David Welsh
About David Welsh
David Welsh, age 57, is an independent director of OneStream, Inc. (OS) who has served on the board since March 2019; he was chairman from March 2019 to July 2025 and has served as Lead Independent Director since July 2025 . He is a Partner and Head of Tech Growth Equity at KKR within its private equity platform and serves on the tech growth equity investment committee . Welsh holds a B.A. from UCLA and a J.D. from UC Berkeley School of Law; the board identifies him as independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KKR (Kohlberg Kravis Roberts & Co. L.P.) | Partner; Head of Tech Growth Equity; member of Tech Growth Equity IC | Sep 2016–present | KKR-nominated OS director; governance influence via Stockholders’ Agreement |
| Adams Street Partners | Partner (venture capital) | Apr 2008–Sep 2016 | Growth investing experience |
| McAfee, Inc. | EVP, Corporate Strategy & Business Development | Mar 2007–Apr 2008 | Corporate strategy, M&A |
| Partech International, LLC | General Partner | Jun 2000–Mar 2007 | Venture capital leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Five9, Inc. (public) | Director | Jan 2011–present | Multiple OS directors also serve on Five9 (interlock) |
| ForgeRock, Inc. (public until acquisition) | Director | Aug 2017–Apr 2023 | Identity software board experience |
Board Governance
- Committee membership: Compensation, Nominating and Governance Committee member (not chair) .
- Lead Independent Director: Appointed July 2025; leads independent director executive sessions and acts as liaison with the chair/CEO .
- Independence: Board determined Welsh is independent under Nasdaq rules .
- Attendance: In FY2024, each incumbent director attended at least 75% of aggregate board and committee meetings during their service period .
- Executive sessions: Non‑employee directors meet in executive session at least twice per year; independent directors meet separately at least twice per year if any non‑employee directors are not independent .
- Controlled company and KKR rights: KKR held ~55% voting power at the 2025 record date; OS is a “controlled company” under Nasdaq rules. KKR may nominate a majority of the board while owning ≥40%, a proportionate number while owning 10–40%, and while owning ≥25% has the right to appoint/remove the chair and the lead independent director; at least one KKR nominee must sit on each committee (subject to independence/recusal in conflict transactions) .
Fixed Compensation
Welsh elected not to receive compensation under the Outside Director Compensation Policy adopted in July 2024; in FY2024 he received no cash fees .
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | Welsh opted out of policy |
| Committee member fees | $0 | Opted out; policy sets $10,000 per committee member (audit/comp), $20,000 per chair; not paid to Welsh |
| Lead Independent Director retainer | $0 | Policy sets $18,000; Welsh opted out (lead role effective July 2025) |
Outside Director Compensation Policy schedule (for participants other than Brown, Welsh, Petraeus): $35,000 board retainer, $20,000 non‑executive chair, $18,000 lead independent, $20,000 audit chair/$10,000 audit member, $20,000 CNG chair/$10,000 CNG member; paid quarterly .
Performance Compensation
Welsh did not receive equity grants under the Outside Director Compensation Policy and had no option or RSU awards outstanding in 2024 .
| Equity Component | Grant Date | Shares/Units | Fair Value | Vesting |
|---|---|---|---|---|
| RSUs (Annual/Initial) | N/A | — | — | N/A (opted out of policy) |
| Options | N/A | — | — | N/A (no awards outstanding) |
Director equity policy (for participating directors): Initial RSUs $400,000 (3-year ratable), Annual RSUs $200,000 (1-year) with full vesting upon change in control; max annual director comp $750,000 ($1,000,000 in initial year), excluding IPO option grants .
Other Directorships & Interlocks
| OS Director | External Board | Interlock Detail |
|---|---|---|
| David Welsh | Five9 | Welsh has been a Five9 director since 2011 . |
| Michael Burkland | Five9 | CEO at Five9; director since 2008 . |
| Jonathan Mariner | Five9 | Director since July 2023 . |
- Three OS directors (Welsh, Burkland, Mariner) serve on Five9’s board, representing notable information‑flow interlocks; no related‑party transactions with Five9 are disclosed in OS’s proxy .
Expertise & Qualifications
- Skills matrix attributes for Welsh: executive leadership, other public company board experience, technology industry, financial, SaaS experience, cybersecurity/privacy/information security .
- Legal/education credentials: J.D. (UC Berkeley) and B.A. (UCLA); venture capital, corporate strategy, and business development track record .
Equity Ownership
- Beneficial ownership: No Class A, Class C, or Class D shares, and no options or RSUs reportable within 60 days of March 27, 2025; Welsh has no reported beneficial ownership in OS as of the record date .
- Hedging/pledging: Company policy prohibits hedging, short sales, pledging, and derivative transactions in OS securities by directors .
| Holder | Class A | Class C | Class D | Options/RSUs (≤60 days) | Notes |
|---|---|---|---|---|---|
| David Welsh | — | — | — | — | No beneficial ownership disclosed |
Governance Assessment
- Strengths: Independent director; appointed Lead Independent Director (July 2025) with responsibilities for independent director sessions and liaison functions; active member of Compensation, Nominating and Governance Committee; attendance ≥75% in FY2024; strong venture and technology governance experience; anti‑hedging/pledging policy in place; use of independent comp consultant (Compensia) for director compensation policy .
- Alignment concerns: Welsh has no disclosed beneficial ownership in OS, implying limited “skin‑in‑the‑game” despite influence as Lead Independent Director .
- Conflicts/Control risks (RED FLAGS): OS is a controlled company; KKR held ~55% voting power at record date and retains significant board nomination and leadership appointment rights while owning ≥25%. Welsh is a KKR Partner and a KKR‑nominated director, creating potential conflicts in transactions involving KKR or affiliates; special committees evaluating KKR‑conflict transactions must exclude KKR nominees by policy .
- Interlocks: Multiple OS directors (including Welsh) serving on Five9 could create perceived information‑flow interlocks, though no related‑party transactions are disclosed with Five9 .
- Legal proceedings: No Welsh‑specific legal matters disclosed; Petraeus disclosed a 2015 misdemeanor; board otherwise notes no required disclosures under Item 401(f) for other directors .
Overall, Welsh’s independent status and governance leadership are positives, but KKR control and nomination rights, combined with Welsh’s KKR role and zero OS equity ownership, present material governance risk factors that investors should monitor, particularly in capital allocation, leadership appointments, and related‑party considerations .