Frank Stewart
QorvoAbout Frank Stewart
Frank P. Stewart is Senior Vice President and President of Advanced Cellular at Qorvo, serving in this role since July 2022. He oversees product marketing, R&D, design centers, pricing, sales, and specialized sales support for Advanced Cellular; he previously led Qorvo’s RF Solutions business unit within Mobile Products and held multiple roles at RFMD after joining in 2001. Stewart holds a BSEE from Grove City College and an MBA from Duke University’s Fuqua School of Management; his age is disclosed as 51 in the 2025 proxy . Company performance context during his tenure includes improvements in gross margin and operating income from fiscal 2024 to fiscal 2025, with compensation metrics increasingly tied to non‑GAAP gross margin and objective-based initiatives .
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Gross Margin % | 39.5% | 41.3% |
| Operating Income ($MM) | $91.7 | $95.5 |
| Diluted EPS ($) | (0.72) | 0.58 |
| Cash from Operations ($MM) | $833.2 | $622.2 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Qorvo | SVP & President, Advanced Cellular | Since Jul 2022 | Leads cellular RF solutions across product categories, driving content gains with major OEMs |
| Qorvo (Mobile Products) | GM, RF Solutions BU | Pre-2022 | Managed mobile RF portfolio positioning and BU execution |
| RFMD | Director of Marketing, Cellular Products; Sr. Product Line Mgr, GPS; Account Manager, Nokia Product Line; Manager, Strategic Marketing | 2001–Jan 2015 | Product and customer strategy across key handset/ GPS lines prior to merger forming Qorvo |
External Roles
No external public company directorships or roles are disclosed for Stewart in Qorvo’s proxies .
Fixed Compensation
Not individually disclosed for Stewart (not a Named Executive Officer). Company-wide executive program elements (context for Section 16 officers) include:
- Stock ownership guidelines: CEO 5x salary; other Section 16 officers 1x salary; 5-year compliance window .
- Hedging/pledging prohibition for directors and employees; none of directors or executive officers has pledged Qorvo stock .
- Limited perquisites (e.g., executive physicals) .
Performance Compensation
Qorvo ties a substantial portion of executive incentives to company performance via PBRSUs (Objectives-based and Gross Margin) and semiannual revenue/operating income-based short-term incentives.
| Short-Term Incentive Payouts | H1 FY 2025 | H2 FY 2025 |
|---|---|---|
| Payout % of Target | 108.1% | 40.4% |
| PBRSU Metric (FY 2025) | Threshold | Target | Max | Actual | Payout % |
|---|---|---|---|---|---|
| Non-GAAP Gross Margin | 43.5% | 45.0% | 46.5% | 45.2% | 113.3% |
| Objectives-Based PBRSUs Categories (FY 2025) | Rationale | Weighting (%) | Assessment | Payout % |
|---|---|---|---|---|
| Design wins & revenue goals in new markets | Increase revenue, expand demand, develop key tech | 20 | Achieved | 20 |
| Deploy AI tools for productivity | Enhance efficiencies & reduce costs | 20 | Achieved | 20 |
| Design/R&D milestones in key tech | Increase revenues, develop tech | 53 | Partial | 46 |
| ML for product performance | Efficiency & performance improvement | 14 | Achieved | 14 |
| Content design wins at key customers | Revenue, margins, customer reqs, tech | 59 | Partial | 39 |
| Sustainability (waste/emissions/water/energy) | ESG & operational impact | 13 | Achieved | 13 |
| Productivity improvements | Efficiency & cycle time | 21 | Achieved | 21 |
| Total (concluded periods) | — | 187 | — | 173 |
Vesting mechanics:
- Objectives-based PBRSUs: 50% vests upon certification; remaining 50% vests in equal annual installments over 2 years .
- Gross margin PBRSUs: eligible over three one-year periods; earned portion vests upon certification each year .
- Service-based RSUs: vest 25% annually over four years .
Equity Ownership & Alignment
| Data point | As of | Value |
|---|---|---|
| Shares beneficially owned (Direct) | Aug 5, 2025 | 34,838 |
| Shares outstanding | May 30, 2025 | 93,006,671 |
| Ownership % of outstanding | Aug 5, 2025 | ~0.037% (34,838 / 93,006,671) |
Insider transactions and vesting-related withholding:
| Date | Transaction | Shares | Price | Code |
|---|---|---|---|---|
| Aug 5, 2025 | Tax withholding on vest | 1,402 | $85.17 | F |
Program-level alignment and restrictions:
- Stock ownership guidelines apply to Section 16 officers (1x base salary) with 5-year compliance horizon .
- Hedging and pledging prohibited; none of directors/executive officers has pledged company stock .
- Company does not currently grant stock options; equity awards are RSUs/PBRSUs; NEOs held no options at fy25 year-end .
Employment Terms
| Topic | Terms |
|---|---|
| Hedging/Pledging | Prohibited for directors and employees; none of directors/executive officers has pledged stock |
| Clawback Policy | Adopted per SEC/Nasdaq; recovery upon accounting restatement; senior officer equity awards also include clawback triggers |
| Stock Ownership Guidelines | CEO 5x salary; other Section 16 officers 1x salary; 5-year compliance window |
| Change-in-Control | Double-trigger acceleration for NEOs; similar agreements exist for certain other executive team members (not individually enumerated) |
Performance & Track Record
| Area | Evidence |
|---|---|
| Customer content gains | Stewart highlighted >10% content upside at “largest customer” in fall model and shared content dynamics across antenna tuning, ultra-high band, discrete filters . He also discussed premium-tier wins and multi-dollar content recovery with a major Android OEM ramp . |
| Strategic segment framing | Qorvo reorganized into Advanced Cellular, Connectivity & Sensors, and High Performance Analog; Stewart appointed to lead Advanced Cellular in July 2022 . |
Compensation Peer Group & Say-on-Pay
| Item | Details |
|---|---|
| Compensation Peer Group (FY 2025) | AEIS, ALGM, CIEN, CRUS, COHR, DIOD, ENTG, KEYS, MRVL, MCHP, MKSI, ON, STX, SWKS, TER, TRMB, ZBRA |
| Say-on-Pay Approval | 94.2% approval for fiscal 2024 program (voted in 2024) |
Risk Indicators & Red Flags
- Hedging/pledging prohibited; none of directors/executive officers has pledged Qorvo stock (reduces alignment risk concerns) .
- Clawback policy in place and extended to senior officer equity awards (mitigates misconduct risk) .
- No executive-specific related party transactions disclosed regarding Stewart .
- Option repricing prohibited; awards not backdated or spring-loaded .
Investment Implications
- Alignment: Stewart’s direct beneficial ownership of ~34.8K shares and ongoing RSU vesting, combined with anti-hedging/pledging rules and stock ownership guidelines for Section 16 officers, reflect moderate equity alignment and reduced collateralization risk .
- Incentive levers: Company-wide incentives tie payouts to semiannual revenue/operating income and to PBRSU achievement, including non-GAAP gross margin—this reinforces focus on content wins, mix, and utilization, areas Stewart directly influences in Advanced Cellular .
- Retention risk: RSU structures with multi-year vesting and post-termination continued vesting subject to covenants improve retention; lack of disclosed individual severance terms for Stewart (non-NEO) reduces visibility into change-of-control economics; overall governance (clawbacks, no options) limits shareholder-unfriendly practices .
- Trading signals: Recent reported Form 4 activity reflects tax-withholding “F” transactions around vesting rather than discretionary sales; limited sale disclosures suggest low immediate selling pressure from Stewart, though broader market/comp plan cycles can influence future filings .