Chad Anderson
BLACKBAUDAbout Chad Anderson
Chad M. Anderson, age 52, was appointed Executive Vice President and Chief Financial Officer (and Principal Financial and Accounting Officer) of Blackbaud effective April 30, 2025; he has served at Blackbaud since 2013 in senior finance roles including Corporate Controller (2013–2022) and Chief Accounting Officer (2022–2025). He holds a BS in Finance from Indiana University and previously served as CFO, EMEA, and VP Finance, International Operations at Brightpoint Inc. . Company performance context: in 2024, total revenue grew 4.5% to $1,155.5M, recurring revenue reached 97.7%, non-GAAP organic recurring revenue on a constant currency basis increased 5.1%, and Rule of 40 was 38.6% . Pay-versus-performance shows Blackbaud’s 2024 cumulative TSR implied $93.03 on a fixed $100 investment vs $211.18 for the peer group; net loss was $(283.2)M and Rule of 40 was 38.9% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackbaud, Inc. | EVP & CFO (Principal Financial and Accounting Officer) | Apr 2025–present | Oversees financial reporting and controls, and investor relations . |
| Blackbaud, Inc. | SVP & Chief Accounting Officer | Jun 2022–Apr 2025 | Oversaw accounting operations and compliance . |
| Blackbaud, Inc. | VP & Corporate Controller | Mar 2013–May 2022 | Led global financial operations . |
| Brightpoint Inc. | CFO, EMEA | Mar 2009–Feb 2013 | Regional finance leadership at global mobile services provider . |
| Brightpoint Inc. | VP Finance, International Operations | Feb 2008–Mar 2009 | Finance leadership across international operations . |
External Roles
No public company directorships or external board roles disclosed for Anderson .
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $425,000 | May 1, 2025 | Set upon appointment as EVP & CFO . |
| Target Annual Incentive (equity-based) | 75% of base salary | May 1, 2025 | Structured as annual incentive equity bonus target . |
| One-time RSU Grant | $700,000 grant-date value | May 2025 (subject to Board approval) | Vests in three equal annual installments beginning on the first anniversary of grant, subject to continued employment . |
Performance Compensation
Blackbaud’s executive incentive design emphasizes pay-for-performance through PRSUs tied to corporate metrics; CFO participation is within this program framework.
| Metric | Weighting | Target | Actual (FY 2024) | Payout | Vesting |
|---|---|---|---|---|---|
| STI PRSUs: Non-GAAP Adjusted Recurring Revenue | 50% | $1,157.0M | $1,123.8M (97.1% of target) | Contributed to 91.1% overall factor; Committee applied discretion to NEO payouts; CFO-specific 2025 not disclosed . | |
| STI PRSUs: Non-GAAP Adjusted Income from Operations | 50% | $327.0M | $317.1M (97.0% of target) | See above | Earned STI PRSUs vest following performance certification (2024 NEOs vested Feb 22, 2025) . |
| LTI PRSUs (One-year): Non-GAAP Adjusted Total Revenue | 50% | $1,183.0M | $1,150.1M (97.2% of target) | 91.3% of target earned | Vests in three equal annual installments beginning on first anniversary of grant . |
| LTI PRSUs (One-year): Gross Dollar Retention | 50% | 91.3% | 89.5% (98.0% of target) | Contributed to 91.3% earn-out | As above . |
| LTI PRSUs (Three-year): Rule of 40 (2024) | 1/3 across 2024–2026 | 40.0% | 38.6% (96.4% of target) | 94.2% of target earned for 2024 tranche | Vests annually upon each year’s certification . |
Notes:
- STI plan metrics and thresholds are set annually; CFO-specific 2025 grant quantities and realized payouts are not disclosed in filings to date. Blackbaud’s Compensation Committee utilizes discretion based on TSR and corporate events (e.g., divestitures) when adjusting STI payouts .
- At least 50% of executive LTI grants are PRSUs; remaining are time-based RSAs/RSUs vesting over three years .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO’s officer-level direct reports (includes CFO) must hold the lesser of equity equal to 2x base salary or 20,000 shares, to be met within five years of first annual equity award . Hedging and pledging of Company stock by directors and Section 16 officers is prohibited .
- Clawback: Enterprise-wide Compensation Recovery Policy adopted October 2023; requires recovery of incentive-based compensation upon accounting restatement for the prior three fiscal years, recovered reasonably and promptly using lawful methods .
- One-time RSU grant: $700,000 value, vesting 3 equal annual installments starting on first anniversary of May 2025 grant; potential vesting dates likely around May 2026/2027/2028, contributing to scheduled supply but subject to continued employment .
- Beneficial ownership: Not disclosed for Anderson in the 2025 proxy’s ownership tables; thus vested/unvested share breakdown and options value are not available from filings . Company policy indicates accelerated vesting on double-trigger change-in-control for eligible executives .
Employment Terms
| Provision | Terms |
|---|---|
| Role & Appointment | Executive Vice President & CFO; Principal Financial and Accounting Officer, effective April 30, 2025 . |
| Retention/Change-in-Control | Double-trigger: if terminated within 12 months following a change in control, pays 1.5x base salary, accelerates and fully vests unvested stock options and other equity awards, and reimburses COBRA premiums for up to 12 months . |
| CIC Definition & 280G | CIC defined by merger/consolidation, asset sale, >50% beneficial ownership acquisition, liquidation/dissolution; payments reduced to avoid 280G excise tax unless reduction yields lesser after-tax amount than no reduction . |
| Benefits | Participation in standard executive compensation and benefits programs . |
| Clawbacks/Hedging/Pledging | Clawback policy applicable; hedging and pledging prohibited . |
| Non-compete/Non-solicit | Not disclosed in available filings. |
Investment Implications
- Alignment and retention: High equity mix (annual incentive equity, RSUs, PRSUs) and five-year ownership guideline for CFOs promote alignment; hedging/pledging prohibition and clawback policy reduce governance risk . The one-time $700k RSU with three-year vesting is a retention lever; watch for scheduled vesting beginning May 2026 that could modestly increase insider supply, absent countervailing trading plans .
- Pay-for-performance: Executive STI/LTI metrics center on recurring revenue growth, income from operations, total revenue, gross dollar retention, and Rule of 40, creating sensitivity to profitability and retention outcomes; 2024 outcomes earned near target on most metrics, with Committee discretion applied to STI .
- Change-in-control economics: Double-trigger severance at 1.5x base salary, full equity acceleration, and COBRA reimbursement create standard protections without tax gross-ups (280G cutback framework); this is moderate by software peer standards and not shareholder-unfriendly .
- Governance and shareholder sentiment: 2024 Say-on-Pay approval ~95% underscores investor support for program design; peer group calibration and prohibition on option repricing mitigate compensation inflation risks .