John Doherty
About John Doherty
John Doherty (age 59) has served as Kaltura’s Chief Financial Officer since March 2024 and notified the company of his resignation effective December 5, 2025, transitioning to a paid advisory role through March 31, 2026 . He holds a degree in economics from Stony Brook University and attended Baruch’s MBA program and Wharton Executive Education; prior roles include CFO/COO at Magic Leap (2020–2024), CFO at InterXion (2018–2020), and senior corporate development and venture leadership at Verizon (2013–2018). Recognition includes “Most Admired Corporate Deal Maker” (The Deal, 2013/2014/2016) and top IR executive rankings by Institutional Investor (2011/2012) . Kaltura’s 2024 executive bonus metrics were tied equally to recurring and total revenue, adjusted EBITDA, net new ARR, and personal OKRs; management highlighted a multi‑year plan to achieve “Rule of 30” by 2028 via topline growth and adjusted EBITDA margin improvement .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Magic Leap, Inc. | Chief Financial Officer & Chief Operating Officer | 2020–2024 | Senior finance and operations leadership at an AR technology company |
| InterXion Holding N.V. | Chief Financial Officer | 2018–2020 | CFO at European data center services provider |
| Verizon Communications Inc. | SVP Corporate Development; President & Chief Investment Officer, Verizon Ventures | 2013–2018 | Helped steer significant strategic transactions and corporate restructurings |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Pacific Telecom, Inc. (Guam) | Director | Current | Board service at a telecom company |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary (annualized) | $470,000 | Per Employment Agreement |
| Salary paid | $430,833 | 2024 actual paid |
| All other compensation | $973 (health insurance) | 2024 value disclosed |
Performance Compensation
| Component | Metric(s) | Weighting | Target | Actual Attainment | Payout | Settlement/Vesting |
|---|---|---|---|---|---|---|
| 2024 MBO RSUs | Recurring revenue, total revenue, adjusted EBITDA, net new ARR, personal OKRs | 25% each | 239,000 RSUs | ~108% | $444,540 cash (RSUs settled in cash) | Vested Mar 18, 2025; settled 100% in cash |
| 2024 Stretch Cash Bonus | Company metrics above 100% attainment | 3 goals equally weighted (company metrics) | Up to $176,250 | Above 100% | $34,500 | Paid in cash |
| 2024 LTI RSUs | Long-term equity | — | 1,144,000 RSUs (grant) | — | N/A (equity) | 1/3 vests Feb 1, 2025; remaining 2/3 vests quarterly to Feb 1, 2027 |
| 2025 MBO Cash | Executive compensation plan | — | Up to $470,000 at 100% attainment; stretch up to $176,250 | — | — | Paid based on certified performance |
| 2025 LTI RSUs | Long-term equity | — | 526,316 RSUs (grant Jan 6, 2025) | — | N/A (equity) | Vests quarterly over 3 years starting Apr 1, 2025 |
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total beneficial ownership (Apr 21, 2025) | 480,365 shares; less than 1% of outstanding |
| Breakdown | 385,032 common; 95,333 RSUs vesting within 60 days (Apr 21, 2025) |
| Options held | None disclosed for John Doherty |
| Outstanding awards (12/31/2024) | 239,000 MBO RSUs (vested in 2025, settled in cash); 1,144,000 RSUs with $2,516,800 market value (unvested) |
| Anti-hedging | Company policy prohibits hedging and similar transactions |
| Pledging | No pledging disclosed |
| Ownership guidelines | Not disclosed |
Employment Terms
- Employment start and status: CFO since March 2024; at‑will; 60‑day notice by either party .
- Base salary: $470,000 per year .
- Annual incentives: 2024 MBO RSUs plus stretch cash bonus (paid as above); 2025 plan with cash MBO and LTI RSUs .
- Severance: If terminated without Cause or for Good Reason, six months’ base salary (paid in three bi‑monthly installments), prorated MBO bonus based on actual performance, and six months of COBRA subsidization; double‑trigger equity acceleration upon termination without Cause/for Good Reason within 12 months after a Change in Control .
- Post‑termination consulting: Consultancy Agreement pays $10,000/month Dec 6, 2025–Mar 31, 2026 to support financial reporting and disclosure .
- Non‑compete / non‑solicit: Restrictive covenants through consultancy term and for 12 months thereafter; non‑solicit of customers and employees; confidentiality and IP assignment obligations .
- Clawback: Company adopted Dodd‑Frank compliant incentive compensation recovery policy effective Oct 2, 2023 .
- Departure: Resignation announced Oct 6, 2025; will serve as CFO until Dec 5, 2025 and advisor through Mar 31, 2026; eligible for fixed $150,000 2025 bonus per separation agreement .
Performance Compensation Details
| Metric | Definition / Notes | Weighting |
|---|---|---|
| Recurring revenue | Company recurring revenue targets (predetermined levels) | 25% |
| Total revenue | Company total revenue targets (predetermined levels) | 25% |
| Adjusted EBITDA | Net profit (loss) before interest, taxes, D&A; adjusted for stock‑based comp, restructuring, facility exit, war‑related costs, etc. | 25% |
| Net new ARR addition | New recurring bookings minus recurring churn | 25% |
| Personal OKRs | Executive‑specific objectives | Included within the equal weighting |
| 2024 attainment | ~108% across metrics → MBO RSUs vest; stretch cash paid | — |
Track Record, Value Creation, and Execution Risk
- Execution highlights: Company articulated “Rule of 30” target by 2028, aiming for growth plus adjusted EBITDA margin; Doherty emphasized strengthened financial foundation and confident transition .
- CFO transition: Announced ahead of Q3 results; guidance reaffirmed at time of announcement . Transition risk mitigated by advisor arrangement through March 2026 and external search for successor .
Vesting Schedules and Potential Selling Pressure
- 2024 MBO RSUs were fully settled in cash in March 2025 (no stock issuance), reducing near‑term sell pressure .
- Sign‑on / LTI RSUs: 1,144,000 RSUs with 1/3 vesting on Feb 1, 2025 and remaining vesting quarterly through Feb 1, 2027; 526,316 RSUs granted in 2025 vest quarterly over three years starting Apr 1, 2025 . Equity settlement terms imply ongoing vesting cadence; no pledging or hedging allowed .
Risk Indicators & Red Flags
- CFO departure timing: Resignation announced Oct 6, 2025 with guidance reaffirmed; advisory role through Mar 2026 reduces disruption risk .
- Hedging/pledging: Hedging prohibited; pledging not disclosed—no red flag reported .
- Tax gross‑ups: None disclosed for Doherty; nominal employee holiday gift gross‑ups applied to other executives only .
Compensation Structure Analysis
- Cash vs equity mix: 2024 compensation combined base salary with significant equity awards (LTI RSUs) and MBO RSUs settled in cash, indicating flexibility to manage share pool usage and dilution (e.g., cash settlement decision) .
- Performance alignment: Bonus metrics directly tied to growth (revenue/ARR) and profitability (adjusted EBITDA) with equal weighting; 2024 attainment ~108% triggered payouts .
- Change‑of‑control: Standard double‑trigger acceleration for RSUs supports retention while guarding against windfall without termination .
- Equity award modifications: Company cancelled CEO’s prior performance option in June 2024 to manage share pool; no repricing or modifications disclosed for Doherty’s awards .
Investment Implications
- Alignment: Doherty’s incentives were tied to key revenue/ARR and adjusted EBITDA metrics with documented attainment, suggesting pay‑for‑performance alignment .
- Transition: Structured separation (fixed $150,000 2025 bonus, advisory consultancy) and ongoing vesting cadence reduce execution risk around the CFO transition .
- Dilution management: Cash settlement of 2024 MBO RSUs and scheduled RSU vesting spreads potential dilution over time; anti‑hedging policy and no pledging disclosure support alignment .
- Monitoring: Watch for successor CFO appointment and any updates to compensation structure/guidance; the company reaffirmed Q3 guidance at announcement, a stabilizing signal .