Thi La
Corsair GamingAbout Thi La
Thi La (age 60) is President and Chief Operating Officer of Corsair Gaming and will become CEO on July 1, 2025; she has served on Corsair’s board since December 2021 and holds a B.S. in Electrical Engineering from San Jose State University . CRSR’s recent pay-versus-performance disclosure shows revenue of $1,316 million in 2024 (down from $1,460 million in 2023) and a five-year TSR profile that declined in 2024 (value of $100 fell to $46), framing a tougher 2024 performance year that drove zero bonus/PSU payouts to NEOs, including La .
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue ($ millions) | 1,702 | 1,904 | 1,375 | 1,460 | 1,316 |
| Total Stockholder Return (Value of $100) | 254 | 147 | 95 | 99 | 46 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Corsair Gaming | President (since Jan 2021); COO (since Aug 2013); SVP/GM Gaming PC Components (2010–2013); CEO effective Jul 1, 2025 | 2010–present | Led expansion from DIY components into ~30 product lines; instrumental in scaling the company; will succeed founder as CEO . |
| Opnext, Inc. | VP Global Operations & IT | 2008–2010 | Operations/IT leadership at optical modules/subsystems firm . |
| HP | Various roles incl. Director, Consumer Desktop PC/Display/Accessories (NA) | 1997–2008 | P&L leadership across large consumer PC product lines . |
External Roles
- No other public company directorships or related-person transactions disclosed for La; Form 8‑K confirms no Item 404(a) related party interests .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 563,000 | 563,000 | 563,000 |
| Target Bonus (% of salary) | Not disclosed | 100% (same as 2024) | 100% |
| Actual Annual Bonus ($) | 0 | 255,672 | 0 (no payout) |
Notes:
- 2024 annual bonus was 75% corporate (Revenue and Non-GAAP AOI) and 25% Individual Performance Factor; all paid 0% due to below-threshold results (Revenue $1,316m vs $1,600.5m target; AOI $46.0m vs $123.0m target) .
Performance Compensation
-
Annual Bonus Plan (2024):
- Metrics/weights: Revenue (50%), Non-GAAP Adjusted Operating Income (AOI) (50%); threshold/target/max at 90/100/110% for revenue (25/100/200% payout) and 85/100/115% for AOI (50/100/200% payout) .
- Corporate targets: Revenue $1,600.5m; AOI $123.0m; Actuals: $1,316m and $46.0m → 0% corporate factor; individual factor below minimum → 0% payout .
-
2024 Long-Term Equity Awards (granted Feb 16, 2024):
- Options: 375,000 options to La at $13.54; vest 25% on 2/16/2025 and monthly thereafter over 4 years .
- RSUs: 60,000; vest 25% on 2/16/2025 and quarterly thereafter over 4 years .
- PSUs: 60,000 target; metrics = 2024 Revenue and AOI (each 50%), with thresholds/min/target/max; vest 1/3 on 12/31/2024 and remainder in eight quarterly installments over 2 years if earned; none earned for 2024 due to sub-threshold performance .
| Incentive | Metric | Weight | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (2024) | Revenue | 50% | $1,600.5m | $1,316m | 0% | Cash (none paid) |
| Annual Bonus (2024) | Non-GAAP AOI | 50% | $123.0m | $46.0m | 0% | Cash (none paid) |
| 2024 PSUs | Revenue | 50% | $1,601m (50% earn) | Below threshold | 0% | If earned: 1/3 12/31/24 then quarterly x8 |
| 2024 PSUs | Non-GAAP AOI | 50% | $123m (50% earn) | Below threshold | 0% | If earned: as above |
Equity Ownership & Alignment
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Beneficial ownership (as of Apr 14, 2025): 1,472,315 shares (180,949 outstanding + 1,291,366 exercisable within 60 days), representing 1.37% of CRSR .
-
Outstanding awards (Dec 31, 2024 snapshot):
- Options (exercisable/unexercisable/exercise price/expiry):
- 262,500/exercisable at $2.20 (exp 11/12/2027); 462,500/exercisable at $5.52 (exp 11/12/2027) .
- 102,738/2,186 at $43.05 (exp 2/11/2031) .
- 188,361/69,963 at $19.72 (exp 2/1/2032) .
- 97,656/115,412 at $18.23 (exp 2/15/2033) .
- 0/375,000 at $13.54 (exp 2/15/2034) .
- RSUs unvested: 1,961 (2021 grant), 13,624 (2022), 25,186 (2023), 60,000 (2024) .
- PSU 2024 target 60,000; zero earned .
- Options (exercisable/unexercisable/exercise price/expiry):
-
Hedging/pledging: Company policy prohibits hedging and pledging of company stock; margin purchases also prohibited .
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Stock ownership guidelines:
- As of 2024 proxy, no company-wide guidelines for executives/directors .
- CEO Employment Agreement (effective Jul 1, 2025) imposes CEO-specific guidelines: hold shares equal to 6x base salary, retain all shares for first year; after year 1, may transfer up to 50,000 shares per 12 months (subject to exceptions) .
Employment Terms
- CEO Employment Agreement (Feb 11, 2025; effective Jul 1, 2025): base salary $800,000; target bonus 120% of salary; initial equity package with $5 million target value (1/3 RSUs, 1/3 options, 1/3 PSUs) with standard 4‑year vesting (PSU metrics to mirror 2024 structure) .
- Severance/Change-in-Control (CIC) (Dual-trigger):
- Outside CIC covered termination: 12 months base salary + 100% target bonus + up to 12 months COBRA .
- CIC covered termination (within 12 months of CIC): lump sum 24 months base salary + 200% target bonus + up to 24 months COBRA + full acceleration of time‑based equity (performance-based per award terms) .
- Definitions of Cause, Good Reason, CIC, and 280G cutback apply as disclosed .
- Clawback: Company adopted Section 10D/Nasdaq-compliant clawback effective Oct 2, 2023 covering Section 16 officers (3-year lookback after restatement) .
Board Governance
- Board service: Director since Dec 2021; will remain a director as CEO .
- Independence: Not independent as an employee director; CRSR is a “controlled company” (EagleTree ~53% voting power) and relies on certain Nasdaq exemptions .
- Committee roles: La is not listed on Audit, Compensation, or Nominating/Governance committees; committees comprise independent and EagleTree designees per controlled company structure .
- Chair/CEO roles: Separated; Chair is George Majoros; La will be CEO effective July 1, 2025 .
- Attendance: In 2024, each director attended at least 75% of board/committee meetings .
Director Compensation (context)
- Non-employee director program: annual cash retainer $65,000 plus committee fees; equity grants ~$100k options + ~$100k RSUs annually; change-in-control accelerates director equity; employees (e.g., La) do not receive director fees .
Compensation Peer Group and Say-on-Pay
- 2024 peer group (selected examples): Belden, Ciena, Juniper Networks, Lumentum, Logitech, Pure Storage, Super Micro, Viavi, VIZIO, Sonos; Netgear and Ubisoft removed; Methode and SunPower added .
- Process/consultant: Compensia serves as independent compensation consultant; reported independent per SEC/Nasdaq factors .
- Say-on-Pay: 2024 meeting’s advisory vote on 2023 NEO pay received ~92.7% support; Say-on-Frequency triennial per 2020 vote (~84.4%) .
Related Party/Control Considerations
- EagleTree holds ~53% of voting power; designated rights over board composition and committee participation; management services reimbursed for expenses only; investors’ rights and registration rights summarized in proxy .
- 8-K confirms no related person transactions for La under Item 404(a) .
Additional Data Tables
Grants of Plan-Based Awards to Thi La (2024)
| Grant | Date | Options (#) | Exercise Price ($) | RSUs (#) | PSUs Target (#) | Grant Date FV ($) |
|---|---|---|---|---|---|---|
| Annual equity | 2/16/2024 | 375,000 | 13.54 | 60,000 | 60,000 | Options $2,454,413; RSUs $812,400; PSUs $812,400 |
Outstanding Equity Awards (Thi La) at 12/31/2024
| Instrument | Qty (Exercisable) | Qty (Unexercisable) | Price ($) | Expiry |
|---|---|---|---|---|
| Option (2017) | 262,500 | — | 2.20 | 11/12/2027 |
| Option (2017) | 462,500 | — | 5.52 | 11/12/2027 |
| Option (2021) | 102,738 | 2,186 | 43.05 | 2/11/2031 |
| Option (2022) | 188,361 | 69,963 | 19.72 | 2/1/2032 |
| Option (2023) | 97,656 | 115,412 | 18.23 | 2/15/2033 |
| Option (2024) | — | 375,000 | 13.54 | 2/15/2034 |
Beneficial Ownership (as of Apr 14, 2025)
| Holder | Outstanding Shares | Shares Exercisable ≤60 days | Total Beneficial | % Ownership |
|---|---|---|---|---|
| Thi L. La | 180,949 | 1,291,366 | 1,472,315 | 1.37% |
Investment Implications
- Pay-for-performance discipline: Zero 2024 cash bonus and PSUs for NEOs following below-threshold revenue/AOI underscores a tight pay-performance link; as CEO, La’s 2025 package leans heavily on equity with PSU metrics aligned to growth/profitability .
- Alignment and selling pressure: Hedging/pledging prohibited, and CEO-specific ownership/retention rules (6x salary; first-year full hold; limited transfers thereafter) reduce near-term selling pressure despite meaningful vested options from legacy grants .
- Retention/CIC economics: Outside CIC, severance = 1x salary + 1x target bonus; CIC double-trigger = 2x salary + 2x target bonus + full time-based equity acceleration—competitive but not excessive; 280G cutback applies .
- Governance risk: Controlled company status and several non-independent directors reflect sponsor control; however, Chair/CEO roles remain separated and independent directors comprise half the board, with committee independence partially constrained by exemptions .
- Execution track: La’s long operating tenure (COO since 2013) and expansion track record through product/category growth provide continuity amid CEO succession, but 2024 underperformance raises the execution bar for 2025 TSR and fundamentals .