Ashley Haynes-Gaspar
Executive Vice President, Chief Revenue Officer at LUMN
Executive
About Ashley Haynes-Gaspar
Ashley Haynes-Gaspar is Executive Vice President and Chief Revenue Officer (CRO) at Lumen Technologies; age 47, CRO since January 2024, and previously EVP, Customer Experience Officer, Wholesale & International from January 2023 to January 2024 . Prior roles include Chief Operating Officer of US Business Applications & Industry at Microsoft (Dec 2017–Jan 2023) and senior CMO roles at GE’s global divisions . During 2024, Lumen delivered $13.1B of revenue and $3.9B adjusted EBITDA, while equity price improved from ~$1 to $5.31 by year-end alongside debt restructuring; relative TSR positioning improved for 2025 peers, though three-year TSR ranks remained below median in 2024 analyses .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Lumen Technologies | EVP, Customer Experience Officer, Wholesale & International | Jan 2023–Jan 2024 | Led customer experience and wholesale/international, responsibility for revenue strategy foundations |
| Microsoft | COO, US Business Applications & Industry | Dec 2017–Jan 2023 | Senior operating role across applications/industry segments |
| GE | Chief Marketing Officer for two global divisions | Not disclosed | Senior-level marketing leadership across global divisions |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $553,972 | $625,019 |
| STI Target (%) | 100% | 100% |
| Actual STI Paid ($) | $483,950 | $663,770 |
Performance Compensation
2024 Short-Term Incentive (STI) Design and Results
| Element | Detail |
|---|---|
| STI metrics and weights | Adjusted EBITDA (50%), Revenue (35%), Customer Experience (15%) |
| Company performance funding | 88.5% of target for senior leadership (two six‑month periods) |
| Individual performance modifier (Haynes-Gaspar) | 120% based on scorecard achievements (PCF sales, seller productivity, NPS) |
| Calculated STI bonus (Haynes-Gaspar) | $663,770 (Base×STI%×Funding×Modifier) |
| Notes on targets/actuals by metric | Specific numerical targets/actuals for each metric not disclosed |
2024 Long-Term Incentive (LTI) Structure and Awards (granted Mar 1, 2024)
| Instrument | Metric | Weight | Target | Payout Range | Vesting |
|---|---|---|---|---|---|
| PLTC (cash) | Relative TSR vs 15‑company peer set | 50% | 50th percentile (target) | 0–200% of target | Cliff vest after 3‑year period; payout Mar 1, 2027 |
| PLTC (cash) | Cumulative Free Cash Flow (2024–2026) | 50% | Target amount not disclosed | 0–200% of target | Cliff vest after 3‑year period; payout Mar 1, 2027 |
| TBRS (equity) | Time‑based RS | 40% of annual LTI | N/A | N/A | One‑third vested Mar 1, 2025; remaining vests in two equal annual installments |
LTI grant specifics for Haynes-Gaspar:
- PLTC targets: $705,000 rTSR (threshold $352,500; max $1,410,000), $705,000 FCF (threshold $352,500; max $1,410,000) .
- TBRS‑Annual: 595,200 unvested shares; grant date fair value $1,011,840; one‑third vested Mar 1, 2025; remaining in two equal annual tranches .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Unrestricted shares | 303,351 |
| Unvested restricted stock | 1,347,300 |
| Total beneficial ownership | 1,650,651 shares |
| Ownership as % of class | <1% (asterisk denotes less than 1%) |
| Stock ownership guideline | 3× base salary for other current NEOs (CEO 6×) |
| Compliance status | In compliance as of Mar 19, 2025 |
| Hedging/pledging | Hedging prohibited; pledging/margin accounts prohibited for directors and Section 16 officers |
| Pledged shares | Beneficial ownership table notes shares are not pledged, except as otherwise noted (none for Haynes-Gaspar) |
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement | Lumen does not provide traditional employment agreements to executives |
| Executive Severance Plan (non‑CoC) | Other executives: cash severance equal to 1× total targeted cash compensation; 1 year COBRA; prorated annual bonus based on actual performance; outplacement |
| Change‑of‑Control agreement | Protected period: 1.5 years; cash severance: 2× annual cash compensation; 2 years welfare benefits; STI for year of termination based on actual performance; outplacement |
| Equity acceleration (CoC) | No single‑trigger; double‑trigger acceleration: time‑vested equity vests immediately; performance awards continue to vest; death pays at target |
| Potential termination payments (Haynes-Gaspar, as of 12/31/2024) | Involuntary (no cause): Total $1,753,666 (includes bonus, equity, welfare, severance); CoC termination: Total $9,478,739 (includes bonus, equity, welfare, severance) |
| Clawbacks | Broader forfeiture provisions plus Dodd‑Frank clawback policy adopted Oct 2, 2023 |
| Non‑compete/non‑solicit | Severance plan includes restrictive covenants (non‑compete 12 months; non‑solicit; confidentiality) |
| Tax gross‑ups | No excise tax gross‑ups policy |
Performance & Track Record
| Area | Highlights |
|---|---|
| Revenue execution | Closed $8.5B in PCF sales; seller productivity +39% YoY; deal wins/size +20%+; enterprise +26% YoY, mid‑markets +22% YoY, public sector +2% YoY |
| Customer experience | Transactional NPS +30 points; relational NPS +9.4 points with improvements across segments |
| Company outcomes | 2024 revenue $13.1B; adjusted EBITDA $3.9B; missed full‑year revenue and adjusted EBITDA targets; STI funding at 88.5% due to shortfalls; 2022 PBRS performance awards forfeited |
| Equity/TSR context | Equity trading price improved from ~$1 mid‑2024 to $5.31 at year‑end; TSR peer percentile positioning improved for 2025 peers but was low in 2024 analysis |
Compensation Committee, Peer Benchmarking, Say‑on‑Pay
- Compensation philosophy targets ~50th percentile of peers; 2024 pay mix emphasizes long‑term incentives; Board recommends FOR on say‑on‑pay .
- 2024 peer frameworks: compensation benchmarking and TSR peer groups (telecom/tech mix listed) used for design and rTSR measurement .
- HRCC (independent) oversees pay design, share usage/burn/overhang, and equity grant timing; no stock options granted in recent years .
Governance, Related Parties, Insider Policy
- No related party transactions reportable under Item 404 for 2024 .
- Insider trading policy prohibits hedging and pledging by directors and Section 16 officers; policy text filed as 2024 10‑K Exhibit 19 .
Investment Implications
- Pay‑for‑performance alignment is reinforced: 2024 STI funding cut to 88.5% due to missed revenue/EBITDA targets and forfeiture of 2022 PBRS awards, while individual performance modifier rewarded measurable sales/customer outcomes; this ties near‑term cash bonuses to company performance and line‑of‑sight execution .
- LTI design shifts 60% to cash (PLTC) with rTSR and multi‑year FCF metrics, reducing equity overhang and potentially lowering forced selling pressure from vesting, while TBRS provides retention through three‑year vesting; double‑trigger CoC equity treatment mitigates windfall risk .
- Ownership alignment is solid: meaningful unvested equity, compliance with 3× salary ownership guideline, and prohibitions on hedging/pledging reduce alignment risk and selling pressure; total beneficial ownership of ~1.65M shares (<1%) indicates skin‑in‑the‑game without collateral risk .
- Retention risk appears contained near‑term: explicit severance/coC protections and significant outstanding TBRS/PLTC suggest incentives to stay through 2027; severance multiples are standard (1× non‑CoC; 2× CoC) with restrictive covenants, limiting abrupt departure risk .