Eric Wei
About Eric Wei
Eric Wei, age 49, has served on CCC Intelligent Solutions’ board since July 30, 2021 and is the Presiding Director and a Class III director with a term expiring in fiscal year 2027. He is a Partner at Advent International (since 2011), previously a Principal at Sageview Capital (2008–2011) and Vice President at Bain Capital (2005–2008). He holds a BA in Economics from Stanford University and an MBA from The Wharton School (University of Pennsylvania) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Advent International, L.P. | Partner | 2011–present | Private equity leadership; investor designation to CCC board via Shareholder Rights Agreement |
| Sageview Capital | Principal | 2008–2011 | Growth equity investment experience |
| Bain Capital | Vice President | 2005–2008 | Private equity investment and operations |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Tekion S.A. | Director | Not disclosed | Board service |
| Conservice, LLC | Director | Not disclosed | Board service |
| Zenoti | Director | Not disclosed | Board service |
| FinancialForce | Director | Not disclosed | Board service |
| Assembly | Director | Not disclosed | Board service |
Board Governance
- Roles: Presiding Director; Chair, Nominating & Corporate Governance Committee (NCGC); Member, Human Capital & Compensation Committee (HCCC) .
- Committee independence: All members of NCGC and HCCC qualify as independent under Nasdaq/SEC rules .
- Attendance: In FY2024 the Board met 8 times; Audit 7; NCGC 3; HCCC 5. Each director other than Christopher Egan attended at least 75% of aggregate Board and committee meetings during their tenure (Wei met the ≥75% threshold) .
- Board structure: Combined Chair/CEO; independent leadership provided by Presiding Director (Wei) when appropriate .
| Committee | Members | Wei’s Role | Independence Statement |
|---|---|---|---|
| NCGC | Eric Wei*, Teri Williams, Lauren Young | Chair | Members qualify as independent (Nasdaq/SEC) |
| HCCC | Eileen Schloss*, William Ingram, Eric Wei | Member | Members qualify as independent (Nasdaq/SEC) |
| Audit | William Ingram*, Neil de Crescenzo, Teri Williams | Not a member | Members qualify as independent and financially literate |
| Board Meetings (FY2024) | 8 meetings | Attended ≥75% (aggregate) | Directors expected to attend annual meeting and meetings |
Fixed Compensation
- Policy: $15,000 quarterly cash retainer; $250,000 annual RSU for Board service; $25,000 RSU for committee chairs; however, directors employed by CCC or by the “Advent Investor” (or its affiliates) receive no director compensation .
- Eric Wei (Advent-affiliated): $0 cash; $0 equity for 2024 under the policy .
| Component | Policy Value | Eric Wei (2024) |
|---|---|---|
| Cash Retainer (Quarterly) | $15,000 | $0 (Advent-affiliated; no compensation) |
| Annual RSU Grant (Board Service) | $250,000 grant date fair value | $0 |
| Committee Chair RSU | $25,000 grant date fair value | $0 (policy excludes Advent-affiliated) |
| Meeting Fees | Not disclosed | Not disclosed |
Performance Compensation
- Not applicable: CCC does not use performance-based compensation for non-employee directors; Wei receives no director pay due to Advent affiliation .
| Metric | Weighting | Threshold | Target | Maximum | Applicability to Eric Wei |
|---|---|---|---|---|---|
| None (Director compensation) | N/A | N/A | N/A | N/A | Not applicable; no director pay |
Other Directorships & Interlocks
- Advent Investor designation rights: Advent Investor can designate up to six directors (with independence minima that step down as ownership declines) and, so long as at least one Advent-nominated director serves, Advent has the right to have at least one such director on each Board committee. Advent nominated Eric Wei (and others). Advent also has demand/shelf/piggyback registration rights .
- Share repurchase from Advent: On March 3, 2025, CCC indirectly repurchased 7 million shares from Advent at $10.325 per share (~$72.3M); terms were reviewed and approved by the Audit Committee composed of independent, disinterested directors .
| Party | Relationship | Key Terms |
|---|---|---|
| Advent Investor | 5%+ stockholder; board/committee designation rights | Up to six director designees; at least one designee on each committee while an Advent nominee serves |
| Advent share repurchase (Mar 3, 2025) | Transaction with related 5%+ holder | 7M shares at $10.325; ~$72.3M; Audit Committee approved |
Expertise & Qualifications
- Finance, technology, and fintech investment/board experience through Advent/Sageview/Bain and portfolio boards (Tekion, Conservice, Zenoti, FinancialForce, Assembly) .
- Academic credentials: BA Economics (Stanford); MBA (Wharton) .
Equity Ownership
- Beneficial ownership (as of April 1, 2025): No shares reported for Eric Wei personally in the beneficial ownership table; Advent affiliates collectively own 97,342,526 shares (14.77%) .
- Stock ownership guidelines: Non-employee directors must hold shares equal to 3x annual cash fees within five years; only shares held outright count .
- Hedging/pledging: Prohibited without pre-approval by the Chief Legal Officer; pledging and margin accounts prohibited without pre-approval .
| Holder | Shares | % Outstanding |
|---|---|---|
| Eric Wei | — (none reported) | — (none reported) |
| Advent affiliates (5% holder group) | 97,342,526 | 14.77% |
Governance Assessment
-
Strengths:
- Independent committee leadership and membership: Wei chairs NCGC and serves on HCCC; committees are fully independent under Nasdaq/SEC standards .
- Presiding Director role provides independent counterbalance to combined Chair/CEO structure .
- Strong governance controls: clawback policy aligned with Nasdaq Rule 5608/Section 10D; anti-hedging and anti-pledging controls; related-party transactions require Audit Committee approval .
- Attendance: Wei met ≥75% aggregate meeting attendance in 2024 alongside a busy committee schedule .
-
Risks and potential conflicts (RED FLAGS):
- Advent Investor influence: formal rights to designate directors and maintain presence on every committee while an Advent nominee serves; Wei is Advent-affiliated and chairs NCGC, creating perceived conflict risk for nominations/governance oversight .
- Alignment concerns: Wei receives no director cash/equity compensation and has no personal beneficial ownership reported; alignment may flow through Advent’s ownership rather than direct personal “skin in the game” .
- Shareholder sentiment: 2024 say‑on‑pay passed with ~68% approval, below typical large-cap averages, signaling investor scrutiny of compensation/governance; CCC engaged top holders for feedback .
- Related-party dynamics: 2025 repurchase of 7M shares from Advent is material; although Audit Committee approved, recurring transactions with a controlling holder require continued robust oversight .
-
Compensation committee practices:
- Uses independent consultant (Alpine Rewards) and maintains stock ownership guidelines, risk assessment, and pay-for-performance culture; no single‑trigger change‑in‑control vesting; clawback in place .
-
Independence and interlocks:
- HCCC/NCGC certify independence; no compensation committee interlocks with CCC executives during FY2024 .
Overall: Wei brings deep investor/operator perspective and provides independent leadership as Presiding Director, but Advent’s structural rights and his chairmanship of the NCGC present meaningful perceived conflicts. Lack of personal share ownership and zero director compensation reduce direct individual alignment; continued rigorous Audit/NCGC processes and transparent shareholder engagement are critical mitigants .