Ted Gillick
About Ted Gillick
Ted Gillick is Senior Vice President of Strategy and Corporate Development at Penguin Solutions (PENG), effective August 4, 2025. He brings 20+ years of experience in corporate development and M&A, previously leading global M&A at Dell Technologies, serving on the corporate development team at Avid Technology, and working as an M&A investment banker at Lehman Brothers and Barclays Capital . During fiscal 2025, Penguin reported net sales up 17% to $1.37B, GAAP EPS of $0.28 vs. ($0.85) in FY24, and non-GAAP EPS up 53% to $1.90, reflecting progress in the transformation to an AI infrastructure solutions company .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dell Technologies | SVP, Corporate Development (led global M&A) | Not disclosed | Led global M&A efforts supporting portfolio and growth strategy |
| Avid Technology | Corporate Development team (senior member) | Not disclosed | Corporate development and strategic planning |
| Lehman Brothers | Investment banker (M&A) | Not disclosed | Transaction execution and advisory in M&A |
| Barclays Capital | Investment banker (M&A) | Not disclosed | Transaction execution and advisory in M&A |
External Roles
- None disclosed for public company boards, committee positions, or non-profit roles .
Fixed Compensation
- No public filing has disclosed Ted Gillick’s base salary, target bonus, or initial equity grants as of Nov 2025; the July 29, 2025 Form 8‑K announced his appointment but did not include compensatory arrangements .
- Company-wide governance policies relevant to executive officers:
- Share ownership guidelines: CEO 6× base salary; directors 5× annual board retainer; other executive officers 1× base salary; 5-year transition to comply; 20% post-tax retention on vested shares until compliant .
- Clawback policies: Board-enabled recovery for restatements or misconduct; supplemental clawback compliant with SEC Rule 10D‑1/Nasdaq for three prior fiscal years .
- Anti-hedging and anti-pledging: Executives/directors are prohibited from short sales, options/derivatives, hedging, margin purchases, and pledging company stock .
- 2024 Say-on-Pay approval: 97.8% shareholder support for NEO compensation .
Performance Compensation
Penguin’s executive pay design (for NEOs) emphasizes at-risk compensation:
- Annual cash bonus: weighted 75% Financial Performance (non-GAAP operating income 75%; net sales 25%) and 25% Individual/ESG; with accelerator/decelerator calibrating the Financial factor. In FY2024, attainment produced a 71.0% Financial factor, but deceleration reduced it to 0% (payouts came solely from Individual factor) .
- Long-term equity: 50% time-based RSUs (four-year quarterly vesting), 50% PSUs tied to three-year relative TSR vs. the Russell 2000; PSU payout ranges 0–200% of target based on TSR spread vs. median .
| Metric | Weighting | Target | Actual | Payout Impact | Vesting |
|---|---|---|---|---|---|
| Non-GAAP Operating Income (FY2024) | 75% of Financial Factor | $180.8M | $120.3M (66.6% of target) | 71.0% Financial Factor pre-decelerator; 0% after decelerator | N/A (annual cash bonus) |
| Net Sales (FY2024) | 25% of Financial Factor | $1,386.4M | $1,170.8M (84.4% of target) | Included in 71.0% Financial Factor pre-decelerator; 0% after decelerator | N/A |
| ESG Goals (Human capital, environmental) | 10% of target bonus (part of Individual factor) | Scorecard-based | Not disclosed | Contributes to Individual factor (max 125%) | N/A |
| PSUs (3-year TSR vs Russell 2000) | 50% of annual equity grant | At/above median TSR | Payout 0–200% scale | Linear interpolation based on TSR spread | Vests at 3 years post certification |
Note: Whether Mr. Gillick receives identical program terms has not been disclosed; table reflects Penguin’s executive plan in effect for FY2024–FY2025 .
Equity Ownership & Alignment
- Beneficial ownership: No holdings for Ted Gillick are disclosed in the company’s security ownership tables; he was appointed in Aug 2025 and is not listed in FY2024/FY2025 ownership sections .
- Ownership guidelines and compliance: Executives must meet ownership multiples (CEO 6× salary; other executives 1× salary) within five years; retain 20% post-tax vested shares until compliant .
- Hedging/pledging: Prohibited for executive officers/directors (short sales, derivatives, hedging, margin accounts, pledging) .
- Vested vs. unvested/options: Not disclosed for Mr. Gillick .
Employment Terms
Penguin’s standard executive severance architecture (as disclosed for NEOs and senior executives):
- Qualifying termination outside Change‑in‑Control (CIC) period: 100% of base salary (CEO, CFO), 75% (certain SVPs/EVPs), prorated bonus if applicable, and 9–12 months of health coverage .
- CIC period (typically two months before to 12 months after CIC): 150% of base salary + 150% of most recent annual bonus, prorated in-year bonus, 18 months health coverage, and 100% acceleration of unvested equity .
- PSU change‑in‑control treatment: If CIC ≤12 months from grant, PSUs vest at target; if CIC >12 months, vest based on actual performance to CIC date (or full acceleration if awards are not assumed/substituted) .
Note: Mr. Gillick’s specific offer letter terms (salary multiple, bonus target, and equity treatment) have not been filed; above reflects Penguin’s disclosed framework for executive officers .
Investment Implications
- Corporate development signal: Hiring a seasoned M&A leader (Dell corporate development background) suggests continued emphasis on portfolio optimization, partnerships, and inorganic moves aligned to AI infrastructure strategy .
- Alignment mechanisms: Strong governance (clawbacks, anti-hedging/pledging, ownership guidelines) supports pay-for-performance and mitigates misalignment risks common in deal-led roles .
- Near-term operating backdrop: FY2025 saw 17% revenue growth and improved GAAP/non-GAAP EPS; ongoing transformation and a $75M buyback authorization provide flexibility for capital deployment while M&A strategy is executed .
- Strategic capital partner: The $200M preferred investment by SK Telecom, with board designee rights, may catalyze AI initiatives and partnerships—an area likely within Mr. Gillick’s remit to craft strategic transactions .