Ed Kirnbauer
IdentivAbout Ed Kirnbauer
Ed Kirnbauer is Identiv’s Chief Financial Officer as of August 4, 2025, after serving as Acting CFO from July 11, 2025; he has been Global Corporate Controller since November 2015. He is 61, a CPA who began his career at KPMG, holds an MBA from DePaul University (Kellstadt) and a BS in Accounting from Illinois State University, with prior finance leadership and consulting roles in technology/electronics manufacturing and aerospace/defense. During early CFO tenure, Identiv reported Q2 2025 revenue of $5.0M (vs. $6.7M in Q2 2024) with non-GAAP gross margin of (0.8%) and adjusted EBITDA loss of ($4.6M), reflecting transition costs and inventory adjustments; Q3 2025 filings confirm his CFO certifications and execution responsibilities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Identiv, Inc. | Chief Financial Officer, Principal Financial and Accounting Officer, and Secretary | Aug 2025–present | Elevated to CFO to drive P-A-T strategy execution, control rigor, and financing discipline |
| Identiv, Inc. | Acting Chief Financial Officer, Principal Financial and Accounting Officer, and Secretary | Jul 2025–Aug 2025 | Bridged CFO transition; compensation aligned with interim responsibility |
| Identiv, Inc. | Global Corporate Controller | Nov 2015–present | Led corporate controllership through business transformation and divestiture; sustained control environment |
| Identiv, Inc. | Interim Chief Financial Officer | Oct 2021–Dec 2021 | Supported CFO transition; compensation adjusted for interim service |
| Procom Technology, Inc. | Corporate Controller | 2001–2006 | Built finance infrastructure for NAS appliance developer |
| Ducommun Incorporated; Multi-Fineline Electronix, Inc. | Financial Consultant | 2011–2015 | Provided advisory services to aerospace/defense and electronics manufacturing firms |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ducommun Incorporated (NYSE: DCO) | Financial Consultant | 2011–2015 | Supported finance initiatives in aerospace/defense |
| Multi-Fineline Electronix, Inc. (Nasdaq: MFLX) | Financial Consultant | 2011–2015 | Advised on finance operations in electronics manufacturing |
Fixed Compensation
| Metric | 2021 | 2025 Acting CFO (Jul–Aug) | 2025 CFO (Aug–Dec) |
|---|---|---|---|
| Base Salary ($) | $262,917 | $264,992 base; plus $15,000/month interim stipend | $290,000 |
| Target Bonus (%) | Not disclosed | Not disclosed | 12.5% of annual base per quarter (target per quarter = $36,250) |
| Actual Bonus Paid ($) | $5,000 | Not disclosed | Q3 2025: Guaranteed 100% of target ($36,250); Q4 2025: Guaranteed 100% of target ($36,250) |
Notes:
- 2025 CFO bonus is guaranteed at 100% of target for Q3–Q4 2025; from 2026 onward, payouts will be based on Compensation Committee-established metrics .
Performance Compensation
| Element | Q3 2025 | Q4 2025 |
|---|---|---|
| Bonus Structure | Quarterly bonus up to 12.5% of annual base salary | Quarterly bonus up to 12.5% of annual base salary |
| Target (%) of Base | 12.5% | 12.5% |
| Target ($) | $36,250 (12.5% of $290,000) | $36,250 (12.5% of $290,000) |
| Metrics | Guaranteed at 100% of target for 2025 (no metrics applied in 2025) | Guaranteed at 100% of target for 2025 (no metrics applied in 2025) |
| Payout ($) | $36,250 (100% of target) | $36,250 (100% of target) |
| Vesting/Payment | Cash, shortly following quarter end | Cash, shortly following quarter end |
Company-wide CFO bonus metrics in 2024 for the prior CFO were non-GAAP operating expenses and ending cash balance with specified targets; Ed’s 2026 metrics will be set by the Compensation Committee .
Equity Ownership & Alignment
| Grant Date | Type | Shares | Vesting | Service Requirement | Acceleration | Notes |
|---|---|---|---|---|---|---|
| Jun 17, 2025 (Approved/Intended) | RSUs | 25,000 | Cliff vest on Jul 11, 2026 | Continuous service through vest date | If terminated without cause within 12 months post-CoC: accelerated for service-based awards | Interim grant for Acting CFO |
| Aug 4, 2025 (Intended) | RSUs | 15,000 | Cliff vest on Jul 11, 2026 | Continuous service through vest date | If terminated without cause within 12 months post-CoC: accelerated for service-based awards | CFO appointment grant |
| Stock Options | None disclosed (company does not grant options since 2016) | — | — | — | — | Equity practice eschews options/SARs |
| Ownership Guidelines | Not disclosed | — | — | — | — | No specific executive stock ownership guideline disclosed |
| Pledging/Hedging | Not disclosed | — | — | — | — | No pledging policy disclosure found; clawback policy in place |
Identiv maintains a recoupment (“clawback”) policy requiring recovery of erroneously awarded incentive-based compensation upon restatement, applicable to current/former executive officers, covering the prior three fiscal years .
Employment Terms
| Provision | Terms |
|---|---|
| Appointment | Acting CFO effective Jul 11, 2025; CFO effective Aug 4, 2025 |
| Severance (no cause) | 12 months base salary; 12 months benefits continuation; accelerated vesting of service-based equity (six months for some agreements; CFO agreement specifies accelerated vesting for service-based awards) |
| Change-of-Control | Double trigger: if terminated without cause within 12 months post-CoC, receive severance and accelerated vesting for service-based awards |
| Non-compete / Non-solicit | Not disclosed |
| Indemnification | Standard form indemnification agreement executed |
| Clawback | Incentive-Based Compensation Recoupment Policy compliant with SEC/Nasdaq rules |
| Perquisites | None provided to executive officers |
| Tax Gross-ups | Not provided |
Performance & Track Record (Company context during tenure)
| Metric | Q2 2024 | Q2 2025 |
|---|---|---|
| Revenue ($M) | $6.7 | $5.0 |
| GAAP Gross Margin (%) | 9.1% | (9.4%) |
| Non-GAAP Gross Margin (%) | 14.6% | (0.8%) |
| GAAP Operating Expenses ($M) | $7.3 | $5.9 |
| Non-GAAP Operating Expenses ($M) | $4.7 | $4.5 |
| GAAP Net Loss from Continuing Ops ($M) | ($6.9) | ($6.0) |
| Adjusted EBITDA ($M) | ($3.7) | ($4.6) |
Commentary: Year-over-year revenue decline and margin compression were driven by Thailand production transition costs, dual-site inefficiencies, and largest customer inventory adjustments; opex reductions reflect non-recurring strategic review costs rolling off .
Compensation Committee & Governance Context
- Compensation Committee (Angelini, Kremen, Kuntz; all independent) oversees executive compensation, performance targets, clawback policy, and equity programs; four meetings in 2024 .
- Practices: pay-for-performance orientation, reasonable CoC arrangements, emphasis on multi-year RSU vesting; no perquisites, no tax gross-ups, no option repricing, no below-FMV options/SARs .
Investment Implications
- Near-term pay-for-performance risk: 2025 Q3–Q4 CFO bonuses are guaranteed at 100% of target, reducing near-term variable alignment; from 2026, payouts will be metric-based, restoring performance linkage .
- Vesting concentration and potential selling pressure: RSU cliff vest on Jul 11, 2026 (15,000 intended CFO grant; plus 25,000 intended interim grant) could concentrate insider liquidity needs around a single date; monitor Form 4 filings as vesting approaches .
- Retention economics: Double-trigger CoC severance (12 months salary/benefits and accelerated vesting) is market-reasonable and supports retention through transformation; limited perquisites and strong clawback policy are shareholder-friendly .
- Execution risk: Company-level metrics in Q2 2025 show transition-driven margin pressure and EBITDA losses; CFO’s control rigor and cost discipline will be pivotal to improving gross margins post-Thailand consolidation and managing working capital/cash targets .
- Ownership alignment: No disclosed executive ownership guidelines or pledging policy; absence of options reduces leverage-based volatility; reliance on RSUs ties outcomes to absolute TSR without option convexity .
Additional due diligence: Track Form 4 activity for Ed Kirnbauer to quantify beneficial ownership, vested/unvested balances, and any dispositions; confirm whether both 25,000 (Acting CFO) and 15,000 (CFO) RSU intents were granted and if any performance-based equity was added post-appointment .