Steven Creviston

About Steven Creviston

Steven E. Creviston, age 61, is Senior Vice President and President of Connectivity & Sensors at Qorvo, a role he has held since July 2022. He previously led Mobile Products from January 2015 to July 2022 and before the Qorvo merger held multiple leadership roles at RFMD dating back to 2002 . Qorvo’s executive compensation program ties payouts to revenue, non‑GAAP operating income, and non‑GAAP gross margin; in FY2025, the short‑term plan used revenue and non‑GAAP operating income and the new PBRSUs linked to non‑GAAP gross margin paid out at 113.3% based on actual performance . Company financial context: revenue and EBITDA over FY2023–FY2025 are shown below (values retrieved from S&P Global).*

*Values retrieved from S&P Global

Past Roles

External Roles

Fixed Compensation

Notes:

• Short‑term incentive plan metrics: revenue and non‑GAAP operating income (50% weighting each per half‑year period) .
• FY2025 half‑year payouts equaled ~108.1% and 40.4% of target, respectively, based on actual performance vs. targets .

Performance Compensation

Annual Incentives (STI)

Definition notes: Non‑GAAP operating income excludes stock‑based comp, amortization, acquisition/integration costs, asset disposals, goodwill impairments, start‑up and restructuring charges, net adjustments tied to long‑term capacity reservations, and certain other items .

Long‑Term Incentives (Equity)

FY2025 Grants of Plan‑Based Awards (Creviston)

Equity Ownership & Alignment

Outstanding equity awards at FY‑end (Mar 29, 2025):

Vesting policies:

• Service‑based RSUs: 25% annually over 4 years .
• Objectives‑based PBRSUs: 50% vests at certification; remaining 50% vests in equal annual installments over 2 years .
• Gross margin PBRSUs: vest upon certification of performance each year .

Employment Terms

Compensation Structure Analysis

• Mix and risk: Majority of NEO compensation is at‑risk and performance‑based; for other NEOs (including Creviston), 56% of target total direct compensation tied to performance .
• 2025 design changes: Introduction of non‑GAAP gross margin PBRSUs (25% of PBRSU target value) adds multi‑year profitability focus; FY2025 actual achieved 113.3% of target .
• Peer benchmarking: Committee uses a peer group refreshed annually; FY2025 peers include AEIS, ALGM, CIEN, CRUS, COHR, DIOD, ENTG, KEYS, MRVL, MCHP, MKSI, ON, STX, SWKS, TER, TRMB, ZBRA; Qorvo positioned ~28th percentile in revenue and ~40th percentile in market cap within the group at determination .
• Governance strength: Double‑trigger CIC; prohibition on hedging/pledging; no repricing; robust ownership guidelines; independent consultant (Compensia) .

Performance & Track Record

Pay vs performance drivers: Top three measures linking compensation actually paid to company performance are Revenue, Non‑GAAP Operating Income, and Non‑GAAP Gross Margin .

Say‑on‑Pay & Shareholder Feedback

• FY2024 say‑on‑pay approval: 94.2% in favor .
• 2024 Annual Meeting detailed vote results disclosed in 8‑K; Proposal 2 approved (For: 67,230,394; Against: 4,062,440; Abstain: 106,246) .

Equity Ownership & Alignment — Additional Detail

• Stock ownership guidelines: 1x base salary for Section 16 officers; compliance status not individually disclosed; counts include common stock and time‑vested RSUs/stock held directly/indirectly per policy .
• None of directors or executive officers has pledged common stock; company prohibits hedging/pledging .
• No stock options currently outstanding for NEOs; equity grants are RSUs and PBRSUs .

Employment Contracts & Restrictions

• Change‑in‑control agreements with double‑trigger equity acceleration upon qualifying termination post‑CIC; prudent CIC definitions and administration under the Amended & Restated 2022 Stock Incentive Plan .
• RSU continuity: Upon termination other than for cause, certain service‑based RSUs and PBRSUs may continue to vest over the original term subject to compliance with restrictive covenants and other conditions .
• No tax gross‑ups disclosed; general practices emphasize clawback and forfeiture risk controls .

Investment Implications

• Alignment: Creviston’s pay is substantially variable and linked to revenue, non‑GAAP operating income, and multi‑year non‑GAAP gross margin, adding incentives for sustained margin improvement. FY2025 equity payouts (PBRSUs) reflect above‑target achievement on concluded performance periods (173% of maximum) and GM PBRSUs at 113.3% .
• Retention vs selling pressure: Significant unvested RSUs across multiple annual grants with 25% annual vesting could produce periodic sell‑to‑cover activity; no options or repricing risk and hedging/pledging prohibitions reduce misalignment risks .
• CIC economics: Double‑trigger severance with ~$4.59M total as of FY2025 provides protection, but equity intrinsic value forms the majority (aligns with shareholder outcomes in a transaction) .
• Ownership: Beneficial ownership is modest (<1%), partially offset by strong ownership guidelines and performance‑weighted equity mix; however, limited direct ownership can be a signal to monitor versus peers for “skin in the game” .
• Governance: High say‑on‑pay support (94.2%) and independent compensation oversight (Compensia) suggest shareholder acceptance of structure; focus on non‑GAAP profitability and revenue is consistent with semiconductor cycle realities .