Amit Doshi
About Amit N. Doshi
Amit N. Doshi, age 47, is Ibotta’s Lead Independent Director, serving on the Board since December 2011. He is Chair of the Audit Committee (designated financial expert) and Chair of the Nominating & Corporate Governance Committee; the Board has affirmed his independence under NYSE rules. Doshi holds a B.A. in Economics, an M.B.A., and a J.D. from Harvard University, and brings deep investment and finance expertise to Ibotta’s governance. He became Lead Independent Director in March 2025 following Valarie Sheppard’s appointment as Interim CFO .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Harbor Spring Capital, LLC | Managing Partner & Portfolio Manager | 2012–present | Investment leadership; capital allocation and governance perspective |
| Tiger Global Management, LLC | Managing Director | 2008–2012 | Global investment experience; risk oversight mindset |
| Madison Dearborn Partners | Associate | 2002–2004 | Private equity diligence and finance |
| Goldman Sachs | Analyst | 2000–2002 | Investment banking fundamentals; analytical rigor |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board determined Doshi is independent under NYSE listing standards |
| Lead Independent Director | Appointed March 2025; presides executive sessions and liaises with CEO |
| Committee Memberships | Audit (Chair; financial expert); Nominating & Corporate Governance (Chair) |
| Designations | Audit Committee financial expert; financial sophistication per NYSE |
| Attendance | Each director attended ≥75% of Board and applicable committee meetings in FY2024 |
| 2024 Meeting Counts | Board: 10; Audit: 7; Compensation: 6; NCGC: 1 |
Fixed Compensation
| Component | Policy Amount (Annual) | Doshi FY2024 Actual ($) |
|---|---|---|
| Base director cash fees (committee service) | Audit Chair $20,000; Audit member $10,000; Comp Chair $15,000; Comp member $7,500; NCGC Chair $10,000; NCGC member $5,000; Lead Independent Director $25,000; Board Chair $25,000 (employee only) | 42,167 |
| Expense reimbursement | Reasonable travel reimbursed | Included per policy |
Notes: Doshi’s specific 2024 cash total reflects roles at that time; he became Audit Chair and Lead Independent Director only in March 2025 .
Performance Compensation
| Equity Component | Grant Program | FY2024 Value ($) | Shares Outstanding (12/31/24) | Vesting Terms | CIC Treatment |
|---|---|---|---|---|---|
| IPO RSU grant | One-time IPO RSU to each non-employee director | 460,863 | 4,545 | Equal annual installments over 3 years, service-based | Full vest; performance awards deemed 100% of target unless otherwise specified |
| Annual RSU grant | $200,000 grant value at each annual meeting (if 6+ months continuous service) | Policy disclosed (timing at annual meeting) | — | 100% vest on earlier of 1st anniversary or day prior to next annual meeting |
No director performance metrics (e.g., revenue/EBITDA/TSR) are tied to director compensation; director equity awards are time-based RSUs per outside director policy .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public boards | None disclosed |
| Private/Non-profit boards | Not disclosed for Doshi |
| Interlocks/Conflicts | Wilson Sonsini (where Director Larry W. Sonsini is founding partner) provided $4,099,058 in legal services in 2024; Audit Committee reviews related-party transactions (Doshi chairs from Mar 2025) |
Expertise & Qualifications
- Financial expert and NYSE “financial sophistication”; deep investment background (Tiger Global; Harbor Spring)
- Board skills matrix shows strengths in CEO experience, operational expertise, financial & accounting, risk management & corporate governance, legal & regulatory, and human capital
- Academic credentials: B.A. Economics, M.B.A., J.D. (Harvard)
Equity Ownership
| Holder | Class A Shares (#) | Class B Shares (#) | Ownership % | Details |
|---|---|---|---|---|
| Amit N. Doshi | 43,780 | — | <1% | 40,374 direct; 1,891 via 101 Collective, LLC; 1,515 RSUs vesting within 60 days of 3/15/25 |
| Unexercised options | — | — | — | No options outstanding (director) |
| Outstanding stock awards | — | — | — | 4,545 unvested RSUs at 12/31/24 |
| Pledging/Hedging | Prohibited by Insider Trading Policy (pledging, short sales, derivatives, margin accounts) |
Governance Assessment
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Strengths:
- Lead Independent Director and dual committee chair roles (Audit; NCGC) reinforce independent oversight of financial reporting, cybersecurity, and related-party transactions; “financial expert” designation supports audit quality .
- Clear independence determination; robust insider trading and clawback policies; prohibition on pledging/hedging aligns incentives .
- Director equity is time-based RSUs with measured cash retainers, avoiding excessive guaranteed pay; annual grants align with service continuity .
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Potential red flags and watch items:
- Controlled company status (Class B super-voting held by CEO Bryan Leach) can limit minority shareholder influence despite Doshi’s lead independent role; monitor board independence and executive session efficacy .
- Significant related-party legal spend with Wilson Sonsini while a director (Larry W. Sonsini) is a founding partner; Audit Committee oversight (chaired by Doshi from Mar 2025) is essential to mitigate perceived conflicts .
- Walmart warrant and program interdependence represent strategic concentration risk; not directly a Doshi conflict but a governance oversight priority for Audit/NCGC .
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Attendance/engagement:
- Board disclosed ≥75% attendance for all directors in FY2024; Doshi’s elevation to Lead Independent Director and Audit Chair in 2025 suggests higher ongoing engagement in key oversight functions .
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Compensation alignment:
- 2024 pay mix: ~$42k cash vs ~$461k equity suggests majority at-risk via time-based equity; absence of director performance metrics maintains independence but reduces direct performance tie-in; policy caps total non-employee director comp at $750k per year .
Overall, Doshi’s roles and credentials are positive signals for board effectiveness in a controlled company structure; continued vigilance around related-party transactions and strategic partner warrants is warranted, with Audit/Nominating chairs (Doshi) central to investor confidence .