Tony Boor
BLACKBAUDAbout Tony Boor
Blackbaud executive since 2011, Tony Boor served as EVP & Chief Financial Officer for ~14 years and, effective April 30, 2025, transitioned to EVP of Corporate Development & Strategy while remaining on the executive leadership team . Under his finance leadership, Blackbaud advanced a recurring-revenue, cloud-first model; in 2024 the company delivered 4.5% total revenue growth to $1,155.5M, 97.7% recurring revenue, and a Rule of 40 (constant currency) of 38.6% . 2024 STI metrics were achieved near target, but payouts were discretionarily reduced for the CEO and Boor given TSR context and portfolio actions (EVERFI divestiture) . Boor’s background includes prior CFO of Brightpoint, CFO/CIO of Expo New Mexico, controller at Day Dream Publishing, and earlier CPA roles at EY and KPMG .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackbaud | EVP & CFO; transitioned to EVP, Corporate Development & Strategy (effective 4/30/25) | 2011–2025 (CFO); 2025– | Built and led finance organization; supports long-term strategy and value creation in new role |
| Brightpoint Inc. | Chief Financial Officer | Not disclosed | Senior finance leadership prior to Blackbaud; global mobile device lifecycle services context |
| Expo New Mexico | CFO and CIO | Not disclosed | Dual finance/IT leadership role |
| Day Dream Publishing | Controller | Not disclosed | Accounting leadership |
| Ernst & Young; KPMG | CPA (public accounting) | Not disclosed | Foundational audit/accounting experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or committee roles disclosed for Boor |
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base Salary | $518,598 | Base salary unchanged from 2023 |
| Target STI Opportunity | 75% of base salary | STI delivered in PRSUs; corporate metrics only |
| Perquisites/Other | 401(k) match $10,350; life/disability premiums $5,353; other $3,000; total $18,703 | Perks remain modest; no material perquisites |
Performance Compensation
2024 Short-term Incentive (STI) PRSUs
| Metric (50/50 weighting) | Threshold | Target | Maximum | 2024 Actual | Payout Factor |
|---|---|---|---|---|---|
| Non-GAAP Adjusted Recurring Revenue ($M) | $1,041.3 | $1,157.0 | $1,272.7 | $1,123.8 | ~91.4% |
| Non-GAAP Adjusted Income from Operations ($M) | $294.3 | $327.0 | $392.4 | $317.1 | ~90.8% |
| Mechanics | 50%–200% payout linearly between thresholds | ||||
| Committee Discretion | Final STI payout reduced from formulaic 91.1% to 50% for Boor (and CEO) given TSR and EVERFI sale |
| Boor’s 2024 STI PRSUs | Granted (units) | Earned (units) | Vesting |
|---|---|---|---|
| PRSUs (STI) | 4,803 | 2,402 | Vested Feb 22, 2025, employment-contingent |
Notes: STI is granted in equity (PRSUs); no cash non-equity incentive paid for 2024 .
2024 Long-term Incentive (LTI)
Structure: 50% time-based RSAs/RSUs; 50% PRSUs with two components: (1) One-year (Non-GAAP Adjusted Total Revenue and Gross Dollar Retention); (2) Three-year (Rule of 40 across 2024–2026), each measured on constant currency with explicit definitions .
| Boor’s 2024 LTI Grants (2/21/2024) | Shares Granted | 2024 Earned | Vesting |
|---|---|---|---|
| Time-based RSAs/RSUs | 24,580 | N/A | 3 equal annual installments starting 1st anniversary |
| PRSUs (One-year metrics) | 12,290 | 11,222 (91.3% of target) | Earned tranche vests over 3 years from grant date |
| PRSUs (Three-year Rule of 40) | 12,290 | 3,860 for 2024 tranche (94.2%) | Earned 2024 tranche vested Feb 21, 2025; 2025/26 TBD |
Key metric targets and 2024 results (for One-year PRSUs):
- Non-GAAP Adjusted Total Revenue target $1,183.0M; actual $1,150.1M (~97.2% target; ~91.6% payout factor)
- Gross Dollar Retention target 91.3%; actual 89.5% (~98.0% target; ~91.0% payout factor). Combined One-year PRSU payout = 91.3%
Prior multi-year awards (earned on 2024 performance):
| Grant Year | Metric (2024 period) | Target Payout | Actual Payout | Boor PRSUs Earned |
|---|---|---|---|---|
| 2023 PRSUs (3-yr plan) | Rule of 40 2024 | 100% | 135.5% | 5,904 (vs 4,357 target) |
| 2022 PRSUs (3-yr plan) | Rule of 40 2024 | 100% | 157.3% | 5,733 (vs 3,644 target) |
Grant-date fair values (SEC ASC 718) for 2024 awards (target/max):
| Award | Target $ | Max $ |
|---|---|---|
| STI PRSUs (2024) | $325,067 | $650,134 |
| LTI PRSUs (One-year) | $832,402 | $1,664,804 |
| LTI PRSUs (Three-year) | $832,402 | $1,664,804 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (4/14/2025) | 166,266 shares; <1% outstanding |
| Shares outstanding (record date) | 48,518,682 |
| Ownership as % outstanding | ~0.34% (166,266 / 48,518,682) |
| Executive stock ownership guideline | Officers: lesser of 2x salary or 20,000 shares; Boor owned 140,262 shares as of 12/31/2024 → 10x guideline |
| Hedging/pledging | Prohibited for directors and Section 16 officers |
| Options outstanding | Company does not grant options; none outstanding |
| 2024 vesting realized | 73,912 shares vested; value realized $5,481,019 |
| Insider sales | Reported sale of 1,106 shares on May 24, 2024 (Form 4 filed July 16, 2024) |
Vested vs. unvested snapshot (12/31/2024):
- Time-based RSAs/RSUs unvested: 24,580 (market value $1,816,954 at $73.92)
- One-year PRSUs earned (unvested installments): 11,222 ($829,530)
- Three-year PRSUs (2024 earned tranche): 3,860 ($285,331)
- Additional unearned PRSU targets for 2025–26 measurement periods: 8,193 units (target basis) ($605,627 at target disclosure convention)
Stock ownership guidelines compliance indicates strong “skin in the game.” Prohibitions on hedging/pledging reduce misalignment risk .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | At-will; includes 1-year non-compete and 1-year non-solicit of employees and customers; no stand-alone severance |
| Retention/change-in-control (CIC) | Double-trigger if terminated without cause or for good reason within 12 months post-CIC: 1.5x base salary; full vesting of equity (performance awards at 100% of target if period not completed); COBRA reimbursement up to 12 months; no 409A gross-up |
| CIC definition and 280G | CIC includes merger/sale/50%+ acquisition; parachute payments subject to 280G cutback to avoid excise tax unless net-after-tax is better without reduction |
| Death/disability | RSAs/RSUs fully vest; PRSUs vest pro rata at target (or actual if known) per grant agreements |
| Clawback | Dodd-Frank/Nasdaq-compliant clawback policy adopted Oct 2023; awards under 2016 Plan subject to clawback/forfeiture |
| Insider trading policy | Company policy filed and in effect; governance controls |
Quantified potential payouts (as of 12/31/2024, stock $73.92):
| Scenario | Base | Equity Acceleration | COBRA | Total |
|---|---|---|---|---|
| Termination upon CIC (Boor) | $777,867 (1.5x base) | $7,643,032 | $16,360 | $8,437,260 |
| Death/Disability (Boor) | — | $7,439,757 | — | $7,439,757 |
Compensation Structure Analysis
- Shift to equity-heavy, performance-based incentives: STI delivered in PRSUs; LTI at least 50% performance-based, with multi-year Rule of 40 goals; options not used (lower risk of windfall) .
- Performance alignment and discretion: 2024 STI outcomes near target on revenue and operating income, but committee cut payouts for CEO and Boor to 50% for TSR and portfolio reasons—shareholder-friendly pay-for-performance posture .
- Strong retention hooks: Multi-year PRSUs with staggered vesting; retirement provisions allow continued vesting under strict conditions; CIC double-trigger terms provide protection while avoiding single-trigger windfalls .
- Governance safeguards: Hedging/pledging bans; robust clawback; equity plan prohibits option repricing/exchange without shareholder approval .
Performance & Track Record
- 2024 business/performance highlights under Boor’s finance leadership: total revenue +4.5% to $1,155.5M, recurring revenue 97.7%, Rule of 40 (constant currency) 38.6%; repurchased ~10% of shares; completed EVERFI divestiture .
- Multi-year value metrics embedded in incentives: 2024 Rule of 40 performance yielded above-target vesting for 2023 and 2022 PRSU tranches (135.5% and 157.3%, respectively) .
- Pay vs performance: Company TSR value of $93.03 per $100 baseline in 2024 vs peer group $211.18, with committee referencing TSR in cutting STI payouts for top executives .
Equity Ownership & Alignment (Detailed Table)
| Measure | Value |
|---|---|
| Beneficial shares (4/14/2025) | 166,266 |
| Ownership % | ~0.34% (vs 48,518,682 shares outstanding) |
| Guideline requirement | Lesser of 2x salary in shares or 20,000 shares |
| Actual vs guideline (12/31/2024) | 140,262 shares; 10x guideline achieved |
| Pledging/Hedging | Prohibited |
| Option overhang | No options granted to executives in 2024; company not using options |
| 2024 vesting realized | 73,912 shares; $5,481,019 value |
| Insider sale (2024) | 1,106 shares sold on May 24, 2024 (Form 4 filed July 16, 2024) |
Employment Terms (Detailed Table)
| Provision | Boor Terms |
|---|---|
| At-will, restrictive covenants | 1-year non-compete and non-solicit; no fixed term; no ordinary-course severance |
| Double-trigger CIC severance | 1.5x base salary; full equity vesting (PRSUs at 100% target if not yet measured); up to 12 months COBRA; no 409A gross-up |
| CIC quantitative (12/31/2024) | Total $8.437M (base $0.778M; equity $7.643M; COBRA $0.016M) |
| Death/Disability vesting | RSAs/RSUs full vest; PRSUs pro-rata at target/actual when determinable |
| Clawback/policy framework | Company-wide clawback; insider trading policy in place |
Other Governance and Signals
- Say-on-Pay support ~95% in 2024, indicating shareholder approval of program design .
- Executive stock ownership guidelines fully met by all NEOs, including Boor .
- Prohibition on hedging/pledging and equity plan anti-repricing guardrails reduce governance risk .
Investment Implications
- Alignment: High equity ownership and stringent hedging/pledging bans indicate strong alignment; Boor exceeds ownership guidelines by 10x and retains significant unvested equity with multi-year performance linkage .
- Near-term supply/vesting: Significant 2025 vesting from STI (Feb 22, 2025) and LTI tranches (Feb 21, 2025) could create modest selling pressure; observed 2024 open-market sale was small (1,106 shares) relative to holdings/vestings .
- Pay-for-performance posture: Committee’s decision to reduce 2024 STI payout for CEO and Boor to 50% despite near-target results, given TSR and portfolio actions, is shareholder-friendly and suggests constrained windfalls in adverse markets .
- Retention risk: Boor remains on ELT as EVP Corporate Development & Strategy following CFO succession in April 2025, mitigating transition risk while leveraging his institutional knowledge for M&A/strategy execution .
- Change-in-control economics: Reasonable double-trigger multiple (1.5x base) plus full equity acceleration; 280G cutback further limits parachute risk—balanced retention without excessive payouts .