Sandeep Bharathi
Marvell TechnologyAbout Sandeep Bharathi
Sandeep Bharathi is President, Data Center Group at Marvell Technology (MRVL), promoted on July 15, 2025; he leads Custom Cloud Services, Connectivity, Data Center Switch, and Cloud Optics, while continuing oversight of Data Center Engineering and Central Engineering . He joined Marvell in February 2019 and previously led central engineering and served as Chief Development Officer; his track record includes first-time silicon success on multiple complex custom XPU programs and integrating the Avera custom business, enabling Marvell’s advance to leading-edge process nodes . Company performance during his tenure reflects AI-driven growth: FY2025 revenue was $5.77B, operating cash flow a record $1.68B, data center revenue reached 75% of total in Q4, with AI ~50% of data center revenue in FY2025 . Over FY2021–FY2025, Marvell’s relative TSR vs S&P 500 varied, with FY2025 at 44.1 percentile .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marvell Technology | Senior Vice President, Central Engineering | Feb 2019–Apr 2021 | Accelerated platform development; foundation for 5nm leadership |
| Marvell Technology | EVP, Central Engineering System‑On‑Chip Group | Apr 2021–Jun 2022 | Drove SoC portfolio; integrated Avera custom business |
| Marvell Technology | Chief Development Officer | Jun 2022–Jul 2025 | Led central engineering; delivered multiple custom XPU projects with first-time silicon |
| Marvell Technology | President, Data Center Group | Jul 2025–present | Full ownership of data center business and engineering; unified product lifecycle |
External Roles
- Not disclosed in company filings reviewed. Skip.
Fixed Compensation
| Period | Base Salary ($) | Target AIP (% of Salary) | Target Bonus ($) | Actual AIP Paid ($) |
|---|---|---|---|---|
| FY2025 promotion terms (effective 7/15/2025) | 770,000 | 120% | 924,000 | — (not disclosed) |
| FY2024 actual (Chief Development Officer) | 570,077 | 95.8% (derived) | 546,250 | 546,250 |
Notes: FY2025 terms reflect promotion; FY2024 AIP target derived from plan-based awards table.
Performance Compensation
FY2025 Company AIP Design and Outcomes (applies to executive officers)
| Metric | Weight | H1 FY25 Target | H1 Actual | H1 Score (% of target) | H2 FY25 Target | H2 Actual | H2 Score (% of target) | Corporate Achievement (Avg) |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45% | $2,350M | $2,434M | 136% | $3,000M | $3,334M | 200% | 131.2% |
| Non‑GAAP Gross Margin % | 25% | 62.5% | 62.1% | 41% | 61.2% | 60.2% | 0% | 131.2% |
| Non‑GAAP Operating Margin % | 30% | 23.6% | 24.7% | 144% | 29.6% | 31.8% | 192% | 131.2% |
Design: 80% corporate metrics and 20% individual goals for execs other than CEO/CFO, payout capped at target if corporate <100% .
Promotion PSUs (granted 7/15/2025)
| Grant Type | Metric | Target Value ($) | Measurement Window | Payout Range | Vesting |
|---|---|---|---|---|---|
| Performance RSUs | Relative TSR vs S&P 500 | 12,000,000 | Jul 15, 2025–Jul 5, 2030 | 0–200% of target (per plan) | Earned units vest at 5 years |
Promotion RSUs (granted 7/15/2025)
| Grant Type | Grant Value ($) | Vesting Schedule |
|---|---|---|
| Time‑based RSUs | 8,000,000 | Vest over 4 years |
Prior Equity Grants (FY2024)
| Grant Date | RSUs (#) | TSR RSUs Target (#) |
|---|---|---|
| Apr 15, 2023 | 44,153 | 66,230 |
Vesting examples: FY2024 stock vested 86,706 shares; value realized $3,976,394 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 2/3/2024) | 86,466 shares |
| Ownership vs shares outstanding | ~0.01% (86,466 ÷ 863,830,607) |
| FY2024 stock vested | 86,706 shares; $3,976,394 realized value |
| Stock ownership guidelines | 3× base salary for executive officers; 5-year compliance window; 50% post‑vest hold until met; executives met or on track |
| Hedging/pledging | Prohibited; margin accounts and pledging not allowed |
| Clawback | Policy to recoup cash and certain equity upon financial restatement |
Note: Unvested/uneearned outstanding award counts exist; multiple TSR RSU tranches and RSUs were outstanding as of FY2024 (see detailed award table) .
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-Control Severance Plan (CIC) | Double trigger; benefits payable upon Involuntary Termination during window from signing of definitive agreement through 24 months post-CIC |
| CIC Tier (historical) | Designated Tier 2 in FY2024 proxy (named executive officer at that time) |
| Tier 2 benefits | Lump sum = 18 months base salary; 150% of annual target cash incentive; pro‑rata target cash incentive; 100% acceleration of outstanding unvested equity (performance awards adjusted per plan); 18 months health coverage |
| Excise tax gross‑ups | Not provided |
| Death/Disability acceleration | Equity accelerates 100% (time-based); performance-based accelerates based on completed period or target if incomplete |
Investment Implications
- Strong pay-for-performance alignment: 5-year TSR PSUs tied to S&P 500 for promotion grant, and AIP anchored to revenue and margins; anti-hedging/pledging and ownership guidelines reinforce alignment .
- Retention and selling pressure: Significant unvested equity (4-year RSUs and 5-year PSUs) suggests retention incentive; vesting events (particularly quarterly/time-based and PSU cliff at year 5) can create episodic supply; FY2024 vesting magnitude indicates material periodic settlements .
- Change-of-control economics: Historical Tier 2 CIC terms include 100% equity acceleration and enhanced cash severance, which can be value-accretive to the executive in strategic transactions; double-trigger design reduces windfall risk vs single-trigger .
- Execution leverage and risk: With unified leadership of the largest business, Bharathi’s execution on custom XPU/XPU-attach ramps and scale-up fabrics is pivotal amid acknowledged lumpiness and concentration; successful first-time silicon and expanded socket pipeline mitigate execution risk but timing remains non-linear .
- Company backdrop supportive: AI-driven data center mix shift and FY2025 financial performance provide context for incentive payouts and future equity realization, with relative TSR improving vs prior years .