Kate Bueker
HUBSPOTAbout Kate Bueker
Kate Bueker is HubSpot’s Chief Financial Officer and Treasurer, serving since June 2018. She previously held senior finance leadership roles at Akamai Technologies (2007–2018) and spent nearly a decade in investment banking at The Blackstone Group, UBS, Credit Suisse, and Donaldson, Lufkin & Jenrette. She also serves on Procore Technologies’ board of directors (since April 2021). As of April 24, 2025, she is 54. HubSpot’s recent performance under her finance leadership includes FY2024 constant currency revenue growth of 20.8% and strong Q3 2025 non-GAAP operating margin of 19.9%; HubSpot’s TSR turned a $100 investment in 2018 into $554 by year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akamai Technologies, Inc. | Senior Vice President, Business Finance & Operations | 2017–2018 | Led business finance and operations; senior finance leadership |
| Akamai Technologies, Inc. | Various financial leadership roles | 2007–2018 | Multiple finance leadership positions supporting growth and operations |
| The Blackstone Group; UBS; Credit Suisse; Donaldson, Lufkin & Jenrette | Investment banker | Not disclosed | Nearly a decade of capital markets/investment banking experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Procore Technologies, Inc. | Director | Since April 2021 | Public company board service |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (paid) | $457,500 | $497,500 | $518,333 |
| Base Salary (program level) | — | $500,000 | $520,000 (effective Feb 1, 2024) |
| Target Annual Cash Bonus (% of base) | 60% | 60% | 75% (effective Jan 1, 2024) |
| Non-Equity Incentive (cash bonus paid) | $115,057 | $217,106 | $299,338 |
| All Other Compensation | $3,724 | $2,500 | $5,000 |
| Total Compensation | $4,215,582 | $9,164,654 | $10,205,446 |
Performance Compensation
Annual Cash Bonus – 2024 Mechanics and Outcomes
| Metric | Weight | H1 2024 Target | H1 2024 Actual | H1 Payout | H2 2024 Target | H2 2024 Actual | H2 Payout |
|---|---|---|---|---|---|---|---|
| ARR Install Base | 70% | $2.730B | $2.686B | 67% of target (47% weighted) | $3.042B | $2.946B | 67% of target (47% weighted) |
| Non-GAAP Operating Income | 30% | $174.4M | $201.9M | 100% of target (30% weighted) | $424.2M | $460.2M | 100% of target (30% weighted) |
| Total Bonus Payout vs Target | — | — | — | 77% | — | — | 77% |
| Bueker Cash Paid | — | — | — | $149,188 | — | — | $150,150 |
Notes: Bonus plan measured semi-annually; committee discretion retained; payouts made shortly after approval .
PSU Awards – 2024 Cycle (Performance Year 2024)
| Parameter | Threshold | Target | Maximum | Actual | Payout/Earned |
|---|---|---|---|---|---|
| Constant Currency Revenue Growth (Revenue CC) | 17.4% | 21.0% | ≥24.8% | 20.8% | 97.5% of target PSUs earned |
| Grant Type | Grant Date | Approved Value | Target Shares | Earned Shares | Vesting |
|---|---|---|---|---|---|
| PSUs (2024 cycle) | Mar 1, 2024 | $9,000,000 | 7,402 | 7,216 (97.5%) | 1/3 on performance certification (Feb 2025), remaining 2/3 quarterly over 2 years |
| RSUs (time-based) | Mar 1, 2024 | $9,000,000 total award mix reflected in stock awards | 7,402 | — | 16 equal quarterly installments over 4 years from Mar 1, 2024 |
Equity Ownership & Alignment
Beneficial Ownership (as of Mar 1, 2025)
| Holder | Shares Beneficially Owned | % of Outstanding | Breakdown |
|---|---|---|---|
| Kate Bueker | 46,457 | <1% | 21,640 shares held directly; 24,817 shares issuable upon options/RSUs/PSUs vesting within 60 days |
Company-wide shares outstanding basis used in the table: 52,215,728 .
Selected Outstanding Equity Awards (as of Dec 31, 2024)
| Instrument | Grant Date | Exercisable | Unexercisable | Strike | Expiration | Unvested RSUs/PSUs (#) | Market Value ($) |
|---|---|---|---|---|---|---|---|
| Stock Option | Jul 2, 2018 | 902 | — | $128.10 | Jul 2, 2028 | — | — |
| Stock Option | Feb 3, 2020 | 10,215 | — | $182.91 | Feb 3, 2030 | — | — |
| Stock Option | Feb 1, 2021 | 5,076 | 339 | $381.74 | Feb 1, 2031 | — | — |
| RSUs | Feb 1, 2021 | — | — | — | — | 422 | $294,037 |
| Stock Option | Feb 1, 2022 | 2,954 | 1,343 | $490.47 | Feb 1, 2032 | — | — |
| RSUs | Feb 1, 2022 | — | — | — | — | 1,736 | $1,209,593 |
| Stock Option | Mar 1, 2023 | 2,217 | 2,852 | $383.13 | Mar 1, 2033 | — | — |
| RSUs | Mar 1, 2023 | — | — | — | — | 4,643 | $3,235,103 |
| PSUs (earned) | Jan 1, 2024 (2023 cycle vesting) | — | — | — | — | 4,602 | $3,206,536 |
| RSUs | Mar 1, 2024 | — | — | — | — | 6,015 | $4,191,072 |
| PSUs (earned 2024 cycle) | Jan 1, 2024 | — | — | — | — | 7,216 | $5,027,892 |
Notes: Market values calculated by company using $696.77 closing price on Dec 31, 2024 for COC tables; per-award market values disclosed in the Outstanding Equity Awards table .
Ownership Policies and Restrictions
- Stock ownership guidelines: CFO and other covered executives must hold equity ≥2× annual base salary; phase-in compliance within 5 years; as of the proxy date, all covered officers met requirements or were within phase-in period .
- Anti-hedging and anti-pledging: Hedging, short sales, margin purchases, and pledging are prohibited for directors, officers, and employees; exceptions require Audit Committee approval and none have been requested or approved to date .
Employment Terms
Executive Severance Plan (adopted April 10, 2025)
| Scenario | Cash Severance | COBRA | Equity Treatment |
|---|---|---|---|
| Termination without cause (outside COC period) | Base salary + pro-rated Target Bonus (CEO has additional Good Reason eligibility outside COC) | Company-paid premiums up to 12 months | CEO only: equity that would vest in 12 months accelerates; performance awards deemed at target |
| Termination without cause or Good Reason during COC period (90 days pre to 12 months post) | CFO: base salary + Target Bonus (CEO: 1.5× base salary + Target Bonus) | Company-paid premiums up to 12 months (CEO 18 months) | All outstanding equity accelerates; performance awards at actual or target if not determinable |
| Plan term | Expires April 10, 2028 unless extended | — | — |
Change-in-control equity acceleration (as of Dec 31, 2024): Potential equity vesting value for Bueker $18,572,189, reflecting “double-trigger” acceleration using $696.77/share close on Dec 31, 2024 .
Other policies:
- “Double-trigger” acceleration applies to all outstanding awards upon COC and qualifying termination; death triggers full acceleration of time-based awards (including earned PSUs) .
- Clawback policy: Company will recover excess incentive compensation upon restatement per SEC/NYSE rules .
Performance & Track Record
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue ($MM) | $669.7 | $809.5 |
| GAAP Operating Margin (%) | (1.4%) | 1.4% |
| Non-GAAP Operating Margin (%) | 18.7% | 19.9% |
| Non-GAAP Operating Income ($MM) | $125.2 | $161.5 |
| GAAP Net Income ($MM) | $8.1 | $16.5 |
Other disclosures:
- CFO signed the Q3 2025 8-K reporting results, reflecting direct accountability for financial disclosures .
Compensation Structure Notes
- 2024 long-term incentives: Mix of RSUs and PSUs; PSUs introduced in 2023 and continued based on investor feedback to strengthen pay-for-performance alignment .
- Say-on-Pay support: 89% approval for 2023 compensation at the June 11, 2024 meeting (noted in 2025 proxy), indicating investor support for program design .
Investment Implications
- Alignment: A high proportion of equity-based compensation with PSU metrics tied to constant-currency revenue growth, quarterly RSU vesting over four years, and robust ownership requirements creates strong linkage to long-term value creation and discourages excessive risk-taking .
- Retention and acceleration risk: The Executive Severance Plan provides competitive protections; “double-trigger” acceleration and defined COC benefits reduce uncertainty during strategic events. For Bueker, disclosed COC equity acceleration value was ~$18.6M as of year-end 2024, highlighting meaningful retention value and potential dilution considerations in a sale scenario .
- Selling pressure: Quarterly RSU and PSU vesting schedules plus standard tax-withholding practices can create periodic insider Form 4 activity; anti-hedging/anti-pledging policies mitigate misalignment risk, and no pledging exceptions have been requested or approved to date .
- Performance delivery: Strong recent non-GAAP margin and revenue growth, combined with PSU achievement at 97.5% of target for 2024, suggest compensation outcomes are broadly aligned with performance trends; continued investor support (89% Say-on-Pay) underscores program credibility .