Ryan Benton
About Ryan Benton
Ryan Benton, 54, was appointed Chief Financial Officer of Enovix on April 14, 2025, bringing three decades of finance leadership across semiconductors and electronics; he holds a B.A. in Accounting from UT Austin and passed the Texas CPA exam . He joins amid Enovix’s transition to high‑volume manufacturing with 2024 revenue of $23.1 million and a net loss of $222.5 million, and reported cumulative TSR value of $55 (vs peer group $88) on a $100 base through year‑end 2024 . Company incentive frameworks emphasize pay-for-performance with extensive corporate success factors and PRSU goals focused on manufacturing, product revenue, and R&D, underpinning Benton’s bonus eligibility and equity alignment going forward .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Silvaco Group, Inc. | Chief Financial Officer | Aug 2023 – Apr 2025 | Led finance for semiconductor/photonics design software provider . |
| Tempo Automation | Chief Financial Officer; Director | Jul 2020 – Aug 2023 | Guided public electronics manufacturer; board oversight through 2023 . |
| Revasum | Chief Financial Officer; Board Member | Sep 2018 – Jul 2020 (CFO); to Oct 2023 (Board) | Managed finance for semi capital equipment; continued governance role . |
| Exar Corporation | CFO; CEO & Executive Board Member | 2012–2016 (CFO); 2016–May 2017 (CEO) | Led through sale to MaxLinear in May 2017 . |
| ASM International; eFunds | Finance roles | 1993–2012 | Senior finance roles across technology firms . |
| Arthur Andersen & Co. | Auditor | 1991 | Early career audit experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Revasum | Board Member | to Oct 2023 | Public company board service . |
| Various public companies | Independent Director; Audit Chair | Unspecified | Several boards; names not disclosed in filing . |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary | $425,000 | Per Employment Agreement effective Apr 14, 2025 . |
| Target Annual Bonus | 60% of base salary | Discretionary; tied to performance goals under company plans . |
| Benefits | Company standard | Health, dental, vision, life, disability generally provided to executives per company practices . |
Performance Compensation
Initial Equity Grant (Sign-on RSUs)
| Grant Type | Grant Date | Grant Size | Vesting | Performance Metric | Status |
|---|---|---|---|---|---|
| RSUs (time-based) | Apr 14, 2025 | $4,500,000 fair value ; 748,752 RSUs | 20% after 12 months; remaining 80% vests quarterly over next 4 years, continuous service required | None (time-based) | Outstanding; no shares vest within 60 days of Mar 30, 2025 . |
Estimated vesting schedule illustration: 20% of 748,752 RSUs = 149,750 RSUs at Apr 14, 2026; remaining ~599,002 RSUs vest in equal quarterly installments through 2029, subject to service .
Company Incentive Design (context for CFO’s future pay-for-performance)
| Program | Metrics | Weighting | Payout Mechanics | Notes |
|---|---|---|---|---|
| Annual Incentive Program (AIP) | 130+ quarterly/annual CSFs across financial, operations, R&D, sales, quality | No single CSF >15% | Paid in cash or fully vested RSUs at Committee discretion | Entirely equity for 2024 NEOs to align with shareholders . |
| 2024 LTIP PRSUs (NEO framework) | 2024: Manufacturing Operations; R&D | 50% / 50% | 0–200% payout; 2024 tranche paid 0% (non-attainment) | 2025 PRSU goals: Manufacturing Operations; Product Revenue . |
| 2023 LTIP PRSUs (NEO framework) | Product Revenue; Units Sold | 50% / 50% | 0–200% (revenue) and 0–150% (units); overall 32.7% achieved for 2024 portion; release in 2026/2027 | Demonstrates delayed settlement to reinforce long-term value . |
Equity Ownership & Alignment
| Item | Value | As-Of | Notes |
|---|---|---|---|
| Beneficial Ownership (Common) | 0 shares | Mar 30, 2025 | Proxy reports Benton held no common shares then . |
| RSUs Awarded | 748,752 | Apr 14, 2025 | Granted at hire; none vest within 60 days of Mar 30, 2025 . |
| Ownership % of Outstanding | 0.0% | Mar 30, 2025 | 191,715,117 shares outstanding; Benton had no vested shares . |
| Hedging/Pledging | Prohibited (waivers required) | Policy | Insider Trading Policy bans short sales, options, hedging, pledging; no waiver disclosed for Benton; permission noted only for Chairman Rodgers . |
| Ownership Guidelines | Not disclosed | — | No executive ownership guideline disclosure in cited materials. |
Insider selling pressure assessment: With a 12‑month cliff on initial RSUs, Benton has no vesting until Apr 14, 2026, reducing near‑term selling pressure; subsequent quarterly vesting could create regular liquidity starting Q2 2026, subject to blackout policies .
Employment Terms
| Term | Detail | Notes |
|---|---|---|
| Start Date | Apr 14, 2025 | Appointed CFO effective April 14 . |
| Agreement Type | Employment Agreement | Standard indemnification executed; terms to be filed with next 10‑Q . |
| Severance (no CoC) | 9 months base pay; 9 months health coverage; pro‑rated bonus; equity vesting acceleration eligibility | Requires release of claims and other conditions . |
| Change-of-Control Treatment | Additional equity acceleration in connection with CoC (double-trigger) | On top of severance benefits; percentage not specified in 8‑K . |
| Company NEO CoC Framework (context) | CEO 100%; other NEOs 75% of unvested equity accelerated if terminated within 3 months before to 12 months after CoC | General policy for named executives; double-trigger structure . |
| Clawback Policy | Recoup excess incentive-based compensation for 3 completed fiscal years following required restatement | Compliant with Nasdaq Rule 5608 and Exchange Act §10D; effective Oct 2, 2023 . |
| Non‑Compete/Non‑Solicit | Compliance required as condition for severance under NEO agreements | Company practice referenced for named executives . |
Performance & Track Record
- Led Exar as CFO (2012–2016) and then CEO (2016–May 2017) through sale to MaxLinear, evidencing M&A execution capability .
- CEO and Chairman emphasized Benton’s investor candor and communication focus; Benton highlighted AI-driven demand for high-energy batteries, aligning finance narrative with operating priorities .
- Company 2024 performance context: revenue $23,074k; net loss $(222,534)k; cumulative TSR value $55 vs peer group $88 in pay-versus-performance disclosure .
Compensation Peer Group (Company context)
| Peer Companies | Notes |
|---|---|
| Ambarella; Amprius Technologies; Arcadium Lithium; Cohu*; Credo Technology Group*; Impinj; indie Semiconductor*; IonQ*; MaxLinear*; Navitas Semiconductor; QuantumScape; Power Integrations*; Rambus; SES AI; Semtech*; Shoals Technologies Group; SiTime; Wolfspeed | Added peers marked with asterisk in 2024 review; Company generally targets <50th percentile cash and ~50th percentile equity for senior executives . |
Say-on-Pay & Shareholder Feedback
- 2024 say‑on‑pay received ~79% support; Committee reduced CEO equity year‑over‑year and increased PRSU mix, and engaged holders representing ~60% of outstanding shares to align program with performance .
Risk Indicators & Red Flags
- CFO transition prior to Benton’s appointment: former CFO Farhan Ahmad departed Dec 16, 2024; company stated no disagreement on operations, policies, or practices; interim consulting through Jan 10, 2025 and RSU forfeitures as applicable .
- Insider trading policy prohibits hedging/pledging; a specific pledge waiver exists for Chairman Rodgers; no such waiver disclosed for Benton .
Investment Implications
- Alignment: Benton’s pay is equity-heavy with a 12‑month cliff then quarterly vesting, promoting retention and long‑term focus; near‑term selling pressure is limited until April 2026 .
- Incentives: Bonus tied to detailed CSFs and future LTIP PRSU structures focused on manufacturing and product revenue; CFO incentives are aligned with the execution milestones critical to ENVX’s smartphone battery ramp .
- Governance and protection: Double‑trigger CoC acceleration and clawback compliance provide standard protections while maintaining shareholder safeguards; no disclosed hedging/pledging by Benton reduces misalignment risk .
- Execution risk: CFO transition followed by Benton’s appointment places emphasis on investor communication and capital discipline during HVM scale-up; company’s 2024 financial baseline (low revenue, high net loss) underscores sensitivity to ramp timing and PRSU goal attainment .