Job Lam
About Job Lam
Yat Tung (Job) Lam is Chief Operating Officer (since September 2014) and a Class I director of Credo Technology Group Holding Ltd.; age 59; B.S. Electrical Engineering (Oklahoma State University) and M.S. Electrical Engineering (University of Minnesota) . Under his operating tenure, Credo delivered FY2025 revenue of $436.8M (+126.3% YoY) with GAAP net income of $52.2M (+284% YoY) and non-GAAP net income of $129.9M (+792% YoY); the company’s cumulative TSR since IPO stood at $414.25 by FY2025 year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Credo (predecessor entity) | CEO; COO; Director | CEO: Aug 2008–Nov 2013; COO: Nov 2013–Sep 2014; Director: Aug 2008–Sep 2014 | Led early company formation, operating scale-up and governance during pre-IPO phase . |
| Marvell Technology | Progressed to Senior Design Engineering Director | 1997–2008 | Built deep semiconductor design and operations expertise across a scaled fabless platform . |
| Amlogic | Member of Technical Staff | 1996–1997 | Contributed to fabless product development . |
| Integrated Device Technology | Senior Design Engineer | 1993–1996 | IC design experience in established semi supplier . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships or external roles disclosed for Mr. Lam . |
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | 305,000 | 320,250 | 465,832 |
| Target Annual Bonus (% of salary) | — | — | 50% |
| Actual Cash Bonus ($) | 153,750 | 82,688 | 349,117 |
Notes:
- FY2025 base salary increases were implemented effective January 1, 2025; Mr. Lam’s base moved to $400,000 annual rate; reported FY2025 salary reflects partial-year accrual at new rate .
- FY2025 annual bonus plan used 75% company and 25% individual weighting, with company performance based on the sum of revenue growth and non-GAAP net income growth vs prior year; target 40%, max 60% (payout curve 0–200%) .
Performance Compensation
Annual Bonus Design and FY2025 Outcomes
| Component | Metric | Weight | Threshold | Target | Maximum | FY2025 Actual | Payout Impact |
|---|---|---|---|---|---|---|---|
| Company | Revenue growth + Non-GAAP NI growth (YoY sum) | 75% | 20.5% (2.5% payout) | 40% (100% payout) | 60% (200% payout) | First half: 81% metric → 50% of annualized target; Full year: 156% metric → 150% of annualized target | 150% of annualized target for 2H; 50% cap for 1H |
| Individual | Strategic/operational objectives | 25% | — | Up to 100% | 100% | Achieved at target for NEOs | 25% of annualized target |
| Total | Weighted sum | 100% | — | 100% | 175% | 175% | Mr. Lam total payout $349,117 |
Long-Term Equity Incentives (FY2025 awards)
| Grant Date | Vehicle | Target Shares | Performance Measure | Performance Window | Vesting |
|---|---|---|---|---|---|
| Mar 7, 2025 | PSUs | 25,000 | FY2026 revenue vs goals; 0–200% earnout | FY ending May 2, 2026 | 25% of earned PSUs vest on each of Jun 10, 2026, 2027, 2028, 2029 (service-based) |
Design notes:
- In FY2025, Credo shifted refresh grants to 100% PSUs for executives to strengthen pay-for-performance alignment; future years may mix RSUs and PSUs .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares | % of Outstanding | Notes |
|---|---|---|---|
| Yat Tung (Job) Lam (aggregate) | 3,686,577 | 2.13% | Includes: 2,525,327 direct; 1,000,000 via Zhan (BVI) Co Ltd.; 30,000 Evelyn and Job April Foundation; 125,000 EZ Trust; plus 6,250 RSUs vesting within 60 days of 7/31/25 . |
- Outstanding shares basis: 172,914,100 as of July 31, 2025 .
- Anti-hedging and anti-pledging: Company policy prohibits hedging and pledging of Company securities by officers and directors .
- Stock ownership guidelines: Executives must hold at least 1x annual base salary in stock within four years; unvested and unearned awards do not count .
Vested vs. Unvested/Unearned (as of May 3, 2025)
| Award | Unvested/Unearned Units | Vesting/Notes |
|---|---|---|
| RSUs (1/26/2022 grant) | 12,500 | 25% after 1 year from Sep 1, 2022; remaining quarterly over 3 years . |
| RSUs (1/5/2023 grant) | 43,750 | 25% after 1 year from Jan 5, 2023; remaining quarterly over 3 years . |
| RSUs (4/4/2024 grant) | 68,750 | 25% after 1 year from Jan 2, 2024; remaining quarterly over 3 years . |
| PSUs (3/7/2025 grant) | 25,000 target (0–200% earnout) | Earn based on FY2026 revenue; then 25% annually each Jun 10, 2026–2029 subject to service . |
Employment Terms
| Term | Details |
|---|---|
| Employment agreements | No employment contract; subject to Proprietary Information and Inventions Agreement . |
| Restrictive covenants | 12-month post-termination non-solicit of employees, customers, vendors, suppliers, distributors; perpetual confidentiality restrictions . |
| Change-in-Control (CIC) Severance Plan | Double-trigger: if terminated without cause/for good reason three months before to 12 months after a CIC: cash severance = 1.0x (salary + target bonus); full equity acceleration at target for performance awards; COBRA lump sum equal to 12 months; earned but unpaid prior-period bonus payable; best-net cutback for 280G (no excise tax gross-up) . |
CIC Economics (illustrative as of FY2025 year-end)
| Scenario | Severance ($) | COBRA ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| CIC + qualifying termination | 562,500 | 54,596 | 7,239,000 | 7,856,096 |
Board Governance
- Board service: Class I director since 2014; standing for election for a term through 2028 .
- Independence: Employee director (not independent) .
- Committee roles: No committee assignments listed for Mr. Lam; Audit, Compensation, and NCG Committees comprised of independent directors .
- Board leadership: CEO (Brennan) serves as Chair; Lead Independent Director (Sylvia Acevedo) appointed to strengthen independent oversight .
- Board/committee activity: All directors attended ≥75% of meetings in FY2025; Board held 4 meetings; Audit 8; Compensation 4; NCG 5 .
Compensation Structure Analysis
- Increased at-risk pay: FY2025 shifted executive refresh equity awards to 100% PSUs with 0–200% payout leverage tied to revenue, increasing performance sensitivity vs prior time-based RSUs .
- Annual bonus design tightened: Company performance requires meaningful YoY improvements (target sum 40%; max 60%) with a steep payout curve; first-half component capped to prevent front-loading .
- Governance features: Double-trigger CIC; no single-trigger acceleration; no excise tax gross-ups; formal clawback policy adopted in 2023; anti-hedging/pledging prohibitions; stock ownership guidelines implemented in 2025 .
- Say-on-pay: 88% approval for FY2024 program; FY2025 design changes explicitly responded to shareholder feedback (introducing performance equity and ownership guidelines) .
Related Party, Legal, and Trading Considerations
- Related party transactions: None disclosed for Mr. Lam; ownership includes entities/trusts with shared voting/investment power (Zhan (BVI) Co Ltd.; Evelyn and Job April Foundation; EZ Trust) .
- Section 16 compliance: One late Form 4 (gift on Jan 31, 2023 filed Sep 16, 2024) noted for Mr. Lam; administrative timing issue, not a trading violation .
- Insider policy: Hedging and pledging prohibited; standard trading window controls apply .
Director Compensation
- Non-employee director compensation program does not apply to Mr. Lam as an employee director .
Compensation Peer Group (for benchmarking)
- FY2025 peer set included 18 semiconductor/semi-adjacent firms (e.g., LSCC, SLAB, RMBS, SITM, MTSI), with market data at the 25th/50th/75th percentiles used to inform pay levels; Compensia served as independent advisor .
Equity Ownership & Alignment – Additional Details
| Item | Policy/Status |
|---|---|
| Ownership guideline | 1x salary within four years; unvested/unearned awards excluded . |
| Hedging/Pledging | Prohibited for officers/directors . |
| Upcoming vesting (supply watch) | Quarterly RSU vesting from 2022/2023/2024 grants; PSUs begin vesting June 10, 2026 if performance met . |
Investment Implications
- Alignment and upside leverage: Large beneficial ownership (≈2.13%) combined with performance-contingent PSUs increases alignment with shareholders and creates upside participation if FY2026 revenue targets are achieved and sustained thereafter .
- Retention risk appears contained: Double-trigger CIC protections, multi-year PSU vesting out to 2029, and sizable existing holdings support retention through the growth phase; no employment agreement but meaningful equity continuity incentives remain .
- Selling pressure watch: Ongoing quarterly RSU vesting plus potential PSU earnouts (from FY2026) could create episodic supply; hedging/pledging bans mitigate leverage-related selling .
- Governance checks on dual role: As an employee director without committee roles, independence is maintained via independent committees and a Lead Independent Director, reducing governance risk from management influence at the board level .