Vivek Jetley
ExlService HoldingsAbout Vivek Jetley
Vivek Jetley (age 50) is President and Head of Insurance, Healthcare and Life Sciences at EXL, a role assumed with the company’s new operating model in 2025; he was promoted to President and Business Head, Analytics in April 2024 after serving as Executive Vice President and Business Head, Analytics since January 2020, and has been with EXL since 2006; prior to EXL he was a Partner at Inductis . In 2024, Jetley’s business delivered 9% year-over-year Analytics revenue growth with improved profitability and scaled EXL Ventures Lab ideation across the enterprise, while company-wide 2022 PRSUs vested at 200% of target (revenue 112.5% of target; TSR at 92nd percentile vs peers), evidencing strong pay-for-performance outcomes .
Past Roles
| Organization | Role/Title | Years | Strategic Impact |
|---|---|---|---|
| EXL | President & Head of Insurance, Healthcare and Life Sciences | 2025–present | Leadership of industry verticals under new operating model |
| EXL | President & Business Head, Analytics | Apr 2024–Mar 2025 | Analytics revenue +9% YoY; enterprise-wide Ventures Lab IdeaTank with 1,500+ ideas |
| EXL | EVP & Business Head, Analytics | Jan 2020–Mar 2024 | Led analytics franchise; prior leadership included enterprise strategy and strategic deal team |
| EXL | Various leadership roles | 2006–2019 | Headed enterprise strategy and strategic deals |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Inductis | Partner | Prior to 2006 | Pre-EXL consulting leadership |
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 440,164 | 500,000 | 512,568 |
| Stock Awards ($) | 1,862,689 | 1,681,606 | 3,394,217 |
| Option Awards ($) | — | 3,230,785 | — |
| Non-Equity Incentive Plan Comp ($) | 525,488 | 422,307 | 323,153 |
| All Other Compensation ($) | 9,654 | 10,404 | 11,106 |
| Total ($) | 2,837,996 | 5,845,102 | 4,241,045 |
Base salary movement:
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary set ($) | 500,000 | 550,000 |
Notes:
- 2024 SCT salary reflects amounts earned in-period; the Compensation Committee raised Jetley’s base to $550,000 in connection with his April 2024 promotion .
Performance Compensation
Annual Cash Incentive (2024):
| Metric | Weighting | Target | Actual | Funding/Payout |
|---|---|---|---|---|
| Company Revenue | 37.5% (50% of 75%) | $1.84B | $1.83B (99.4% of target) | 94.9% funding for revenue portion |
| Company Adjusted Operating Profit Margin (AOPM) | 37.5% (50% of 75%) | $357.1M | ~$354.1M (99.2% of target) | 92.6% funding for AOPM portion |
| Weighted Company metric | 75% | — | — | 93.8% weighted funding |
| Individual goals (Jetley) | 25% | Drive Analytics revenue; realize Ventures Lab | Analytics revenue +9% YoY; 1,500+ ideas via IdeaTank | Overall bonus attainment 84% of target; $323,153 paid (Mar 2025) |
Long-Term Equity Incentives (2024 grants to Jetley):
| Instrument | Weighting | Target $ | Target Shares (#) | Vesting |
|---|---|---|---|---|
| Time-Vested RSUs | 40% | $1,200,000 | 38,316 | 25% on each of 4 anniversaries of 2/27/2024 |
| Revenue-Linked PRSUs | 24% | $720,000 | 22,990 | Cliff vest based on performance on 12/31/2026; may earn up to 200% |
| Relative TSR-Linked PRSUs | 36% | $1,080,000 | 34,484 | Cliff vest based on performance on 12/31/2026; may earn up to 200% |
Context on performance outcomes:
- 2022 PRSUs vested at 200%: revenue achieved 112.5% of target; TSR at 92nd percentile vs peer group .
Equity Ownership & Alignment
Beneficial ownership and outstanding awards:
| Item | Detail |
|---|---|
| Beneficial ownership (3/31/2025) | 453,763 shares; vested but unsettled RSUs: — |
| Stock Ownership Policy | Requires 2x base salary for executives; CEO 6x; all covered executives compliant as of 12/16/2024 |
| Anti-hedging / Pledging | Hedging prohibited; pledging only permitted above ownership guideline thresholds for Reporting Persons |
| Options (6/21/2023 grant) | 67,160 exercisable; 201,490 unexercisable; $30.15 strike; expires 6/21/2033; vests 25% annually |
| Unvested RSUs (time-based) | 7,445 (2/17/2021); 10,100 (2/16/2022); 13,200 (2/15/2023); 38,316 (2/27/2024); market values use $44.38 close on 12/31/2024 |
| PRSUs outstanding (max shown) | 21,120; 31,680 (2/15/2023 grants vest 12/31/2025); 45,980; 68,968 (2/27/2024 grants vest 12/31/2026); market/payout values at $44.38 |
| 2024 vesting delivered | 123,565 shares vested with $5,146,174 realized value; no option exercises reported in 2024 |
Note: Proxy market values reflect $44.38 closing price on 12/31/2024 .
Employment Terms
Key severance, change-in-control, and covenants:
- Agreements: NEO employment agreements provide base salary, target bonus eligibility, equity awards, benefits, severance; updated clawback and ownership policies apply .
- Clawback: Restatement recoupment per Nasdaq rules for prior 3 years; additional misconduct triggers allow recoupment including time-based awards; plan documents also incorporate clawback and other recovery policies .
- Non-compete / Non-solicit: NEOs subject to confidentiality at all times and non-compete/non-solicit for one year post-termination .
- Insider trading: Company policy on insider trading filed with 10-K; robust compliance .
Severance and potential payments (indicative, as of 12/31/2024):
| Scenario (Jetley) | Base Salary Payout | RSUs | PRSUs | Options | Share Match Program |
|---|---|---|---|---|---|
| Death (pre-CIC) | — | 3,064,927 | 1,631,274 | 2,867,203 | 617,992 |
| Death (post-CIC) | — | 3,064,927 | 4,155,832 | 2,867,203 | 617,992 |
| Termination without cause / for good reason (no CIC) | 550,000 | — | — | — | — |
| Change in control (CIC only) | — | 1,174,916 | 3,305,685 | 955,722 | — |
| Termination without cause / for good reason following CIC or in specific contemplation of CIC | 550,000 | 3,064,927 | 4,155,832 | 2,867,203 | 617,992 |
| Retirement | — | 617,992 | — | — | 617,992 |
Equity treatment mechanics (simplified):
- Time-Vested RSUs: Accelerate 12 months’ worth upon CIC; fully vest on termination without cause/good reason in connection with CIC; death fully vests; retirement provisions allow limited vesting depending on age/service .
- Revenue-Linked PRSUs: Convert to time-based RSUs at 100% upon CIC with retroactive three-year ratable vesting; remaining vest time-based; fully vest on termination without cause/good reason post-CIC or death post-CIC .
- Options: Accelerate 12 months’ worth upon CIC; fully vest on termination without cause/good reason in connection with CIC; death fully vests; retirement vesting limited; post-termination exercise generally 90 days .
Investment Implications
- Pay-for-performance alignment is strong: majority of NEO compensation is variable and tied to financial metrics or equity value, with annual metrics of revenue and AOPM at 75% weight and long-term PRSUs balanced between revenue and relative TSR; no option repricing, robust clawback, anti-hedging, and limited pledging enhance governance quality .
- Near-term vesting calendar and equity exposure: Jetley’s 2023 PRSUs cliff-vest on 12/31/2025 and 2024 PRSUs on 12/31/2026, alongside annual RSU tranches; ownership policy requires retention of at least 50% of delivered shares until guidelines are met, which may moderate net selling around vest dates . His options (strike $30.15) were in-the-money relative to $44.38 year-end price, offering exercise value and potential liquidity considerations subject to trading windows .
- Retention and change-in-control economics: Indicative severance shows base salary payout of $550,000 in key termination scenarios, with full acceleration of equity upon termination following CIC, which both preserves retention and could create event-driven equity settlement flows in a transaction context .
- Execution track record and risk: Analytics performance improved (9% YoY) under Jetley’s leadership, and company PRSUs have paid at max for the 2022 cycle (200%), supporting confidence in operating execution; annual bonus attainment at 84% for 2024 indicates disciplined payout calibration when targets are narrowly missed, aligning incentives but potentially tempering cash compensation volatility . Say-on-Pay support was ~98%, signaling shareholder acceptance of the program design .