David Buonasera
MAGNITEAbout David Buonasera
David Buonasera is Chief Technology Officer (CTO) of Magnite, appointed in March 2023; age 40 as of April 7, 2025, with a Computer Science and Engineering degree from the University of Pennsylvania . He previously co‑founded SpringServe in 2014 and served as its CTO through 2021, then led Magnite CTV Streaming from September 2022 and served as SVP Engineering for SpringServe after Magnite’s acquisition . During his CTO tenure, Magnite reported 2024 record revenue of $668.2M (up 7.8% YoY from $619.7M) and record Adjusted EBITDA of $196.9M, alongside major customer agreements (Netflix, LG Ads Solutions, Disney, United Airlines, Samsung Ads, TCL, FIFA+, X) . The company highlighted Buonasera’s leadership around SpringServe APS certification and platform developments when announcing his CTO promotion in 2023 earnings remarks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Magnite | Chief Technology Officer | Mar 2023–present | Led global technology org; product/platform developments cited in earnings remarks |
| Magnite | Head of CTV Streaming | Sep 2022–Mar 2023 | Led Magnite CTV platform engineering before CTO appointment |
| Magnite (SpringServe) | SVP Engineering, SpringServe | Jul 2021–Sep 2022 | Guided integration and engineering for SpringServe post‑acquisition |
| SpringServe (pre‑Magnite) | Co‑founder & CTO | 2014–2021 | Scaled video ad serving with global client list; foundation for CTV tech stack |
| Appnexus | Director of Optimization & Analytics; Manager of Data Engineering | 2009–2014 | Ad tech optimization and data engineering leadership |
External Roles
- None disclosed in Magnite’s proxies, 8‑Ks, or earnings materials for Buonasera .
Fixed Compensation
- Not disclosed for Buonasera (he was not a named executive officer in 2024; Magnite’s NEOs were CEO, CFO, President Revenue, President Operations, Chief Product Officer) .
Performance Compensation
- Company executive bonus framework (NEO program) for 2024 used three metrics with a formulaic payout; Magnite certified a 108.23% payout. CTO participation is not disclosed; table below is provided for context on Magnite’s pay‑for‑performance design .
| Performance Goal | Metric Weight | Threshold | Target (100% payout) | Maximum (150% payout) | 2024 Actual Result | Weighted Payout |
|---|---|---|---|---|---|---|
| CTV Contribution ex‑TAC ($) | 35% | $201.6M (50%) | $252.0M | $264.6M | $260.2M | 108.23% |
| DV+ Contribution ex‑TAC ($) | 35% | $286.2M (50%) | $357.7M | $375.6M | $346.8M | 108.23% |
| Adjusted EBITDA less Capex ($) | 30% | $105.9M (40%) | $151.2M | $181.5M | $144.6M | 108.23% |
- Long‑term equity design (NEOs): PSUs tied to relative TSR vs Russell 2000 across 1‑, 2‑, and 3‑year tranches; cap at 100% if absolute TSR is negative; RSUs time‑vest; CEO also receives options. Buonasera’s specific grants are not disclosed, but Magnite’s PSUs and prohibitions on repricing signal performance orientation .
Equity Ownership & Alignment
- Beneficial ownership at appointment (Form 3, filed Mar 2, 2023): 174,684 shares, including 147,385 RSUs with detailed vesting through Feb 2027 .
| As‑of Date | Total Beneficial Ownership | Components |
|---|---|---|
| Mar 2, 2023 | 174,684 | 27,299 common + 147,385 RSUs (see vesting schedule below) |
- RSU Vesting Schedule (per Form 3): precise tranches and dates
| Vesting Date | Shares |
|---|---|
| May 15, 2023 | 3,941 |
| Jul 1, 2023 | 18,076 |
| Aug 15, 2023 | 7,084 |
| Sep 1, 2023 | 14,663 |
| Nov 15, 2023 | 4,615 |
| Feb 15, 2023 | 17,092 |
| May 15, 2024 | 7,494 |
| Aug 15, 2024 | 7,494 |
| Sep 1, 2024 | 14,663 |
| Nov 15, 2024 | 7,494 |
| Feb 15, 2025 | 7,494 |
| May 15, 2025 | 7,494 |
| Aug 15, 2025 | 6,898 |
| Nov 15, 2025 | 5,714 |
| Feb 15, 2026 | 5,715 |
| May 15, 2026 | 3,553 |
| Aug 15, 2026 | 3,098 |
| Nov 15, 2026 | 2,879 |
| Feb 15, 2027 | 1,924 |
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Hedging and pledging: Company policy prohibits hedging, short sales, and pledging by directors, officers, and designated insiders, aligning equity with shareholders .
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10b5‑1 Trading Plans (insider selling pressure indicators)
| Plan Adopted | Duration | Authorized Sales | Notes |
|---|---|---|---|
| Jun 14, 2023 | Sep 12, 2023 – Jun 14, 2024 | Up to 30,000 | Rule 10b5‑1(c) plan |
| Aug 15, 2024 | Nov 14, 2024 – Aug 14, 2026 | Up to 48,942 | Rule 10b5‑1(c) plan |
| Sep 11, 2025 | Dec 11, 2025 – Sep 11, 2026 | Up to 48,221 | Rule 10b5‑1(c) plan |
- Ownership guidelines: Magnite requires NEOs to hold equity (CEO 6x salary; other NEOs 2x salary) and restricts sales if below threshold; Buonasera’s specific guideline status is not disclosed (policy applies to NEOs) .
Employment Terms
- CTO employment agreement/offer letter: Not disclosed in 8‑Ks or proxies reviewed .
- Company‑wide policies relevant to execs:
- Clawback policy (Rule 10D‑1) for incentive compensation upon restatements; additional recoupment for misconduct/substantial restatements .
- Prohibitions on option repricing and buyouts without shareholder approval .
- Insider trading policy including hedging/pledging ban for officers .
Performance & Track Record
- Product and platform initiatives linked to Buonasera’s CTO leadership cited in 2023 remarks: ClearLine launch and SpringServe APS certification for streaming TV; emphasis on audience creation and targeting for media owners .
- Company performance during his CTO tenure (FY 2024): revenue $668.2M (+7.8% YoY), Contribution ex‑TAC $606.9M (+10.5% YoY), Adjusted EBITDA $196.9M; capital structure improved with net leverage 0.4x YE 2024; key partner renewals/new agreements across major names (Netflix, LG Ads Solutions, Disney, Samsung Ads, TCL, FIFA+, United, X) .
Compensation Structure Analysis
- Magnite emphasizes “at‑risk” pay for NEOs (performance cash + PSUs) and prohibits single‑trigger CIC benefits, gross‑ups, and repricing; the clawback framework has been strengthened, signaling shareholder‑aligned practices .
- 2024 annual bonus weighting shifted to balance CTV/DV+ Contribution ex‑TAC and Adjusted EBITDA less Capex, with payout curve adjustments; PSU design added interim measurement to mitigate volatility while emphasizing 3‑year performance .
- Buonasera’s individual cash/equity mix and targets are not disclosed; insights must be inferred from company program design (no direct inference provided here) .
Equity Ownership & Alignment (Supplemental Company Metrics)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($M) | $619.7 | $668.2 |
| Contribution ex‑TAC ($M) | $549.1 | $606.9 |
| Adjusted EBITDA ($M) | — | $196.9 |
Investment Implications
- Alignment: Prohibitions on hedging/pledging and multi‑year RSU schedules indicate meaningful long‑term equity exposure for Buonasera; his Form 3 RSU vesting calendar through Feb 2027 provides visibility into potential delivery events and retention hooks .
- Selling pressure: Repeated, modest 10b5‑1 sales programs (30K then ~49K blocks) suggest structured liquidity rather than opportunistic selling; monitor execution near quarterly vest dates and trading plan windows .
- Retention risk: Absence of disclosed individual severance/CIC terms limits precision, but RSU vesting cadence and platform responsibility (CTV/SpringServe) imply retention incentives; watch for any future 8‑K 5.02 filings that disclose CTO‑specific arrangements .
- Execution risk: CTO remit spans core CTV platform and integrations; 2024 financial performance and partner renewals support operational momentum, but PSU program’s focus on relative TSR underscores market execution standards and volatility sensitivity at the enterprise level .