Mark Adams
Also at Penguin Solutions Inc
About
Mark Adams is a seasoned executive with a robust background in technology and finance. At 60 years old , he has demonstrated a deep commitment to leadership and innovation throughout his extensive career.
He holds a solid educational foundation, having earned a Bachelor of Arts in Economics from Boston College and an MBA from Harvard University with a focus on finance and international marketing. His early career featured significant roles in major account sales at NCR Corporation, followed by progressive leadership positions at Creative Labs, Inc., where he served as Vice President of Sales and Marketing and General Manager in Latin America.
Before joining PENG, he built an impressive portfolio with roles such as COO at Lexar Media, Inc., President of Micron Technology, and CEO of Lumileds, Inc. His strategic insights led him to board positions at Cadence Design Systems, Inc. and Seagate Technology Holdings plc.
Since assuming the role of President and CEO of Penguin Solutions on 08-31-2020, he has been directly responsible for strategy development and execution, leveraging decades of industry expertise to guide the company’s growth and innovation.
$PENG Performance Under Mark Adams
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Seagate Technology Holdings plc | Board Member | January 2017 to October 2022 | Former board role |
| Lumileds, Inc. | Chief Executive Officer | February 2017 to March 2019 | Former CEO role |
| Micron Technology, Inc. | President | February 2012 to February 2016 | Former role |
| Micron Technology, Inc. | Vice President of Worldwide Sales and Digital Media | 2006 to February 2012 | Held dual roles |
| Lexar Media, Inc. | Chief Operating Officer | 2006 | COO role |
| Creative Labs, Inc. | Vice President of Sales and Marketing | 2002 to 2006 | N/A |
| Creative Labs, Inc. | General Manager of Latin America | Five years prior to 2002 | N/A |
| NCR Corporation | Major Account Sales (Enterprise Server Business) | N/A | N/A |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Seagate Technology Holdings plc | Board Member | Since October 2024 | N/A |
| Cadence Design Systems, Inc. | Board Member | Since February 2015 | N/A |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $750,000 | Annual (2024) | Unchanged from 2023 base salary level. |
| Severance | $750,000 | Upon involuntary termination | 100% of base salary provided as severance. |
| Continued Health Coverage | $33,968 | Upon involuntary termination | Covers up to 12 months of health coverage post-termination. |
Performance Compensation
August 2020 PSAs
| Metric | Details |
|---|---|
| Grant Date | August 31, 2020 |
| Vesting Schedule | Four equal tranches of 25% each vesting on October 20, 2021 and on each of the first three anniversaries thereafter, with the final tranche certified on September 30, 2024. |
| Performance Conditions | - 150% Condition: Fair Market Value ≥150% of grant date FMV for at least 60 consecutive trading days during the one-year period preceding the vesting date. |
- 200% Condition: Fair Market Value ≥200% of grant date FMV for the same period; achieved for the first two tranches only, with the third and fourth tranches forfeited. | | Employment Requirement | Vesting contingent upon Mark Adams's continued service as CEO through each applicable vesting date. |
October 2021 PSUs
| Metric | Details |
|---|---|
| Grant Date | October 1, 2021 |
| Grant Date Fair Value | $3,495,547 |
| Performance Period | October 1, 2021 to October 1, 2024 |
| Performance Metric | Total Shareholder Return (TSR) relative to the performance of the median company in the Russell 2000 Index. |
| Payout Thresholds | - +25% of median: 200% vesting |
- +12.5% of median: 150% vesting
- At median: 100% vesting
- -12.5% of median: 75% vesting
- -25% of median: 50% vesting
- Less than -25%: 0% vesting Linear interpolation applies between these levels. | | Actual Performance Result (2024) | Achieved performance at 2.60% above the median TSR, resulting in 110.39% of target PSUs vesting. | | Vesting Condition | Vesting occurs upon certification by the Compensation Committee following the end of the performance period (October 1, 2024). | | Additional Consideration | In change of control scenarios within 12 months of grant, performance goals would be deemed met at target; if later, vesting reflects actual performance. |