David Shapiro
About David Shapiro
David T. Shapiro, age 55, serves as Chief Legal Officer and Corporate Secretary of Ibotta, Inc. (IBTA) and has held the role since March 2024. He previously served as EVP & General Counsel of Vail Resorts, General Counsel and Chief Compliance Officer at DaVita, and a trial attorney at the DOJ Civil Frauds Section; he holds a B.A. in Economics from Trinity College and a J.D. from the University of Connecticut School of Law . Executive officers are appointed by, and serve at the discretion of, the Board of Directors . Company performance during his tenure includes 2024 revenue growth and margin expansion (see table below) .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Thousands) | $320,037 | $367,254 |
| Net Income ($USD Thousands) | $38,117 | $68,742 |
| Adjusted EBITDA ($USD Thousands) | $82,832 | $112,220 |
| Adjusted EBITDA Margin (%) | 26% | 31% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vail Resorts, Inc. | EVP & General Counsel | 2015–2024 | Led legal function at a public mountain resort company; senior executive oversight of legal/compliance |
| DaVita Inc. | SVP & Chief Compliance Officer; Chief Special Counsel | 2008–2012; 2012–2013 | Oversaw enterprise compliance; served as senior special counsel |
| U.S. Dept. of Justice, Civil Frauds Section | Trial Attorney | 2003–2007 | Led enforcement litigation on civil fraud/False Claims Act |
| Private Practice | Attorney (CT, Philadelphia, Washington, D.C.) | Not disclosed | Commercial litigation/transactions (details not disclosed) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Colorado Academy | Board of Trustees; Chair, Risk Committee | Current (as of proxy date) | Non-profit governance and risk oversight |
| Children’s Hospital Colorado | Board Member | Not disclosed | Prior non-profit board service |
| Denver Public School Foundation | Board Member | Not disclosed | Prior non-profit board service |
| Denver Metro Chamber of Commerce | Board Member | Not disclosed | Prior civic/business organization board service |
Fixed Compensation
- Base salary, target bonus %, and actual bonus for David Shapiro are not disclosed in IBTA’s proxy and filings. As an Emerging Growth Company, IBTA may elect not to provide certain executive compensation information in SEC filings, which limits available detail for non-NEOs like the Chief Legal Officer .
Performance Compensation
- No individual performance-based compensation disclosures (e.g., RSUs/PSUs, metrics, payouts) are provided for David Shapiro in the proxy or 8-K filings; therefore, specific metrics, weighting, targets, and payouts tied to his compensation are not available .
Equity Ownership & Alignment
- Total beneficial ownership, vested/unvested equity breakdown, and options details for David Shapiro are not disclosed in the Security Ownership table (which lists named executive officers and directors but does not include Shapiro) .
- Alignment policies: IBTA’s Insider Trading Policy prohibits short sales, hedging, pledging, and holding stock in margin accounts—practices that reduce alignment or increase risk; this policy applies to directors, officers, and employees .
- Clawback: IBTA adopted a compensation recovery (clawback) policy in February 2024 compliant with NYSE/SEC rules, requiring recovery of excess incentive-based compensation for officers in the event of an accounting restatement .
- Governance context: Dual-class structure concentrates voting control with the CEO, with “controlled company” status under NYSE rules, potentially limiting shareholder influence on compensation and governance matters overall .
Employment Terms
- Start date: David Shapiro has served as Chief Legal Officer since March 2024 .
- Appointment/role: Executive officers serve at the Board’s discretion; Shapiro is also Corporate Secretary and is the authorized signatory on multiple SEC filings (e.g., 8-Ks dated March 11, 2025; March 14, 2025; June 3, 2025; August 11, 2025; October 15, 2025) .
- Employment agreement, severance, change-in-control, non-compete, and garden leave terms for Shapiro are not disclosed in available filings; such provisions are detailed for certain named executive officers only .
Investment Implications
- Transparency gap: As an Emerging Growth Company, IBTA’s limited disclosure on non-NEO compensation reduces visibility into Shapiro’s pay-for-performance alignment, vesting schedules, and potential insider selling pressure—diminishing the quality of compensation-based signals for investors .
- Alignment safeguards: Prohibition on hedging and pledging, plus an SEC-compliant clawback, are governance positives that mitigate misalignment and restatement risks for officer incentives .
- Retention and execution risk: Company risk factors flag intense competition for talent and note stock price fluctuations and workforce restructuring that may challenge retention broadly; this context suggests monitoring executive continuity and disclosures for potential turnover or incentive redesigns affecting legal/compliance leadership stability .
- Governance environment: Controlled company status and dual-class voting concentrate decision-making, potentially dampening shareholder influence on compensation structures and governance reforms relevant to executive alignment .