Gaurav Anand
CoupangAbout Gaurav Anand
Gaurav Anand, 49, has served as Coupang’s Chief Financial Officer since December 2020; prior roles at Coupang include Chief Operating Officer (2019–2020), Chief of Staff to the CEO (2017–2018), and CFO of Global eCommerce (2017). Before Coupang, he was VP of Finance at Myntra (a Flipkart subsidiary) from 2014–2016 and held multiple finance roles at Amazon across North America Retail, International Retail, AWS, and Payments (2007–2014). Education not disclosed in the proxy. His tenure spans material profitability swings and stock performance volatility; net income moved from a $1.54B loss in 2021 to $66M profit in 2024, while an initial $100 invested at IPO translated to $44.63 by 2024 for CPNG versus $152.10 for the peer index.
Coupang performance context during Anand’s tenure:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Net Income (Loss) ($) | $(1,542,590,000) | $(92,042,000) | $1,360,000,000 | $66,000,000 |
| TSR – Value of Initial $100 Investment | $59.65 | $29.87 | $32.87 | $44.63 |
| Peer Group TSR – Value of Initial $100 | $122.09 | $80.23 | $114.25 | $152.10 |
Revenue and EBITDA trend:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | [value]* | [value]* | [value]* | [value]* |
| EBITDA ($) | [value]* | [value]* | [value]* | [value]* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coupang | Chief Financial Officer | Dec 2020–Present | Led finance through swings in profitability and capital allocation; tenure covers Farfetch asset acquisition structure via Surpique LP and equity financing events disclosed at board level. |
| Coupang | Chief Operating Officer | 2019–2020 | Oversight of operations during scale-up; predecessor role to CFO offering deep operating-finance linkage. |
| Coupang | Chief of Staff to CEO | 2017–2018 | Strategy/execution support to CEO; cross-functional coordination. |
| Coupang | CFO, Global eCommerce | 2017 | Finance leadership over global eCommerce lines. |
| Myntra (Flipkart) | VP, Finance | 2014–2016 | Finance leadership at a scaled fashion e-commerce platform in India. |
| Amazon | Finance roles (NA Retail, Intl Retail, AWS, Payments) | 2007–2014 | Multi-division finance roles across high-growth, scaled tech businesses. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed for Mr. Anand in the executive officer biographies. |
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $420,000 | $420,000 | $420,000 |
| Cash Bonus/Retention ($) | $500,000 | $1,500,000 | $600,000 retention awarded Dec 2023, paid quarterly in 2024 |
| All Other Compensation ($) | $517,081 | $596,798 | $522,478 (incl. security/transport $286,664; housing/moving $93,921; education $81,269; insurance $26,981; tax gross-up $28,716) |
Notes:
- 2024/2023 “All Other” reflects expatriate assignment benefits (housing, education, transportation), executive benefits, and tax filing services; presence of tax gross-up is a governance flag for some investors.
Performance Compensation
Multi-year equity and incentive awards:
| Year | Instrument | Grant Date | Target/Granted | Performance Metric | Vesting | Accounting Grant Date FV ($) |
|---|---|---|---|---|---|---|
| 2024 | PSUs | 04/01/2024 | 480,490 shares | Company performance objective for FY2024; not a financial measure; details undisclosed; deemed probable at grant | 95,122 on 7/1/2025; 95,123 on 10/1/2025; 145,122 on 1/1/2026; 145,123 on 4/1/2026, subject to certification and service | $8,744,918 |
| 2022 | PSUs | 03/29/2022; 12/19/2022 | 255,037; 206,772 unearned at 12/31/2024 | Performance metrics with certification; vests in 2027 over four quarters post-certification | Four equal quarterly installments starting 3/1/2027, contingent on certification and service | Included in 2022 stock awards $8,231,663 |
| Prior | Options | 05/16/2019 | 3,000,000 total; 1,740,000 exercisable; 300,000 unexercisable (as of 12/31/2024) | Service-based | 40% vested by 12/31/2022; 150,000 vest each quarter thereafter | — |
Additional context:
- PSU performance objectives are not based on financial measures per the company’s grants table; specifics are undisclosed, which limits pay-for-performance transparency.
- The company ceased broad-based employee option grants post-IPO; Anand still holds legacy options at $1.98–$1.99 strike, deeply in-the-money versus $21.98 YE 2024 price, implying potential exercise-driven liquidity needs or tax events.
Equity Ownership & Alignment
Beneficial ownership and structure (as of March 31, 2025):
| Item | Details |
|---|---|
| Total Beneficial Ownership | 3,932,150 Class A shares (includes 1,712,150 directly; 150,000 via Gaurav Anand 2021 Trust; 2,070,000 options exercisable within 60 days) |
| Ownership % of Class A | <1% (“*” reported) |
| Shares Pledged | 679,000 Class A shares pledged as collateral (approval required under pledge policy) |
| Anti-Hedging Policy | Hedging transactions prohibited for officers/directors |
| Insider Trading Compliance | Section 16 reports timely for FY 2024 |
Vested vs. unvested/unearned awards at 12/31/2024:
| Category | Shares | Notes |
|---|---|---|
| RSUs – Unvested | 200,000 | 12/02/2020 grant; market value $4,396,000 at $21.98 YE price |
| PSUs – Unearned | 255,037 | 03/29/2022 grant (FY performance years through 2026); vests starting 2027 upon certification |
| PSUs – Unearned | 206,772 | 12/19/2022 grant; similar structure |
| PSUs – Unearned | 480,490 | 04/01/2024 grant; vests 2025–2026 upon certification |
| Options – Exercisable | 1,740,000 | 05/16/2019 grant at $1.99 strike |
| Options – Exercisable | 30,000 | 05/17/2018 grant at $1.98 strike |
| Options – Unexercisable | 300,000 | 05/16/2019 grant |
Upcoming vesting that can create near-term supply:
- 2024 PSU grant: 95,122 on 7/1/2025; 95,123 on 10/1/2025; 145,122 on 1/1/2026; 145,123 on 4/1/2026 (subject to certification/service).
Employment Terms
| Term | Key Provisions |
|---|---|
| Agreement/Term | Executive appointment agreement with base salary $420,000; two-year term with automatic one-year renewals; either party may terminate on 60 days’ notice (pay in lieu if company-initiated), immediate termination for cause. Eligible for short-/long-term incentives and health benefits. |
| Severance (Executive Severance Policy) | Tier 1 Executive. If terminated without cause (incl. death/incapacity) or resign for good reason within 12 months post-change in control: lump-sum amount equal to annual base salary (US-based or expat in Korea); COBRA premiums paid up to 12 months if US-based. Voluntary termination without good reason: payout equals average monthly salary over prior 3 months × years of service as “Executive” × 1 (value ex. 12/31/2024: $279,425). Release and covenants required. |
| Equity Acceleration | 2011 Plan: If awards assumed/replaced and terminated without cause or good reason within 12 months of transaction, 50% of then-unvested awards vest ($5,495,000 value at 12/31/2024); if not assumed, 100% vest ($10,990,000). 2021 Plan: If terminated without cause or good reason within 12 months post-change in control, 50% of then-unvested awards vest ($10,355,867 value at 12/31/2024). |
| Restrictive Covenants | Non-solicit (1 year) and non-disparagement; standard confidentiality and IP assignment. |
| Parachute Payments (280G) | Best-net cutback (pay full or reduce to avoid excise tax, whichever yields higher after-tax). |
| Assignment Benefits | International assignment letter provides allowances/reimbursements (housing, transportation, education, visa services, tax services). |
| Clawback | Dodd-Frank compliant clawback adopted Sept 2023; recovery of excess incentive-based comp for prior 3 years upon restatement; SOX 304 applicable to CEO/CFO in case of misconduct. |
Compensation Structure Analysis
- Heavy equity orientation with multi-year PSUs; 2024 saw a new $8.7M PSU grant with vesting concentrated in 2025–2026, increasing near-term vest-driven supply risk if shares are withheld/sold for taxes or liquidity.
- Retention incentives: $600,000 retention paid over 2024 indicates targeted retention posture for the CFO role; reliance on guaranteed cash vs. at-risk pay increased in 2024 versus 2023 without stock awards.
- Performance metric opacity: PSU goals are “not based on financial measures,” with specifics undisclosed; while deemed probable at grant under ASC 718, limited disclosure constrains external assessment of hurdle rigor.
- Tax gross-ups present in “All Other Compensation” are shareholder-unfriendly features, though amounts for Anand are modest ($28,716 in 2024).
Compensation Peer Group (2024)
Peer set used for market context included scaled tech/platform names such as Airbnb, DoorDash, Shopify, Sea, MercadoLibre, Uber, Salesforce, ServiceNow, Workday, among others; committee emphasized competitiveness but did not target specific percentile levels.
Vesting Schedules and Potential Selling Pressure
| Award | Vesting Cadence | Dates/Amounts |
|---|---|---|
| 2024 PSUs (480,490) | Quarterly 2025–2026, subject to certification and service | 95,122 (7/1/2025); 95,123 (10/1/2025); 145,122 (1/1/2026); 145,123 (4/1/2026) |
| 2022 PSUs (03/29/2022: 255,037; 12/19/2022: 206,772) | Post-certification, quarterly in 2027 | Four installments starting 3/1/2027 (subject to certification/service) |
| 2019 Options (3.0M @ $1.99) | 40% vested by 12/31/2022; 150,000 each subsequent quarter | 1,740,000 exercisable; 300,000 unexercisable at 12/31/2024; in-the-money vs. $21.98 YE price |
Other pressure indicators:
- 679,000 pledged shares could amplify forced-sale risk under adverse personal liquidity scenarios.
Equity Ownership & Alignment Details (Snapshot)
| Item | Amount |
|---|---|
| Direct Class A shares | 1,712,150 |
| Trust (Gaurav Anand 2021 Trust) | 150,000 |
| Options exercisable within 60 days | 2,070,000 |
| Total beneficial Class A | 3,932,150 |
| Class A ownership % | <1% |
| Shares pledged | 679,000 |
| Anti-hedging policy | Hedging prohibited |
Performance & Track Record
- Profitability progression under tenure: Net income improved from $(1.54)B (2021) to $66M (2024), albeit with a large non-linear 2023 profit; underscores execution amid operating leverage and market dynamics.
- Shareholder return: From IPO, investment value declined to $44.63 by 2024 vs. $152.10 for the peer index, indicating underperformance vs. category peers over the period.
- Strategic events during period: Farfetch assets acquired via Surpique LP in 2024–2025 with subsequent buyout of Greenoaks’ minority interest; CFO tenure covered these transactions (board-level related-party disclosures).
Risk Indicators & Red Flags
- Pledging: 679,000 shares pledged as collateral (requires prior committee approval); increases downside event risk.
- Tax gross-ups: Present (e.g., $28,716 in 2024) though not large; governance-sensitive.
- Performance metric opacity for PSUs: “Not based on financial measures,” details undisclosed; complicates external pay-performance evaluation.
- Clawback policy: In place and NYSE-compliant, positive for governance.
- Section 16 compliance: No delinquencies noted for 2024.
Say-on-Pay & Shareholder Feedback
- Advisory vote on NEO compensation scheduled annually; 2025 proposal included, but voting outcomes for 2024 not provided in this proxy section.
Employment Terms Summary (Severance/CoC)
| Element | Provision |
|---|---|
| Base salary | $420,000 (subject to periodic review) |
| Severance (no-cause / good reason within 12 months post-CoC) | One times base salary; COBRA premiums up to 12 months if US-based; release/covenants required (Tier 1) |
| Equity acceleration – CoC | 2021 Plan: 50% of then-unvested awards if terminated without cause or good reason within 12 months post-CoC; 2011 Plan: 50% if assumed and terminated; 100% if not assumed |
| Covenants | Non-solicit (1 year), non-disparagement, confidentiality/IP assignment |
| 280G | Best-net cutback |
Investment Implications
- Alignment: Significant unearned PSUs (2025–2027) tie realized pay to equity performance and service; however, undisclosed, non-financial PSU metrics reduce transparency on hurdle rigor. Near-term PSU vesting in 2H25–1H26 could add episodic selling pressure.
- Liquidity overhang: Legacy in-the-money options (~$2 strike) and 679k pledged shares create potential supply and forced-sale risk in adverse scenarios. YE 2024 price $21.98 highlights deep ITM status.
- Retention vs. risk: The $600k 2024 retention payout and robust severance/CoC protections mitigate retention risk; clawback policy provides recourse on restatements.
- Performance context: Profitability has improved materially since 2021, but TSR underperformed the peer index since IPO; monitoring capital allocation and integration outcomes (e.g., Farfetch assets) under Anand’s financial leadership remains key to thesis.