Corinne Munchbach
About Corinne Munchbach
Corinne Munchbach, age 37, has served as an independent director of Forrester Research, Inc. since June 2024. She was CEO of BlueConic, Inc. (martech SaaS) from January 2023 to February 2025 and previously President/COO after joining in 2015; earlier, she was a Forrester analyst covering business and consumer technology trends and the marketing tech landscape (2010–2014) . The Board has determined she is independent under NASDAQ standards; Forrester’s Board held six meetings in fiscal 2024, and each director attended at least 75% of Board and relevant committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlueConic, Inc. | Chief Executive Officer | Jan 2023 – Feb 2025 | Led martech SaaS company; operational leadership in customer data and CX |
| BlueConic, Inc. | President & Chief Operating Officer | Through 2022; joined 2015 | Scaled operations; marketing technology execution |
| Forrester Research, Inc. | Analyst (business/consumer tech; marketing tech) | 2010 – 2014 | Thought leadership on customer data, CX, martech |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company directorships | None disclosed | — | Proxy nominee biography lists other public boards “if any”; none cited for Munchbach |
Board Governance
- Committee assignments: Audit Committee member (members: Warren Romine, Chair; Neil Bradford; Anthony Friscia; Corinne Munchbach); Audit Committee held five meetings in FY2024 .
- Independence: Board determined all current directors except CEO/Chair George Colony are independent; Audit Committee members also satisfy Sarbanes‑Oxley independence and NASDAQ financial literacy standards (Romine designated “audit committee financial expert”) .
- Attendance: Each director attended ≥75% of combined Board and applicable committee meetings in FY2024; Board met six times .
- Board leadership: CEO/Chair roles combined; Lead Independent Director role held by Robert Galford (retiring effective May 13, 2025), who presides over executive sessions of independent directors .
- Key governance policies: Stock retention guidelines for directors and officers; Insider Trading Policy (company states it currently does not have a hedging policy); SEC/NASDAQ‑compliant clawback policy adopted under Rule 10D‑1 .
Fixed Compensation
| Component | 2024 Amount ($) | Detail |
|---|---|---|
| Annual cash fees | 25,000 | Partial-year retainer and committee fees (joined June 2024); standard director annual retainer $30,000; committee membership $5,000 per committee; Audit Chair +$8,000; Comp&Nom Chair +$5,000; Lead Independent +$10,000; paid quarterly |
| Equity: RSU grant | 119,986 | RSUs granted June 3, 2024 (6,737 RSUs to each then‑serving non‑employee director; grant value divided by closing price $17.81) |
- Vesting: Director RSUs vest in four equal quarterly installments over one year; RSUs vest in full upon change of control unless assumed/substituted/cashed‑out .
Performance Compensation
- Directors do not receive performance-based bonuses; director equity grants are time-based RSUs with quarterly vesting (no PSU/option components disclosed for directors in 2024) .
Other Directorships & Interlocks
| Company | Role | Tenure | Potential Interlock/Conflict |
|---|---|---|---|
| None disclosed | — | — | No related party transactions involving Munchbach disclosed; Audit Committee oversees related party approvals . |
Expertise & Qualifications
- Thought leadership in customer data, customer experience, and marketing technology; operational experience as CEO .
- Audit Committee member; satisfies NASDAQ financial literacy standards (committee-wide determination) .
Equity Ownership
| Metric | Value | As-of | Notes |
|---|---|---|---|
| Common stock beneficially owned (shares) | 5,052 | Mar 17, 2025 | <1% of outstanding shares |
| RSUs outstanding (non‑employee director) | 3,369 | Dec 31, 2024 | Director RSUs vest quarterly over one year |
| Ownership guidelines | 2x total annual director compensation; 5-year compliance window | Effective Apr 1, 2024 | Unvested RSUs/options do not count; restrictions on sales until guideline met |
| Hedging/Pledging | No hedging policy currently; pledging not addressed | Current | Insider Trading Policy disclosed; hedging gap noted |
Governance Assessment
- Strengths: Independent director with relevant martech and customer data expertise; active Audit Committee member under strong independence and literacy standards; ≥75% attendance; stock retention guidelines and SEC‑compliant clawback policy support alignment and accountability .
- Pay alignment: Director compensation is modest and standard (cash retainer plus time‑based RSUs with one‑year quarterly vesting); no meeting fees or perquisites disclosed; consistent with peer practices .
- RED FLAGS / Watch items:
- Company discloses it “currently does not have a policy regarding hedging,” which is atypical among governance peers and can weaken alignment if insiders hedge exposure; no pledging disclosure for directors .
- Combined CEO/Chair with ~39% ownership may concentrate agenda control; lead independent director (Galford) retiring, so continuity of independent leadership and committee chairs merits investor attention in 2025 .
- Forrester’s 5‑year cumulative TSR is below its selected peer index (S&P Small Cap 600 Information Technology), which can pressure governance expectations and oversight rigor; not director‑specific but relevant for investor confidence .
- Related‑party and compliance: No related‑party transactions involving Munchbach disclosed; Section 16 filings were timely for 2024 .
Context: 2024 say‑on‑pay support was 99%, indicating broad shareholder approval of compensation oversight; executive bonuses were suspended for 2024 with discretionary 27% payouts reviewed by the Compensation & Nominating Committee—signals conservative pay posture amidst challenging transition to Forrester Decisions .