Anthony Lewis
About Anthony Lewis
Anthony Lewis is Chief Financial Officer of IREN, appointed on September 8, 2025; he joined IREN on July 1, 2025 as Chief Capital Officer after 22 years at Macquarie Group where he most recently served as Co‑Treasurer overseeing global funding, liquidity and capital management; he holds a Bachelor of Commerce and Bachelor of Laws (First Class Honors) from the University of Sydney and is age 49 . Company performance during FY2025 (year ended June 30, 2025) included revenue of $501,023k, net income of $86,941k, and EBITDA of $278,178k, with board‑emphasized shareholder‑aligned incentive constructs; TSR and revenue growth outperformed peers over one‑ and multi‑year periods per proxy disclosures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IREN Limited | Chief Financial Officer | Sep 2025–present | Leads finance operations, reporting, strategic planning and continues overseeing capital markets strategy |
| IREN Limited | Chief Capital Officer | Jul 2025–Sep 2025 | Led capital structure and financing strategy for AI infrastructure investments |
| Macquarie Group | Co‑Treasurer | Jul 2021–Sep 2024 | Responsible for global funding, liquidity, capital management; group financial planning and regulatory reporting |
| Macquarie Group | Head of Capital; Co‑Head of Transactions & Structure (Group Treasury) | Prior to Jul 2021 | Treasury structuring and capital leadership roles preceding Co‑Treasurer appointment |
External Roles
Not disclosed in company filings for Anthony Lewis .
Fixed Compensation
- Anthony Lewis’s base salary, target bonus %, and any actual bonus paid have not been disclosed in the September 8, 2025 appointment 8‑K or the 2025 proxy; he is not listed among FY2025 named executive officers in the proxy .
Context (FY2025 NEOs – company program, not Anthony):
| NEO | Base Salary (USD) | Target STIP (% of Salary) |
|---|---|---|
| William Roberts (Co‑CEO) | $964,350 | 100% |
| Daniel Roberts (Co‑CEO) | $964,350 | 100% |
| Belinda Nucifora (Former CFO) | $303,363 | 80% |
Performance Compensation
- Anthony‑specific incentive metrics and grants have not been disclosed; company program details below provide framework only .
STIP (FY2025 – company framework):
| KPI | Key assessment factors | FY2025 payout determination |
|---|---|---|
| Safety | Injury frequency vs industry, audits, training | Achieved; supported maximum payout decision |
| Operations Scorecard | SHE (15%), Growth (55%), Operations (15%), Demand Response (15%) | Achieved targets; supported maximum payout decision |
| Group Performance | Capital/cost mgmt, development pipeline, Bitcoin mining, AI cloud, AI DCs, corporate | Strong achievements (capital raised via convertibles; pipeline; expansion; US GAAP transition); supported maximum payout |
| Individual Performance | Leadership, financial/operating performance, customer outcomes, culture | High performance noted for NEOs; supported payout |
STIP outcomes (context – FY2025 NEOs):
| NEO | Target STIP Value (USD) | % of Target Earned | Total STIP Award (USD) |
|---|---|---|---|
| William Roberts | $984,000 | 200% | $1,968,000 |
| Daniel Roberts | $984,000 | 200% | $1,968,000 |
| Belinda Nucifora | $258,144 | 150% | $387,216 |
LTI (PRSU share‑price hurdles – Co‑CEOs 2025 annual PRSUs; company framework):
| Tranche | Share Price Hurdle | Number of PRSUs |
|---|---|---|
| 1 | $20.00 | 116,857 |
| 2 | $25.00 | 124,359 |
| 3 | $30.00 | 131,970 |
| 4 | $35.00 | 140,228 |
| 5 | $40.00 | 147,466 |
| 6 | $45.00 | 156,129 |
| 7 | $50.00 | 167,085 |
Retention Grants (company framework, 6‑year vest):
| NEO | Retention PRSUs (#) | Retention TRSUs (#) |
|---|---|---|
| William Roberts | 1,844,862 | 1,844,862 |
| Daniel Roberts | 1,844,862 | 1,844,862 |
| Belinda Nucifora | 75,000 | 75,000 |
Award modifications (FY2025 – Co‑CEOs; governance signal): A portion of outstanding 2025 Annual PRSUs and 2022 PRSUs was modified to time‑based vesting (50% on Nov 18, 2025 and 50% on May 18, 2026) to support retention amid macro volatility .
Equity Ownership & Alignment
- Beneficial ownership, vested/unvested equity, options, and any pledging/hedging by Anthony Lewis are not disclosed in the proxy’s ownership table or appointment 8‑K .
- Policy alignment:
- Clawbacks: IREN maintains a restatement‑based clawback per SEC/Nasdaq; FY2025 recovery analysis concluded no recovery was required as incentive comp subject to clawback was not based on measures impacted by the restatement .
- Anti‑hedging and pledging: Insider Trading Policy prohibits hedging and pledging; any pledging requires Board pre‑approval .
- Long‑term vesting: Executive equity typically vests ≥3 years, and Retention Grants over 6 years, enhancing retention and alignment .
Employment Terms
- Appointment: Anthony Lewis appointed CFO on September 8, 2025; selection not pursuant to any arrangement/understanding; no family relationships; no related person transactions (Item 404(a)) involving Mr. Lewis; Former CFO will receive contractual entitlements upon departure .
- Prior IREN start date: Chief Capital Officer role commenced July 1, 2025; press release and 8‑K furnished .
- Education and credentials: Bachelor of Commerce and Bachelor of Laws (First Class Honors), University of Sydney; career span includes global treasury and capital roles at Macquarie .
- Contractual terms, severance, change‑in‑control specific to Anthony Lewis: not disclosed in the 8‑K or proxy .
Company framework (context – not Anthony‑specific):
- Termination/change‑in‑control treatment under LTIPs: Upon qualifying termination (without cause, death/disability), TRSUs/PRSUs continue to vest per schedule (PRSUs based on actual performance); upon a “sale” change‑in‑control, unvested awards vest and are paid in cash, with Board discretion in other change‑in‑control scenarios .
- STIP: Board retains discretion on payouts; acceleration possible in takeover/change‑in‑control situations; no default treatment .
- Co‑CEOs: no employment agreements; Former CFO had notice/non‑compete related entitlements .
Compensation Peer Group (Benchmarking context)
| Peer Company |
|---|
| Bitfarms (BITF) |
| Cipher Mining (CIFR) |
| CleanSpark (CLSK) |
| Core Scientific (CORZ) |
| DigitalOcean (DOCN) |
| Galaxy Digital (GLXY) |
| Hut 8 (HUT) |
| MARA Holdings (MARA) |
| Riot Platforms (RIOT) |
| CoreWeave (CRWV) |
Notes: Peer group adjusted in April 2025 (removed Bitfarms; added Core Scientific and CoreWeave) due to IREN’s revenue growth .
Say‑on‑Pay & Governance Context
- FY2025 AGM agenda includes advisory vote on executive compensation (say‑on‑pay) and frequency; Board recommends FOR and EVERY YEAR, respectively .
- Governance proposals include amendments to the constitution (quorum; director elections with classified structure sunset; forum selection; universal proxy advance notice) and approval of the 2025 Omnibus Incentive Plan to replace the 2023 LTIP for new grants .
Performance & Track Record
- Major achievements highlighted by management: accelerated AI cloud expansion and financing activities underpinning GPU deployments; capital structure evolution to support growth trajectory; these were cited in the CFO appointment communication .
- Company FY2025 results (context): Revenue $501,023k, net income $86,941k, and EBITDA $278,178k; revenue growth of 168% YoY (from $187,192k) per proxy summary .
- Restatement and controls: FY2022–FY2024 cash flows were restated (reclassification of proceeds from Bitcoin sales to investing) with a material weakness identified; remediation plan in process with target completion by end of FY2026 .
Investment Implications
- Compensation alignment and retention: While Anthony’s individual comp terms are not disclosed, IREN’s incentive framework uses multi‑year vesting, performance‑based PRSUs (share‑price hurdles), and clawbacks, which generally favors long‑term alignment; however, FY2025 modifications converting some PRSUs to time‑based vesting for Co‑CEOs reduce performance stringency and indicate retention emphasis in volatile markets .
- Insider selling pressure: Large Co‑CEO vesting events in November 2025 and May 2026 (Outperformance TRSUs and modified PRSUs) could create supply overhang; monitor trading windows and disclosures; Anthony‑specific selling pressure is unknown given absent award disclosures .
- Governance and execution risk: The restatement and identified material weakness increase reporting risk until remediation completes; continued regulatory and audit committee oversight is noted; the anti‑hedging/pledging policy mitigates alignment risks from derivative strategies or collateralized holdings .
- Strategic fit: Anthony’s deep capital markets background (global funding, liquidity, capital management) is directly relevant to IREN’s capital‑intensive growth into AI infrastructure and GPU financing, supporting potential cost‑of‑capital optimization and balance sheet resilience .
Data gaps: Anthony Lewis’s specific compensation (salary, bonus targets, equity grants), ownership, and contract terms are not disclosed in the reviewed filings. The analysis therefore focuses on company‑level frameworks and governance signals and flags unknowns for targeted monitoring **[1878848_0001140361-25-034232_ef20055281_form8k.htm:1]** **[1878848_0001140361-25-037383_ny20053824x2_def14a.htm:15]** **[1878848_0001140361-25-037383_ny20053824x2_def14a.htm:43]**.