Kristian Talvitie
BLACKBAUDAbout Kristian P. Talvitie
Executive Vice President and Chief Financial Officer of PTC, Inc.; age 55; joined Blackbaud’s Board in January 2024; independent Class B director with current term expiring in 2027. Designated Audit Committee Financial Expert and serves as Audit Committee Chair. Education: MS in Management (Boston University) and BA in Psychology (Allegheny College). Background spans CFO roles and senior finance/investor relations positions in enterprise software (PTC, Precisely/Syncsort, Sovos).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PTC, Inc. | EVP & Chief Financial Officer | May 2019–Present | Senior finance leadership at a global industrial/manufacturing software company; public company CFO perspective brought to BLKB’s Audit oversight |
| PTC, Inc. | Corporate VP Finance; VP Investor Relations & Corporate Communications | 2008–2016 | Capital markets and financial communications expertise |
| Precisely Holdings (Syncsort, Inc.) | Chief Financial Officer | Oct 2018–Apr 2019 | Private data integrity SaaS experience |
| Sovos Compliance, LLC | Chief Financial Officer | Jul 2016–Oct 2018 | Tax and compliance software finance leadership |
External Roles
| Organization | Role | Type | Tenure |
|---|---|---|---|
| PTC, Inc. | EVP & Chief Financial Officer | Public company employment | May 2019–Present |
| Other public company boards | None | — | — |
Interlock note: PTC, Inc. appeared in Blackbaud’s compensation peer group in 2020 (historical benchmarking context). Talvitie is not a director of PTC, but his CFO role adds industry network exposure; no related-party transactions disclosed at BLKB.
Board Governance
- Independence: Board determined Talvitie is independent under Nasdaq rules; committees are 100% independent.
- Committee roles: Audit Committee Chair; designated Audit Committee Financial Expert (†). Audit held 12 meetings in 2024; the full Board met 11 times.
- Attendance: All current directors attended at least 75% of Board and committee meetings in 2024; all directors attended the 2024 Annual Meeting.
- Audit Committee remit includes oversight of financial statements, internal audit, external auditor, capital management, earnings/guidance/cybersecurity disclosures, and compliance; coordinates with Risk Oversight Committee.
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Audit | Chair; Audit Committee Financial Expert (†) | 12 | Reviews financial reporting integrity, internal audit performance, auditor qualifications/independence, capital management, public disclosures (incl. cybersecurity incidents), compliance; coordinates with ROC. |
| Full Board | Director (Independent) | 11 | Regular executive sessions of independent directors. |
Fixed Compensation (Director)
| Year | Fees Earned (Cash) | Stock Awards (RSAs) | All Other Compensation | Total |
|---|---|---|---|---|
| 2024 | $86,250 | $346,158 | $0 | $432,408 |
- Director pay structure (2024): $60,000 annual cash retainer; approx. $235,000 annual RSAs (one-year vest); chair and committee fees (Audit Chair $30,000; Audit member $15,000; Comp Chair $25,000; NCGC Chair $15,000; ROC Chair $20,000; committee member fees typically $10,000). No meeting fees.
- 2025 updates: Board Chair fee increased to $200,000; NCGC Chair fee to $20,000; Compensation Committee member fees to $15,000.
Grant details (2024):
| Grant Date | Shares Granted | Grant Date Fair Value | Vesting |
|---|---|---|---|
| Jan 17, 2024 | 1,317 RSAs | $106,519 | Full vest at first anniversary if serving; accelerated vest if term ends and still serving at end of term. |
| Aug 1, 2024 | 3,066 RSAs | $239,639 (standard for non-employee directors then serving) | Full vest at first anniversary if serving; accelerated vest on end of term if not standing for re-election and serving at end of term. |
Performance Compensation
- Not applicable to directors: Blackbaud’s non-employee directors receive time-based RSAs; no PRSUs, options or performance-tied equity for directors were granted in 2024.
Other Directorships & Interlocks
| Company | Role | Committee Roles | Status |
|---|---|---|---|
| Public company boards | None | — | None disclosed. |
| PTC, Inc. | EVP & CFO | — | External executive role; BLKB Board affirmed independence; no related-party transactions >$120,000 since Jan 1, 2024. |
Expertise & Qualifications
- Financial oversight: Audit Chair; Audit Committee Financial Expert designation (†) indicates deep accounting/finance expertise suitable for audit oversight.
- Enterprise software leadership: Senior finance roles across SaaS/data integrity, tax compliance, and industrial/manufacturing software.
- Capital markets and IR: Prior VP Investor Relations & Corporate Communications at PTC.
- Education: MS in Management (Boston University); BA in Psychology (Allegheny College).
Equity Ownership
| Metric | Value |
|---|---|
| Shares/RSAs owned (12/31/2024) | 4,383 |
| Beneficial ownership % | Less than 1% |
| Director stock ownership guideline status | Not required yet (<3 years), but achieved ~3x the three-year $100,000 requirement (value $323,991 at $73.92/share) |
| Prohibitions | Directors may not hedge or pledge company stock; insider trading policy in place. |
Governance Assessment
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Strengths
- Independent director with CFO-level financial acumen; Audit Chair and designated financial expert—supports robust financial reporting and disclosure oversight.
- Strong alignment via director ownership guidelines; early attainment at ~3x the three-year requirement and meaningful share ownership.
- Board governance practices: majority independent board, 100% independent committees, regular executive sessions, anti-hedging/anti-pledging, clawback policies for executives, and prohibition on option repricing without shareholder approval.
- Attendance indicators: all current directors met at least 75% attendance; Audit held 12 meetings in 2024, signaling active oversight.
-
Potential risks/monitoring points
- External role as PTC CFO: time and industry network exposure merit ongoing monitoring for any emerging conflicts or related-party matters; Board affirmed independence and disclosed no related-party transactions in 2024.
- Concentrated role as Audit Chair places individual influence on financial oversight; mitigated by committee structure (multiple financial experts).
-
Red flags
- None disclosed: No related-party transactions >$120,000; no hedging/pledging permitted; no director-specific tax gross-ups or perquisites disclosed; committees fully independent.