Darren Raiguel
About Darren Raiguel
Chief Operating Officer of ePlus inc. since May 7, 2018; joined ePlus in 1997. Age 54, BBA from Temple University with dual majors in Marketing and Finance, and extensive experience across sales leadership and SLED/northeast commercial markets . FY2025 company performance: net sales $2,068.8M (-7.0% YoY), services revenue $400.4M (+37.1%), gross profit $569.1M (+3.3%), operating income $141.4M (-10.6%), net earnings $108.0M, diluted EPS $4.05 . Over FY2021–FY2025, CAGRs: net sales 7%, services revenue 19%, gross profit 10%, operating income 7%, net earnings 10%, EPS 10% . Cumulative TSR value of $100 investment: ePlus $194.92 vs peer group $171.67 (measurement from March 31, 2020 to March 31, 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ePlus Technology, inc. (subsidiary) | EVP, Technology Sales | Nov 2014–May 2018 | Led technology sales; precursor to COO appointment . |
| ePlus | SVP, SLED & Northeast Commercial Sales | Apr 2011–Nov 2014 | Drove public sector and regional commercial growth . |
| ePlus | Various sales & management roles | 1997–2011 | Progressively responsible roles culminating in SVP . |
| Computerware/Elcom International | Sales | 1992–1997 | Pre-ePlus technology sales experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various industry organizations | Participant in councils/advisory boards | Not disclosed | Industry engagement and advisory participation . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $495,750 | $525,000 | $550,000 |
| Base salary as of Mar 31 (detail) | — | — | $550,000; increased to $565,000 effective Apr 1, 2025 |
Performance Compensation
Annual Cash Incentive (FY2025)
| Metric | Weight | Darren’s Target ($) | Company Target | Actual | Goal Achievement | Payout |
|---|---|---|---|---|---|---|
| Consolidated Net Sales | 20% | $135,000 | $2,331,170k | $1,982,224k | 85.0% | Part of total 118% payout |
| Financing Segment Operating Income | 20% | $135,000 | $26,778k | $36,364k | 135.8% | Part of total 118% payout |
| Earnings Before Taxes | 30% | $202,500 | $191,650k | $162,476k | 84.8% | Part of total 118% payout |
| Services Gross Profit | 30% | $202,500 | $124,398k | $118,673k | 95.4% | Part of total 118% payout |
| Total | 100% | $675,000 | — | — | — | 118% payout; actual $795,941 |
Notes:
- FY2025 annual cash incentive payouts ranged 0–200% of target per metric; actual overall payout was 118% .
- Darren’s FY2025 annual cash incentive paid $795,941; FY2024 $673,443 (+18% YoY) .
Long-Term Incentive Program (FY2025 awards)
| Element | Design | Performance Period | Darren Target / Grant | Payout Range |
|---|---|---|---|---|
| Time-Based Restricted Stock | 3-year ratable vesting | Jun 14, 2024–Jun 14, 2027 (by tranches) | 18,574 shares; grant-date FV $1,349,958 | Time-based vesting |
| Performance Stock Units (PSUs) | 45% Operating Income growth, 45% Net Sales growth, 10% Relative TSR vs Russell 2000; 3-year period | Apr 1, 2024–Mar 31, 2027 | Target 4,774 PSUs; grant-date FV $749,900 | 0–200% of target |
| Cash Performance Award | 50% Operating Income growth, 50% Net Sales growth; 3-year period | Apr 1, 2024–Mar 31, 2027 | Target $200,000 | 0–150% of target |
Completed long-term cash performance cycle (Apr 1, 2022–Mar 31, 2025): goals achieved at 84.8% (operating income) and 92.6% (net sales); Darren payout $116,122 (77% of target) vs prior cycle $225,000 (-48%) .
Outstanding Equity and Vesting Schedules (as of Mar 31, 2025 unless noted)
| Instrument | Units Unvested | Market Value ($) | Vest Dates and Amounts |
|---|---|---|---|
| Restricted Stock | 42,360 | $2,585,231 | 6/8/2025: 7,689; 6/14/2025: 14,239; 6/14/2026: 14,240; 6/14/2027: 6,192 |
| PSUs | 8,452 | $515,826 | 3/31/2026: 3,678; 3/31/2027: 4,774 |
| FY2025 Stock Vested (Restricted) | 24,416 shares | $1,787,828 | Net-share settled with tax withholding; net shares acquired 15,446 |
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Aggregate beneficial shares | 97,197; includes 57,748 in revocable trust and 38,975 restricted shares not vested (voting rights) as of July 22, 2025; individual percent “less than 1%” . |
| Stock ownership guidelines | Executives required to hold stock equal to 2x base salary within 5 years; all executives meet guidelines . |
| Hedging/derivatives | Prohibited; short sales, options/derivatives barred . |
| Pledging/margin | Prohibited except limited pre-approved circumstances . |
| Options | Company does not currently grant options; none outstanding . |
Employment Terms
| Term | Key Provision |
|---|---|
| Employment agreement | Effective May 7, 2018; auto-renews annually; current expiration July 31, 2027 . |
| Current base salary | $565,000 (effective Apr 1, 2025) . |
| Severance | 12 months base salary plus 12 months of medical/dental/health premium equivalents upon termination without cause, for good reason, or disability . |
| Annual cash incentive on termination | Pro-rated based on months employed; amounts shown in termination table reflect FY2025 actual . |
| Long-term cash awards on termination | For cycles ending Mar 31, 2026 or later: pro-rated at actual performance if termination without cause/good reason; target if death/disability; change-in-control plus qualifying termination within 24 months pays at target unless equivalent value provided . |
| PSUs | Pro-rated at actual performance for termination without cause/good reason; target vesting for death/disability; double-trigger change-in-control treatment; retirement treatment if criteria met . |
| Restricted stock | At Co’s election on termination without cause/good reason: acceleration or cash equal to value; full vest on change-in-control, disability, or death . |
| Clawback | Dodd-Frank/SOX-compliant recoupment; standalone Recoupment Policy adopted under NASDAQ rules . |
| Non-compete/non-solicit | Compliance required for severance; specific duration/scope not disclosed . |
Selected termination economics for Darren (hypothetical as of Mar 31, 2025):
- Termination without cause/for good reason: total $4,392,804 including cash severance $584,229, annual bonus $795,941, long-term cash $227,266, restricted stock $2,585,231, PSUs $200,137 .
- Change-in-control: total $3,385,164 including long-term cash $200,000, restricted stock $2,585,231, PSUs $599,933 .
- Disability: total $4,945,648; Death: total $4,361,419 .
Multi-Year Compensation Summary
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | $495,750 | $525,000 | $550,000 |
| Stock Awards ($) | $1,349,994 | $1,799,913 | $2,099,858 |
| Non-Equity Incentive Plan ($) | $681,690 | $898,443 | $912,063 |
| All Other Compensation ($) | $58,096 | $15,609 | $50,994 |
| Total ($) | $2,585,530 | $3,238,965 | $3,612,915 |
Compensation Structure Insights
- Mix shift toward performance equity: FY2025 PSU target value increased 67% vs FY2024; long-term cash target +33%, while time-based restricted stock target held flat—raises at-risk exposure and performance alignment .
- Annual bonus rigor: Four financial metrics with explicit thresholds and escalators; FY2025 company performance produced 118% payout, reflecting strong financing segment OI and services GP offsetting lower consolidated sales/EBT .
- Governance hygiene: No options; prohibition on hedging/pledging; robust clawback and ownership guidelines with full compliance .
Say-on-Pay, Peer Benchmarking, Committee Process
- Say-on-Pay approval ~93.2% at 2024 AGM; Board maintained program structure given shareholder support .
- Independent consultant Pay Governance retained since Feb 2023; peer group includes COO data from five companies (e.g., Unisys, ICF, CSG Systems, Perficient, StarTek) plus broader IT/services peers; committee avoids strict percentile targeting .
- Compensation Committee members: Renée Bergeron (Chair), Melissa Ballenger, Ira A. Hunt III; independent and oversees incentives, clawbacks, and employment agreements .
Investment Implications
- Retention and alignment: Auto-renewing contract to Jul 31, 2027, severance at 12 months base salary, and significant unvested equity (38,975 restricted shares as of Jul 22, 2025; plus 8,452 PSUs) create strong retention incentives; double-trigger CIC treatment on PSUs minimizes windfall concerns .
- Upcoming supply from vesting: Multiple scheduled restricted vest dates in 2025–2027 could create periodic tax-withholding-related net-share settlements; however, no options or disclosed pledging reduce forced-selling risk .
- Pay-for-performance linkage: Annual bonus metrics and multi-year PSU/long-term cash awards tied to operating income/net sales and relative TSR suggest reasonable alignment with value creation; FY2025 payout of 118% aligns with strong services GP and financing OI despite lower consolidated sales/EBT .
- Governance signals: High say-on-pay support, prohibitions on hedging/pledging, and active clawback policy reduce governance red flags; Section 16 administrative late filings noted for tax-withholding events are minor .