Kiran Prasad
MarqetaAbout Kiran Prasad
Kiran Prasad (age 48) is an independent director of Marqeta, Inc., serving since 2022. He sits on the Audit Committee and the Compensation Committee. Prasad is an accomplished engineer and product strategist with 20+ years leading consumer platforms, including senior product roles at LinkedIn and Nextdoor; he holds a BS (Michigan State) and MS (University of Michigan) in Computer Science. The Board has deemed him independent under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LinkedIn (Microsoft subsidiary) | VP of Product; senior engineering roles | 2011–2021 | Led product and engineering for consumer platforms; product/technology expertise cited by MQ |
| Nextdoor Holdings (NYSE: KIND) | Head of Product | 2021–2023 | Consumer platform product leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Big Basin Labs (software) | CEO & Co‑Founder | Since 2024 | Product/technology leadership |
| McKinsey & Company | Senior Business Advisor | Since 2025 | Strategic advisory; product/tech perspective |
Board Governance
- Independence and roles: The Board determined Prasad is independent under Nasdaq standards; he serves on the Audit and Compensation Committees. Each Audit Committee member (including Prasad) meets Nasdaq financial literacy requirements.
- Board leadership and process: Independent Chair in place (Jud Linville, appointed June 2024). The Board holds executive sessions without management at regularly scheduled meetings.
- Meeting cadence and attendance: 2024 meetings held — Board (13), Audit (13), Compensation (5). Each incumbent director attended at least 75% of Board/committee meetings during their service period in 2024.
| Body | 2024 Meetings Held |
|---|---|
| Board of Directors | 13 |
| Audit Committee | 13 |
| Compensation Committee | 5 |
Fixed Compensation
- 2024 director pay (non‑employee): Marqeta’s policy provides a $50,000 annual cash retainer for Board service; additional chair retainers apply to committee chairs (not applicable to Prasad in 2024).
- Prasad’s 2024 director compensation (from the fiscal 2024 Director Compensation Table):
| Component | FY 2024 Amount (USD) |
|---|---|
| Cash fees | $50,000 |
| RSUs (grant‑date fair value) | $199,996 |
| All other compensation | — |
| Total | $249,996 |
Policy reference (structure): Initial RSU grant upon Board election $400,000; annual RSU grant $200,000; Chairperson equity retainer $50,000 in addition to cash Chair retainer; directors may elect cash in lieu of certain equity after 5 years of service and meeting ownership requirements.
Performance Compensation
- Equity awards to non‑employee directors are time‑based RSUs (no disclosed performance metrics); annual RSU vests in full by the next annual meeting or first anniversary, and initial RSU vests in three equal annual installments; awards accelerate upon a “sale event” under the 2021 Plan.
| Performance Metric | Applies to Director Equity? | Notes |
|---|---|---|
| Financial/TSR/ESG targets | No | Non‑employee director RSUs are time‑based per policy (no disclosed performance conditions). |
| Vesting | Yes (time‑based) | Annual RSU $200k vests by next annual meeting/1‑year; initial $400k RSU vests over 3 years. |
| Change‑of‑control treatment | Yes | Full acceleration upon “sale event” per 2021 Plan. |
Other Directorships & Interlocks
- Other current public company boards for Prasad: None disclosed in the proxy biography; only MQ committees are listed (Audit; Compensation).
| Company | Exchange/Ticker | Role | Committee Roles | Interlock/Overlap |
|---|---|---|---|---|
| — | — | — | — | None disclosed in MQ’s 2025 proxy for Mr. Prasad |
Expertise & Qualifications
- Education: BS, Computer Science & Computational Mathematics (Michigan State); MS, Computer Science (University of Michigan).
- Functional expertise: Product development, consumer platforms, strategic planning, technology; Board biography cites extensive product/technology leadership.
- Financial literacy: Meets Nasdaq Audit Committee financial literacy standard as a member of MQ’s Audit Committee.
Equity Ownership
- Beneficial ownership (as of proxy record date): 110,434 shares of Class A common stock; less than 1% of Class A outstanding. Composition includes 72,047 owned shares plus 38,387 RSUs vesting within 60 days. No options are reported for Prasad in the footnotes.
- Alignment policies: Non‑employee directors must hold shares equal to 5x the annual cash retainer within the later of February 2028 or five years from joining the Board; if not met by the deadline, they must retain 50% of net vested shares until in compliance. Hedging, short sales, derivatives, margin, and pledging are prohibited under the Insider Trading Policy.
| Item | Detail |
|---|---|
| Class A beneficial ownership | 110,434 shares; <1% of class (asterisk denotes less than 1%) |
| Vested vs. unvested | 72,047 shares owned; 38,387 RSUs vest within 60 days |
| Options | None disclosed for Prasad |
| Pledged shares | Prohibited by company policy |
| Ownership guideline | 5x Board retainer within specified timeframe; hold 50% of net shares if below guideline |
| Hedging/derivatives | Prohibited |
Governance Assessment
- Independence and oversight: Independent director on both Audit and Compensation Committees, contributing product/technology perspective to financial oversight and pay governance; meets Nasdaq financial literacy standards for Audit Committee service.
- Engagement and attendance: Board and committees met frequently in 2024 (Board 13, Audit 13, Compensation 5), and all incumbent directors met the ≥75% attendance threshold during their service period.
- Incentive alignment: Receives standard non‑employee director equity grants ($200k annual RSU; initial $400k RSU upon joining), with time‑based vesting and sale‑event acceleration; robust ownership guidelines (5x retainer) and strict prohibitions on hedging/pledging support alignment.
- Conflicts/related parties: Proxy discloses no related‑person transactions involving Prasad; related‑party transactions are reviewed under the Audit Committee policy, with recusal for interested directors.
- RED FLAGS: None identified in the proxy specific to Prasad (no pledging, no disclosed related‑party transactions, independent status confirmed).