Aaron Tachibana
PersonalisAbout Aaron Tachibana
Aaron Tachibana is Chief Financial Officer (since March 2019) and Chief Operating Officer (since March 2023) at Personalis, Inc.; he previously served as interim CEO from December 2022 to March 2023 and holds a B.S. in Business Administration and Finance from San Jose State University . He is age 64 . Company performance during his current tenure includes 2024 revenue of $84.6 million (+15% year over year) and a reduced net loss of $81.3 million; the company’s TSR value rose to 40.50 in 2024 on the SEC pay-versus-performance scale, and say‑on‑pay approval was ~96.7% in 2024 . He signed the February 27, 2025 Form 8‑K as CFO and COO, confirming current roles .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lumentum Holdings Inc. | Chief Financial Officer | Aug 2015 – Sep 2018 | Designer and manufacturer of optical and photonic products |
| JDS Uniphase Corp. (renamed Viavi Solutions Inc.) | VP, Finance & Corporate Controller | Nov 2013 – Jul 2015 | Network test, measurement, and assurance technology company |
| Pericom Semiconductor Corp. | Chief Financial Officer | Mar 2010 – Oct 2013 | Supplier of high‑performance connectivity and timing solutions |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed in Personalis filings for Tachibana |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $515,000 | $530,000 |
| Target Bonus (% of salary) | 60% | 60% |
| Actual Bonus Paid ($) | $303,000 | $252,600 |
| 401(k) Company Match ($) | $3,000 | $3,000 |
Performance Compensation
Annual Cash Incentive Plan (2024)
| Metric | Weighting | Target | Actual | Payout Factor | Notes |
|---|---|---|---|---|---|
| GAAP Revenue vs Budget | 60% | Not disclosed | Not disclosed | — | Company goal set ex‑ante |
| Expense Reduction vs Budget | 10% | Not disclosed | Not disclosed | — | — |
| Peer‑reviewed publications (breast, lung, IO monitoring) | 10% | Not disclosed | Not disclosed | — | — |
| Medicare coverage submissions (1 by Q3’24, +2 by YE’24) | 10% | Not disclosed | Not disclosed | — | — |
| CTA agreement with minimum value | 10% | Not disclosed | Not disclosed | — | — |
| Overall Plan Achievement | — | — | 80% | 80% | Bonus equals target % × salary × 80% |
Result for Tachibana: 2024 cash bonus $252,600 (60% target × $526,250 earned salary × 80%) .
Equity Awards
| Grant Date | Type | Shares | Exercise Price | Expiration | Vesting | Performance Trigger |
|---|---|---|---|---|---|---|
| 3/15/2024 | Service‑based stock option | 175,000 | $1.61 | 3/15/2034 | 36 equal monthly installments from 3/15/2024 | — |
| 3/15/2024 | Performance‑based stock option | 45,000 | $1.61 | 3/15/2034 | 0–100% based on reimbursement milestones by 12/31/2025 | Reimbursement milestones |
| 3/15/2023 | Service‑based stock option | Exercisable 262,500 / Unexercisable 187,500 as of 12/31/24 | $2.76 | 3/15/2033 | 36 equal monthly installments from grant | — |
Option award fair values (grant‑date, ASC 718): $858,420 (2023) and $229,744 (2024) . Performance‑based 2024 options were valued at maximum as highest performance level was probable at grant .
Equity Ownership & Alignment
| Ownership Detail (as of March 20, 2025 unless noted) | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 896,191 |
| Ownership (% of shares outstanding) | 1.0% |
| Direct Shares Held | 162,640 |
| Options Exercisable within 60 days | 731,051 |
| RSUs Vesting within 60 days | 2,500 |
| Pledged Shares | Prohibited by Insider Trading Policy (no pledging/margin accounts) |
| Hedging | Prohibited (short sales, derivatives, collars, swaps, etc.) |
Outstanding equity awards (12/31/2024 snapshot):
- Options exercisable/unexercisable and strike prices include grants at $9.16 (3/13/2019), $28.17 (12/1/2020), $19.74 (5/15/2021), $20.40 (7/27/2021), $5.32 (8/15/2022), $2.76 (3/15/2023), and $1.61 (3/15/2024) with expirations ranging from 2027 to 2034 .
- RSUs outstanding: 2,500 units (5/15/2021 grant) and 2,500 units (7/27/2021 grant); market value per 2,500‑unit tranche was $14,450 at $5.78 per share on 12/31/2024 .
Stock ownership guidelines: not disclosed in filings reviewed. Say‑on‑pay support was ~96.7% in 2024, indicating broad shareholder acceptance of the compensation program .
Employment Terms
- Employment status: At‑will; initial offer letter dated March 10, 2019 (CFO); amended March 7, 2023 upon appointment as COO while continuing as CFO .
- Severance (non‑CIC): If terminated without cause or resigns for good reason (outside 12 months post‑CIC), cash severance equals nine months base salary plus up to nine months COBRA premium coverage, subject to release .
- Change‑in‑Control (double‑trigger): If such a separation occurs within 12 months post‑CIC, cash severance equals 12 months base salary (ignoring any reduction constituting good reason) plus target annual bonus, up to 12 months COBRA, and full vesting of all unvested equity (performance awards vest at target), subject to release .
- Clawback: Incentive Compensation Recoupment Policy adopted November 1, 2023 to comply with Exchange Act Section 10D and Nasdaq Rule 5608 .
- Perquisites: None provided; standard employee benefits apply .
- Tax Gross‑Ups: None in 2023–2024 .
- Deferred Compensation: None in 2024 .
- Insider policy: Prohibits hedging, short‑term speculative transactions, and pledging/margin accounts .
Investment Implications
- Alignment and incentives: A meaningful portion of named executive officer pay is at‑risk and performance‑based (company‑wide: 48% for NEOs; 62% for CEO), with Tachibana’s 2024 equity split including a performance‑based tranche tied to reimbursement milestones by 12/31/2025—creating a near‑term incentive to secure payer reimbursement and potentially a vesting catalyst .
- Retention and selling pressure: Monthly vesting schedules through 2034 and lack of pledging/hedging reduce forced‑selling risk; however, periodic vesting plus any milestone achievement in 2025 could add supply from option exercises, subject to trading windows and personal decisions .
- Change‑of‑control economics: Double‑trigger severance with equity acceleration at target for performance awards strikes a balance between retention and sale readiness; it can reduce personal downside risk in strategic transactions, aligning management with deal execution while not accelerating absent separation .
- Governance signals: Strong 2024 say‑on‑pay support (~96.7%) and adoption of a clawback policy suggest shareholder‑friendly practices and discipline in pay design .
- Company execution context: 2024 revenue growth (+15% YoY) with improved net loss and business milestones (e.g., Medicare submission and expanded partnerships) underpin performance metrics used in bonus determination, supporting pay‑for‑performance alignment .