Anthony Bay
WM TECHNOLOGYAbout Anthony Bay
Anthony Bay, age 69, has served as an independent director of WM Technology (MAPS) since March 2022. He is Founder and CEO of Techquity (since Sept 2019) and previously held senior operating roles including CEO of Rdio (2013–2016; company entered Chapter 11 in Nov 2015 in connection with sale to Pandora), VP & Global Head of Digital Video at Amazon (2011–2013), Corporate VP & GM, Digital Media Division at Microsoft (eight-year tenure; joined MSN leadership in 1994), and product leadership roles at Apple (1986–1994, incl. three years in Paris). He holds an MBA from San Jose State University and a BA in Economics from UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Techquity | Founder & CEO | Sep 2019–present | Advises on software, cloud scaling; technology governance relevance |
| Rdio | Chief Executive Officer | 2013–2016 | Led global streaming; company filed Chapter 11 in Nov 2015 as a condition of sale to Pandora (track record consideration) |
| Amazon | VP & Global Head, Digital Video | 2011–2013 | P&L and global streaming operations oversight |
| Microsoft | Corporate VP & GM, Digital Media Division; prior GM, Commercial Systems Division; MSN leadership | c. 1994–2000s (eight-year tenure); joined MSN leadership 1994 | Digital media, internet services platform; executive staff member |
| Apple | Product leadership roles (incl. Europe) | 1986–1994 | Product leadership; 3 years at European HQ in Paris |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various public company boards (names not specified) | Director/Chairman | Prior to MAPS | Served on three public boards, including two as Chairman; plus numerous private boards |
Board Governance
- Independence: The Board affirmatively determined Bay is independent under Nasdaq rules; he also serves on fully independent Audit and Compensation Committees .
- Committee assignments and chair roles (2024):
- Audit Committee: Member; identified as an “audit committee financial expert” by the Board .
- Compensation Committee: Chair (members: Aquila, Bay, Ibbott, Gordon); met 8 times in 2024 .
- Technology Committee: Chair (members: Bay, Francis); met 3 times in 2024 .
- Board/committee activity: Board met 8 times in 2024; all directors except Aquila attended ≥75% of Board and committee meetings; independent directors held 5 executive sessions .
- Election and investor support: At the June 24, 2025 annual meeting, Bay was re-elected with 63,265,772 votes “For,” 23,616,419 “Withheld,” and 30,582,829 broker non-votes; by comparison, co-nominee Ibbott received 85,062,827 “For” and 1,819,364 “Withheld” (signal: meaningful withhold against Bay relative to slate peer) .
Committee membership snapshot (2024)
| Committee | Role | Meetings (2024) |
|---|---|---|
| Audit | Member (Financial Expert) | 8 |
| Compensation | Chair | 8 |
| Nominating & Corporate Governance | Not a member | 3 (committee total) |
| Technology | Chair | 3 |
Fixed Compensation
Non-Employee Director Compensation Policy (effective for 2024)
| Description | Amount (USD) |
|---|---|
| Annual Board Retainer | $50,000 |
| Audit Chair / Member | $20,000 / $10,000 |
| Compensation Chair / Member | $15,000 / $7,500 |
| Nominating & Governance Chair / Member | $10,000 / $5,000 |
| Technology Chair / Member | $15,000 / $7,500 |
| Chair of the Board (if NED) | $60,000 |
| Lead Independent Director | $25,000 |
| Meeting fee (above 8 per calendar year) | $1,000 per extra meeting |
2024 Actual Director Compensation (Bay)
| Component | 2024 |
|---|---|
| Cash Fees | $70,890 |
| Stock Awards (grant date fair value, ASC 718) | $206,250 |
| Total | $277,140 |
Director Compensation Trend (Bay)
| Metric | 2022 | 2024 |
|---|---|---|
| Cash Fees | $80,378 | $70,890 |
| Equity Awards (grant date FV) | $595,627 | $206,250 |
| Total | $676,005 | $277,140 |
Performance Compensation
- Structure: Director equity is time-based RSUs; no performance metric disclosure for non-employee director equity awards .
- Grant mechanics and vesting:
- New Director RSU Grant: Approx. $200,000 pro-rated to next annual meeting plus $200,000 per whole calendar year remaining in initial term; vests at next annual meeting and annually thereafter for initial term .
- Initial Term Grant (10/1/2023 one-time): Approx. $200,000 × remaining whole calendar years in term; vests in equal annual installments at subsequent annual meetings; one-time only .
- Renewal Term Grant (at each annual meeting for continuing directors): Approx. $600,000, vests in three equal annual installments over next three annual meetings .
- Change-in-Control: Accelerated vesting of specified portions of New Director, Initial Term, and Renewal Term Grants immediately prior to closing, subject to continuous service .
Director Performance Metrics Table (Non-Employee Directors)
| Metric Type | Disclosure |
|---|---|
| Pay metrics tied to director equity (e.g., revenue, EBITDA, TSR) | None disclosed; director awards are service-vesting RSUs |
Other Directorships & Interlocks
| Company | Role | Notes |
|---|---|---|
| Unspecified public company boards (3) | Director/Chairman | Served on three public boards, including two as Chairman (names not disclosed in proxy) |
Expertise & Qualifications
- Audit committee “financial expert” designation; financial sophistication per Nasdaq requirements .
- Deep technology/media operating experience (Amazon Digital Video; Microsoft Digital Media; Apple product leadership) and founder/CEO profile (Techquity, Rdio) .
- Education: MBA (San Jose State); BA Economics (UCLA) .
Equity Ownership
| As of | Shares Beneficially Owned (Class A) | % of Class A | Source |
|---|---|---|---|
| Apr 21, 2025 | 397,455 | <1% | |
| Record date 2024 (proxy) | 291,325 | <1% |
- Aggregate stock awards outstanding (as of Dec 31, 2024): 181,503 (Bay) .
- Hedging and pledging: Company policy prohibits hedging, short sales, margin, and pledging by directors and others (alignment positive) .
Governance Assessment
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Strengths:
- Independence affirmed; no material disqualifying relationships identified by the Board .
- Audit Committee financial expertise and multi-committee leadership signal high engagement and relevant oversight skills .
- Clear prohibitions on hedging/pledging support alignment with shareholders .
- Say-on-Pay support for 2024 executive compensation was strong (82,257,989 For; 4,545,191 Against; 79,011 Abstain; 30,582,829 broker non-votes), indicating a constructive governance climate .
-
Watch items / potential red flags:
- Concentration of roles: Bay chairs both the Compensation and Technology Committees and serves on the Audit Committee, which can concentrate oversight workload in a single director on a seven-member board .
- Shareholder voting signal: Bay received 23,616,419 withhold votes versus 63,265,772 for, materially lower support than the slate peer (Ibbott), suggesting some investor reservations that merit engagement follow-up .
- Prior bankruptcy experience at Rdio is a background consideration; not a MAPS-related party issue but may factor into some investors’ qualitative assessments .
-
Related-party/conflict controls:
- Audit Committee explicitly reviews and approves related-person transactions; Board’s independence determination considered such relationships over the last three fiscal years .
- No Bay-specific related-person transactions are identified in the independence review narrative; independence reaffirmed in 2025 proxy .