Matt Puckett
About Matt Puckett
Matt Puckett, age 51, is Chief Financial Officer (CFO) of Ibotta, Inc. and, effective October 13, 2025, also serves as Interim Principal Accounting Officer while the PAO is on medical leave . He joined Ibotta on August 25, 2025 after 23 years at VF Corporation, where he was Enterprise CFO (June 2021–July 2024), held multiple operating CFO roles including a four-year international finance assignment in Switzerland, and oversaw investor relations, corporate finance, FP&A, and M&A; earlier he held finance leadership roles in the furniture industry . Puckett holds a B.S. in Accounting from the University of Virginia’s College at Wise . Context for his tenure includes Ibotta’s 2024 results (Revenue $367.3M; Adjusted EBITDA $112.2M; Net income $68.7M) and recent Q3 2025 performance (Revenue $83.3M; Net income $1.5M; Adjusted EBITDA $16.6M), with Q4 2025 guidance of Revenue $80–$85M and Adjusted EBITDA $9–$12M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| VF Corporation | Enterprise CFO | 2021–2024 | Led global finance, investor relations, corporate finance, FP&A, and M&A; managed large global finance team . |
| VF Corporation | Operating CFO roles (incl. Switzerland assignment) | Various, incl. 4-year international assignment | Oversaw finance across Europe and Asia; strengthened global finance operations . |
| Furniture industry (prior to VF) | Finance leadership roles | Not disclosed | Built foundational discipline in financial management . |
External Roles
No public company board roles disclosed. Offer terms permit service on one external board, provided it does not materially conflict with Company duties .
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base Salary | $550,000 per year | Paid bi-weekly at $21,153.85, less withholdings . |
| Target Annual Bonus | $450,000 (prorated for 2025) | Based on performance objectives set by Compensation Committee and payable upon achievement; 2025 prorated amount is guaranteed at no less than the prorated target . |
| Benefits | Medical, dental, vision, FSA, 401(k), life & disability insurance | Standard Ibotta benefits package . |
Performance Compensation
| Instrument | Grant Value / Structure | Vesting | Performance Linkage |
|---|---|---|---|
| RSUs (time-based) | $9,000,000 of Class A common stock | 25% vests on the first quarterly vesting date following the one-year anniversary of start date; remaining RSUs vest in equal amounts over the next 12 quarters, subject to continued employment and plan/award conditions . | Time-based; no specific PSU metrics disclosed for Puckett’s grant . |
| Annual Bonus | Target $450,000 (prorated in 2025) | Paid after Committee determination; requires employment through payment date . | Based on performance objectives set by Compensation Committee; specific metrics not disclosed . |
Vesting schedule detail
- First vest: one-year cliff, then quarterly vesting thereafter over 12 quarters, creating a sustained alignment and retention incentive .
- Liquidity cadence: Quarterly vesting post-cliff may create periodic taxable events; company prohibits hedging/pledging of company stock (see Alignment section) .
Equity Ownership & Alignment
- Hedging, short sales, pledging, and holding company stock in margin accounts are prohibited under Ibotta’s Insider Trading Policy for directors, officers, and employees .
- Compensation Recovery (Clawback) Policy adopted February 2024 requires recovery of excess incentive-based compensation from officers in the event of an accounting restatement, covering compensation received on or after October 2, 2023 during the applicable period, per NYSE/SEC rules .
- Beneficial ownership for Puckett is not disclosed in the April 11, 2025 proxy (he joined later in 2025). No Form 3/4 positions are cited in the provided documents; thus, vested/unvested holdings and ownership guideline status are not disclosed in these sources .
Employment Terms
| Term | Details |
|---|---|
| Start Date / Location | August 25, 2025; hybrid role in Denver, CO requiring in-office Tuesday–Thursday . |
| At-Will & Confidentiality | At-will employment; must sign At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement . |
| Outside Activities | Permitted to serve on one external board, provided no material conflict or interference with Company duties . |
| Interim Role | Appointed Interim Principal Accounting Officer effective October 13, 2025; no compensation changes as a result of this appointment . |
Severance and Change-of-Control (CIC)
- Puckett will become party to Ibotta’s standard Change in Control and Severance Agreement (“previously approved form”) .
- CFO precedent (Sunit Patel) terms in effect during 2024 (baseline for the “form”):
- Outside CIC: Lump-sum 100% of Salary; Company-paid COBRA up to 12 months .
- In CIC Period: Lump-sum 100% of Salary and 100% of Target Bonus; Company-paid COBRA up to 12 months; 100% acceleration of service-based equity awards; if terminated just before CIC, awards could remain outstanding for up to 3 months to allow CIC-related vesting .
- 280G excise-tax cutback (no gross-up): Payments are reduced, if necessary, to avoid excise tax, using an after-tax “best result” approach .
Note: Puckett’s agreement is stated to be “substantially” in this form, but his specific executed terms are not disclosed in the provided documents .
Performance & Track Record (current context)
| Metric | Q3 2025 | Q4 2025 Outlook |
|---|---|---|
| Revenue ($USD Millions) | $83.3 | $80–$85 |
| Net Income ($USD Millions) | $1.5 | Not guided |
| Adjusted EBITDA ($USD Millions) | $16.6 | $9–$12 |
| Adjusted EBITDA Margin (%) | 20% | ~13% midpoint |
| Key Commentary | Redeemers +19% YoY; redemptions/redeemer down due to offer mix; macro “noisy” (tariffs, low consumer sentiment, SNAP disruption). Transformation toward outcomes-based performance media (LiveLift) and third-party measurement (Circana) underway . | Seasonal marketing spend; fully staffed sales org; normalized seasonality expected in 2026 with sequential growth resuming after Q1 . |
Major initiatives under Puckett’s finance leadership include cost discipline, share repurchases ($180.7M in 9M 2025; $39.1M in Q3; $89.9M authorization remaining), and investment in third-party lift studies to validate incremental lift for clients, supporting transformation to performance marketing .
Investment Implications
- Retention/Alignment: The $9M time-based RSU grant with a one-year cliff and 12 quarterly installments plus guaranteed prorated 2025 bonus enhances near-term retention and creates sustained alignment through 2028–2029 vesting cadence . Prohibitions on hedging/pledging and a formal clawback policy further support alignment and accountability .
- Near-term selling pressure: First RSU vest occurs after one year; thus, no vest-driven selling pressure before late 2026. Thereafter, quarterly vesting could create periodic supply, subject to blackout windows and policy constraints .
- CIC/severance economics: While Puckett’s agreement is disclosed only in general terms, the CFO precedent is moderate (100% salary/bonus in CIC; 100% salary outside CIC; 12 months COBRA; service-based equity acceleration), with excise-tax cutback (no gross-up), limiting windfall risk if a transaction occurs .
- Execution risk and signals: Puckett’s Q3 commentary and guidance emphasize disciplined spend, share repurchases, and funding third-party validation to accelerate client adoption of performance marketing (LiveLift), which—if successful—should improve revenue quality and visibility into ROI. Macro headwinds (tariffs, sentiment, SNAP) and offer mix remain near-term constraints; watch redeemers, redemptions/redeemer, and ad & other revenue trends as leading indicators .
Clawback, insider trading prohibitions, and governance disclosures cited above apply Company-wide to officers and should be considered in assessing compensation alignment and trading risks .