Steven Quirk
Robinhood MarketsAbout Steven Quirk
Steven Quirk is Robinhood’s Chief Brokerage Officer (since January 2022), previously leading Trading strategy and platform initiatives at TD Ameritrade (including thinkorswim) and serving on its Senior Operating Committee; he holds a BBA in Risk/Insurance and Marketing from the University of Wisconsin and FINRA Series 3, 4, 7, and 24 licenses . As of April 26, 2024, he was 59 years old . Robinhood ties executive pay outcomes to multi-year equity vesting and performance programs emphasizing stock price, Adjusted EBITDA, and Total Net Revenues; in 2024 the annual cash plan measures were updated to a mix of Total Net Revenue, Adjusted Net Income, Net Deposits, and Gold Subscriber growth, aligning incentives to both profitability and customer growth . Quirk’s security alignment is reinforced by stock ownership guidelines (met as of year-end 2024) and prohibitions on hedging and pledging of company stock .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TD Ameritrade | Oversaw strategy and deployment of initiatives for Trading; member of Senior Operating Committee | Not disclosed | Led trading initiatives; helped shape firm strategic focus |
| thinkorswim, Inc. (pre-acquisition platform at TD Ameritrade) | Led development of new trading tools and technology enhancements | Not disclosed | Drove product/tool innovation for active traders |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cara Collective (non-profit) | Board Member (active) | Not disclosed | Disclosed as current external board service |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Notes |
|---|---|---|---|
| 2024 | 550,000 | 75% (implied by $412,500 target shown in plan table; 412,500/550,000) | No change to salary vs. 2023 |
| 2023 | 539,178 | 75% (raised from 50% in March 2023 for continuing non-Founder NEOs) | Salary increased to $550,000 annual rate by year-end 2023 |
| 2022 | 480,769 | 50% (pre-2023 change) | $200,000 sign-on cash paid in 2022 (see offer letter) |
Performance Compensation
Annual Cash Incentive (structure, metrics, and payouts)
| Year | Metrics | Weighting | Target Bonus ($) | Company Multiplier | Payout to Quirk ($) |
|---|---|---|---|---|---|
| 2024 | Total Net Revenue; Adjusted Net Income; Net Deposits; Gold Subscriber growth | Not disclosed | 412,500 (75% of $550,000) | Not disclosed | 765,339 |
| 2023 | Total Net Revenues; Adjusted EBITDA | 50% / 50% | 404,383.5 (75% of $539,178 eligible earnings) | 146% | 589,915 |
- 2024 implied payout ratio ≈ 186% of target (765,339 / 412,500), derived from disclosed payout and target amounts .
- 2023 plan payout was 146% based on company performance on equally weighted Net Revenues and Adjusted EBITDA; Quirk’s award was $589,915 .
Equity Awards (grants and vesting design)
| Grant Date | Award Type | Shares/Units | Grant-Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| 03/20/2024 | Time-based RSUs | 269,397 | 5,000,008 | Quarterly over 4 years (time-based) |
| 2023 (annual refresh) | Time-based RSUs | Not disclosed | 4,000,000 | 16 quarterly installments over 4 years |
| 2021 (new hire) | Time-based RSUs | 694,444 | Not disclosed | Time-based RSUs (vesting per applicable agreements) |
Outstanding Unvested Equity and Scheduled Vesting (as of 12/31/2024)
| Tranche/ID | Unvested RSUs (#) | Market Value at $37.26 ($) | Vesting Schedule Detail |
|---|---|---|---|
| (16) | 217,014 | 8,085,942 | 1/5 vested on Feb 1, 2025; remainder vests quarterly through Feb 1, 2026 |
| (17) | 251,961 | 9,388,067 | 1/9 vested on Mar 1, 2025; remainder vests quarterly through Mar 1, 2027 |
| (18) | 218,886 | 8,155,692 | 1/13 vested on Mar 1, 2025; remainder vests quarterly through Mar 1, 2028 |
- 2024 vesting/realization: 488,389 shares vested for Quirk in 2024 with $10,025,083 value realized .
- Options: No options reported for Quirk in the Outstanding Equity table (only RSUs listed) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Apr 7, 2025) | 414,250 Class A shares; less than 0.1% |
| Ownership breakdown | 309,518 Class A shares held directly; 104,732 Class A underlying RSUs scheduled to vest and settle within 60 days after April 7, 2025 |
| Ownership guidelines | Executive stock ownership guidelines in place; as of end of 2024, all executives met guidelines except the new CTO (Quirk met) |
| Hedging/pledging | Company policy prohibits hedging, pledging, and margin in Robinhood securities for covered persons (incl. executives) |
| Say-on-Pay signal | 98% approval at 2024 annual meeting for FY2023 NEO compensation |
Employment Terms
| Term | Detail |
|---|---|
| Employment status | At-will; executive officers serve at Board discretion; no fixed-term employment agreements with NEOs |
| Offer letter (dated July 13, 2021; amended Nov 18, 2021) | Initial base salary $500,000; $400,000 sign-on bonus (half ~30 days after start; remainder paid in 2023 post one-year anniversary); initial grant 694,444 time-based RSUs |
| Clawbacks | Restatement-based clawback in line with Nasdaq (recoup excess incentive comp); separate policy allows recoupment for detrimental conduct causing inflated performance or material financial/reputational harm |
| Hedging/pledging | Prohibited for executives under Insider Trading Policy |
| Perquisites | Limited personal security (residential/online); 401(k) match up to 3% of paycheck; no executive-only retirement/health programs |
Severance and Change-in-Control (CIC) Economics
Policy framework (revised August 2024) :
- Outside CIC (Involuntary Termination): 12 months base salary; lump sum equal to 50% of target annual bonus (prorated) and, if termination occurs before prior-year bonus payment date, an additional 50% of prior-year target bonus; accelerated vesting of time-based equity equal to 9 months post-termination (if ≥24 months’ service; 6 months if <24 months); 12 months COBRA; performance-based equity excluded .
- Within CIC window (3 months pre- to 18 months post-CIC): 18 months base salary; lump sum equal to target bonus + 50% prorated current-year target bonus and, if before prior-year bonus payment date, an additional 50% of prior-year target bonus; 18 months COBRA; accelerated vesting of all outstanding time-based equity (performance-based excluded) .
- 280G treatment: Best-net cutback (no excise tax gross-ups) .
Estimated benefits if terminated on Dec 31, 2024 (company’s proxy-calculated scenario) :
| Scenario | Cash Severance ($) | RSU Acceleration ($) | Health (COBRA) ($) | Total ($) |
|---|---|---|---|---|
| No CIC: Termination without cause / resignation for good reason | 756,250 | 9,863,003 | 35,518 | 10,654,771 |
| CIC: Termination without cause / resignation for good reason | 1,443,750 | 25,629,701 | 53,277 | 27,126,728 |
Notes: Equity values in the above estimates reflect a $37.26 share price (Dec 31, 2024 close) per the proxy assumptions .
Investment Implications
- Significant upcoming RSU supply: Quirk had 687,861 unvested RSUs at year-end 2024 across three tranches, vesting quarterly through 2026–2028; 488,389 shares vested in 2024 with $10.0M realized, indicating ongoing quarterly vest-driven supply that can create periodic selling pressure as shares settle .
- Strong retention and CIC coverage: Outside CIC, Quirk receives 12 months salary, partial bonus, and up to 9 months of time-based equity acceleration (≥24 months’ service). In a CIC termination, 18 months salary and full acceleration of time-based equity (performance-based excluded) apply—material economics that reduce voluntary departure risk but elevate potential dilution costs in a sale scenario .
- Alignment safeguards: He meets stock ownership guidelines; hedging and pledging are prohibited; robust clawbacks exist for restatements and detrimental conduct—indicators of governance discipline and alignment with shareholder interests .
- Pay-for-performance design: 2024 payout to Quirk was $765k; implied ~186% of target, with metrics rebalanced to include profitability (Adjusted Net Income) and customer growth (Net Deposits, Gold Subscribers)—a mix that can amplify upside in strong growth/profit years but may introduce more year-to-year variability in cash awards .
- Lower option leverage: No outstanding options for Quirk (RSU-heavy mix), which lowers upside convexity versus options but tightens retention via steady time-based vesting and reduces risk of future option repricings .
- Shareholder support: 98% Say-on-Pay approval in 2024 suggests low near-term risk of compensation program overhaul and supportive investor sentiment toward the current incentive framework .