Betsy Atkins
About Betsy Atkins
Betsy Atkins, age 71, has served on Enovix’s Board since July 2021; she is CEO of Baja Corp (since 1994), a venture firm focused on technology, renewable energy, and life sciences, and holds a B.A. from the University of Massachusetts. She currently sits on the public company boards of Rackspace Technology, SolarEdge, and Wynn Resorts; prior boards include SL Green Realty (2015–2024), Cognizant (2017–2018), Schneider Electric (2011–2019), Covetrus/Vets First Choice (2016–2019), HD Supply (2013–2018), and SunPower (2005–2012). Her biography emphasizes decades of public company CEO experience, public and private board service, and corporate governance expertise.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Baja Corp | Chief Executive Officer | 1994–present | Venture leadership in tech/renewables/life sciences |
| SL Green Realty Corp. | Director | 2015–2024 | Public REIT board experience |
| Cognizant Technology Solutions | Director | 2017–2018 | IT services governance |
| Schneider Electric | Director | 2011–2019 | Energy sector governance |
| Covetrus / Vets First Choice | Director | 2016–2019 | Pharma/animal health oversight |
| HD Supply | Director | 2013–2018 | Industrial distribution oversight |
| SunPower | Director | 2005–2012 | Clean energy board experience |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Rackspace Technology | Director | Not disclosed | Current public company board |
| SolarEdge | Director | May 2021 | Clean energy solutions board |
| Wynn Resorts | Director | April 2018 | Hospitality board |
Board Governance
- Independence: The Board determined Atkins is independent under Nasdaq rules; she also meets heightened independence requirements for Compensation Committee service under Exchange Act Rule 10C‑1 and Nasdaq listing standards.
- Committee roles (current): Chair, Nominating & Corporate Governance; Member, Compensation; not on Audit.
- Attendance/engagement: In FY2024 the Board met 5 times; Audit 5; Compensation and Nominating & Corporate Governance 4; each director attended at least 75% of Board and their committee meetings; four of seven directors attended the 2024 annual meeting.
- Committee responsibilities: The Nominating & Corporate Governance Committee oversees director nominations, board/committee composition and chair designations, director pay recommendations, board education/orientation, executive succession, ESG oversight, and board/self-evaluations (with external consultant every three years).
- Compensation Committee governance: Meets quarterly, uses independent advisors, and does not delegate authority to approve executive compensation; report signed by Chair Gregory Reichow, Betsy Atkins, and Joseph Malchow.
- Interlocks: No compensation committee interlocks or insider participation involving Atkins; none of the Company’s executive officers served on boards/comp committees of entities with executives on Enovix’s Board/Compensation Committee.
Fixed Compensation
| Year | Cash Retainer Components | Amount ($) | Evidence |
|---|---|---|---|
| 2024 | Base director retainer | 50,000 | |
| 2024 | Nominating & Corporate Governance Committee – Chair fee | 10,000 | |
| 2024 | Compensation Committee – Member fee | 7,500 | |
| 2024 | Total fees earned in cash | 67,500 | |
| 2023 | Total fees earned in cash | 63,750 |
Notes:
- Director cash retainers were increased in the August 2023 policy update; chair and member fees by committee are reflected in the policy schedule.
Performance Compensation
| Year | Equity Award Type | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Vesting | Notes |
|---|---|---|---|---|---|---|
| 2024 | Annual RSU | June 13, 2024 | 15,128 | 195,000 | Earlier of next annual meeting or 1-year from grant, continuous service required | Company-wide director grant |
| N/A | Initial RSU (upon appointment) | Not applicable (Atkins appointed 2021) | Policy: $275,000 value | N/A | Quarterly over 3 years, continuous service required | Initial grants per policy |
Outstanding as of year-end:
- Unvested RSUs as of December 29, 2024: 7,564.
- Stock options outstanding (shares underlying) as of December 29, 2024: 51,691. (Strike/expiration not disclosed.)
- Change-of-control: Unvested director equity vests in full immediately prior to closing, subject to continuous service.
Performance metrics table (director equity):
| Compensation Element | Performance Metric | Structure | Disclosure |
|---|---|---|---|
| Annual RSU (Directors) | None | Time-based vesting (service condition only) | No performance metrics for director RSUs |
Other Directorships & Interlocks
| Company | Sector | Role | Interlock/Conflict Notes |
|---|---|---|---|
| Rackspace Technology | Tech solutions | Director | No related-party transactions disclosed at Enovix in FY2024. |
| SolarEdge | Clean energy | Director | Energy exposure; no Enovix related-party transactions disclosed. |
| Wynn Resorts | Hospitality | Director | No Enovix related-party transactions disclosed. |
Compensation Committee Interlocks: None involving Atkins.
Expertise & Qualifications
- Public company governance, CEO/executive management, entrepreneurship, and human capital management are highlighted in the Board skills matrix and biography.
- The NomGov Committee prioritizes relevant expertise, bandwidth, integrity/ethics, and long-term stockholder representation; Atkins chairs this committee.
Equity Ownership
| Holder | Components | Shares | Percent of Class | Notes |
|---|---|---|---|---|
| Betsy Atkins (beneficial ownership as of March 30, 2025) | Direct common | 95,715 | <1% | Based on 191,715,117 shares outstanding |
| Options exercisable within 60 days | 51,691 | <1% | ||
| Warrant exercisable within 60 days | 100,000 | <1% | ||
| Total beneficial | 247,406 | <1% |
Outstanding shares used for percentage: 191,715,117 (as of March 30, 2025).
Governance Assessment
Positive signals:
- Independent director; meets heightened independence standards for Compensation Committee service.
- Governance influence: Chair of Nominating & Corporate Governance Committee, which oversees board composition, director pay policy, succession, and ESG.
- Attendance: At least 75% participation across Board and committees in FY2024; demonstrates engagement.
- Ownership alignment: Meaningful equity via RSUs, options, and a warrant; director equity vests time-based and accelerates upon change-of-control, aligning with continuity of service.
Potential risk indicators / RED FLAGS to monitor:
- Multiple outside public boards (Rackspace, SolarEdge, Wynn) may create bandwidth constraints; NomGov Committee explicitly evaluates director bandwidth and conducts periodic external evaluations, which mitigates but does not eliminate this risk.
- Warrant holdings (100,000 shares exercisable within 60 days) are atypical in director pay structures and merit monitoring for exercise timing and potential perceived conflicts, though no related-party transactions were disclosed in FY2024.
Compensation structure observations:
- Director compensation was increased mid-2023 to market levels; Atkins’ equity grant climbed from $99,990 (2023) to $195,000 (2024), with cash fees rising modestly from $63,750 to $67,500, signaling a higher equity mix to retain/align directors.
Shareholder engagement and say-on-pay:
- 2025 proxy recommends “FOR” votes on director elections and advisory say-on-pay; the Compensation Committee report reflects formal oversight and independent advice. (Vote percentages not disclosed.)