Taylor Greenwald
About Taylor Greenwald
Taylor C. Greenwald, age 55, is Chief Financial Officer of IBEX, appointed August 14, 2023, with prior senior finance roles at Synchronoss, Endurance International Group, and Convergys; he holds an MBA from MIT Sloan and a BA from Georgia Tech . Under Greenwald’s finance leadership, IBEX delivered FY2025 adjusted EPS of $2.75 (+31% y/y) and adjusted EBITDA of $71.955M (12.9% margin), up from $65.176M in FY2024 (12.8% margin) ; management also cited FY2025 revenue growth of 10% y/y and strong free cash flow of $27.3M . Q1 FY2026 was a record start with revenue +16.5% y/y to $151.2M, adjusted EBITDA $19.5M (12.9% margin), and adjusted EPS $0.90; guidance was raised to revenue $605–620M and adjusted EBITDA $78–81M for FY2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Synchronoss Technologies | EVP & CFO | 2021–2022 | Led global finance operations |
| Endurance International Group (Web Presence) | SVP Finance & CFO | 2019–2021 | Corporate development and profitability leadership |
| Convergys | SVP, Controller & Chief Accounting Officer | 2012–2019 | Directed accounting and controls for large public company |
| Convergys | Senior leadership roles | 2001–2012 | Progressive finance roles over 18 years |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public-company directorships disclosed in appointment filing |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 359,712 | 450,000 |
| Target Bonus (%) | 50% of base (FY2024 plan) | 100% of base |
| Actual Annual Cash Bonus ($) | 72,251 | 452,161 |
| All Other Compensation ($) | — | 26,723 (includes 401(k) match) |
Performance Compensation
Equity Awards and Vesting
| Grant Date | Type | Shares Granted | Vesting Schedule / Triggers |
|---|---|---|---|
| Dec 4, 2023 | RSUs | 30,000 | 25% annually; 7,500 vested on Sep 18, 2024; remaining 7,500 per year thereafter, subject to continued employment |
| May 31, 2024 | PSUs (EBITDA ladder) | 20,000 | 1/3 upon Adjusted EBITDA ≥ $74M; 1/3 upon Adjusted EBITDA ≥ $83M; final 1/3 after one year of continued service following second trigger |
| Nov 8, 2024 | RSUs | 6,294 | 25% on Jul 1, 2025 and 25% annually thereafter, subject to continued employment |
| Nov 8, 2024 | PSUs (TSR relative) | 12,588 (target) | TSR vs peer indices: 1/3 eligible Sep 30, 2025 (1-year period), 1/3 Sep 30, 2026 (2-year), 1/3 Sep 30, 2027 (3-year); up to 2x target over 3 years; max award value capped at 5x grant-date FMV |
Annual Incentive Plan Structure
| Year | Metric | Target | Actual Payout | Notes |
|---|---|---|---|---|
| FY 2025 | Annual cash bonus | 100% of base salary | $452,161 | Based on pre-established financial and operational goals; paid after year-end |
| FY 2024 | Annual cash bonus | 50% of base (for CFO) | $72,251 | Participation in FY2024 MIP approved by Compensation Committee |
Equity Ownership & Alignment
| Ownership Detail | Amount | Notes |
|---|---|---|
| Beneficial Shares (as of Oct 3, 2025) | 16,761 | Direct beneficial ownership per proxy table |
| Shares Outstanding (reference base) | 13,467,175 | Used for % ownership calculation |
| Ownership as % of Outstanding | ≈0.12% (16,761 / 13,467,175) | Derived from cited figures |
| Unvested RSUs | 22,500 + 6,294 = 28,794 | From Dec 2023 and Nov 2024 grants |
| Unearned PSUs (target) | 20,000 + 12,588 = 32,588 | EBITDA ladder and TSR grants |
| Options (exercisable/unexercisable) | None listed for CFO | No stock options outstanding |
| Pledging/Hedging | Prohibited by policy | No pledging, hedging, or margin allowed |
Insider Trading Activity (Selling Pressure Gauge)
| Date | Transaction | Shares | Price | Stated Reason |
|---|---|---|---|---|
| Sep 19, 2025 | Sale | 2,295 | $40.7302 | To cover tax withholding upon RSU vesting; not discretionary |
Form 4 filings in Nov 2024 also reflect RSU grants and holdings updates (no discretionary sales) .
Employment Terms
| Term | Detail |
|---|---|
| Start Date / Role | Aug 14, 2023; Chief Financial Officer |
| Base Salary | $450,000 (FY2025) |
| Severance | If terminated without Cause or for Good Reason: 12 months’ salary continuation (reduced by 70% of new compensation if re-employed/consulting >6 months with monthly pay >$20k) and continued benefits at active rates for the same period; subject to release |
| Non-Compete / Non-Solicit | 12 months post-termination for both |
| Clawback | A&R 2020 LTIP revises clawback provisions (enhanced enforcement) |
| Change-of-Control (Plan) | Upon change in control, time-based awards fully vest; performance-based share units vest at target for unexpired period; if awards are continued/assumed, double-trigger acceleration applies upon termination without cause within 2 years post-CoC |
| Retirement/Benefits | 401(k) plan with company match (100% of first 3% and 50% of next 2% of contributions) |
Compensation Structure Analysis
- Mix and performance linkage: In FY2025, variable pay dominated fixed pay—cash bonus ($452k) and equity grant-date value ($288k) vs base salary ($450k), with PSUs tied to EBITDA thresholds ($74M/$83M) and multi-period TSR—supporting pay-for-performance alignment .
- Shift to RSUs/PSUs: CFO awards emphasize RSUs and PSUs; no options outstanding (lower risk vs options, clearer performance linkage via TSR/financial triggers) .
- Governance protections: Plan prohibits repricing underwater options/SARs without shareholder approval; clawbacks strengthened; default accelerated vesting introduced for certain CoC terminations, balancing retention and shareholder alignment .
Performance & Track Record
- FY2025 outcomes: Adjusted EPS $2.75 (+31% y/y), adjusted net income $43.001M, adjusted EBITDA $71.955M (12.9% margin); free cash flow $27.293M . Management highlighted 10% revenue growth and record operating cash flow; DSOs stable in mid-70s .
- Q1 FY2026 momentum: Revenue $151.2M (+16.5% y/y), adjusted EPS $0.90 (+74% y/y), adjusted EBITDA $19.5M; guidance raised to revenue $605–620M and adjusted EBITDA $78–81M for FY2026 .
- CFO commentary emphasized offshore mix, digital acquisition growth, site optimization, working capital discipline, and AI investments driving margin expansion and cash generation .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for officers—reduces misalignment risk .
- Insider selling pressure: Observed tax-withholding sales on vest dates; no discretionary selling indicated—limited selling pressure .
- Option repricing: Explicitly prohibited without shareholder approval—mitigates governance risk .
- Section 16(a) compliance: Proxy noted some late filings for other executives; CFO not cited—no delinquency flagged for Greenwald .
Equity Plan Overhang & Dilution
| Measure | Value |
|---|---|
| Additional shares requested under A&R 2020 LTIP | 650,000 |
| Potential Basic Dilution of available + requested | 5.8% |
| Total Potential Basic Dilution/Overhang | 16.4% |
Compensation Committee & Benchmarking
- Committee composition: Independent directors oversee executive compensation; CEO excluded from deliberations on his own pay .
- Consultant: Exequity LLP engaged for ongoing pay benchmarking (executive and director); led to director equity program and chair fee adjustments .
Investment Implications
- Pay-performance alignment: High at-risk mix, with PSUs tied to EBITDA thresholds ($74M/$83M) and multi-period TSR, plus strong FY2025 and Q1 FY2026 execution—supports confidence in continued margin/cash flow performance .
- Retention risk vs incentives: Significant unvested RSUs (28,794) and PSUs (32,588) with multi-year vesting reduce near-term attrition risk; severance and non-compete/non-solicit provide continuity, while CoC acceleration could diminish retention post-transaction .
- Trading signals: Expect periodic tax-withholding sales around vest dates (e.g., Sep 18 annually for 2013 RSUs tranche schedule and Jul 1 annually for 2024 RSUs), typically low-impact; monitor TSR PSU checkpoints on Sep 30, 2026 and Sep 30, 2027 for potential vesting-driven activity .
- Dilution watch: A&R 2020 LTIP adds 650k shares and brings total potential overhang to 16.4%; factor into valuation and EPS modeling as grants occur over ~three years .