Sherri Manning
About Sherri Manning
Sherri Manning, age 58, is Olo’s Chief People Officer (CPO) since August 7, 2023, with 20+ years in human resources across global technology and late-stage startups . She holds a B.A. in Political Science (Phillips University), a J.D. (University of Oklahoma College of Law), and an LL.M. (Georgetown University Law Center), and was recognized with the 2023 OnCon ICON Award as a Top 10 HR Professional in the U.S. . During her tenure, Olo reported 2024 revenue of $284.9M and non-GAAP operating income of $32.9M, reflecting >25% year-over-year growth and improved operating performance, with executive pay structured around pay-for-performance and long-term equity alignment . Olo’s compensation program emphasizes variable pay tied to performance (revenue, non-GAAP operating income, non-GAAP gross profit, TSR), with clawbacks and prohibitions on hedging/pledging to enhance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BigCommerce Holdings, Inc. | Chief People Officer | 2017–2023 | Led HR, facilities/real estate, and administration through post-IPO scaling |
| International Business Machines (IBM) | Leadership roles | Not disclosed | Culture, ethics/compliance, org development contributions |
| UniversalPegasus International | Leadership roles | Not disclosed | HR leadership in engineering services context |
| Q2 Holdings, Inc. | Leadership roles | Not disclosed | Human capital programs in fintech SaaS |
| Dell Technologies, Inc. | Leadership roles | Not disclosed | HR leadership at global technology scale |
External Roles
| Organization/Entity | Role | Years | Note |
|---|---|---|---|
| OnCon ICON Awards | Award Recipient (Top 10 HR Professionals) | 2023 | Recognition for HR leadership excellence |
| Academic Credentials | LL.M., Georgetown University Law Center; J.D., University of Oklahoma; B.A., Phillips University | N/A | Legal and advanced compliance expertise |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus ($) | Notes |
|---|---|---|---|---|
| 2023 | 150,000 (prorated) | 50% (employment agreement) | 75,291 | Joined Aug 7, 2023; RSU sign-on and new-hire grants per agreement |
| 2024 (terms) | 360,000 (agreement) | 50% (agreement) | Not disclosed | Eligible for 2024 refresh grant (RSUs/PSUs) target $700,000 |
Performance Compensation
- Olo’s 2023 Bonus Plan metrics: Revenue (75% weighting) and non-GAAP operating income (25%) with payout at 103.86% of target for participating executives; Manning’s 2023 actual bonus was $75,291 (prorated) .
- Olo’s 2024 Bonus Plan metrics: non-GAAP total gross profit (50%), non-GAAP operating income (25%), and gross revenue (25%); company-level payout was 93.7% of target .
| Metric | Weighting | 2023 Target/Payout | 2024 Target/Payout |
|---|---|---|---|
| Revenue / Gross Revenue | 75% (2023); 25% (2024) | $228.29M actual; weighted payout 98.48% | $284.9M actual; weighted payout 78.7% |
| Non-GAAP Operating Income | 25% (2023) | $18.26M actual; weighted payout 120% | $32.9M actual; weighted payout 108.5% |
| Non-GAAP Total Gross Profit | 50% (2024) | N/A | $174.7M actual; weighted payout 93.7% |
Equity Ownership & Alignment
| Category | Detail | Vesting/Status |
|---|---|---|
| Beneficial Ownership | 6,644 Class A shares directly; <1% voting power | Outstanding as of April 1, 2024 |
| 2023 RSU Grants | 160,691 RSUs (grant date 9/1/2023; value $1,047,705) | Sign-on RSU vest quarterly over 1 year; New-hire RSU vests 25% at first anniversary then quarterly (4 years) |
| Unvested RSUs (12/31/2023) | 148,331 RSUs (market value $848,453); 6,180 RSUs ($35,350) | Vests quarterly; schedules per footnotes (one-year and three-year schedules) |
| Hedging/Pledging | Prohibited for employees and directors (no hedging/monetization, derivatives, short selling, margin, pledging) | Compliance via insider trading policy |
| Clawback Policy | Adopted Nov 27, 2023 (effective Oct 1, 2023); recovery of incentive-based comp on restatements or misconduct | Up to 100% recovery where intentional misconduct contributes to restatement |
| Ownership Guidelines | Executive ownership guidelines not disclosed | N/A |
Employment Terms
- Employment agreement (effective Aug 7, 2023): base salary $360,000; target annual bonus 50%; sign-on RSU $100,000; new-hire RSU $1,200,000; eligible 2024 refresh RSUs/PSUs of $700,000 target .
- Severance and change-of-control (double-trigger) provisions apply; time-based equity accelerates upon a termination without cause/for good reason within 3 months before or 18 months after change of control; performance awards treated per award terms .
| Scenario (as of 12/31/2023) | Cash Severance ($) | Cash Incentive Payment ($) | Health Care Benefits ($) | Equity Acceleration ($) |
|---|---|---|---|---|
| Termination without cause / Good reason (no CoC) | 270,000 | 75,291 | 20,177 | — |
| Termination within 3 months before or 18 months after CoC | 360,000 | 75,291 | 26,902 | 883,803 |
| Death / Permanent Disability | — | 75,291 | — | — |
Investment Implications
- Alignment: Manning’s compensation mix is heavily equity-based with structured vesting, plus a moderate bonus tied to company-level metrics; hedging/pledging prohibitions and a robust clawback bolster alignment and governance quality .
- Retention risk and selling pressure: Unvested RSUs across one-year and multi-year schedules (with additional refresh eligibility) create retention hooks; limited direct share ownership (<1%) suggests low immediate selling pressure, with vest-driven liquidity events more likely over time .
- Pay-for-performance: Bonus outcomes and long-term incentives are anchored to revenue, non-GAAP operating income, non-GAAP gross profit, and TSR; 2024 payout moderation (93.7%) indicates discipline amidst growth, aligning incentives with sustainable performance rather than purely top-line expansion .
- Change-of-control economics: Double-trigger acceleration and defined cash severance provide standard market protections without tax gross-ups; equity acceleration amounts are quantified and consistent with shareholder-friendly CIC structures .
Overall, Manning’s compensation design—modest cash, material multi-year equity with strong governance overlays—supports retention and alignment, while Olo’s improving operating metrics provide a constructive backdrop for pay-for-performance calibration .