Robert Del Bene
DXC TechnologyAbout Robert Del Bene
Executive Vice President and Chief Financial Officer of DXC Technology since June 15, 2023; previously a 42‑year IBM veteran holding senior finance roles including IBM Vice President & Controller (2017–2023), GM IBM Global Financing (2014–2017), VP & Treasurer (2011–2014), CFO Global Sales & Distribution (2007–2011), CFO Global Services (2002–2007), and CFO Services APAC (2001–2002). Age 63 as of his May 18, 2023 appointment; education includes an MBA (Duke University) and BS in Accounting (Pace University) . DXC FY2025 performance under the current leadership team: revenue $12,871 million, organic revenue growth −4.6%, adjusted EBIT $1,019 million (7.9% margin), cash from operations $1,398 million, and free cash flow $687 million, reflecting a focus on cash generation; annual incentive funding was below target at 91% based on adjusted EBIT margin and organic growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IBM | Vice President & Controller | 2017–2023 | Led global accounting and reporting; senior finance oversight |
| IBM | GM, IBM Global Financing | 2014–2017 | Ran financing arm; capital allocation and risk management |
| IBM | Vice President & Treasurer | 2011–2014 | Corporate treasury, liquidity, and capital markets leadership |
| IBM | CFO, Global Sales & Distribution | 2007–2011 | Sales finance and performance management globally |
| IBM | CFO, Global Services Group | 2002–2007 | Services segment finance; execution and margin discipline |
| IBM | CFO, Services APAC (Japan) | 2001–2002 | Regional services finance leadership |
| IBM | GM, Technology Lifecycle Services | Not disclosed | Led $6B support business; operations and client delivery alignment |
External Roles
No public company directorships disclosed in DXC filings reviewed for Del Bene .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $549,327 | $725,000 |
| Target Bonus (%) | 125% (per appointment terms) | 125% |
| Target Bonus ($) | $686,659 (125% of FY2024 salary) | $906,250 |
| Annual Cash Incentive Payout ($) | $425,120 | $825,000 |
| Sign-on/Retention Bonus ($) | $500,000 sign-on (FY2024) | — |
Notes:
- DXC approved increases effective April 1, 2025 (FY2026): Del Bene’s salary to $800,000 .
Performance Compensation
Short-Term Incentive (STI) – FY2025
| Metric | Weight | Target (Company) | Actual Achievement | Payout Impact |
|---|---|---|---|---|
| Adjusted EBIT Margin % | 50% | Not disclosed | 96.0% of target | Contributed to 91% overall funding |
| Organic Revenue Growth % | 50% | Not disclosed | 85.1% of target | Contributed to 91% overall funding |
| Overall STI Funding | — | — | — | 91% (Del Bene payout $825,000 vs target $906,250) |
Plan design summary:
- Equal weighting of adjusted EBIT margin % and organic revenue growth %; objective metrics only, no positive discretion applied .
Long-Term Incentive (LTI) – Regular FY2025 Grants (May 21, 2024)
| Award Type | Grant Date | Target Shares | Threshold | Max | Grant-Date Fair Value ($) | Vesting | Performance Metrics |
|---|---|---|---|---|---|---|---|
| PSUs | 2024-05-21 | 165,826 | 82,913 | 331,652 | $2,716,230 | Cliff at end of FY2027 (three-year period) | 100% cumulative FCF with ±20% rTSR modifier; rTSR capped at 0% if DXC TSR negative |
| RSUs | 2024-05-21 | 110,551 | — | — | $1,758,866 | 1/3 per year on the first three anniversaries of grant date | Time-based (retention) |
rTSR peer group for FY2025 PSUs includes Accenture, Cognizant, IBM, Kyndryl, SS&C, Genpact, etc. (U.S. S&P companies in IT Consulting & Other Services and Data Processing & Outsourced Services with revenue ≥$2B) .
Front-Loaded Equity Awards – FY2026 (Granted May 16, 2025)
| Award Type | Grant Date | Target Shares | Vesting | Performance Metrics |
|---|---|---|---|---|
| PSUs | 2025-05-16 | 1,050,539 | Three-year period; payout 0–200% including rTSR modifier | 80% cumulative FCF, 20% cumulative Revenue, then ±20% rTSR modifier; no positive rTSR if DXC TSR is negative |
| RSUs | 2025-05-16 | 185,389 | In three equal installments on the first three anniversaries of the grant date | Time-based (retention) |
Committee intent:
- These front-loaded awards replace annual equity grants for the next three fiscal years through FY2028, materially increasing long-term, performance-based alignment and retention .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 60,645 shares; includes 30,528 RSUs that would vest or settle within 60 days of May 28, 2025; <1% of shares outstanding |
| Stock Ownership Guidelines | Executives: 3x base salary; unvested time-based RSUs count, PSUs do not; expected to attain within 5 years; reviewed annually |
| Hedging/Pledging Policy | DXC prohibits hedging and pledging; no margin accounts or short sales; Rule 10b5‑1 plans require preclearance |
Outstanding equity at FY-end March 31, 2025 (illustrative):
- Unvested RSUs: 28,712 (7/17/2023), 32,343 (7/17/2023), 110,551 (5/21/2024) .
- PSUs outstanding: 64,604 target (FY2024 PSUs, performance period to FY2026), 82,913 threshold (FY2025 PSUs, performance period to FY2027) .
Vesting cadence:
- Regular-cycle RSUs vest 1/3 annually on grant anniversaries (e.g., July 17, 2024/2025/2026; May 21, 2025/2026/2027) .
- Front-loaded FY2026 RSUs vest annually on May 16, 2026/2027/2028 .
Employment Terms
| Term | Details |
|---|---|
| Appointment | CFO effective June 15, 2023 |
| Initial Compensation Terms | Base salary $725,000; target bonus 125% of salary; sign-on cash bonus $500,000; annual equity awards at 500% of salary; inducement RSU $1,225,000 vesting in three equal annual tranches; eligible for Severance Plan |
| FY2025 Cash Incentive Outcome | Payout $825,000 (91% of target) |
| FY2026 Salary Adjustment | Salary increased to $800,000 effective April 1, 2025 |
| Change-of-Control (CoC) | Double-trigger: accelerated vesting upon qualifying termination within two years following CoC; RSUs and PSUs vest at greater of target or performance achieved; PSUs (2023 at 100%; 2024 at 100%; 2025 at 100% as of CoC assumption) |
| CoC Economics (as of 3/31/2025) | Cash severance $4,168,750; COBRA $24,689; equity accelerations $3,928,832 (performance-vesting) + $2,925,882 (service-vesting); total $11,048,153 |
| Non-CoC Termination | Cash severance $1,631,250; COBRA $12,345; no immediate equity acceleration (except as provided by plan terms) |
| Death/Disability (illustrative) | Equity value for performance-vesting $1,584,985 and service-vesting $1,040,988 (as of 3/31/2025) |
| Retirement Eligibility Credit | Two years of service credit granted; retirement eligible on June 15, 2026 for retirement vesting provisions |
| Clawback & Forfeitures | SEC/NYSE-compliant clawback for erroneously-awarded incentive compensation; equity agreements include forfeiture for breaches of non-compete/non-solicit/non-disclosure |
Investment Implications
- Alignment and retention: Front-loaded FY2026 equity comprises 85% PSUs and 15% RSUs, with three-year performance goals (80% FCF, 20% Revenue) and an rTSR modifier; the Compensation Committee does not intend further equity grants through FY2028, indicating high retention emphasis and long-duration, performance-based alignment .
- Pay-for-performance discipline: FY2025 STI paid at 91% of target based solely on objective outcomes (adjusted EBIT margin and organic revenue growth), reinforcing financial discipline in cash payouts .
- Selling pressure/vesting calendar: Regular RSUs and FY2026 RSUs vest annually on grant anniversaries (e.g., May 16 and May 21), creating predictable potential liquidity events; anti-hedging/pledging policies reduce forced‑selling risk, but vest-driven supply should be monitored around these dates .
- CoC protection and termination economics: Double-trigger acceleration and 2x cash severance (base+target bonus) in CoC scenarios provide meaningful downside protection to the CFO, with total CoC package valued at ~$11.05 million as of March 31, 2025, which can influence retention and negotiating leverage in strategic events .
- Ownership and guidelines: Beneficial ownership is modest (<1%), with a 3x salary stock ownership guideline and five-year compliance window; committee reviews annually, promoting ongoing equity accumulation to enhance alignment .