Robert Bennett
About Robert Bennett
Robert Bennett, age 68, joined Forrester’s Board as an independent director effective July 22, 2024. He founded EngageSmart, Inc. in 2020 and served as CEO until its January 2024 acquisition, and currently sits as an independent board member at InvoiceCloud, Inc. and SimplePractice, LLC. His core credentials center on scaling profitable, high‑growth software businesses and deep go‑to‑market, sales, and marketing expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EngageSmart, Inc. | Founder and Chief Executive Officer | 2020–Jan 2024 | Led IPO in 2021 and scaled vertical SaaS and integrated payments; exited via acquisition in Jan 2024 |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| InvoiceCloud, Inc. | Independent Board Member | Current | Web-based electronic bill presentment and payments; principal business of EngageSmart |
| SimplePractice, LLC | Independent Board Member | Current | Practice management platform; principal business of EngageSmart |
| EforAll / The Boston Foundation / Northeastern University | Community involvement | Current | Philanthropic/entrepreneurship engagement (not specified as board roles) |
Board Governance
- Independence: The Board determined all current directors except CEO George Colony are independent under NASDAQ rules, which includes Bennett .
- Committee assignments: Bennett served on the Compensation and Nominating Committee during fiscal 2024; the committee’s chair was Robert M. Galford. Audit Committee members were Romine (Chair), Bradford, Friscia, and Munchbach; Bennett was not listed on the Audit Committee .
- Attendance: The Board met six times in fiscal 2024; each director attended at least 75% of Board and relevant committee meetings. The Compensation & Nominating Committee met seven times; the Audit Committee met five times .
- Leadership structure: CEO/Chair roles are combined; Robert M. Galford has served as Lead Independent Director since 2017 and is retiring effective May 13, 2025, implying imminent reconstitution of independent leadership roles .
- Policies: Formal Corporate Governance Guidelines and committee charters are adopted; directors must meet stock retention guidelines; Clawback Policy compliant with SEC Rule 10D‑1; insider trading policy in place, but the company currently does not have a hedging policy .
Fixed Compensation
| Component | Amount / Terms | Period | Notes |
|---|---|---|---|
| Fees Earned or Paid in Cash ($) | $25,000 | FY2024 | Partial year following July 2024 appointment |
| Annual Director Retainer ($) | $30,000 | Ongoing | Payable quarterly; applies to non‑employee directors |
| Committee Membership Fee ($) | $5,000 per committee | Ongoing | Additional annual retainer per committee |
| Committee Chair Fee ($) | Audit Chair: +$8,000; Comp & Nom Chair: +$5,000 | Ongoing | Additional to committee membership fee |
| Lead Independent Director Fee ($) | +$10,000 | Ongoing | Additional annual retainer |
Performance Compensation
| Equity Award | Grant Date | Shares Granted | Grant-Date Fair Value ($) | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|---|
| Director RSU | Aug 1, 2024 | 6,305 | $119,984 | Four equal quarterly installments over one year; accelerates upon change-of-control unless assumed/substituted/cashed out | None (time-based) |
Directors receive time-based RSUs; no performance conditions apply to director equity grants. For context, executive PSUs (not applicable to directors) are tied to 2025 CV and Adjusted EBITDA margin with scaled vesting from 30% to 150% of target as shown below :
| Company Metric (Exec PSU 2023 grant) | Threshold | Target | Max | Vesting % Range |
|---|---|---|---|---|
| Measurement Year CV | 90% of CV target | 100% | 105% | 30% to 150% of CV Growth PSUs |
| Measurement Year Adjusted EBITDA Margin | Target −1 ppt | Target | Target +1 ppt | 30% to 150% of EBITDA Margin PSUs |
Other Directorships & Interlocks
| Company | Listing Status | Role | Potential Interlocks with FORR |
|---|---|---|---|
| InvoiceCloud, Inc. | Private | Independent Board Member | None disclosed with FORR customers/suppliers |
| SimplePractice, LLC | Private | Independent Board Member | None disclosed with FORR customers/suppliers |
Expertise & Qualifications
- Extensive leadership of profitable, high-growth technology companies; go‑to‑market, sales management, and operational expertise, including scaling a public company (EngageSmart IPO 2021) and strategy execution for CV growth .
- Current board roles in vertical SaaS businesses (InvoiceCloud, SimplePractice) relevant to Forrester’s subscription growth and customer engagement focus .
Equity Ownership
| Holder | Shares Beneficially Owned | Options/RSUs Vesting within 60 days | Percent of Outstanding |
|---|---|---|---|
| Robert Bennett | 5,728 | — | * (Less than 1%) |
| Director RSUs Outstanding at 12/31/2024 | Count |
|---|---|
| Robert Bennett | 3,153 |
Stock Ownership Guidelines for Directors:
- Must hold shares equal to at least 2× total annual director compensation (cash retainer + grant-date value of equity) within five years of service start; restrictions on sales apply until guidelines are met; unexercised options/unvested RSUs do not count. The company states directors and executive officers have complied in full since initial adoption .
Governance Assessment
- Independence and Committee Work: Bennett is independent and served on the Compensation & Nominating Committee during FY2024, aligning with governance best practice for director independence and pay oversight .
- Attendance: Board and committee attendance thresholds were met; Board held six meetings, supporting engagement standards despite Bennett’s mid‑year appointment .
- Ownership Alignment: Director pay is equity‑weighted (time‑based RSUs) with stock retention guidelines requiring 2× annual compensation holdings, reinforcing alignment though unvested RSUs do not count toward guidelines .
- Compensation Structure: Bennett’s 2024 compensation comprised $25,000 cash and $119,984 in RSUs, consistent with Forrester’s uniform director pay framework; RSUs vest quarterly and accelerate upon change‑of‑control unless assumed/substituted/cashed out .
- Potential Conflicts: No related‑party transactions involving Bennett are disclosed; Related Person Transactions are overseen by the Audit Committee; Section 16 filings were timely for all officers/directors .
- RED FLAGS:
- No hedging policy: The company states it currently does not have a hedging policy for directors/officers, which is below contemporary governance norms for alignment .
- Combined CEO/Chair and concentrated founder ownership: CEO George Colony is both Chair and beneficially owns ~39%, which may limit independent board influence; lead independent director (Galford) is retiring May 13, 2025, creating a near‑term leadership transition risk .
- Shareholder Sentiment: 2024 Say‑on‑Pay support was 99%, indicating broad shareholder approval of compensation practices, though this relates to executives rather than directors .