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René Lacerte

Chairman, CEO, and Founder at BILL Holdings
Board
Since April 2006
Age
57 years
Education
Holds a Bachelor of Arts in Economics and a Master of Science in Industrial Engineering from Stanford University.
Tenure
Joined BILL in April 2006 as the Founder, Chairman, and CEO, and has led the company since its inception.

Also at BILL Holdings

JR
John Rettig
President and Chief Financial Officer
KM
Ken Moss
Chief Technology Officer
MKB
Mary Kay Bowman
EVP and GM of Payments and Financial Services

About

René Lacerte, born in 1967 and currently 57 years old , has built an extensive career in finance, software, and payments. His educational background from Stanford University laid the foundation for a successful journey in the technology and financial sectors.

Prior to founding BILL, he was the driving force behind PayCycle, Inc., an innovative online payroll solutions company that later became the largest in its niche and was eventually acquired by Intuit, Inc. He also played a pivotal role at Intuit, Inc. as the Group Product Manager, where he launched the company’s first connected payroll product.

Since founding BILL in April 2006, he has continuously steered the company as its Chairman, CEO, and Founder. His leadership has been instrumental in shaping BILL into a key player in the financial operations space, marked by a blend of technical innovation and deep industry expertise.

$BILL Performance Under René Lacerte

Past Roles

OrganizationRoleDate RangeDetails
PayCycle, Inc.Founder1999 – 2006Online payroll solutions company later acquired by Intuit
Intuit, Inc. (Nasdaq: INTU)Group Product Manager1994 – 1999Worked on financial software, launched Intuit’s first connected payroll product, and helped build its bill payment and credit card businesses

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Base Salary $550,000 Regular payroll disbursement Fixed base salary for FY 2024.
Accrued Paid Time Off Payments $63,462 One-time payment in FY 2024 Payment for accrued PTO due to transition to a non-accrual vacation policy.

Performance Compensation

Data from  FY 2024

Financial PSUs 2024

Metric [Source]Value [Source]Details [Source]
Performance MetricCore Revenue Achievement based on company Core Revenue.
Threshold$1,158.0 million 50% payout if reached.
Target$1,245.2 million 100% payout if achieved.
Maximum$1,332.4 million 200% payout if exceeded (capped at 107% of target).
Non-GAAP Net Income Guardrail$193.8 million Limits payout to 100% if not exceeded.
Vesting ScheduleOne-year performance period One-third vests at certification; remaining vests quarterly over two years.
Actual Result$1,122.7 million Below threshold, hence PSUs were not achieved.

Relative TSR PSUs 2024

Metric [Source]Value [Source]Details [Source]
Performance MetricTotal Stockholder Return (TSR) Based on TSR relative to the Russell 3000 Index over a three-year period.
Threshold25th percentile 50% payout of target PSUs.
Target50th percentile 100% payout of target PSUs.
Maximum85th percentile 200% payout of target PSUs. (set at an 85th percentile to incentivize exceptional performance).
Grant Details - DateAugust 15, 2023 Grant date for relative TSR PSUs.
Grant Details - Fair Value$3,625,820 Fair value of the grant.
PSUs at Target23,409 Number of PSUs at target level.
Vesting Schedule100% cliff vesting Vests in full at the end of the three-year performance period, subject to continued service.
Additional ConditionsChange-in-control adjustments Adjusts vesting to quarterly installments if a change in control occurs.

Annual Cash Bonus 2024

Metric [Source]Value [Source]Details [Source]
Performance MetricsCore Revenue & EBITDA Less Float Each weighted at 50%.
Core Revenue Threshold$1,120.7 million 50% payout if reached.
Core Revenue Target$1,245.2 million 100% payout if achieved.
Core Revenue Maximum$1,307.5 million 150% payout if exceeded.
EBITDA Less Float Threshold$16.3 million 50% payout if reached.
EBITDA Less Float Target$20.4 million 100% payout if achieved.
EBITDA Less Float Maximum$30.6 million 150% payout if exceeded.
Corporate Performance Factor100.4% Overall bonus factor applied based on actual performance.
Actual ResultsCore Revenue: $1,122.7 million Approximately 51% payout; EBITDA Less Float: $31.0 million indicating 150% payout.
Earned BonusTarget: $550,000; Earned: $552,200 No individual performance adjustment was applied.
Vesting/PaymentN/A for cash bonus Paid out based on fiscal year-end results without vesting requirements.