Christopher Kaddaras
JNPRAbout Christopher Kaddaras
Christopher Kaddaras is Executive Vice President and Chief Revenue Officer at Juniper Networks, appointed in October 2022. He holds a B.S. in Management from Plymouth State University and previously led global and regional sales organizations at Transmit Security, Nutanix, and EMC (EMEA and Americas leadership roles). His FY24 incentive design ties pay tightly to operational performance—Annual Recurring Revenue (ARR), Non‑GAAP Operating Margin, and Corporate Revenue—with RTSR PSAs used in FY23; FY24 results were ARR $474M vs $467M target, Non‑GAAP Operating Margin 14.2% vs 16.4% target, and Corporate Revenue $5,074M vs $5,460M target, driving 79% achievement for Financial PSAs. Hedging/pledging are prohibited, and clawbacks apply to incentive-based compensation under restatement and misconduct scenarios .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Transmit Security | Chief Revenue Officer | Dec 2021 – Jun 2022 | Led global revenue; identity and access management sales coverage |
| Nutanix | EVP & Chief Revenue Officer; SVP/GM Americas; SVP/GM EMEA Sales | Sep 2016 – Dec 2021 | Responsible for worldwide sales; scaled regional go-to-market in EMEA and Americas |
| EMC Corporation | Various EMEA sales leadership roles (VP Commercial Sales EMEA; VP Sales Engineering EMEA) | ~16 years (prior to 2016) | Built and led EMEA sales and sales engineering organizations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No outside public company directorships disclosed in company filings |
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Annual Base Salary Rate ($) | $635,000 | $655,000 (effective Jul 1, 2024) |
| AIP Target ($) | $635,000 | $645,000 |
| AIP Target as % of Salary | 100% (derived from AIP target vs salary) | ~99%–100% (AIP target $645k vs salary rate $655k) |
| Actual AIP Cash Paid ($) | $285,750 | $322,500 |
| Bonus Shares Granted (fully vested) | 8,901 at $32.10 conversion price | 11,284 at $28.58 conversion price |
Notes: AIP pays 50% cash and 50% vested shares; conversion price is the average of the last 30 trading days of the prior fiscal year .
Performance Compensation
| Component | Metric | Weight | Threshold | Target | Max | FY24 Actual | Payout |
|---|---|---|---|---|---|---|---|
| FY24 Financial PSAs (banking year 1 of 3) | Annual Recurring Revenue | 33.3% | $357M | $467M | $560M | $474M | 107% |
| Non‑GAAP Operating Margin | 33.3% | 13.2% | 16.4% | 19.1% | 14.2% | 65% | |
| Corporate Revenue | 33.3% | $4,915M | $5,460M | $6,000M | $5,074M | 65% | |
| FY24 Financial PSAs total | — | — | — | — | — | — | 79% |
| Equity Award Type | Grant Date | Target (#) | Banked for FY24 (#) | Vesting |
|---|---|---|---|---|
| FY24 Financial PSAs (Kaddaras) | Feb 20, 2024 | 13,333 | 10,533 | 3‑year cliff (vests Q1 2027, contingent on employment) |
| FY24 Service‑Vested RSUs (Kaddaras) | Feb 20, 2024 | 40,000 | n/a | 34% at 1‑yr; 33% at 2‑yr and 3‑yr anniversaries |
| FY23 Financial PSAs (Kaddaras) | Feb 20, 2023 | 9,340 | 7,378 (FY24 banked) | 3‑year cliff (vests Q1 2026, contingent on employment) |
| FY23 RTSR PSAs (Kaddaras) | Feb 20, 2023 | 18,680 | n/a | 3‑year cliff, payout based on RTSR vs S&P 500 |
FY24 RSU grant date fair value: $1,409,200; FY24 PSA grant date fair value: $458,933 . RTSR PSAs (FY24) were excluded due to merger dynamics; Financial PSAs continued with equal weighting across ARR, Corporate Revenue, and Non‑GAAP Operating Margin .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 64,525 shares; less than 1% of outstanding |
| Shares Vested in FY24 | 107,279 shares vested; $3,851,458 value realized |
| Ownership Guidelines (NEOs) | 3x base salary; 5 years to comply; retain at least 50% of net shares until compliant |
| Hedging/Pledging | Prohibited; short-sales and margin pledging barred; 10b5‑1 plan constraints (no overlapping plans, 120‑day cooling off) |
| Clawback | Mandatory recovery for restatements; committee discretion for misconduct; 3‑year lookback (restatement) |
Employment Terms
| Scenario | Cash Severance | Benefits | Equity | Notes |
|---|---|---|---|---|
| Termination w/o Cause or Good Reason (outside CoC) | 12 months base salary; pro‑rated/actual AIP per timing | 12× monthly COBRA premiums | No acceleration disclosed outside CoC | Agreements expire Jan 2027 |
| Double‑Trigger CoC (assumed 12/31/2024) | $982,500 (salary component) | $29,683 | $8,691,586 (accelerated equity value) | AIP “incentive component” $967,500; total $10,671,269; double‑trigger acceleration policy; no 280G gross‑ups |
Governance: No single‑trigger acceleration; severance cash capped (no >3x base+bonus); executive employment is at‑will; independent compensation committee and consultant (Compensia) .
Investment Implications
- Pay‑for‑performance alignment: Kaddaras’s variable pay is highly indexed to operational outputs (ARR, revenue, margin) with explicit thresholds/targets/max and banked PSUs, supporting direct linkage between execution and equity outcomes .
- Vesting and potential selling pressure: FY24 vesting of 107,279 shares ($3.85M value) indicates ongoing supply from vesting events; insider policy restricts hedging/pledging and governs 10b5‑1 usage, moderating risk of opportunistic selling .
- Retention and change‑of‑control economics: Double‑trigger protection with 1.5x salary and 1.5x target bonus components plus full acceleration fosters retention through transaction close; equity acceleration magnitude ($8.69M) creates high sensitivity to deal completion timing .
- Ownership alignment: Beneficial holdings are modest (<1%), but stringent ownership/retention guidelines and clawbacks help offset low “skin‑in‑the‑game”; target bonus at ~100% of salary signals aggressive performance orientation for CRO role .
- Shareholder sentiment: Strong Say‑on‑Pay support (94% in 2024) reduces governance overhang; FY24 design adjustments (equal weighting of ARR/revenue/margin; RTSR removed given merger effects) reflect responsive committee actions and credible calibration .