Kurt Pletcher
About Kurt Pletcher
Kurt Pletcher is Chief Legal Officer of Equinix (since 2024), age 54, after serving as EVP, Global General Counsel (2022–2024) and holding various legal roles including SVP, Deputy General Counsel since 2001 . Equinix’s 2024 performance, which underpins executive pay calibration, delivered 7% revenue growth, 11% AFFO growth, AFFO/Share of $35.02 (+9%), and three-year stock price returns of 24.47% including dividends . Executive incentives at Equinix are explicitly tied to revenue, AFFO/Share and relative TSR, with performance-weighted equity increased to 67% in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Equinix | Chief Legal Officer | 2024–present | Executive legal leadership during CEO transition; supports compensation and governance policies |
| Equinix | EVP, Global General Counsel | 2022–2024 | Led global legal; signed CEO succession 8-K and other governance filings |
| Equinix | Various legal roles incl. SVP, Deputy General Counsel | 2001–2022 | Built internal legal capability over two decades |
External Roles
No external board roles or public company directorships disclosed for Pletcher in the 2025 proxy biographies reviewed .
Fixed Compensation
Not individually disclosed for Pletcher in 2024–2025 proxy SCT; Equinix sets executive base salary and target bonus annually with market benchmarking, internal parity, role criticality, and retention value of unvested equity considered .
Performance Compensation
Executive officers (including CLO) participate in the same Annual Incentive Plan (AIP) as all employees; 2024 AIP paid out in fully vested RSUs and was driven by company-level revenue and AFFO/Share with a strategic modifier (±10%) . Long-term equity compensation consisted of 67% performance-based PSUs (financial and rTSR) and 33% time-based RSUs, with rTSR comparator changed to S&P 500 Total Return Index and a cap if absolute TSR is negative .
| Metric | Weighting | 2024 Target | 2024 Actual (Adjusted) | Payout vs Target | Vesting |
|---|---|---|---|---|---|
| Revenue | 50% | $8,710.9M | $8,653M | 87% | AIP paid in fully vested RSUs; PSUs: 50% upon Feb 2025 cert., 25% Feb 15, 2026, 25% Feb 15, 2027 |
| AFFO/Share | 50% | $34.70/share | $34.89/share | 104% | Same as above |
| Strategic Modifier (ESG + business) | ±10% | Renewable energy, energy efficiency, science-based targets, water and hiring goals | Mixed achievements (e.g., energy efficiency 1.39 PUE; renewable energy 96.2%; supplier SBT 48%; water meters 96%) | 2024 AIP paid at 94% overall | Applied to AIP payout |
| rTSR PSUs (2022 grant) | N/A | Russell 1000 comparator | 3-year TSR 7.58% below index | 84.83% of target | Vests upon certification in early 2025 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 1,969 shares as of Mar 25, 2025 (less than 1%) |
| Ownership guidelines | Executive officers (other than CEO) must hold 3x base salary; compliance expected within two years (or within five years of becoming subject) |
| Compliance status | As of Dec 31, 2024, all executives were in compliance or had time remaining to meet guidelines |
| Hedging/Pledging | Hedging prohibited; pledging prohibited absent Committee exception. No pledging disclosed for Pletcher; an exception existed for a director (Hromadko) with 21,770 shares pledged |
Employment Terms
| Provision | Terms |
|---|---|
| Severance (CIC) | For named executive officers, double-trigger severance: 200% of annual base salary + target bonus and accelerated vesting of equity upon qualifying termination post-change-in-control |
| Severance (no CIC) | Certain executive officers are entitled to 100% of base salary + target bonus upon qualifying termination absent change-in-control; company notes use in offers and competitive market rationale |
| Equity acceleration | Standard award agreements provide for accelerated vesting if terminated without cause or resign for good reason within 12 months after a change-in-control (subject to definitions in agreements) |
| Clawback | Compensation recoupment policy consistent with Exchange Act Rule 10D-1 and Nasdaq listing standards |
| AIP funding mechanics | No payout if revenue or AFFO/Share ≤95% of Goals; revenue below/above target reduces/increases funding using defined curves; executive awards capped at 132% maximum |
Investment Implications
- Alignment: Pletcher’s disclosed beneficial ownership of 1,969 shares is modest versus overall outstanding, but stock ownership guidelines require 3x salary with a compliance window; as of year-end 2024 all executives were compliant or within allowed timing .
- Pay-for-performance: Executive incentives are tightly tied to revenue, AFFO/Share and rTSR with increased performance weighting in 2024 and a rTSR cap if absolute TSR is negative, reducing windfall risk and strengthening linkage to shareholder returns .
- Selling pressure: Annual bonuses are delivered in fully vested RSUs, which can create periodic issuance and potential Form 4 activity; monitor insider transactions for tax-related sales and any pattern of net share disposition. Company prohibits hedging and pledging absent exception; no pledging disclosed for Pletcher .
- Retention and CIC economics: Standard executive severance terms (double-trigger 2x cash + equity acceleration) lower retention risk during strategic events but create potential dilution via accelerated vesting; terms are consistent with market practices and governed by the Talent, Culture and Compensation Committee .
- Governance backdrop: 2024 Say-on-Pay support improved to 87.9%, and Compensia advises the committee—signals program stability; continued focus on AFFO/Share and revenue suggests incentives that favor sustainable growth and capital discipline .