Joo Mi Kim
QUALYSAbout Joo Mi Kim
Joo Mi Kim, 44, has served as Qualys’ Chief Financial Officer since June 2020. She previously held senior finance roles at Impact, Aera Technology, Zynga, Anaplan, mLab, Foros, and J.P. Morgan, and began her career as an economic consultant at Ernst & Young. She holds a B.A. in Economics from the University of Chicago and an MBA from The Wharton School. Under her finance leadership, Qualys delivered 2024 revenue growth of 10% to $607.6M, Adjusted EBITDA of $282.8M at a 47% margin, and GAAP EPS of $4.65; the Company’s pay-versus-performance table shows a 2024 value of $168.19 for an initial $100 TSR investment, with net income of $173.7M and revenues of $607.6M.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Impact | Chief Financial Officer | Sep 2019–Jun 2020 | Led finance for partnership automation tech company; public-company readiness and controls. |
| Aera Technology | Chief Financial Officer | Jun 2018–Jul 2019 | Built FP&A and finance processes for enterprise cognitive tech. |
| Qualys | VP, FP&A, IR & Operations | Jun 2016–Jun 2018 | Drove investor relations and FP&A aligned to SaaS growth. |
| Zynga | Senior Director of Finance | Jul 2015–Jun 2016 | Managed finance in social gaming; operating rigor. |
| Anaplan | Director of Finance | 2014–2015 | Scaled finance at planning SaaS platform. |
| mLab | VP, Finance & Corporate Ops | 2012–2014 | Built finance operations at developer-focused platform. |
| Foros | Associate (Investment Bank) | 2009–2012 | M&A and strategic advisory experience. |
| J.P. Morgan | Associate | 2008–2009 | Investment banking training and execution. |
| Ernst & Young | Economic Consultant | 2003–2006 | Economic analysis foundation for later finance roles. |
External Roles
No external public-company directorships or committee roles disclosed for Ms. Kim.
Fixed Compensation
Multi-year compensation (as reported in the Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $410,000 | $416,667 | $451,667 |
| Stock Awards ($) | $5,069,403 | $3,895,400 | $6,124,256 |
| Non-Equity Incentive Plan ($) | $174,276 | $106,006 | $208,601 |
| All Other Compensation ($) | $19,306 | $18,752 | $21,600 |
| Total ($) | $5,672,985 | $4,436,825 | $6,806,124 |
Base salary increased from $450,000 to $460,000 effective Nov 1, 2024.
Performance Compensation
2024 Corporate Bonus Plan structure and outcomes (equal weighting across three metrics; quarterly measurement):
| Metric | Q1 2024 Target | Q1 Actual | Q1 Payout | Q2 2024 Target | Q2 Actual | Q2 Payout | Q3 2024 Target | Q3 Actual | Q3 Payout | Q4 2024 Target | Q4 Actual | Q4 Payout |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bookings Growth | 5.9% | Not disclosed* | 87% | 11.3% | Not disclosed* | —% | 8.3% | Not disclosed* | 125% | 16.8% | Not disclosed* | 41% |
| Revenue Growth | 12.1% | 11.6% | 72% | 10.4% | 8.4% | —% | 9.8% | 8.4% | 54% | 10.4% | 10.1% | 95% |
| Non-GAAP EPS ($/diluted share) | $1.39 | $1.45 | 125% | $1.41 | $1.52 | 125% | $1.34 | $1.56 | 125% | $1.34 | $1.56 | 125% |
| Weighted Payout | 95% | 42% | 101% | 87% |
*Bookings actuals are internal and not disclosed externally.
Ms. Kim’s 2024 quarterly targets and payouts:
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|---|
| Target Bonus % of Quarterly Salary | 50% | 50% | 50% | 75% |
| Target Award ($) | $56,250 | $56,250 | $56,250 | $86,250 |
| Actual Award ($) | $53,269 | $23,456 | $56,925 | $74,951 |
Equity awards and vesting design:
| Component | 2024 Grants | Vesting Schedule | Performance Metrics |
|---|---|---|---|
| RSUs | 33,574 units; intended value $4.20M (value per share $125.10) | Time-based over four years, continued service required | N/A |
| PRSUs (Target) | 14,389 units; intended value $1.80M | Three annual tranches; each tranche’s goals set early in the performance year; up to 200% of target; Year 1/2 overperformance deferred to Year 3 certification, subject to continued service | Annual revenue growth (GAAP, excluding M&A effects) and Adjusted EBITDA margin (defined) |
| PRSUs (Max) | 28,778 units; intended value $3.60M | As above | As above |
2024 PRSU outcomes based on Company performance (Revenue growth 10%; Adjusted EBITDA margin 47%; payout ≈103% of target):
| Award Cohort | Tranche (Performance Year) | Target PRSUs | Earned (%) | Earned PRSUs | Immediate Vest (PRSUs) | Deferred Vest (Overperformance PRSUs) |
|---|---|---|---|---|---|---|
| Oct 2021 grant | Year 3 (2024) | Not disclosed (Kim tranche target) | ~103% | 4,854 | 4,854 | 0 |
| Oct 2022 grant | Year 2 (2024) | Not disclosed (Kim tranche target) | ~103% | 4,027 | 3,923 | 104 |
| Oct 2023 grant | Year 1 (2024) | Not disclosed (Kim tranche target) | ~103% | 3,754 | 3,657 | 97 |
Governance controls on incentives:
- Clawbacks consistent with Exchange Act Rule 10D-1 for restatements, plus misconduct-based clawback for performance-based pay tied to restatements.
- Hedging and pledging of company stock prohibited for officers/directors/employees.
- Stock ownership guidelines: executives must hold specified multiples; Ms. Kim’s multiple is 3x base salary; she is in compliance.
Equity Ownership & Alignment
| Ownership Detail | As of Apr 15, 2025 |
|---|---|
| Total beneficial ownership | 45,926 shares (<1% of outstanding) |
| Direct shares | 38,442 |
| RSUs vesting within 60 days | 7,484 |
| Options exercisable within 60 days | None disclosed for Ms. Kim |
| Shares pledged as collateral | Prohibited by Company policy |
| Stock ownership guideline | 3x base salary; in compliance |
| 2024 stock vested | 39,633 shares vested; value realized $6,318,212 |
Employment Terms
Severance and change-in-control economics (double-trigger for COC; terms standardized by policy):
| Scenario | Cash Severance | COBRA | Equity Vesting |
|---|---|---|---|
| Qualifying termination (no COC) | 6 months base salary (Kim example: $230,000) | Up to 6 months (Kim example: $4,673) | No acceleration |
| Qualifying termination in connection with COC | 100% of base salary + target bonus (Kim example: $805,000) | Up to 12 months (Kim example: $9,346) | 100% acceleration of unvested equity; PRSUs at target for uncompleted periods; overperformance through prior periods paid |
| Death/Disability | N/A | N/A | 100% acceleration of unvested RSUs; PRSUs accelerate at target for goals not yet certified (Kim example: $16,342,594) |
Additional governance:
- No tax gross-ups for 280G/4999 excise or 409A; Company retains flexibility despite 162(m) deductibility limits.
Compensation Committee Analysis
- Compensation & Talent Committee composed solely of independent directors; uses Compensia as independent consultant; peer benchmarking across software/security peers.
- 2024 Say-on-Pay approval: ~93% support; ongoing shareholder outreach.
- Peer group examples include CrowdStrike, Palo Alto Networks, SentinelOne, Tenable, Rapid7, HubSpot, HashiCorp, Guidewire, Varonis, Elastic, Confluent, AppFolio, BlackLine, Altair, Five9, Paycor, PagerDuty, Gen Digital, Fastly, SecureWorks.
Investment Implications
- Pay-for-performance design aligns with growth and profitability: annual cash incentives tied equally to bookings growth, revenue growth, and non-GAAP EPS; PRSUs tied to revenue growth and Adjusted EBITDA margin with overperformance deferral, supporting retention and multiyear execution. 2024 payouts averaged ~81% of target and PRSUs earned ~103% based on 10% revenue growth and 47% Adjusted EBITDA margin.
- Retention risk appears mitigated by ownership guidelines (3x salary, in compliance), double-trigger COC protection, and multi-year PRSU vesting structure that defers overperformance into Year 3; however, large annual vest events (e.g., 39,633 shares vested for Kim in 2024) can create periodic supply considerations.
- Governance quality is solid: no hedging/pledging, robust clawbacks compliant with new rules, no tax gross-ups, and strong shareholder support on Say-on-Pay—all factors that typically reduce compensation-related controversy risk.
- Alignment with performance: Under CFO stewardship, 2024 financial results showed double-digit top-line growth and sustained high margins, with the pay-versus-performance table indicating TSR translation; continued emphasis on EPS and bookings in cash incentives and revenue/EBITDA margin in equity should signal disciplined capital allocation and operating leverage focus.