Stuart Canfield
ELECTRONIC ARTSAbout Stuart Canfield
Executive Vice President & Chief Financial Officer of Electronic Arts (EA) since June 20, 2023; 20+ years at EA across FP&A, global studios finance, enterprise finance and investor relations; B.A., University of London; age 44 at appointment (June 2023) . During FY2025, EA delivered $7.463B GAAP net revenue, $7.355B non-GAAP net revenue, $1.121B GAAP net income, and $2.079B operating cash flow, while returning $2.7B to shareholders (ASR plus buybacks/dividends) . Over the FY2021–FY2025 window, EA’s TSR “value of $100” rose to 148 in FY2025 (peer index 221) . As CFO, Canfield led investor engagement (Investor Day relaunch), established long-range financial framework and a new operating margin benchmark, oversaw the $5B repurchase authorization (including a $1B ASR), and delivered the second-highest operating cash flow ($2.1B) with 145% of FCF returned to shareholders in FY2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Electronic Arts | EVP, Chief Financial Officer | Jun 2023–Present | Directed investor engagement model; relaunched Investor Day; established long-range framework and new operating margin metric; oversaw $5B repurchase authorization returning $2.7B in FY2025; delivered $2.1B operating cash flow; led finance org transformation . |
| Electronic Arts | SVP, Enterprise Finance & Investor Relations | Mar 2023–Jun 2023 | Led enterprise FP&A and IR ahead of CFO transition . |
| Electronic Arts | SVP, Finance – Head of Global FP&A | Oct 2021–Feb 2023 | Led global FP&A supporting portfolio and investment discipline . |
| Electronic Arts | SVP, Finance – Head of Corporate & Global Studios | Jun 2018–Sep 2021 | Led financial strategy for studio organization . |
| Electronic Arts | Various finance leadership roles | 2003–2018 | Progressive leadership across global finance . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in filings reviewed | — | — | No external directorships/roles disclosed in CFO biography or proxy NEO sections . |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | 589,694 | 685,577 (paid); FY2025 program base set at $700,000 (+12% vs FY2024) . |
| Target Bonus % of Salary | 100% | 100% . |
| Actual Annual Bonus ($) | 650,000 | 750,000 . |
Performance Compensation
Annual Bonus (Executive Bonus Plan)
| Component | Weighting (CFO) | FY2025 Target | FY2025 Actual | Funding/Payout | Notes/Vesting |
|---|---|---|---|---|---|
| Company Financial Performance (Non-GAAP net revenue, Non-GAAP diluted EPS; equal-weight) | 60% | $7.550B revenue; $8.48 EPS | $7.355B revenue; $7.83 EPS | 88.5% component funding | Company pool driver. |
| Company Business Performance (strategic/operating scorecard) | 40% | Seven enterprise objectives | Mixed; overall 95% funding | 95% component funding | Company pool driver. |
| Company Bonus Pool Funding (CFO-weighted blend) | — | — | — | 91.1% | CFO weighting applied. |
| Individual Performance Modifier (IPM) | — | — | — | 120% | CFO specific. |
| Actual Bonus ($) | — | — | — | 750,000 | Paid in June following FY end. |
Long-Term Equity Incentives (FY2025 awards granted Jun 17, 2024)
| Element | Structure | Target/Grant Size | FY2025 Performance Result (where applicable) | Vesting |
|---|---|---|---|---|
| PRSUs – Net Bookings (annual) | Earned annually vs Board plan; 0–200% per year | Included in $4.8M target PRSU mix | 87.1% for FY2025 tranche | 3-year cliff vest May 16, 2027 . |
| PRSUs – Non-GAAP Operating Income (annual) | Earned annually vs Board plan; 0–200% per year | Included in $4.8M target PRSU mix | 56.2% for FY2025 tranche | 3-year cliff vest May 16, 2027 . |
| PRSUs – Relative TSR (3-year vs S&P 500) | 0–200%; guardrails: 25th pct=0%, 55th=100%, 90th=200%; capped at 100% if absolute TSR negative | Included in $4.8M PRSU mix | Measured FY2025–FY2027 (pending) | Cliff vest May 16, 2027 . |
| PRSUs – Absolute TSR (3-year modifier) | 0–200%; threshold 25% TSR=0%, 50%=100%, 75%=200% | Target opportunity equal to 37.5% of target standard PRSUs | Measured FY2025–FY2027 (pending) | Eligible to vest May 16, 2027 . |
| Time-based RSUs | 35-month schedule: 1/3 at ~11 months, remainder in equal semiannual installments | $3.2M grant; 23,267 RSUs granted | N/A | Fully vests by May 16, 2027 (subject to service) . |
Additional context: PRSUs/RSUs mix for CFO in FY2025 was 60% PRSUs / 40% RSUs . PRSU OM (bookings + op income) FY2025 combined payout averaged ~71.6% based on disclosed subcomponent results .
Equity Ownership & Alignment
- Beneficial ownership (as of June 17, 2025): 14,533 shares owned; 3,188 shares “right to acquire” within 60 days; “Less than 1%” of outstanding shares; shares outstanding 251,271,874 .
- Outstanding/unvested awards (as of FY2025 year-end):
- PRSUs (aTSR target): 13,088 units (eligible) .
- PRSUs (rTSR target): 11,657 units (eligible) .
- PRSUs (OM earned for FY2025): 5,547 units .
- Prior-cycle PRSUs and PSUs also outstanding per table .
- RSUs unvested: 23,267 units from FY2025 grant .
- Ownership guidelines and pledging: Section 16 officers must meet stock ownership requirements; as of May 2025, each had met the requirement or was within the compliance phase; directors/officers are prohibited from hedging and pledging EA stock .
- Relative TSR performance (context for realized PSU value): FY2023 award measured over FY2023–FY2025 vested at 60.3% of target (38th percentile rTSR) .
Employment Terms
- Appointment and initial package (June 20, 2023 8‑K/Offer Letter): Base salary $625,000; target annual bonus 100% of salary (60% financial/40% business performance funding); initial equity of $2.4M RSUs and $3.6M PRSUs; RSUs vest 1/3 at year 1 then semiannual; PRSUs aligned with NEO program; at-will employment .
- FY2025 program adjustments: Base salary increased to $700,000 (to peer median); target bonus maintained at 100% .
- Change-in-control (CIC) and severance: Double-trigger CIC plan; for EVPs, cash severance equals 1.5x (base + target bonus) and 18 months COBRA; time-based equity fully vests; PRSUs convert to “Eligible Units” based on actual/target performance per timing rules; no excise tax gross-ups; best‑net cutback if beneficial .
- Company cash severance policy: No arrangements exceeding 2.99x (base + target bonus) without shareholder ratification .
- Clawbacks: Dodd-Frank compliant clawback; recovery of erroneously awarded incentive comp for three completed fiscal years pre‑restatement; equity award misconduct forfeiture/recoupment provisions apply .
- Insider trading policy: Prohibits hedging, short sales, derivatives, buying on margin, and pledging by directors and Section 16 officers .
Performance & Track Record
- FY2025 company outcomes: GAAP net revenue $7.463B; non-GAAP net revenue $7.355B; GAAP net income $1.121B; operating cash flow $2.079B; $2.7B returned to shareholders (incl. $1B ASR) .
- CFO FY2025 highlights: Investor Day relaunch; established long-range framework and new operating margin metric; oversaw $5B authorization and returned $2.7B; $2.1B operating cash flow; improved investor engagement .
- TSR and revenue context (company level):
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| TSR – Value of $100 | 122 | 135 | 148 |
| Non-GAAP Net Revenue ($B) | 7.341 | 7.430 | 7.355 |
Compensation Structure Analysis
- Mix and at-risk pay: For non-CEO NEOs (incl. CFO), ~92% of target total direct compensation is variable (annual bonus + LTI), with a 60% PRSU / 40% RSU LTI mix for CFO starting FY2025, increasing performance leverage .
- Metric rigor changes: Added absolute TSR (stretch hurdles) and shifted rTSR comparator to S&P 500 starting FY2025; raised thresholds and payout scales; net bookings and non‑GAAP operating income added to PRSUs earlier; no special equity awards through at least FY2026 .
- Annual bonus weightings: Increased financial weighting for senior roles; CFO weighting 60% financial / 40% business .
- Governance: No single-trigger CIC; no repricing of options; no excise gross‑ups; robust clawbacks; anti-hedging/pledging; ownership guidelines enforced .
Equity Ownership & Alignment (Detail Table)
| Item | Detail |
|---|---|
| Shares Owned | 14,533 shares . |
| Right to Acquire (60 days) | 3,188 shares . |
| % Outstanding | “Less than 1%” per table; 251,271,874 shares outstanding . |
| Unvested RSUs | 23,267 units (FY2025 grant) . |
| PRSUs Eligible (Targets) | aTSR 13,088; rTSR 11,657 . |
| PRSUs Earned (FY2025 OM) | 5,547 units (bookings/op income combined result applied) . |
| Pledging/Hedging | Prohibited for directors and Section 16 officers . |
| Ownership Guidelines | Section 16 officers subject to minimums; all in compliance or within grace period as of May 2025 . |
Employment Terms (Severance & CIC) – Key Economics
| Provision | Terms |
|---|---|
| CIC Severance (EVP tier) | 1.5x (base + target bonus) cash; 18 months COBRA; double‑trigger; time‑based equity vests; PRSUs per “Eligible Units” (actual/target per period timing); best‑net cutback for 280G . |
| Company Severance Cap | No >2.99x arrangements without shareholder ratification . |
| Clawbacks | Dodd‑Frank compliant; 3-year lookback on incentive comp pre‑restatement; equity misconduct forfeiture/recoupment . |
| At‑Will | Employment remains at-will per offer letter . |
Investment Implications
- Alignment and performance leverage: A high share of at-risk pay (92%+ for NEOs) with PRSUs tied to multi-year financials and market returns (rTSR/aTSR) strengthens pay-for-performance alignment; FY2025 OM PRSUs earned below target reflecting measured goal attainment, while TSR components require above-median and absolute return hurdles to pay out .
- Retention and selling pressure: Significant unvested PRSUs and RSUs (with cliff vesting in May 2027 and staged RSU vesting through May 2027) imply strong retention hooks; periodic RSU vesting may create recurring liquidity windows but actual selling depends on individual plans and compliance windows .
- Downside protection and governance: Double‑trigger CIC at market‑standard multiples, strict clawbacks, anti‑hedging/pledging, and ownership rules reduce governance risk; the 2.99x severance cap mitigates pay inflation risk .
- Execution track record: Canfield’s FY2025 initiatives (capital returns, investor framework, OCF strength) support credibility; however, PRSU OM outcomes (below target) and mixed franchise performance signal ongoing execution risk embedded in incentive design—favorable if objectives are met, punitive if missed .