Ron Yekutiel
About Ron Yekutiel
Co‑founder of Kaltura, serving as Chairman, Chief Executive Officer, and since January 15, 2024, also President; age 52; director since 2006; Wharton MBA (2005) with multiple industry recognitions . Under his leadership, Q3 2025 exceeded the upper end of guidance with revenue of $43.9M, record adjusted EBITDA of $4.2M, ARR of $169.1M, and a 14.4M share repurchase from Goldman Sachs at a 25% VWAP discount; Kaltura also signed a definitive agreement to acquire eSelf.ai to accelerate AI avatar agents across the platform .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Kaltura, Inc. | Co‑founder; Chairman & CEO; President (from Jan 15, 2024) | 2006–present | Co‑founded and has led strategy, product expansion and scale across Enterprise/Education and Media/Telecom . |
| VisualGate Systems Inc. | Co‑founder (video surveillance) | 2003 | Early video tech entrepreneurship, foundation for later video platform leadership . |
| GPSoft Ltd./Destinator (Paradigm Advanced Technologies) | Co‑founder and led Destinator (GPS navigation/tracking) | 2001 | Built and led GPS/navigation unit; operating experience in software platforms . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Kaltura Asia Pte Ltd. (affiliate) | Director | Not disclosed | Regional affiliate governance and oversight . |
| Various private companies | Director/advisor | Not disclosed | Technology and SaaS product guidance; startup mentorship . |
Fixed Compensation
| Year | Base salary (USD) | Notes | Consulting fees (USD/month) | Notes |
|---|---|---|---|---|
| 2024 | $463,651 | Paid salary plus Israeli benefits; monthly base NIS 54,967 | $9,503 (U.S. Chair); $14,255 (U.K.) | Chair and U.K. consulting agreements in addition to CEO employment. |
| 2023 | $434,496 | — | — | — |
| 2025 (effective Jan 1) | NIS 832,140 per year (increase of NIS 172,536) | Per 2025 amendments | — | Consulting agreements continue; see Employment Terms . |
Perquisites and benefits (2024 examples): car allowance ($24,298), Israeli education fund ($13,392), disability fund ($2,251), pension and severance contributions ($26,480), and nominal holiday gift tax gross-up ($1,320) .
Performance Compensation
Annual MBO (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| Company recurring revenue & total revenue | 25% | As set in 2024 Executive Compensation Plan | 108% attainment across company/individual metrics | 326,000 MBO RSUs; settled in cash $606,360 | Vested on Mar 18, 2025; RSUs settled 100% in cash . |
| Adjusted EBITDA | 25% | As set in plan | See above | Included above | See above . |
| Net new ARR addition | 25% | As set in plan | See above | Included above | See above . |
| Individual OKRs | 25% | As set in plan | See above | Included above | See above . |
| Stretch bonus | — | >100% attainment | Achieved | $47,000 cash | Paid in cash . |
Definition references: adjusted EBITDA and net new ARR per plan definitions . In 2023, below‑target performance led to forfeiture of 13,218 MBO RSUs (context) .
Long‑Term Equity Awards (select grants)
| Grant date | Type | Shares | Vesting schedule | Change‑in‑control terms |
|---|---|---|---|---|
| Feb 14, 2024 | RSUs (LTI) | 1,830,668 | Quarterly over 3 years, first vest Mar 1, 2024, subject to continued employment . | Double‑trigger: full acceleration upon qualifying termination within 12 months post‑CoC . |
| Jan 6, 2025 (2025 plan) | RSUs (LTI) | 2,105,263 | Quarterly over 3 years from Jan 6, 2025; first vest Apr 1, 2025 . | Double‑trigger: full acceleration upon qualifying termination within 12 months post‑CoC . |
| Mar 16, 2022 | RSUs | 34,592 | Quarterly over 3 years (first vest Jun 1, 2022) . | Per 2021 Plan . |
| Feb 5, 2023 | RSUs | 202,780 | Quarterly over 2 years (first vest Apr 1, 2023) . | Per 2021 Plan . |
| Legacy options | Stock options | See below | Fully vested schedules per grant; one legacy performance option canceled (see note) | — |
Note: In June 2024, by mutual agreement, a previously granted performance‑vesting option for 3,150,000 shares (Dec 24, 2020) was canceled to manage share pool usage; unexercised options forfeited without consideration .
Equity Ownership & Alignment
- Beneficial ownership (company table as of April 21, 2025): 15,352,832 shares (9.6%) . Breakdown includes 10,343,331 common shares, 4,780,668 options exercisable within 60 days, and 228,833 RSUs vesting within 60 days .
- Schedule 13G (Nov 14, 2025): 15,932,541 shares (9.9%) with sole voting/dispositive power .
| Date | Beneficial ownership (shares) | % of outstanding | Detail |
|---|---|---|---|
| Apr 21, 2025 | 15,352,832 | 9.6% | Includes 10,343,331 common; 4,780,668 options; 228,833 RSUs within 60 days . |
| Nov 14, 2025 | 15,932,541 | 9.9% | Sole voting/dispositive power . |
Outstanding equity awards snapshot (as of Dec 31, 2024; select items):
- RSUs: 1,830,668 (2024 LTI) outstanding; MBO 2024 326,000 vested Mar 18, 2025 and settled in cash .
- Options (examples): 459,000 (8/14/18; $1.58), 760,500 (8/14/18; $1.58), 411,168 (12/8/21; $4.38); performance option 3,150,000 granted 12/24/20 was canceled June 2024 .
Alignment and pledging:
- Anti‑hedging policy prohibits hedging transactions by directors/officers; no pledging disclosure or pledged‑share amounts noted in the proxy .
- Insider trading policy in place; clawback policy adopted per SEC/Nasdaq rules effective Oct 2, 2023 .
Employment Terms
- Employment: At‑will; current employment agreement originated May 1, 2012 with amendments (2018, 2019, 2021, 2022, 2023, 2024) .
- Notice period: 180 days by either party; salary continues during notice .
- 2025 compensation plan amendments (Feb 19, 2025): cash bonus up to $510,000 at 100% target with stretch up to $191,250; 2,105,263 LTI RSUs vesting quarterly over 3 years from Jan 6, 2025; base salary increased to NIS 832,140 effective Jan 1, 2025 .
- Change‑in‑control: Double‑trigger acceleration for RSUs/options upon qualifying termination within 12 months after a CoC .
- Severance and benefits (Israel): Company contributes to pension/severance and education funds; not under Section 14 arrangement—upon termination without cause, supplemental severance equals one month salary per year of service minus accumulated severance fund balance (plus release of fund) .
- Consulting agreements: U.S. Chair consulting ($9,503/month) and U.K. consulting ($14,255/month) with eligibility for MBO bonus; confidentiality covenants; both amended over time, most recently Feb 20, 2024 .
- Clawback: Policy adopted per Dodd‑Frank/SEC/Nasdaq .
- Perquisites/tax: Nominal holiday gift tax gross‑up ($1,320 in 2024) and standard Israeli benefits; no broader tax gross‑ups disclosed .
Board Governance
- Board service: Director since 2006; currently Class I nominee for term expiring 2028 .
- Roles: Combined Chair and CEO; Board determined combined structure is appropriate with a Lead Independent Director (Ronen Faier) providing counter‑balance .
- Independence: Five of six directors independent (all except CEO/Chair) .
- Committees and chairs (independent):
- Audit: Chair Ronen Faier; members Naama Halevi Davidov, Richard Levandov; 7 meetings in 2024 .
- Compensation: Chair Naama Halevi Davidov; members Ronen Faier, Eyal Manor; 7 meetings in 2024 .
- Nominating & Governance: Chair Ronen Faier; members Richard Levandov, Eyal Manor; 4 meetings in 2024 .
- Board activity: 10 board meetings in 2024; all directors attended >75%; executive sessions held at least twice per year without management .
Dual‑role implications: Combined Chair/CEO heightens independence concerns; mitigants include Lead Independent Director role, independent committee leadership, and regular executive sessions .
Compensation Structure Analysis
- Cash vs equity mix trend: 2024 stock awards rose to $4.64M from $3.96M in 2023; salary modestly increased to $463.7k from $434.5k .
- Shift in incentives: 2024 annual MBO delivered wholly in cash‑settled RSUs plus a cash stretch bonus, reducing share issuance and near‑term dilution while preserving pay‑for‑performance linkage to revenue, adjusted EBITDA, net new ARR, and individual OKRs (equally weighted) .
- Option program changes: Cancellation of a large performance option (3.15M shares) in June 2024 reduced potential overhang; no repricing disclosed .
- Clawback and anti‑hedging: Strengthens governance posture and recourse on incentive compensation .
Director Compensation (context)
Non‑employee directors receive cash retainers and annual RSUs ($180,000 grant value), with additional fees for committee roles; Ron Yekutiel is an employee‑director and compensated via employment/consulting arrangements rather than the non‑employee program .
Performance & Track Record Highlights
- Financial execution (Q3 2025): Revenue $43.9M (-1% y/y), ARR $169.1M (slight increase), GAAP gross margin 70%, adjusted EBITDA $4.2M; non‑GAAP operating profit $3.1M .
- Strategic moves: Signed to acquire eSelf.ai to expand into immersive AI agent avatars; concurrently repurchased 14.44M shares from Goldman Sachs at $1.15/share (25% VWAP discount), reducing share count .
- Operating commentary: CEO emphasized AI product momentum (Genie/Content Lab), improved gross retention in Media & Telecom, and expectation for bookings acceleration; noted customer project timing shifts into next year .
Equity Ownership & Alignment Table (detail)
| Component | Amount |
|---|---|
| Common shares held (Apr 21, 2025) | 10,343,331 |
| Options exercisable within 60 days (Apr 21, 2025) | 4,780,668 |
| RSUs vesting within 60 days (Apr 21, 2025) | 228,833 |
| Total beneficial ownership (Apr 21, 2025) | 15,352,832 (9.6%) |
| Total beneficial ownership (Nov 14, 2025, 13G) | 15,932,541 (9.9%) |
Risk Indicators & Red Flags
- Dual role (Chair/CEO): Governance risk partially mitigated by Lead Independent Director and independent committees .
- Consulting plus employment pay: Separate U.S./U.K. consulting fees for Chair role in addition to CEO pay; structure warrants investor attention for clarity of role compensation .
- Tax gross‑ups: Only nominal holiday gift gross‑ups disclosed; no broad tax gross‑ups .
- Equity overhang: Large 2024/2025 LTI RSUs vesting quarterly create ongoing supply, though 2024 MBO RSUs were cash‑settled and a prior large performance option was canceled .
- Pledging: No pledging policy disclosure and no pledged‑share disclosure noted; anti‑hedging policy in place .
Investment Implications
- Alignment: ~10% insider ownership, rigorous performance metrics (revenue, adjusted EBITDA, net new ARR, individual OKRs), clawback, and cash‑settled MBO indicate solid pay‑for‑performance and reduced immediate dilution .
- Retention vs selling pressure: Quarterly‑vesting LTI RSUs (2024/2025) support retention; 2024 MBO settled in cash reduced near‑term stock supply; prior performance option cancellation lowered overhang .
- Governance: Combined Chair/CEO and dual employment/consulting compensation merit monitoring; mitigants include Lead Independent Director, independent committees, regular executive sessions, and formal policies (clawback/insider trading) .
- Execution signaling: Q3 2025 outperformance vs guidance, AI agent expansion (eSelf.ai), and a sizable, discounted repurchase from a legacy investor suggest management confidence in mid‑term growth and profitability trajectory .