Emily Reuter
Chief Financial Officer and Treasurer at CART
Executive
About Emily Reuter
Emily Reuter is Chief Financial Officer and Treasurer of Maplebear Inc. (Instacart) since May 10, 2024, after joining as Vice President, Finance in January 2024; she is 41 years old and holds a B.A. in Political Science from Yale and an M.B.A. from Stanford GSB . Prior roles include finance leadership at Uber (VP, Head of Corporate Finance; CFO of Mobility; Head of Investor Relations) and VP of Operations at Color Health, bringing deep operating, finance and investor relations expertise to CART . Company performance in FY2024 under the current leadership included revenue of $3,378M (+11% YoY), adjusted EBITDA of $885M (+38% YoY), GAAP net income of $457M, and a 30-Day VWAP of $42.82 at year-end; cumulative TSR since listing translated to $122.91 on a $100 initial investment by 12/31/2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Uber Technologies, Inc. | VP, Head of Corporate Finance | Feb 2023–Nov 2023 | Led corporate finance for a global tech platform, enhancing capital allocation and planning . |
| Uber Technologies, Inc. | VP, CFO of Mobility (global rides segment) | May 2021–Jan 2023 | Drove segment financial management for Uber’s core business . |
| Uber Technologies, Inc. | Head of Investor Relations | Sep 2019–Nov 2020 | Built investor engagement and public markets communication pre/post IPO . |
| Color Health, Inc. | VP of Operations | Dec 2020–Mar 2021 | Operated detection and care management programs in healthcare . |
| Uber Technologies, Inc. | Various roles | May 2014–Nov 2020 | Multiple finance and leadership positions across the platform . |
| Maplebear Inc. (Instacart) | VP, Finance | Jan 2024–May 2024 | Led finance before promotion to CFO . |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $500,000 | Increased upon promotion to CFO effective May 10, 2024 . |
| Target Bonus % | Not disclosed | Company did not maintain a formal performance cash bonus plan for NEOs in 2024 . |
| Actual Bonus Paid | $100,000 | Sign-on bonus paid in connection with commencement of employment in Jan 2024 . |
| Perquisites | $13,939 | 401(k) match $13,800 and company-paid life insurance premiums . |
Performance Compensation
| Metric/Instrument | Weighting/Structure | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| RSU – New Hire (183,748 shares) | Time-based RSU | N/A (time vesting) | Grant date fair value $5,767,850 | 55.55% vests Feb 15, 2025; remainder in equal quarterly installments thereafter, subject to continued service . |
| RSU – Promotion (123,153 shares) | Time-based RSU | N/A (time vesting) | Grant date fair value $4,302,966 | Vests 1/8th each quarterly anniversary, subject to continued service . |
| Cash Bonus Plan | Not utilized | N/A | No annual cash bonus plan for NEOs in 2024 | N/A |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 77,289 shares; less than 1% of outstanding shares . |
| Vested vs Unvested | Unvested RSUs as of 12/31/2024: 183,748 (new hire), 92,365 (promotion); 2024 vesting: 30,788 shares . |
| Options (Exercisable/Unexercisable) | None disclosed for Reuter; no options shown outstanding as of 12/31/2024 . |
| Hedging/Pledging | Prohibited by Insider Trading Policy (short sales, derivatives, hedging, monetization, pledging) . |
| Ownership Guidelines | Executive stock ownership guidelines not disclosed; director guidelines and governance policies referenced . |
Employment Terms
| Provision | Economics/Terms |
|---|---|
| Severance Plan (general) | Upon involuntary termination: lump sum equal to 12 months base salary, COBRA premiums up to 12 months, and pro-rata acceleration of next-scheduled vest for time-based awards; double-trigger: 100% acceleration for time-based awards if termination occurs within 3 months pre- or 12 months post-change-in-control; death/disability: 100% acceleration of time-based awards; performance awards deemed at greater of target or actual performance unless otherwise specified . |
| Reuter-specific RSU acceleration | New hire RSU: if involuntary termination within first 12 months after Jan 3, 2024, 55.55% vests; if involuntary termination within first 12 months post change-in-control, 100% vests . |
| Clawbacks | SOX 304 reimbursement for CEO/CFO upon misconduct-related restatements; Dodd-Frank recoupment policy implemented (covers current/former executive officers; restatement recovery of excess incentive compensation received on/after Oct 2, 2023) . |
| Tax Gross-ups | No tax reimbursements or tax gross-ups on severance or change-in-control payments . |
| Non-compete/Non-solicit | Not disclosed. |
Performance & Track Record
| Measure | FY2023 | FY2024 |
|---|---|---|
| Total Shareholder Return – value of $100 investment | $69.64 | $122.91 |
| Peer Group TSR – value of $100 investment | $113.56 | $155.14 |
| Net Income (USD millions) | $(1,622) | $457 |
| 30-Day VWAP (USD) | $24.55 | $42.82 |
| Company Revenue (USD millions) | — | $3,378; +11% YoY |
| Adjusted EBITDA (USD millions) | — | $885; +38% YoY |
- CFO governance signals: Reuter executed SOX 302 and 906 certifications on Q2 and Q3 2025 10-Qs and signed earnings-related 8-Ks, evidencing control readiness and disclosure oversight .
Compensation Peer Group (Benchmarking)
- Peer companies used in FY2024 compensation decisions: Airbnb, Datadog, DoorDash, Dropbox, Etsy, GoDaddy, Lyft, Match Group, Peloton, Pinterest, Robinhood, Snap, Snowflake, Splunk, Uber, Zillow, Zoom Video Communications, X Corp. (formerly Twitter) .
Say-On-Pay & Shareholder Feedback
- 2024 say-on-pay approval: Over 99% of votes cast supported the compensation program .
- 2025 say-on-pay results: For 98,904,648; Against 80,342,478; Abstain 81,529; Broker Non-Votes 25,443,324 (majority of votes cast standard excludes abstentions and broker non-votes per proxy) .
Related Party Transactions and Red Flags
- Prohibitions: Hedging and pledging prohibited; recoupment policy in place; no tax gross-ups; compensation risk assessment found policies not reasonably likely to have a material adverse effect .
- No disclosed related party transactions involving Reuter; compensation committee independence noted (with historical employment of one member at CART pre-2019) .
Equity Vesting & Insider Selling Pressure
- Near-term vesting catalysts: 55.55% of Reuter’s new hire RSU vests on Feb 15, 2025, with remaining tranches vesting quarterly thereafter; promotion RSU vests 1/8th each quarter, creating recurring potential liquidity events; insider trading policy governs trading windows and prohibits hedging/pledging .
Investment Implications
- Pay-for-performance alignment: CFO pay emphasizes equity (time-based RSUs) with no formal cash bonus plan, aligning realizable compensation to share price and retention; strong governance via SOX/Dodd-Frank clawbacks and anti-hedging/pledging reduces misalignment risk .
- Retention and vest-driven supply: The large Feb 2025 cliff (55.55%) plus ongoing quarterly vesting could create periodic selling pressure; however, trading is constrained by windows and policy, and double-trigger CoC protections strengthen retention .
- Ownership “skin-in-the-game”: Beneficial ownership is <1% with meaningful unvested RSUs; absence of pledging mitigates leverage risk, but limited direct ownership may temper alignment compared to higher-ownership CFOs .
- Execution track record: FY2024 delivery of revenue growth (+11%) and sharply higher adjusted EBITDA (+38%) alongside improved GAAP profitability supports confidence in finance execution; TSR improved from $69.64 to $122.91 on $100 basis across 2023–2024, though still lagging peer group TSR, highlighting opportunity to close performance gap .