise commerce revenues . |
| The Stable (acquired by Accenture) | EVP | Jan 2022–Aug 2022 | Omnichannel agency leadership prior to acquisition . |
| BVA (acquired by The Stable) | CEO; previously Chief Commercial Officer | May 2021–Dec 2021; Aug 2019–Apr 2021 | Grew recognized global DTC/Shopify agency through sale . |
| LiveArea (now Merkle/Dentsu) | Chief Revenue Officer; GM | Prior to 2019 (dates not specified) | Scaled global commerce agency operations and revenue . |
| Amplifi Commerce | Senior leadership | Prior to LiveArea (dates not specified) | Growth and client delivery in commerce solutions . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Shopify | Partner Advisory Board Member | Not disclosed | Industry advisory engagement . |
| Klaviyo | Partner Advisory Board Member | Not disclosed | Marketing tech ecosystem input . |
| SAP/Hybris | Partner Advisory Board Member | Not disclosed | Enterprise commerce expertise . |
| Rackspace | Partner Advisory Board Member | Not disclosed | Cloud/composable commerce advisory . |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary ($) | $460,000 |
| Target Bonus % of Salary | 80% pre-CEO; increased to 100% from Oct 1, 2024 (weighted average 87%) |
| Actual Bonus Paid ($) | $222,932 |
| Stock Awards Grant-Date Fair Value ($) | $3,236,124 |
| Option Awards Grant-Date Fair Value ($) | $423,147 |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout/Result | Vesting Mechanics |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Revenue Growth Rate | 33.33% | 8.6% | 7.6% | 76% of target | Annual payout; aggregated ~92% of plan after thresholds . |
| Annual Cash Bonus (2024) | Subscription ARR Growth | 33.33% | 9.8% | 3.2% | 0% of target | Same as above . |
| Annual Cash Bonus (2024) | Adjusted EBITDA | 33.33% | $16.9M | $23.5M | 200% of target | Same as above . |
| PSUs (Adjusted EBITDA) | Adjusted EBITDA (3-year, annual tranches) | N/A | 0/100/200% vesting curve | 2024 tranche achieved | 200% for 2024 tranche | One-third eligible per year 2024–2026; 0–200% vesting; paid in shares within 30 days . |
| PSUs (Revenue) | Revenue (3-year, annual tranches) | N/A | 0/100/200% vesting curve | 2024 revenue $332.9M | 89% for 2024 tranche | One-third eligible per year 2024–2026; paid in shares within 30 days . |
| PSUs (TSR) | Relative TSR vs Russell 2000 (3-year) | N/A | 25th/50th/75th/90th percentiles → 50/100/150/200% | Determined at end of 3-year period | Caps at 100% if absolute TSR negative | Cliff vest end of performance period; paid in shares within 30 days . |
| Stock Options | Options to purchase BIGC | N/A | Strike $6.40 | N/A | N/A | 25% at 1-year anniversary; remainder monthly over 36 months . |
| Time-based RSUs | RSUs | N/A | N/A | N/A | N/A | 25% annually over 4 years . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 25, 2025) | 23,654 shares; <1% of outstanding . |
| Unvested Time-Based RSUs (12/31/2024) | 360,264 ($2,204,816 market value at $6.12) . |
| Performance RSUs Outstanding (12/31/2024) | Adjusted EBITDA RSUs: 66,666; Revenue RSUs: 33,333; TSR RSUs: 5,556 (eligible through 12/31/2026) . |
| Options Outstanding (12/31/2024) | 100,000 unexercisable at $6.40, expiring 11/13/2034 . |
| Exercises/Vesting (2024) | No option exercises; no stock awards vested for Hess . |
| Ownership Guidelines | CEO required to hold stock equal to 3x base salary within 5-year phase-in; hedging and pledging prohibited . |
Note: Prohibition on pledging and hedging reduces alignment risk; PSUs tie pay to operational (adjusted EBITDA, revenue) and market (TSR) outcomes .
Employment Terms
| Provision | Terms |
|---|---|
| Employment | At-will; amended and restated CEO offer letter dated Oct 1, 2024 . |
| Base/Bonus Targets | Base $460,000; bonus target set to 100% upon CEO appointment . |
| Severance (pre-3/5/2025) | Outside CIC: 6 months salary + 6 months healthcare (payable over 3 months) . |
| Severance (updated 3/5/2025) | Outside CIC: 12 months salary + 12 months healthcare (payable over ~3 months) . |
| Change-in-Control (CIC) | Within 3 months before/18 months after CIC: 12 months salary + 12 months healthcare; full acceleration of unvested equity at termination/change-in-control timing; additional pro-rata rules for PSUs if terminated pre-CIC; release required . |
| Non-Compete/Non-Solicit | Included via Proprietary Information and Inventions Agreement (PIIA) . |
| Clawback | Mandatory clawback covering incentive compensation upon restatement . |
| Tax Gross-ups | None provided, including 280G excise taxes . |
Estimated potential payments as of 12/31/2024 in a CIC-linked qualifying termination: Cash $460,000; equity acceleration $2,816,816; continued healthcare $10,648; total $3,287,464 (using $6.12 share price assumption and target PSU achievement for modeling) .
Board Governance
- Role: Class I director since 2024; serves as CEO and director (non-independent) .
- Board leadership separation: Executive Chair (Ellen Siminoff) provides Board governance; Lead Independent Director (Jeff Richards) coordinates independent oversight—mitigates CEO/Chair dual-role concerns .
- Committees: Hess is not a member of Audit, Compensation, or Nominating & Governance committees; all committees comprised of independent directors .
- Attendance: Board met 14 times in 2024; all directors ≥75% attendance; executive sessions held without management .
Additional Signals and Context
- Compensation governance: Independent consultant (Aon-Radford); peer group of comparably sized SaaS/ecommerce firms; emphasis on performance-based, at-risk equity; no significant perquisites; no hedging/pledging .
- 2024 PSU vesting outcomes: 200% on adjusted EBITDA tranche; 89% on revenue tranche; TSR determined at end of 2026 with cap if absolute TSR negative—creates structured share delivery windows 30 days post-determination .
- Executive turnover: CFO retention cash bonus ($50k) paid in staged installments reflecting stability focus during transformation; indicates targeted retention practices amid leadership changes .
Investment Implications
- Alignment: Strong linkage of Hess’s equity to multiyear adjusted EBITDA, revenue, and relative TSR enhances pay-for-performance; no pledging/hedging and stock ownership guidelines further align interests .
- Retention and supply overhang: Large unvested RSUs and PSUs, plus 30-day share issuance post-vesting, can create episodic supply; 2024 tranche vesting outcomes suggest continued PSU conversions tied to performance that investors should calendar-track .
- Change-in-control economics: Updated severance terms (12 months outside CIC and single-trigger equity acceleration upon CIC termination) could make an acquisition more frictionless for management but raise dilution/overhang risks at deal close; model $3.29M total CIC package using year-end assumptions .
- Execution risk: 2024 results show improving profitability (adjusted EBITDA positive; non-GAAP operating income positive) but mixed top-line/ARR metrics; Hess’s DTC/Shopify-led expertise may pivot enterprise mix, yet TSR cap mechanics could limit PSU upside if absolute returns are negative, constraining realized comp and signaling disciplined performance thresholds .