Larry Madden
About Larry Madden
Larry Madden, age 60, is Chief Financial Officer of Viant Technology Inc. (DSP) since October 2020 and has served as CFO of Viant Technology LLC since September 2012; he previously held CFO roles at multiple media and technology companies starting in 1995, began his career at Ernst & Young for nearly eight years, is a CPA (inactive), holds an MBA in finance and strategic management from NYU, and sits on the board of Outdoorsy, Inc. since August 2021 . His annual bonus metrics emphasize contribution excluding traffic acquisition costs and adjusted EBITDA; payouts were above target in 2023 (achievement 121.4%) and 2024 (achievement 127.8%), signaling execution against profit-centric goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Viant Technology Inc. | Chief Financial Officer | Oct 2020–present | Principal financial and accounting officer; extensive public company CFO experience including two Nasdaq-listed companies and board member of a third . |
| Viant Technology LLC | Chief Financial Officer | Sep 2012–present | Led finance for operating LLC; continuity through IPO and post-IPO structure . |
| Various media/technology companies | Chief Financial Officer | 1995–2012 | Multiple CFO roles across tech/media; deep operational and public company finance expertise . |
| Ernst & Young | Audit/Staff (early career) | ~8 years | Foundation in audit and financial controls; CPA (inactive) credential . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Outdoorsy, Inc. | Director | Aug 2021–present | Online recreational vehicle rental and outdoor travel marketplace . |
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | 645,840 | 738,986 (includes $93,146 vacation payout) | 645,840 | 645,840 |
| Target Bonus (%) | — | — | 31% of base | 31% of base |
| Bonus ($) | 200,000 | 60,000 (discretionary) | — | — |
| Stock Awards ($) | 12,750,000 | 1,000,000 | 500,000 | 1,207,611 |
| Option Awards ($) | — | 1,000,000 | 500,000 | 401,967 |
| Non-Equity Incentive Plan ($) | — | — | 242,769 | 255,527 |
| Total ($) | 13,595,840 | 2,798,986 | 1,888,609 | 2,510,945 |
Performance Compensation
Annual Incentive Plan (AIP)
| Item | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Primary Metric & Weighting | Revenue (70%) | Contribution ex-TAC (70%) | Contribution ex-TAC (70%) |
| Secondary Metric & Weighting | Adjusted EBITDA (30%) | Adjusted EBITDA (30%) | Adjusted EBITDA (30%) |
| Actual Achievement (%) | Threshold not achieved | 121.4% | 127.8% |
| Madden Payout ($) | $60,000 (discretionary) | $242,769 | $255,527 |
| Target Bonus (% of Base) | Not disclosed | 31% | 31% |
Equity Grants (RSUs and Options)
| Grant Date | Award Type | Shares/Units | Vesting | Exercise Price | Expiration |
|---|---|---|---|---|---|
| 3/15/2024 | RSUs | 121,490 | Quarterly over 3 years starting 3/10/2024 | — | — |
| 3/15/2024 | Options | 60,227 | Quarterly over 3 years starting 3/10/2024 | $9.94 | 3/15/2034 |
| 3/7/2023 | RSUs | 112,613 | 50% on each of first two anniversaries of 3/10/2023 | — | — |
| 3/7/2023 | Options | 156,406 | 50% vested on 3/10/2024; remaining 12.5% quarterly thereafter | $4.44 | 3/7/2033 |
| 3/15/2022 | RSUs | 166,667 | 25% on each anniversary of 3/10/2022 (4-year schedule) | — | — |
| 3/15/2022 | Options | 295,508 | 25% on 3/10/2023; then 6.25% quarterly (4-year schedule) | $6.00 | 3/15/2032 |
| 2/9/2021 | RSUs | 47,807 | Quarterly through 9/10/2024 | — | — |
Note: As of 12/31/2024, DSP’s Class A share price was $18.99, rendering 2024 options ($9.94 strike) in-the-money .
Equity Ownership & Alignment
Beneficial Ownership
| As-of Date | Class A Shares | Class B Units & Class B Shares | % Class A Beneficially Owned | % Total Voting Power |
|---|---|---|---|---|
| 3/7/2024 | 571,982 | 474,356 | 3.6% | 1.7% |
| 4/11/2025 | 608,806 | 474,356 | 3.8% | 1.7% |
Footnote breakdown:
- As of 4/11/2025: 163,467 Class A shares; 421,600 options exercisable or vesting within 60 days; 23,739 RSUs vesting within 60 days; plus 474,356 Class B units and equal Class B shares held by VTEP LLC where Madden has voting/investment control .
- As of 3/7/2024: 232,114 Class A shares; 225,957 options exercisable or vesting within 60 days; 113,911 RSUs vesting within 60 days; plus 474,356 Class B units and equal Class B shares held by VTEP LLC (Madden control) .
Outstanding Awards (Larry Madden at 12/31/2024)
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | RSUs Unvested (#) | RSU Market Value ($) |
|---|---|---|---|---|
| 3/15/2024 | 15,056 | 45,171 | 91,118 | 1,730,331 |
| 3/7/2023 | 136,855 | 19,551 | 56,307 | 1,069,270 |
| 3/15/2022 | 203,161 | 92,347 | 83,334 | 1,582,513 |
Alignment policies:
- Anti-hedging and anti-pledging: Insider Trading Policy prohibits short-term trading, hedging and pledging of company securities, enhancing alignment with shareholders .
Stock ownership guidelines:
- No executive stock ownership guidelines disclosed in the proxy statements searched; not found [Search: no match].
Employment Terms
| Item | Detail |
|---|---|
| Employment Agreement | Madden Employment Agreement dated Mar 27, 2017; amended Nov 15, 2018 . |
| Bonus Provision | Annual bonus opportunity at Viant’s sole discretion; conditioned on remaining employed through end of bonus period . |
| Severance (without Cause / Good Reason) | Base salary continuation for 12 months, subject to release; company-paid COBRA for 12 months . |
| Change-of-Control | No individual change-in-control cash multiple disclosed for Madden; not specified in proxies reviewed . |
| Equity Acceleration | RSUs accelerate upon death (board amendment on Dec 12, 2023) . |
| Clawback | No clawback policy disclosure found in proxies searched; not specified [Search: no match]. |
| Other Benefits | Participation in standard health and welfare benefits; 401(k) plan; no company matching to date . |
Investment Implications
- Pay-for-performance linkage: CFO’s cash incentives tied to contribution ex-TAC (70%) and adjusted EBITDA (30%), with above-target achievements in 2023 (121.4%) and 2024 (127.8%), signaling focus on profitable growth rather than pure top-line expansion .
- Equity-heavy retention and selling pressure: Multi-year RSU and option grants vesting through 2027 create retention hooks; options granted in 2024 carry a $9.94 strike versus $18.99 year-end price, implying in-the-money value that could translate into periodic sales upon vesting/exercise .
- Skin-in-the-game: Madden beneficially owns 608,806 Class A shares plus control over 474,356 Class B units/shares via VTEP LLC; he represents 3.8% of Class A beneficial ownership and 1.7% total voting power as of April 11, 2025, reinforcing alignment with shareholder outcomes .
- Governance and process: As a controlled company, the Compensation Committee includes a non-independent member; nevertheless, independent consultant Alpine advised in 2024 on pay structure and performance measures, and the CFO has delegated authority to make employee equity awards—both factors to monitor for dilution and incentive integrity .
- Downside protection and transition risk: Severance terms are modest (12 months base plus COBRA, with no disclosed change-of-control multiple), limiting golden parachute risk but offering limited cushion in a leadership transition; combined with ongoing unvested equity, near-term departure risk appears contained .