Jeffrey Sullivan
About Jeffrey Sullivan
Jeffrey Sullivan is Chief Technology Officer at Consensus Cloud Solutions (CCSI) and has served in this role since October 2021; he is 60 years old, with an M.A. in Artificial Intelligence (University of Pittsburgh) and a B.S. in Psychology and Computer Science (Indiana University of Pennsylvania) . His compensation is tied to company performance through the Performance Incentive Compensation (PIC) plan (metrics: Organic Revenue, Non-GAAP Net Income) and long-term equity with stock-price hurdles, aligning pay with growth and shareholder value; the company highlights Organic Revenue, Net Income, and Share Price as its most important financial performance measures . In 2024, CCSI achieved 101.53% of Organic Revenue target (payout 133.82%) and 108.48% of Non-GAAP Net Income target (payout 184.76%), supporting above-target annual bonuses for NEOs, including Sullivan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Consensus Cloud Solutions | Chief Technology Officer | Oct 2021 – Present | Leads technology for core cloud communications/health IT platform . |
| J2 Global Inc. (Cloud Fax) | Chief Technology Officer | Feb 2019 – Oct 2021 | Oversaw technology for Cloud Fax business that became part of CCSI . |
| Internet Brands (Demandforce; Health segment) | CTO, Demandforce; VP Technology, Health segment | 2016 – 2019 | Led technology for Demandforce and the Health market segment at Internet Brands . |
| Minute Menu Systems | Chief Technology Officer; Director | 2010 – 2016 (CTO); 2013 – 2016 (Director) | CTO and board-level governance for software provider . |
| Think Financial | Chief Information Officer | 2007 – 2009 | Enterprise IT leadership . |
| LoanWeb.com / iHomeowners, Inc. | CTO, then COO | 2000 – 2007 | Scaled operations at an INC 500 company . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Minute Menu Systems | Board Director | 2013 – 2016 | Board service alongside CTO role . |
| Publishing (Technology/Creative) | Professional writer | Various | 200+ published magazine articles and book chapters . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 350,000 | 375,000 | 375,000 |
| Non-Equity Incentive Plan Compensation ($) | 46,515 | 101,599 | 377,506 |
| Stock Awards ($) | 872,475 | 973,700 | 1,626,923 |
| All Other Compensation ($) | 8,001 | 16,676 | 18,010 |
| Total ($) | 1,276,991 | 1,466,975 | 2,397,439 |
- 2024 target annual cash bonus (PIC) for Sullivan: $250,000; maximum $500,000 (grant dated Dec 6, 2024) .
- 2023 target annual cash bonus (PIC) for Sullivan: $225,000; maximum $450,000 .
- Initial arrangement upon spin: base $350,000; target annual bonus $210,000; one-time retroactive payment $7,837 (Dec 2021) .
Performance Compensation
Annual Cash Incentive (PIC) – 2024 Design and Outcomes
| Metric | Weighting | Target | Actual/Achievement | Payout | Notes |
|---|---|---|---|---|---|
| Organic Revenue | 33% | $345,088,000 | 101.53% | 133.82% | Payout ramps 95–104% to 200% at 104% . |
| Non-GAAP Net Income | 67% | $100,621,000 | 108.48% | 184.76% | Payout 0% <90%, linear to 200% by 110% . |
Long-Term Equity Awards and Vesting Terms
| Year | Award Type | Grant Date | Units (if disclosed) | Grant Date Fair Value ($) | Vesting / Performance Conditions |
|---|---|---|---|---|---|
| 2024 | RSU | Dec 6, 2024 | 32,947 | 824,993 | 25% at 1-year; then 1/8 every 6 months, continued service . |
| 2024 | PSU | Dec 6, 2024 | — | 801,930 | Four tranches vest at stock price hurdles $26.29, $27.61, $28.99, $30.44; each requires ≥20 trading days in any 30-day period; no vesting before 1-year anniversary . |
| 2023 | RSU | Dec 7, 2023 | 20,000 | 500,000 | 25% at 1-year; then 1/8 every 6 months, continued service . |
| 2023 | PSU | Dec 7, 2023 | — | 601,100 (max); threshold $134,400 | Four tranches vest at price hurdles $26.88, $28.89, $31.06, $33.39; ≥20 trading days in any 30-day period; no vesting before 1-year anniversary . |
- None of the NEOs have stock options outstanding; equity is in RSUs/PSUs only .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 21,798 shares; plus 4,639 RSUs vesting within 60 days of April 16, 2025; ownership <1% of outstanding (19,540,937 shares) . |
| Unvested RSUs (12/31/2024) | 54,839 units; market value $1,308,459 at $23.86/share (12/31/2024 close) . |
| Unearned PSUs (12/31/2024) | 67,304 units; presented payout value $1,605,873; no PSUs had met price targets by year-end 2024 . |
| 2024 Vested Shares | 10,739 shares acquired on vesting; value realized $242,246 . |
| Hedging/Pledging | Company policy prohibits hedging, holding in margin accounts, and pledging of company securities . |
| Stock Ownership Guidelines | Not disclosed in the cited materials . |
Employment Terms
- Change-in-Control: All RSU/PSU restrictions lapse in full only if substantially identical replacement awards and a comparable position are not offered by the acquirer; otherwise awards continue (i.e., assumption/rollover prevents automatic acceleration) .
- Retirement/Death/Disability: Upon qualifying Retirement (65+ years of age, ≥3 years’ service, 6 months’ notice, award 6 months old), death, or disability: RSUs vest in full; PSUs retain eligibility to meet stock-price hurdles for 36 months post-termination (no vesting before 1-year from grant) .
- Severance: The company has not entered into change-of-control or cash severance arrangements with NEOs beyond the equity provisions above; as of Dec 31, 2024, none of the NEOs were eligible for Retirement .
- Role Start Date: CTO since October 2021 .
Compensation Structure Notes (Benchmarking and Governance)
- The Compensation Committee engaged FW Cook for competitive benchmarking and peer group analysis; 2024 peer group included Box, Commvault Systems, Evolent Health, HealthStream, Omnicell, OneSpan, Phreesia, Progress Software, SecureWorks, Verint Systems, Yext (and others) .
- Key performance measures used to link compensation actually paid to performance: Organic Revenue, Net Income, and Share Price .
- Compensation Committee chaired by Stephen Ross (independent director) .
Investment Implications
- Pay-for-performance alignment: 2024 PIC outcomes were above target for both Organic Revenue (101.53% achievement; 133.82% payout) and Non-GAAP Net Income (108.48%; 184.76% payout), indicating cash bonus sensitivity to operational execution .
- Equity leverage and selling pressure: Sullivan holds significant unvested RSUs (54,839) and unearned PSUs (67,304); 2024 RSUs begin vesting Dec 6, 2025 and PSUs vest only upon stock-price hurdles, which can concentrate vesting-driven liquidity events around hurdle achievements and scheduled RSU vest dates .
- Alignment safeguards and risk: Strict prohibition on hedging/pledging reduces misalignment/leveraging risks; lack of broad-based cash severance or single-trigger acceleration (when awards are assumed) lowers change-in-control windfall risk but may modestly elevate retention risk versus peers that offer severance .
- Ownership and options: Beneficial ownership is <1% and there are no options outstanding, limiting option-related repricing risk; realized vesting value was modest in 2024 ($242,246), suggesting limited near-term selling pressure beyond tax withholdings .