Jules Connelly
IRBTAbout Jules Connelly
Jules Connelly, age 41, is Senior Vice President and Chief Human Resources Officer (CHRO) at iRobot, appointed December 2, 2024. She joined iRobot in 2017, most recently serving as Senior Director of Human Resources (July 2023–June 2024), and holds a B.A. in Psychology from the University of Connecticut . Company context during her appointment: 2024 revenue fell 23% with a GAAP operating loss of $103M and non-GAAP operating loss of $112.9M; significant restructuring included a ~51% workforce reduction and $215M operating expense cut versus 2023 . In 2024 pay-for-performance design yielded 0% annual bonus payouts for NEOs as financial goals were below threshold; Connelly was not eligible due to her separation and short re-eligibility window after rehire .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| iRobot | Senior Director, Human Resources | Jul 2023–Jun 2024 | Led culture, employer branding, organizational restructuring, engagement, talent acquisition |
| iRobot | Various HR leadership roles | 2017–present | Designed and implemented HR processes and practices; effective change agent |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NutraClick | Vice President, People Operations | Not disclosed | Technology-driven health/wellness company experience |
| HiredMinds | Search Consultant | Not disclosed | Talent search and recruitment experience |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annualized Base Salary (CHRO) | $350,000 | Effective upon appointment Dec 2, 2024 |
| Target Bonus % (SEICP) | 60% of base | Standard target under 2024 plan |
| FY2024 Salary Paid | $149,962 | Partial-year actual in 2024 |
| FY2024 SEICP Bonus Paid | $0 | Not eligible in 2024 due to separation and <90 days eligibility after re-hire |
| Severance (prior role separation) | $95,665 | Cash severance upon June 2024 termination as Senior Director HR |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Non-GAAP Operating Loss excl. cash incentive expense | 70% | ($35.1M) | ($31.9M) | ($25.5M) | ($112.9M) | 0% (plan-wide) |
| GAAP Total Revenue | 30% | $766.3M | $851.5M | $1,021.7M | $681.8M | 0% (plan-wide) |
| SEICP Eligibility (Connelly) | — | — | — | — | Not eligible in 2024 | N/A |
| Time-Based RSUs (CHRO grant) | — | — | — | — | 120,000 RSUs granted 12/6/2024; FV $1,072,800 | Vests: 1/3 on 12/6/2025, then quarterly over next 2 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 3/3/2025) | 3,409 shares |
| Shares Outstanding (as of 3/19/2025) | 31,018,832 shares |
| Ownership % (computed) | ~0.011% (3,409 ÷ 31,018,832) |
| Unvested RSUs (12/28/2024) | 120,000 units; market value $954,000 at $7.95 close |
| Options (exercisable/unexercisable) | None outstanding; company has no options remaining outstanding |
| Vesting Schedule (RSUs) | 1/3 after one year; remaining 2/3 in equal quarterly installments over next two years (grant 12/6/2024) |
| Stock Ownership Guidelines | Senior executives must hold 2× base salary in stock; retain 20% of net shares from vesting/exercise until compliant; 5-year compliance window |
| Hedging/Pledging | Prohibited (short sales, hedges, pledges) unless approved; no approvals requested or given |
Employment Terms
| Provision | Non-CIC Termination (Without Cause) | Change-in-Control (Double Trigger) |
|---|---|---|
| Cash Severance | 100% of annual base salary | 200% of annual base salary |
| Bonus Severance | Prorated target bonus | 200% of highest target cash incentive compensation |
| Equity Acceleration | None | Full acceleration of all unvested equity awards |
| Benefits Continuation | Company-paid premiums up to 12 months | Company-paid premiums up to 24 months |
| Conditions | Separation agreement and general release; compliance with noncompetition/inventions/nondisclosure obligations; no tax gross-ups | |
| Clawback Policy | Amended and restated Aug 1, 2023; mandatory recovery of erroneously awarded incentive compensation upon required restatement (3-year look-back) |
Performance & Track Record
- Company operating backdrop relevant to HR leadership: 2024 revenue declined 23% with GAAP operating loss of $103M; restructuring actions included ~572 reductions (51% of workforce), tariff mitigation via U.S.-bound manufacturing shift, and $215M OpEx reduction vs 2023 .
- 2024 SEICP outcomes: below-threshold on both non-GAAP operating loss and revenue; total payout 0% for NEOs; Connelly not eligible due to separation/re-hire timing .
- Long-horizon stock performance: value of a $100 investment in IRBT fell to $15.31 over 5 years through 12/31/2024; peers at $141.02; Nasdaq Composite at $223.87 .
- Say-on-pay support in 2024: 92.4% For vs 7.6% Against (votes cast) .
Governance and Compensation Context
- Compensation peer group used for early-2024 decisions comprised 15 consumer/broader tech companies (e.g., Logitech, Sonos, Roku, Garmin, Alarm.com, 3D Systems, Trimble, NETGEAR, Novanta, Universal Electronics), with later-year benchmarking supplemented by smaller-cap survey data due to reduced company size .
- Stock option and incentive plan expansion proposed in 2025 (1.7M shares additional; total 5.995M) to address retention and cash constraints; three-year average gross burn 5.52%, net burn 3.84% .
- Ownership safeguards: director/executive stock ownership guidelines and prohibitions on hedging/pledging; insider trading policy in place .
Investment Implications
- Retention and alignment: Connelly’s sizeable unvested RSUs (120,000 units) vest starting December 6, 2025 and quarterly thereafter, with a 20% post-vesting retention requirement until guideline compliance—supporting near-term retention and alignment, but creating scheduled supply over vest dates .
- Minimal current share ownership: 3,409 beneficial shares (~0.011%) versus guideline of 2× salary indicates a multi-year path to compliance (unvested RSUs excluded from guideline), reinforcing incentive to remain through vesting .
- Severance/CIC economics: double-trigger structure (200% salary + 200% bonus + full acceleration) and robust benefits create a balanced retention profile while limiting single-trigger windfalls; no tax gross-ups reduces governance risk .
- Trading signals: absence of options and presence of time-based RSUs suggests vest-driven liquidity windows beginning 12/6/2025 and quarterly thereafter; hedging/pledging ban and insider policy mitigate adverse signaling risk .
- Macro pay-for-performance discipline: 0% 2024 bonus outcomes and forfeited PSUs elsewhere in the team underscore disciplined incentive calibration in a turnaround context, reducing headline risk on compensation optics .