James Laufman
Chief Legal Officer and Secretary at CRDO
Executive
About James Laufman
James Laufman, age 60, is Chief Legal Officer and Secretary at Credo Technology Group, appointed August 19, 2024. He previously served as CLO/Corporate Secretary at Automation Anywhere (2018–2024), SVP/General Counsel/Corporate Secretary at Infinera (2014–2018), VP/General Counsel at Marvell Semiconductor (2008–2014), and VP/General Counsel/Secretary at Integrated Device Technology (1999–2008). He holds a B.S. in Business Administration (California State University, Chico) and a J.D. (Santa Clara University School of Law) . During fiscal 2025, Credo delivered 126.3% YoY revenue growth to $436.8M and 284% YoY GAAP net income growth to $52.2M, while cumulative TSR (from Jan 27, 2022 to May 3, 2025) reflected a $414.25 value of an initial $100 investment, compared with $135.54 for the peer index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Automation Anywhere, Inc. | Chief Legal Officer and Corporate Secretary | 2018–2024 | Executive legal and corporate secretary leadership (role as disclosed) |
| Infinera Corporation | SVP, General Counsel and Corporate Secretary | 2014–2018 | Executive legal and corporate secretary leadership (role as disclosed) |
| Marvell Semiconductor | Vice President, General Counsel | 2008–2014 | Executive legal leadership (role as disclosed) |
| Integrated Device Technology, Inc. | Vice President, General Counsel and Secretary | 1999–2008 | Executive legal and corporate secretary leadership (role as disclosed) |
| Rohm Corporation (U.S. operations) | General Counsel | — | Senior legal leadership (dates not disclosed) |
| Berliner Cohen; Popelka Allard | Associate Attorney (business/commercial litigation) | — | Litigation experience (dates not disclosed) |
External Roles
No external directorships or outside public-company board roles are disclosed for Mr. Laufman in the latest proxy statement .
Fixed Compensation
| Fiscal Year | Base Salary Approved | Salary Paid | Target Bonus % | Actual Bonus Paid |
|---|---|---|---|---|
| FY2025 | $400,000 effective Aug 19, 2024 | $284,615 | 50% of base salary | $262,500 (prorated) |
Performance Compensation
| Component | Weighting | Metrics | Threshold | Target | Maximum | Actual Achievement | Payout vs Target |
|---|---|---|---|---|---|---|---|
| Company-level (H1 FY2025) | 75% (plan weight) | Sum of revenue growth and non-GAAP net income growth vs prior-year period | 20.5% | 40% | 60% | 81% (66% revenue, 15% non-GAAP NI) | 50% of annualized target (H1 cap) |
| Company-level (Full FY2025) | 75% (plan weight) | Sum of revenue growth and non-GAAP net income growth vs prior year | 20.5% | 40% | 60% | 156% (126% revenue, 30% non-GAAP NI) | 150% of annualized target |
| Individual Performance | 25% | Strategic/operational objectives | — | 100% | 100% | Achieved at target | 100% |
| Aggregate Bonus Outcome | — | — | — | — | — | Combined achievements per plan | 175% of target (prorated for tenure) → $262,500 |
Notes:
- Annual bonus design and thresholds/targets per FY2025 plan .
- Actual H1/FY outcomes and payout mechanics per proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 24,663 shares; less than 1% of outstanding |
| Of which: RSUs vesting within 60 days of 7/31/2025 | 18,750 shares |
| Shares outstanding reference (for table %) | 172,914,100 shares (as of 7/31/2025) |
| Unvested RSUs outstanding at 5/3/2025 | 262,500 RSUs; market value $12,668,250 at $48.26/share |
| Hedging/Pledging | Prohibited (no hedging; no pledging; no margin) |
| Stock ownership guidelines | Executives must hold ≥1x base salary in stock within 4 years of appointment |
Recent equity vesting and realizations:
- FY2025 shares acquired on vesting: 67,500; value realized $3,038,775 (gross) .
FY2025 equity grants to Mr. Laufman:
| Grant Date | Instrument | Shares | Vesting | Grant Date Fair Value |
|---|---|---|---|---|
| 8/30/2024 | RSU | 330,000 | 300,000 RSUs vest quarterly over 4 years from 8/19/2024; 30,000 RSUs fully vested ~1 month after start date | $11,520,300 |
Employment Terms
| Term | Detail |
|---|---|
| Role and start date | Chief Legal Officer and Secretary; August 19, 2024 |
| Employment agreement | None; the company has no employment agreements with NEOs |
| Restrictive covenants | Proprietary Information and Inventions Agreement with 12-month post-termination non-solicit of employees, customers, vendors, suppliers, distributors |
| Change-in-control severance (CIC Plan effective 12/3/2024) | If terminated without cause/for good reason within 3 months before to 12 months after a change in control: lump sum cash = 1.0x (base salary + target bonus); lump sum COBRA = 12 months of company cost; full acceleration of unvested equity (performance awards at target); earned but unpaid prior-period bonus; double-trigger required; no excise tax gross-up (best-net cutback) |
| Estimated CIC severance economics (if triggered on 5/3/2025) | Severance $550,000; COBRA $32,026; equity vesting $12,668,250; total $13,250,276 |
| Clawback policy | Adopted Nov 2023; recovers incentive-based comp upon financial restatement over prior 3 fiscal years (Nasdaq-compliant) |
| Insider trading policy | Prohibits hedging, pledging, and margin use; standard blackout/compliance provisions |
| Corporate secretary/proxy function | Named as proxy holder for shareholder voting at AGM (with CFO) |
Compensation Structure Observations
- New-hire equity for Laufman is 100% time-based RSUs (no PSUs), whereas FY2025 refresh grants for other NEOs were 100% PSUs with revenue-based performance and multi-year vesting, indicating his package is primarily retention/time-based versus performance-levered equity .
- FY2025 annual bonus paid at 175% of target (prorated for tenure), driven by outsized company performance on revenue and non-GAAP net income growth metrics and target-level individual performance .
- Governance features mitigate risk and align incentives: double-trigger CIC vesting, no tax gross-ups, stock ownership guidelines (≥1x salary), and anti-hedging/pledging prohibitions .
Investment Implications
- Retention and supply dynamics: He holds significant unvested RSUs (262,500 as of 5/3/2025) with quarterly vesting cadence, implying steady equity issuance that can create periodic supply; near-term vesting included 18,750 RSUs within 60 days of 7/31/2025 and 67,500 shares vested in FY2025 .
- Alignment vs. performance leverage: Time-based RSUs create retention alignment; however, unlike peers granted PSUs in FY2025, his equity lacks explicit performance hurdles, modestly reducing performance sensitivity relative to other NEOs .
- CIC economics and risk: A change-in-control followed by a qualifying termination would accelerate all unvested equity at target and pay 1.0x cash severance plus 12 months COBRA, totaling ~$13.25M in the scenario analyzed as of 5/3/2025; structure is double-trigger and without excise tax gross-ups, limiting shareholder-unfriendly features .
- Pay-for-performance context: The FY2025 bonus structure and results tie cash payouts to revenue and profitability momentum; company performance surged (revenue +126.3% YoY; GAAP net income +284% YoY), and cumulative TSR materially outperformed the sector benchmark over the measured period, supporting pay outcomes .