Daniel Foley
About Daniel Foley
Daniel Foley, 48, is Chief Financial Officer of Complete Solaria (since June 2024), with 25+ years across corporate finance, treasury, IR, and equity research in gaming, cannabis, and tech; he holds an MBA from USC and a BS in Economics from the University of Utah . During his tenure, the company’s FY2024 revenue rose to ~$108.7M from ~$87.6M in FY2023, Q4 2024 revenue was ~$88.6M, and net loss from continuing operations improved from ~$96.2M (FY2023) to ~$54.4M (FY2024) . The company disclosed material weaknesses in internal controls (staffing, segregation of duties, inventory controls), a key remediation area overseen by finance leadership . Complete Solaria’s insider trading policy prohibits short sales, options, and hedging transactions, supporting alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Complete Solaria | Chief Financial Officer | Jun 2024–present | Led finance amid rapid scale-up post-SunPower asset acquisition and control remediation |
| Common Citizen | Chief Financial Officer | Jun 2021–Dec 2023 | Built finance processes for growth-stage operations |
| TerrAscend | SVP & Treasurer | Apr 2021–Jun 2021 | Treasury leadership during transition period |
| Curaleaf | VP Corporate Finance, Treasury & IR | Jan 2018–Apr 2021 | Led capital markets, investor communications and treasury |
| Station Casinos; MGM MIRAGE | Senior Corporate Finance & IR roles | Not disclosed | Corporate finance and IR leadership in gaming |
| Wall Street Associates | Investment Analyst | Not disclosed | Buyside analysis in public equities |
| New Cotai Holdings | VP Finance | Not disclosed | Finance leadership in private investment context |
| Bear Stearns | Senior Associate, GL&L Equity Research | Early career | Sell-side coverage and modeling in gaming/lodging |
External Roles
- None disclosed for public company boards or external directorships .
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Base Salary | $161,947 | Partial-year service post-hire |
| Bonus (cash) | $0 | No bonuses paid to NEOs in 2024 |
| Option Awards (grant-date fair value) | $474,761 | 500,000 options granted; vesting below |
| Total | $636,708 | Sum per Summary Compensation Table |
| Current Compensation Terms | Value | Notes |
|---|---|---|
| Base Salary | $275,000 per year | Per Foley Employment Agreement |
| Target Annual Bonus | 50% of base salary | Board-set objectives |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual cash bonus (FY2024) | Not disclosed | 50% of salary | No bonuses awarded to NEOs | $0 | Cash, if earned |
- Bonus criteria are determined by the Board and include minimum performance standards and achievement of budgetary and other objectives .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 0 shares as of Apr 30, 2025 |
| Ownership % of outstanding | 0% as of Mar 31, 2025 |
| Options – exercisable | 0 as of Dec 29, 2024 |
| Options – unexercisable | 500,000 as of Dec 29, 2024 |
| Option exercise price | $1.56 |
| Option expiration | Jul 11, 2034 |
| Shares pledged | Not disclosed; insider policy prohibits short sales, hedging, and option transactions |
| Ownership guidelines | Not disclosed |
Equity Grant and Vesting Detail
| Grant Date | Shares | Strike | Vest Commencement | Vest Schedule | Expiration |
|---|---|---|---|---|---|
| Jun 11, 2024 | 500,000 | $1.56 | Jul 1, 2025 | 20% on Jul 1, 2025; remaining 80% monthly over 48 months | Jul 11, 2034 |
- Complete Solaria’s equity plan provides double-trigger-like acceleration: if awards are not assumed/continued in a corporate transaction, unvested awards accelerate to 100% of target immediately prior to closing; otherwise awards may be assumed .
- Insider trading policy prohibits short sales, put/call options, and hedging, reducing misalignment risks .
Employment Terms
| Term | Provision |
|---|---|
| Employment status | At-will |
| Position | Chief Financial Officer |
| Start date | Served as CFO since June 2024; agreement effective Jul 1, 2024 |
| Base salary | $275,000 |
| Target bonus | 50% of salary |
| Severance (non-cause/Good Reason) | 6 months base salary + pro rata bonus for year of termination; plus earned but unpaid salary, prior-year unpaid bonus, and vested benefits, contingent on release and compliance |
| Change-of-control | Not disclosed for employment agreement; equity plan treatment for corporate transactions as above |
| COBRA | Not specified for Foley; COBRA severance terms disclosed for other NEOs, not for Foley |
| Clawback | Not disclosed as a separate policy in proxy; general governance and ethics code referenced |
Performance & Track Record
- Company outcomes during Foley’s tenure: FY2024 revenue ~$108.7M vs ~$87.6M FY2023; Q4 2024 revenue ~$88.6M; net loss improved to ~$54.4M vs ~$96.2M (driven by SunPower asset acquisition and organic growth) .
- Finance control environment: material weaknesses identified (insufficient accounting personnel, segregation of duties, inventory controls), with remediation under audit committee oversight .
Board Governance (Context)
- Compensation Committee: Daniel McCranie (Chair), Devin Whatley, Tidjane Thiam; oversees executive pay and equity plans .
- Audit Committee: Ronald Pasek (Chair), Adam Gishen, Lothar Maier; reviews risk and control environment .
Risk Indicators & Red Flags
- Late Form 4 filings: company disclosed a late Form 4 for Daniel Foley related to his June 11, 2024 option grant .
- Internal controls: material weaknesses and prior going concern language (2023 audit) elevate execution risk for finance leadership .
- Equity overhang: plan amendment increases share reserve by 21.6M to a total 32.7M under the 2023 Plan; intended broad-based grants to transitioned SunPower employees highlight dilution considerations .
Compensation Structure Analysis
- Cash vs equity mix: FY2024 pay was predominantly equity (options at grant-date fair value ~$475k vs salary ~$162k) .
- At-risk pay: No FY2024 cash bonuses; equity vests over time, aligning retention with value creation .
- Equity award structure: five-year vesting cadence with a 20% cliff followed by monthly vesting supports retention; corporate transaction provisions allow acceleration if awards are not assumed .
- Peer group and target percentile: not disclosed .
Investment Implications
- Alignment: Zero share ownership to date plus a multi-year option schedule means alignment is largely prospective; insider prohibitions on hedging reduce misalignment risks .
- Retention and selling pressure: Vesting begins July 2025 with monthly tranches thereafter; monitor Form 4s for early exercises/sales and any 10b5-1 plans that could indicate selling pressure .
- Execution risk: Material weaknesses and rapid scale-up post-SunPower acquisition increase operational and reporting risks under CFO oversight; progress on remediation and timely SEC filings are key signals .
- Dilution and incentives: Expanded equity pool concentrates incentives on broad employee base; monitor grant cadence to executive officers and evolving pay-for-performance metrics in future proxies .