Carmel Galvin
About Carmel Galvin
Carmel Galvin is Klaviyo’s Chief People Officer, serving since April 2024; she is 56 years old as of April 15, 2025 and holds a B.A. from Trinity College Dublin and an M.S. in Business (Human Resources) from University College Dublin . Prior roles include Chief People Officer at Stripe (2021–2024), CHRO/SVP People & Places at Autodesk (2018–2021), and CHRO/SVP at Glassdoor (2016–2018); she also serves as a director of OPENLANE, Inc. (NYSE: KAR) . Executive bonus metrics at Klaviyo emphasize pay-for-performance via 75% revenue and 25% non-GAAP operating income weighting; FY2024 achievement was 97.5% but payouts were reduced to 76.2% through negative discretion, with Galvin’s payout prorated given her April 2024 start .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stripe, Inc. | Chief People Officer | 2021–2024 | Executive leadership of global people strategy |
| Autodesk, Inc. | Chief Human Resources Officer and SVP, People & Places | 2018–2021 | Led HR and workplace operations |
| Glassdoor, Inc. | Chief Human Resources Officer and Senior Vice President | 2016–2018 | Led HR at talent marketplace |
| Advent Software; Deloitte New-venture Accelerator; Front Arch; Moody’s Analytics; Barra | Executive HR/leadership roles | Not disclosed | Prior senior HR/leadership experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| OPENLANE, Inc. (NYSE: KAR) | Director | Not disclosed |
Fixed Compensation
| Element | FY2024 Amount | Notes |
|---|---|---|
| Base Salary | $530,000 | Approved FY2024 base salary |
| Target Bonus % | 20% | Approved FY2024 target bonus opportunity |
| Target Bonus $ | $106,000 | 20% of base salary |
| Actual Bonus Paid | $57,536 | Prorated FY2024 payout; paid March 2025 |
| Sign-on Bonus | $250,000 | One-time sign-on |
| Relocation Bonus | $100,000 | One-time relocation |
Performance Compensation
Annual Bonus Plan Structure and Outcome (FY2024)
| Metric | Weighting | Target Achievement | Payout Factor | Executive Payout (Galvin) |
|---|---|---|---|---|
| Revenue | 75% | 97.5% (combined plan achievement before discretion) | 76.2% after negative discretion | $57,536 (prorated) |
| Non-GAAP Operating Income | 25% | 97.5% (combined plan achievement before discretion) | 76.2% after negative discretion | $57,536 (prorated) |
Equity Awards (RSUs)
| Award Type | Shares Granted | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|
| New-hire RSU | 691,144 | $17,140,371 | 86,393 shares vested Nov 15, 2024; remaining shares vest in 14 equal quarterly installments thereafter |
Equity Ownership & Alignment
| Ownership Item | Amount | Notes |
|---|---|---|
| Series A Common Stock Beneficially Owned | 107,477 | Less than 1% of voting power; no Series B reported |
| Composition (as of Beneficial Ownership Date) | 56,151 shares + 51,326 RSUs | RSUs where time/service condition satisfied or within 60 days |
| Stock Ownership Guidelines | 2x base salary for non-CEO execs, to be met within 5 years | Policy applies to executive officers |
| Hedging/Pledging | Prohibited | Insider trading policy bans hedging and pledging/margin |
| Rule 10b5-1 Trading Plan (Q3 2025) | None disclosed for Galvin | Company disclosed plans adopted by other execs; no plan for Galvin in Q3 2025 |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Effective April 15, 2024; at-will; sets base salary, sign-on bonus ($250k), relocation bonus ($100k), annual bonus target, benefits eligibility, severance and change-in-control eligibility |
| Severance (without cause / good reason) | Lump sum equal to 12 months base salary ($530,000) plus target bonus ($106,000); COBRA monthly payments up to 12 months (estimated $7,367 for 2024 coverage) |
| Change-in-Control (Double Trigger) | If terminated without cause/for good reason within 3 months before/12 months after a CIC, full acceleration of time-based equity; estimated accelerated vesting value $24,939,931 (based on $41.24 close on Dec 31, 2024); total CIC benefits estimated $25,583,298 |
| 280G/4999 Treatment | Best-net cutback—payments reduced if it yields a higher after-tax benefit; no tax gross-up disclosed |
| Clawback | NYSE Rule 10D-1 compliant clawback adopted Oct 2, 2023 for erroneously awarded incentive comp over last 3 completed fiscal years |
| Non-compete / Non-solicit | Not disclosed in proxy/filings reviewed |
Investment Implications
- Pay-for-performance alignment: Bonus plan tied to revenue (75%) and non-GAAP operating income (25%); FY2024 achievement was 97.5% yet payouts cut to 76.2% via negative discretion, signaling restraint and alignment with broader employee outcomes .
- Vesting and potential selling pressure: Large new-hire RSU (691,144 shares; $17.1M FV) with quarterly vesting for 14 installments post initial vest implies a steady cadence of potential supply; absence of a disclosed Q3 2025 10b5-1 plan for Galvin reduces visibility into pre-programmed sales timing .
- Ownership and alignment safeguards: Beneficial ownership is modest (<1%), but executive stock ownership guidelines (2x salary within five years) and prohibitions on hedging/pledging mitigate misalignment risks .
- Retention and transaction dynamics: Standard severance (1x salary + target bonus) and double-trigger CIC acceleration support retention while providing downside protection in strategic events; best-net 280G cutback avoids shareholder-unfriendly tax gross-ups .
Overall, Galvin’s package emphasizes equity-driven alignment with prudent guardrails (clawback, hedging/pledging bans), but the sizable RSU grant and ongoing quarterly vesting warrant monitoring for insider selling cadence and any future 10b5-1 plan adoptions .
Sources
- 2025 DEF 14A: role, age, background, education, compensation, ownership, policies, severance/CIC
- 2025 Q3 10-Q: Rule 10b5-1 adoption disclosures (not including Galvin), exhibits and policy references