Ashwin Kumar
About Ashwin Kumar
Independent director (Class III) at Forge Global Holdings, Inc. since March 2022; age 58; tenure scheduled to extend through 2028 subject to election. Background spans 30+ years across investment banking, capital markets, hedge funds, market infrastructure, and fintech; education includes B.S. in Industrial Management/Industrial Engineering (Purdue) and MBA in Finance (University of Chicago) . Board determined him to be independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deutsche Börse | Managing Director, Global Head of Group Product & Business Development; member of Group Management Committee, Group Risk Committee, Corporate VC Investment Committee, Product Development Lab Steering Committee, Datafication Council | 2015–2018 | Senior executive leadership; multi-committee oversight |
| 7RIDGE | Founding Partner (private markets asset manager in fintech) | 2018–2021 | Investment leadership |
| Meru Capital; Old Lane Partners | Founding Partner (global multi‑strategy hedge funds) | Not disclosed | Multi-asset investing |
| Bank of America | MD, Head of Rates Trading Europe; Head of Strategic Rates Trading Europe | Not disclosed | Trading leadership |
| Commerzbank Securities USA | MD, Head of US Rates Trading | Not disclosed | Trading leadership |
| Credit Suisse First Boston | Ran global US Treasury Options business | Not disclosed | Options business head |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Motive Partners | Industry Partner | Joined 2021 | Industry expertise |
| Jain Global | Head of EMEA | Since 2024 | Regional leadership |
| Trumid | Board Member | Current | Fintech/marketplace oversight |
| Digital Asset Holding | Board Member | Prior (date not disclosed) | Enterprise DLT oversight |
| Pratham U.K. | Board Member (NGO) | Prior (date not disclosed) | Education-focused governance |
| Martial Arts Charitable Trust | Board Member | Current | Non-profit governance |
Board Governance
- Committee assignments: Audit Committee member; Chair of the Risk Committee .
- Independence: Board affirmatively determined Kumar is independent under NYSE standards .
- Attendance: In 2024, Board held 8 meetings; Audit 7; Compensation 5; Nominating & Corporate Governance 4; Risk 4. Each director attended at least 75% of Board and applicable committee meetings; all directors at the time attended the 2024 annual meeting .
- Executive sessions: Lead Independent Director (Asiff Hirji) presides over independent director sessions; independent directors meet at least annually .
| Governance Item | Details |
|---|---|
| Board leadership | No Board chair; Lead Independent Director: Asiff Hirji |
| Audit Committee members | Kimberley Vogel (Chair), Ashwin Kumar, Brian McDonald |
| Risk Committee members | Ashwin Kumar (Chair), Debra Chrapaty, Brian McDonald |
| Independence status | Kumar independent (NYSE) |
| 2024 attendance | ≥75% for all directors; meeting counts per committee as above |
Fixed Compensation (Director)
- Cash retainers (policy): Board member $35,000; Audit Chair $20,000; Audit member $10,000; Compensation Chair $12,000; Compensation member $6,000; Nominating Chair $8,000; Nominating member $4,000; Risk Chair $8,000; Risk member $4,000. Lead Independent Director $16,500; Chair of Board $30,000. Ad hoc committees: up to $1,500/meeting or $10,000 annual; subsidiary board service: up to $20,000 annual .
- Ashwin Kumar 2024 actual: Fees earned in cash $66,250; Stock awards $164,984; Total $231,234 .
| Component | Amount ($) |
|---|---|
| Board member annual retainer (policy) | 35,000 |
| Audit Committee member (policy) | 10,000 |
| Risk Committee Chair (policy) | 8,000 |
| 2024 Fees Earned (actual) | 66,250 |
| 2024 Stock Awards (grant‑date fair value) | 164,984 |
| 2024 Total Director Compensation | 231,234 |
Performance Compensation (Director)
- Equity compensation structure (policy): Initial RSU grant at election $240,000 grant‑date FV (vests 1/12 each quarterly vesting date: Mar 1, Jun 1, Sep 1, Dec 1); annual RSU grant $170,000 grant‑date FV (vests 1/4 on each quarterly vesting date after annual meeting). Sale Event: full vest acceleration of outstanding director equity .
- No performance metrics are applied to non‑employee director RSU awards; vesting is time‑based per policy .
| Metric/Term | Director Awards |
|---|---|
| Initial Award FV | $240,000; 12 quarterly tranches |
| Annual Award FV | $170,000; 4 quarterly tranches |
| Performance conditions | None; time‑based vesting only |
| Change‑of‑control treatment | Full vesting of director equity |
Other Directorships & Interlocks
| Entity | Type | Nature of Interlock/Exposure |
|---|---|---|
| Motive Partners | Private investment firm | Kumar is an Industry Partner; Motive‑affiliated entities beneficially own ~16.05% of FRGE; potential perceived influence; Board affirmed independence |
| Trumid | Fintech marketplace | Current board role; customer/supplier exposure not disclosed |
| Digital Asset Holding | Enterprise DLT | Prior board role |
| Jain Global | Asset manager | Current executive role (Head of EMEA) |
Note: FRGE has an Amended & Restated Registration Rights Agreement with certain holders including Motive‑affiliated parties (standard for SPAC business combinations). Sponsor Support Agreement lock‑ups have expired; these are not director‑specific transactions but reflect capital structure history .
Expertise & Qualifications
- Financial markets: senior leadership across rates trading, options, multi‑strategy hedge funds; market infrastructure (Deutsche Börse) .
- Fintech/market structure: board roles at Trumid and Digital Asset; deep sector knowledge aligned to FRGE’s marketplace/data businesses .
- Governance and risk: multi‑committee exposure (risk, product, venture investments) and current Risk Committee chair at FRGE .
- Education: B.S. Purdue; MBA University of Chicago .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (Apr 15, 2025) | 15,673 shares; <1% of outstanding |
| Composition | 14,007 common; 1,666 RSUs vesting within 60 days |
| RSUs outstanding (Dec 31, 2024) | 3,465 RSUs |
| Options | None disclosed for Kumar |
| Pledging/Hedging | Prohibited for directors under Insider Trading Policy |
| Ownership guidelines | Non‑employee directors must hold ≥5x annual retainer; compliance tracked with phase‑in period to first Determination Date ≥5 years; directors either compliant or in phase‑in . |
Governance Assessment
- Board effectiveness: Kumar’s market infrastructure and trading background complements FRGE’s marketplace and data strategy; his Risk Committee chair role positions him to oversee enterprise‑wide risk frameworks, including market, model, cybersecurity, and vendor risks .
- Independence and attendance: Board affirmed independence; 2024 attendance thresholds met; signals engagement and governance discipline .
- Compensation and alignment: 2024 director pay tilted toward equity (RSUs) supporting alignment with shareholders; ownership guidelines with 5x retainer strengthen long‑term alignment; hedging/pledging ban removes a key misalignment risk .
- Conflicts/related‑party: Motive‑affiliated holders are significant shareholders; Kumar’s industry partner status could create perceived interlocks; however, Board independence review affirms no material relationship impeding judgment. Ongoing monitoring advisable given Motive’s stake and FRGE’s SPAC lineage, though no Kumar‑specific related‑party transactions are disclosed .
- RED FLAGS: None disclosed specific to Kumar—no pledging/hedging; no Section 16 delinquencies for Kumar noted; attendance acceptable. Watchpoints include perceived influence via Motive Partners’ ownership and ensuring continued robust independence oversight, especially across committee decisions and capital actions .