William Billings
ChewyAbout William Billings
William Billings is Chewy’s Chief Accounting Officer (since August 12, 2024) and has served as Interim Principal Financial Officer since July 3, 2025; he is 49 and is a CPA with an MBA from Rice University and a BS in Accounting from Southern University A&M . He previously led controllership and accounting at GlobalFoundries, Coursera, Airbnb, World Fuel Services, GE, and McDermott, and sits on the boards of Knightscope, Inc. and Sucro Sourcing LLC . His tenure spans a period of improved company performance: FY2024 net sales rose 6.4% to $11.86B, adjusted EBITDA increased by $202.5M to $570.5M, net income was $392.7M, and Chewy’s FY2024 TSR was 147 (vs 100 base), with the STI program paying at 147% of target on company metrics (50% Net Sales growth, 50% Adjusted EBITDA margin) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| GlobalFoundries, Inc. | VP Finance & Chief Accounting Officer | Nov 2021 – Jul 2024 | Oversaw global finance and accounting operations |
| Coursera, Inc. | VP Accounting & Chief Accounting Officer | Aug 2021 – Nov 2021 | Not disclosed |
| Airbnb, Inc. | Global Corporate Controller | Jul 2019 – Aug 2021 | Not disclosed |
| World Fuel Services Corp. | VP Finance & Global Controller | Nov 2015 – Jul 2019 | Not disclosed |
| General Electric Company | Controllership roles | Nov 2013 – Oct 2015 | Not disclosed |
| McDermott International Ltd. | Controllership roles | Jun 2010 – Nov 2013 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Knightscope, Inc. (KSCP) | Director | Since Feb 2024 | Confirmed by Knightscope 10-K signatures in 2024 and 2025 |
| Sucro Sourcing LLC | Director | Since May 2024 | Private company board |
Fixed Compensation
| Component | Value | Source |
|---|---|---|
| Base Salary | $400,000 | Offer letter terms at appointment as CAO |
| Benefits | Eligible for Chewy benefit programs (medical, dental, vision); unlimited PTO (subject to company needs) | Offer letter |
Performance Compensation
Annual Short-Term Incentive (STI)
- Eligibility: Participates in Chewy’s Annual Short-Term Incentive Plan; target bonus 75% of eligible earnings (prorated in start year) . Company STI framework uses company-level metrics (Net Sales Growth and Adjusted EBITDA margin) .
- FY2024 Company Outcome (applies to NEOs; Billings’ individual payout not disclosed):
| Metric | Weighting | Target | Actual Achievement | Weighted Achievement | Vesting/Payment |
|---|---|---|---|---|---|
| Net Sales Growth | 50% | 100% | 94% | 47% | Annual cash; paid FY2025 |
| Adjusted EBITDA Margin | 50% | 100% | 200% | 100% | Annual cash; paid FY2025 |
| Total | 100% | — | — | 147% | Program structure |
Citations: Company STI metrics and weighting ; FY2024 achievement and 147% payout (company-level) .
Long-Term Equity Incentives (LTI)
- Equity is the primary at-risk component; Chewy typically grants RSUs (service-based) and PRSUs (performance-based) .
| Award | Grant Value / Basis | Vesting Schedule | Performance Metrics | Notes |
|---|---|---|---|---|
| New hire RSU grant | $1,100,000 grant-date value | 25% at 1st anniversary of vesting commencement date; 6.25% quarterly thereafter | N/A (service-based) | RSU count determined by average closing price during month of start |
| Additional RSU grant | $2,100,000 grant-date value | 47% on 1st anniversary; 31% on 2nd; 22% on 3rd | N/A (service-based) | Subject to Board approval |
| Annual equity (from FY2024 start) | Target award value = 275% of base salary | RSU (75% of award): 25% at next FY month-1 anniversary, then 6.25% quarterly; PRSU (25%): cliff at 3 years | PRSU: 3-year vest with a one-fiscal-year company performance measurement period (specific metrics not enumerated in offer) | Number of units based on 20-day average price pre-grant |
Program-level context (company-wide): For NEOs, PRSUs have been tied to Net Sales (50%), Adjusted EBITDA Margin (30%), and Free Cash Flow (20%), with 0–200% payout range; plan features a single-trigger service-condition acceleration for PRSUs upon change in control (per 2024 Plan disclosures) . Note: Billings’ specific PRSU metrics were not specified in his offer; they follow Board-approved award agreements substantially consistent with other officers .
Equity Ownership & Alignment
| Topic | Detail |
|---|---|
| Beneficial ownership | Not disclosed for Billings in the 2025 proxy security ownership table (table covers directors and NEOs; CAO not listed) . |
| Stock ownership guidelines | Executive officers (including NEOs) must hold aggregate value of company equity; guidelines: CEO 6x salary; CFO 3x; other Section 16 officers 3x; 5-year compliance window; 50% net retention until met . |
| Hedging/pledging | Insider Trading Policy prohibits short-term trading, short sales, derivative transactions, hedging, trading on margin or pledging, and standing/limit orders (except very limited duration) for employees, NEOs, and directors . |
| Clawback policy | Executive incentive-based compensation is subject to recoupment in the event of an accounting restatement per NYSE/SEC rules; STI and LTI include clawback provisions . |
| Change-in-control (plan-level) | For officers receiving PRSUs under the 2024 Plan, the service condition on PRSUs accelerates upon a change in control (single trigger), per proxy plan disclosures (illustrated for NEOs) . |
Employment Terms
| Term | Detail |
|---|---|
| Roles at Chewy | Chief Accounting Officer and Principal Accounting Officer effective Aug 12, 2024 ; Interim Principal Financial Officer appointed Jul 3, 2025 (continues as CAO/PAO) . |
| Start date | Expected August 12, 2024 . |
| Contract / severance | Offer letter summarized compensation and benefits; no severance or restrictive covenants disclosed in the appointment 8-K . |
| Bonus eligibility | STI target 75% of eligible earnings (start year prorated) . |
| Benefits | Eligible for Chewy benefits (medical/dental/vision) and unlimited PTO (subject to company needs) . |
| Compliance | As officer signing 10-Q/8-K certifications in September 2025, he is accountable for disclosure controls and SOX certifications . |
Performance & Track Record
| Indicator | Evidence |
|---|---|
| Leadership scope | Elevated responsibilities as Interim PFO while continuing as CAO/PAO (effective July 3, 2025) . |
| FY2024 operating performance context | Net sales $11.86B (+6.4% y/y), net income $392.7M, adjusted EBITDA $570.5M, free cash flow $452.5M; STI paid at 147% on company metrics . |
| TSR | FY2024 TSR (Chewy) 147 (base 100) per pay-versus-performance table . |
| Certifications and filings | Signed as Interim PFO/CAO on Q2 FY2026 10-Q certifications (SOX 302/906) and as company signatory on 8-K exhibits in Sep 2025 . |
Compensation Structure Analysis
- Mix and leverage:
- Cash: Modest base ($400k) with STI target 75% of earnings aligns variable pay to company-wide sales and margin performance .
- Equity: Significant front-loaded RSUs (new hire $1.1M; additional $2.1M) plus ongoing annual equity at 275% of salary, split 75% RSUs / 25% PRSUs, heavily aligning wealth with stock performance and retention via multi-year vesting .
- Vesting pressure:
- Large cliff tranches at first anniversary (25% of the $1.1M RSUs; 47% of the $2.1M additional RSUs) followed by quarterly vesting could create sizable liquidity events around anniversary dates, subject to trading windows and policy constraints .
- Governance safeguards:
- Robust clawback policy, stock ownership guidelines for executive officers, and prohibition on hedging/pledging promote alignment with long-term shareholders .
Investment Implications
- Pay-for-performance alignment is strong: substantial equity (including PRSUs) with multiyear vesting links Billings’ economics to stock performance and company financials; STI metrics emphasize both growth and profitability (Net Sales and Adjusted EBITDA Margin) .
- Retention dynamics: Significant first-anniversary vesting from new hire and additional RSUs creates near-term retention hooks but also upcoming vest-driven liquidity opportunities; hedging/pledging prohibitions and ownership guidelines mitigate misalignment risk .
- Execution lens: Serving concurrently as Interim PFO and CAO during a period of improved profitability and cash flow provides direct accountability for controls and reporting; continued delivery on margin and cash metrics remains pivotal to PRSU realizations and incentive payouts .
Items not disclosed: Billings’ current beneficial ownership (shares/vested vs unvested), severance/change-in-control economics specific to him, non-compete/non-solicit terms, and any personal pledging or related party transactions. These were not reported in the appointment 8-K or the 2025 proxy .