Lee Kirkpatrick
BILL HoldingsAbout Lee Kirkpatrick
Lee Kirkpatrick, age 64, joined BILL’s Board in October 2025 as an independent director and is a member of the Audit Committee; the Board expects him to chair the Audit Committee following the December 11, 2025 Annual Meeting. He holds a B.S. in Business Administration from the University of Southern California and an MBA in Finance from Columbia University. Kirkpatrick is the former CFO of Twilio, where he led the 2016 IPO, scaled revenues from $23 million to $650 million, and executed acquisitions including SendGrid; Twilio’s TSR was 332% post-IPO during his tenure. He was appointed to BILL’s Board effective October 17, 2025 under a cooperation agreement with Starboard Value, but he is designated and serves as an independent director.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Twilio Inc. | Chief Financial Officer | 2012–2018 | Led 2016 IPO; scaled revenue from $23M to $650M; drove SendGrid acquisition; 332% TSR post-IPO |
| SAY Media, Inc. | Chief Financial Officer | 2010–2011 | Oversaw product, advertising, finance; executed acquisitions including Six Apart |
| VideoEgg, Inc. (now SAY Media) | Chief Operating Officer & Chief Financial Officer | 2007–2010 | Senior operating/finance leadership across digital publishing |
| Eastman Kodak – Kodak Imaging Network | Chief Operating Officer | 2004–2006 | Senior operations leadership in $6.5B Consumer Digital Imaging Group |
| Ofoto, Inc. (acquired by Kodak) | Chief Financial Officer | 2000–2004 | Directed financial strategy and operations for online photo platform |
| iOwn Inc. | Chief Financial Officer | 1998–2000 | CFO of online mortgage/real estate services platform |
| HyperParallel, Inc. | Chief Financial Officer | 1997–1998 | CFO of data mining software/services company |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Olo Inc. (NYSE: OLO) | Independent Director | 2023–present | Board service in restaurant SaaS; committee roles not disclosed |
| Bilander Acquisition Corp. (Nasdaq: TWCB, SPAC) | Director | 2021–2024 | Board service through SPAC lifecycle |
| Cellebrite DI Ltd. (Nasdaq: CLBT) | Director | 2021 | Board service in digital intelligence |
| Spreedly | Independent Board Member | Current | Board service in payments connectivity |
| Updater | Independent Board Member & Audit Chair | Current | Audit Chair in moving-services tech |
Board Governance
- Committee assignments: Audit Committee member; Board expects him to become Audit Committee Chair after the 2025 Annual Meeting. The Board has determined he qualifies as an “audit committee financial expert.”
- Independence: The Board determined Kirkpatrick and all committee members are independent under NYSE and SEC rules.
- Attendance: In fiscal 2025, each director attended at least 75% of Board and committee meetings; Audit Committee met eight times.
- Service/tenure: Director since 2025; Class II term expires at the 2027 Annual Meeting.
- Board leadership: Allie Kline serves as Lead Independent Director; independent directors meet regularly in executive session.
- Activism context: His appointment was part of a cooperation agreement with Starboard; he serves as an independent director (distinct from the Starboard Director, Peter Feld).
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Board annual cash retainer | $35,000 | Paid quarterly, prorated for partial quarters |
| Lead Independent Director fee | $20,000 | Not applicable to Kirkpatrick |
| Audit Committee Chair fee | $20,000 | Expected post-Annual Meeting |
| Audit Committee member (non-Chair) | $10,000 | Applies while serving as member |
| Compliance & Payments Ops Risk Subcommittee Chair | $8,000 | Subcommittee of Audit Committee |
| Compliance & Payments Ops Risk Subcommittee member | $4,000 | Subcommittee of Audit Committee |
| Compensation Committee Chair | $15,000 | Not applicable to Kirkpatrick |
| Compensation Committee member | $7,500 | Not applicable to Kirkpatrick |
| Nominating & Corporate Governance Chair | $10,000 | Not applicable to Kirkpatrick |
| Nominating & Corporate Governance member | $4,000 | Not applicable to Kirkpatrick |
| Cybersecurity Committee Chair | $15,000 | Not applicable to Kirkpatrick |
| Cybersecurity Committee member | $7,500 | Not applicable to Kirkpatrick |
Performance Compensation
| Award Type | Grant Date | Grant Value | Vesting | Notes |
|---|---|---|---|---|
| Initial RSU Award | Oct 17, 2025 | ~$400,000 | Vests in 3 equal annual installments on grant anniversary | Granted upon appointment to Board |
| Annual RSU Award | Dec 11, 2025 (Annual Meeting) | ~$200,000 (prorated for mid-year join) | Vests on earlier of next Annual Meeting or 1 year post-grant | Policy for continuing directors; prorating applies to 2025 joiners |
Non-employee directors receive equity compensation only in RSUs under the 2019 Plan; no options or PSUs are described for directors.
Other Directorships & Interlocks
| Company | Relationship to BILL | Potential Interlock/Conflict Considerations |
|---|---|---|
| Olo Inc. | External board service | Distinct sector (restaurant SaaS); no disclosed related-party transactions with BILL |
| Updater | External board service, Audit Chair | No disclosed related-party transactions with BILL |
| Spreedly | External board service | No disclosed related-party transactions with BILL |
BILL’s related-party review policy requires Audit Committee (or Nominating & Corporate Governance if needed) review/approval of any related party transactions; none are disclosed involving Kirkpatrick.
Expertise & Qualifications
- Top skills: Finance/Accounting; SaaS/Technology/Innovation; Senior Operating Leadership.
- Qualifications: Extensive experience building controls/compliance for scaling tech companies; strategic M&A and margin expansion; technology-driven operations.
- Education: B.S., USC; MBA, Columbia University.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | As-of Date |
|---|---|---|---|
| Lee Kirkpatrick | 0 (no shares reported; unvested RSUs excluded) | <1% | Oct 20, 2025 |
- Director stock ownership guidelines: Must hold shares equal to 5x annual cash retainer; compliance expected within 5 years of initial appointment or policy effective date. As of June 30, 2025, incumbent non-employee directors were at/expected to meet guidelines; as an October 2025 appointee, Kirkpatrick has a five-year timeline.
- Hedging/pledging: Prohibited hedging and restrictions on pledging by executive officers and directors.
- Insider trading policy: Trading prohibited while in possession of material non-public information; policy summarized in filings.
Governance Assessment
- Strengths supporting investor confidence:
- Expected Audit Committee Chair and designated audit committee financial expert; strong CFO track record in public company scaling and capital markets.
- Independence affirmed; robust committee independence and governance practices (LID, executive sessions, clawback, ownership guidelines).
- Attendance threshold met across Board and committees in fiscal 2025.
- Alignment considerations:
- Initial RSU grant (~$400k) and annual RSU policy provide equity-based alignment; as of Oct 20, 2025, no beneficially owned shares reported (unvested RSUs excluded). A five-year guideline timeline is in place to build ownership.
- Activism/structural context:
- Appointment under cooperation agreement with Starboard expands Board and refreshes oversight; Kirkpatrick serves as an independent (not the Starboard-designated director), and recusal requirements apply to the Starboard Director, not to him.
- RED FLAGS:
- None disclosed specific to Kirkpatrick: no related-party transactions, pledging, hedging, or low attendance. Equity ownership was 0 at the as-of date, but RSU grants and guideline timeline mitigate alignment concerns.