Raouf Abdel
About Raouf Abdel
Executive Vice President, Global Operations at Equinix since 2019; age 57. Abdel’s remit was expanded in 2024 to “accelerat[e], innovat[e] and operat[e] our facilities to meet market demand and grow our company’s relevance,” signaling elevated execution accountability in core operations . Company performance drivers underpinning 2024 pay included revenue (+7% YoY), AFFO/share (+9% YoY) and stock price performance (+24.47% TSR for 2022–2024), with 2022–2024 rTSR awards paying at 84.83% of target; 2024 financial performance PSUs paid at 95% of target .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Equinix | EVP, Global Operations | 2019–present | Expanded remit to accelerate, innovate and operate facilities to meet market demand and grow relevance . |
| Equinix | Chief Global Operations Officer | 2017–2019 | — |
| Equinix | Regional Operating Chief, Americas | 2012–2017 | — |
External Roles
No external directorships/roles disclosed for Abdel in the executive officer biography section of the 2025 proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 500,000 | 530,000 |
| YoY change (%) | — | 6% |
Performance Compensation
Annual Incentive (AIP) – 2024 design and outcomes
- Structure: Corporate metrics only (no individual modifiers for NEOs) with metrics Revenue, AFFO/share, plus a Strategic Modifier (ESG and digital services revenue); paid in immediately vested RSUs .
- Company outcome: AIP paid at 94% of target; Abdel received $429,726, delivered as 502 fully vested RSUs (valued using $854.99 close on Mar 12, 2025) .
- Abdel’s target: 90% of base salary; 2024 target dollar amount (pro-rated) $457,156 .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue | Not disclosed | Not disclosed | Not disclosed | Rolled into 94% overall payout | Paid as fully vested RSUs on Mar 12, 2025 |
| AFFO/share | Not disclosed | Not disclosed | Not disclosed | Rolled into 94% overall payout | Paid as fully vested RSUs on Mar 12, 2025 |
| Strategic Modifier – Digital services revenue ($M) | Not disclosed | Thresh 647; Target 719; Max 791 | 691; Committee used Jul-2024 forecast $694 | Contributed to 94% overall payout | Paid as fully vested RSUs on Mar 12, 2025 |
| Strategic Modifier – Environmental/social goals | Not disclosed | See table | Achieved: Energy PUE 1.39; Renewable coverage 96.2%; Supplier SBTi engagement 48%; Water metering 96% | Contributed to 94% overall payout | Paid as fully vested RSUs on Mar 12, 2025 |
| Abdel AIP specifics | Value |
|---|---|
| 2024 target bonus (%) | 90% |
| 2024 target bonus ($) | 457,156 |
| 2024 actual payout ($) | 429,726 |
| RSUs issued for AIP (#) | 502 |
Long-Term Incentives (LTI)
Program mix: Financial performance PSUs (Revenue and AFFO/share; 1-year performance with 2 additional years service vest), rTSR PSUs (3-year performance vs S&P 500 TR), and service-based RSUs (3 equal annual tranches) .
2024 Target LTI sizing for Abdel:
| Component | Target shares (#) | Notes |
|---|---|---|
| Financial performance PSUs | 2,183 | Earned 95% for 2024; 1-year performance, then service-based vest over 2 years |
| rTSR PSUs | 929 | 2024 grant vests in early 2027 upon certification; 200% cap; no payout if absolute TSR negative |
| Service-based RSUs | 1,533 | Vest in 3 equal tranches on/after Jan 15, 2025/2026/2027 |
Key realized/earned outcomes:
| Award | Release date | Abdel shares |
|---|---|---|
| 2024 Financial performance PSUs (95% earned) | Feb 18, 2025 | 2,073 earned; 1,037 vested; 1,036 banked |
| 2022 rTSR PSUs (3-year) | Jan 15, 2025 | 956 shares (84.83% of target) |
2024 Grants detail (Abdel):
| Grant date | Type | Shares (#) | Grant-date FV ($) |
|---|---|---|---|
| Mar 7, 2024 | Financial performance PSUs (target/max) | 2,183 / 4,366 | 1,977,929 |
| Mar 7, 2024 | rTSR PSUs (thresh/target/max) | 186 / 929 / 1,858 | 998,545 |
| Mar 7, 2024 | Service-based RSUs | 1,533 | 1,388,990 |
| Dec 1, 2024 | Promotion service-based RSUs | 2,186 | 2,145,515 |
| Mar 12, 2025 | Fully vested RSUs (AIP payout) | 502 | 429,205 |
Vesting schedules (forward-looking cadence)
- 2024 service-based RSUs: 3 equal tranches on the first trading day on/after Jan 15 in 2025, 2026, 2027 .
- 2024 Financial PSUs: earned based on 2024 results; vest with 2-year service tail (50% upon certification, remainder over next 2 years) .
- 2024 rTSR PSUs: vest in early 2027 upon certification; 200% cap; capped at target if absolute TSR negative .
- 2024 promotion RSUs: 16.67% on first trading day on/after Jun 1, 2025; then 16.67% each Dec 1 and Jun 1 until fully vested .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Mar 25, 2025) | 7,890 shares; <1% of outstanding |
| Options outstanding | None (no NEOs held options as of Dec 31, 2024) |
| Unvested stock awards (Dec 31, 2024) | 716 ($706,563); 1,031 ($1,004,627); 2,073 ($1,981,104); 751 ($741,102); 1,676 ($1,633,128); 1,533 ($1,465,042); 956 ($943,400); 2,186 ($2,061,158) |
| Unearned PSUs (Dec 31, 2024) | 2,515 ($2,450,666) Financial PSUs; 929 ($887,817) rTSR PSUs |
| Ownership guidelines (executives) | 3x base salary for CEO direct reports/executive staff (enhanced Feb 2024) |
| Compliance status | All executives were in compliance or had time remaining as of Dec 31, 2024 |
| Hedging/pledging | Hedging prohibited; pledging prohibited absent case-by-case exception by committee |
| Pledged shares noted for Abdel | None disclosed; pledge footnote in table applies to a director (Hromadko) |
Insider selling pressure indicators:
- Annual incentive is paid in fully vested RSUs (502 shares for Abdel for 2024), creating potential sellable share supply near the March grant date each year .
- Multi-year vesting across Jan 15 and semiannual Jun 1/Dec 1 promotion RSU cadence creates recurring liquidity windows; lack of options (and therefore no forced exercises) may temper urgency to sell .
Employment Terms
| Term | Abdel-specific economics |
|---|---|
| Severance absent change-in-control (CIC) | No cash severance entitlement (only certain NEOs have non-CIC severance) |
| CIC cash severance | 200% of base salary + 200% of target bonus; COBRA premiums for up to 24 months |
| CIC cash severance estimate | $2,043,956 total (base+bonus+COBRA) as of Dec 31, 2024 |
| Equity vesting on CIC | Double trigger (no single trigger); acceleration per equity docs; estimated value $16,514,314 as of Dec 31, 2024 |
| “Stay-put” clause | May not resign for good reason for 4 months post-CIC to receive benefits |
| Agreement term | 3-year term; auto-renew for 3-year periods unless 6-month notice of non-renewal |
| Clawback | Policy compliant with Exchange Act Rule 10D-1/Nasdaq |
| Non-compete / non-solicit | Non-competition during employment; non-solicitation covenants |
| Tax gross-ups | No tax gross-ups for NEOs (limited exceptions for relocation/California state tax) |
Change-in-control definition summary: includes merger with <50% post-deal ownership by current holders, sale of substantially all assets, board turnover >50% over 24 months, or acquisition of ≥50% voting power (with specified exclusions) .
Compensation Structure Details and Trends
Multi-year compensation snapshot (as disclosed for 2024)
| Component | 2024 ($) |
|---|---|
| Salary (paid) | 506,346 |
| Stock awards (grant-date fair value incl. AIP RSUs) | 6,940,184 |
| Non-equity incentive plan compensation (cash for fractional RSUs) | 521 |
| All other compensation | 14,936 |
| Total | 7,461,987 |
Year-over-year changes (structure):
- Base salary increased 6% with expanded responsibilities in Sept 2024 (from $500,000 to $530,000) .
- Mix skews heavily to equity, consistent with Equinix’s pay-for-performance program and AIP delivery in RSUs (94% payout for 2024) .
Governance and Oversight Context
- Committee: Talent, Culture and Compensation Committee (independent directors) — Sandra Rivera (Chair), Nanci Caldwell, Jeetu Patel .
- Independent consultant: Compensia retained directly by the committee .
- Best practices: Double-trigger vesting; ownership guidelines; no significant perquisites; limit on cash severance multiples to ≤2.99x without shareholder approval; hedging prohibited; pledging restricted .
Investment Implications
- Alignment: High equity mix with multi-year vesting and AIP settled in stock tightly links Abdel’s pay to revenue/AFFO performance and market TSR; ownership guidelines (3x salary) and hedging ban reinforce alignment while absence of options reduces forced selling dynamics .
- Retention risk: Robust vesting runway into 2027 (service RSUs, promotion RSUs, rTSR PSUs) is a strong retention anchor; however, Abdel has no non-CIC cash severance protection, which could modestly elevate retention risk outside of a transaction scenario .
- Trading signals: Expect recurring vest events around mid-January (annual grants), and June 1/Dec 1 from the $2M promotion RSUs; 2024 AIP paid via 502 vested RSUs creates a sellable block near March grant timing annually, potentially adding modest periodic supply; no option overhang exists .
- CIC economics: $16.5M estimated equity acceleration value and 2x cash severance multiple on salary+bonus under a double-trigger could incentivize continuity through a strategic event; “stay-put” clause further stabilizes leadership during integration windows .