Donna Blackman
StrideAbout Donna Blackman
Donna Blackman, age 59, is Stride, Inc.’s Chief Financial Officer (CFO) since July 2022 after serving as Chief Accounting Officer and Treasurer from May 2020 to June 2022. She holds an MBA from the University of Maryland’s Robert H. Smith School of Business and a B.A. in Accounting from North Carolina State University; she is a certified public accountant. Prior roles include senior finance leadership at BET Networks and earlier positions with Marriott International and KPMG. Under her tenure as a senior finance leader, Stride delivered its ninth straight year of revenue growth and record profitability in FY2025, with revenue of $2,405.3M (+17.9% YoY) and Adjusted EBITDA of $571.0M (+46.1% YoY) driving above-target annual bonus outcomes for NEOs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BET Networks | SVP, Business Operations | May 2017 – Jan 2019 | Oversaw finance, strategy, research, live events, security, facilities, operations |
| BET Networks | Senior roles (SVP Head of Finance; SVP FP&A; SVP Finance & Controller) | Jul 2013 – May 2017 | Led core finance functions, FP&A, controllership |
| Marriott International | Finance leadership roles | Not disclosed | Accounting and finance leadership experience |
| KPMG | Leadership roles | Not disclosed | Audit and accounting foundation |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $534,423 | $625,000 | $625,000 |
| Target Bonus (% of Salary) | Not disclosed | 100% | 150% |
| Actual Annual Bonus Paid ($) | $698,306 | $1,081,891 | $1,696,606 |
Performance Compensation
Annual Bonus – FY2025 Executive Bonus Plan (CFO)
| Metric | Weighting | Threshold | Target | Outperform | Actual | Payout vs Target | CFO Bonus Earned ($) |
|---|---|---|---|---|---|---|---|
| Revenue | 50% | $2,166.6M | $2,265.0M | $2,491.5M | $2,405.3M | 162% | $1,696,606 |
| Adjusted EBITDA | 50% | $453.0M | $476.8M | $524.5M | $571.0M | 200% | $1,696,606 |
| Overall Weighted Payout | — | — | — | — | — | 181% | $1,696,606 |
Notes:
- FY2025 PMOs were equally weighted revenue and Adjusted EBITDA for NEOs (other than Goldthwaite). No adjustments were made to revenue; Adjusted EBITDA could adjust for acquisition-related or unusual items per Committee discretion .
Long-Term Incentives – PSU Design and FY2023 PSU Outcomes (assessed in Sep 2025)
| PSU Metric | Weighting | Threshold (50%) | Target (100%) | Outperform (200%) | Actual | % Earned |
|---|---|---|---|---|---|---|
| FY2025 Adjusted Operating Income | 50% | $156.6M | $172.3M | $203.6M | $419.6M | 200% |
| 3-Year Stock Price CAGR (to 9/15/2025) | 50% | 10% | 20% | 40% | 54% | 200% |
| PSUs Earned – Donna Blackman | — | — | — | — | — | 83,420 total (41,710 AOP; 41,710 CAGR) |
Program structure:
- FY2025 annual equity for NEOs: 60% PSUs, 40% RSAs; PSUs tied to 3-year financial performance (adjusted operating income) and stock price growth (CAGR) with 50/100/200% payout curve; RSAs vest semi-annually over three years (back-loaded) .
Equity Ownership & Alignment
Beneficial Ownership and Unvested Time-Based Awards (as of Oct 14, 2025; FY-end values as of Jun 30, 2025)
| Item | Amount | Value ($) | Notes |
|---|---|---|---|
| Beneficially Owned Shares | 131,985 | — | <1% of outstanding; includes 39,763 unvested restricted shares |
| Unvested RSAs (Company) | 42,655 | $6,193,079 | Fair value using $145.19/sh at 6/30/2025 |
| Subsidiary RSUs (unvested; liquidity-event based) | 420,000 | $355,200 | Grants across seven subsidiaries; vest at subsidiary liquidity events |
RSA vesting schedules (selected grants; subject to continued employment):
- 5,560 shares vested 8/12/2025; 6,878 vested 8/18/2025; 13,756 to vest semi-annually in two equal installments beginning 2/18/2026 .
- 1,829 shares vested 8/9/2025; 14,632 to vest semi-annually in four equal installments beginning 2/9/2026 .
Unearned PSUs – Targets and FY-end Market Values (as of Jun 30, 2025; $145.19/sh)
| Grant Footnote | Unearned PSUs (#) | Market/Payout Value ($) |
|---|---|---|
| (2) | 20,855 | $3,027,937 |
| (3) | 20,855 | $3,027,937 |
| (4) | 38,690 | $5,617,401 |
| (5) | 12,890 | $1,871,499 |
| (6) | 20,580 | $2,988,010 |
| (7) | 6,860 | $996,003 |
Alignment Policies
- Executive stock ownership guidelines: CFO required to hold 3x base salary; NEOs in compliance or within the five-year build period .
- Prohibitions: Policy forbids hedging, pledging and short sales; 2016 equity plan disallows pledging unless specifically permitted .
- Clawback: Mandatory recovery of erroneously awarded incentive-based compensation over prior three years upon an accounting restatement (Exchange Act Rule 10D-1; NYSE listing standards) .
Employment Terms
Severance and Change-in-Control (CIC) Mechanics
- Baseline severance (non-CIC) for NEOs (ex-CEO): 1.0x annual base salary plus up to 12 months of company-paid COBRA; potential accelerated vesting of time-based RSAs at Committee discretion .
- CIC severance (double-trigger): If terminated without cause or resign for good reason within two years post-CIC, NEOs receive 1.5x the standard severance plus 1.5x target bonus, up to 18 months COBRA reimbursement, and accelerated vesting of equity (performance awards payable subject to performance as provided in award terms) .
- Plan-level CIC acceleration: If awards are not continued/assumed in a CIC, all restrictions lapse immediately prior to the CIC (subject to plan terms) .
Estimated Values (as of Jun 30, 2025; $145.19/sh)
| Scenario | Salary Continuation ($) | Bonus ($) | Benefits ($) | RSA Vesting ($) | PSU Vesting ($) | Subsidiary RSU Vesting ($) |
|---|---|---|---|---|---|---|
| Termination without Cause | $625,000 | — | $17,336 | — | — | — |
| Constructive Termination/Good Reason | $625,000 | — | $17,336 | — | — | — |
| CIC (no termination) | — | — | — | — | $17,528,789 | $355,200 |
| CIC + Qualifying Termination | $937,500 | $1,406,250 | $26,004 | $6,193,079 | — | — |
| Death | — | — | — | $6,193,079 | — | — |
| Disability | — | — | — | $6,193,079 | — | — |
Deferred Compensation
| Name | Executive Contributions (FY2025) | Company Contributions (FY2025) | Aggregate Earnings/Losses (FY2025) | Aggregate Withdrawals/Distributions | Aggregate Balance at FYE |
|---|---|---|---|---|---|
| Donna Blackman | $456,787 | — | $94,074 | — | $1,125,512 |
Governance and Shareholder Feedback
- Compensation Committee: Independent directors Fink, Knowling, Verbrugge (Chair), and Lawrence; four meetings in FY2025; uses independent consultant Compensia for market analysis and equity planning .
- Good practices: No tax gross-ups; no single-trigger cash CIC; no option repricing; performance-based pay emphasis .
- FY2024 Say-on-Pay: Advisory vote approved with 33,863,393 For; 2,593,707 Against; 39,994 Abstain; 1,672,599 broker non-votes .
Investment Implications
- Strong pay-for-performance alignment: FY2025 bonuses paid at 181% of target on robust revenue and Adjusted EBITDA performance; FY2023 PSU tranche vested at 200% on both adjusted operating income and stock price CAGR, indicating high performance rigor and upside leverage .
- Retention risk mitigated: Back-loaded RSA schedules and CIC double-trigger terms support retention; significant unvested RSAs/PSUs suggest continued alignment to multi-year value creation .
- Ownership alignment and risk controls: Compliance with stock ownership guidelines, prohibition on hedging/pledging, and an NYSE-compliant clawback framework reduce misalignment and governance risk .
- Insider selling pressure: Proxy provides vesting values but not Form 4 trading data; to fully assess selling pressure and any 10b5‑1 trading plans, review recent Form 4 filings for Donna Blackman (not included here) to evaluate cadence, size, and plan status.
- Performance backdrop: FY2025 delivered record profitability and ninth straight revenue increase, supporting credibility of incentive outcomes and potential investor confidence in finance execution under Blackman’s leadership .