Steve McCaffery
About Steve McCaffery
Steve McCaffery is Executive Vice President, Global Sales at Ribbon Communications, appointed effective end of October 2025 and based in the UK, reporting to CEO Bruce McClelland . He previously led Ribbon’s APAC & EMEA sales (2021–2023) and has senior experience at Halo Technology (Amphenol), Motorola, Google, and ARRIS, focused on data center and AI-driven network transformations . At appointment, Ribbon’s 2025 year-to-date revenue growth was 6% and IP Optical Networks Q3 sales were up 11% YoY, with non-GAAP adjusted EBITDA of $29M in Q3, framing the performance context entering his tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ribbon Communications | Head of APAC & EMEA Sales | 2021–2023 | Expanded regional sales coverage across service providers, enterprise, government |
| Halo Technology (Amphenol) | Senior roles | — | Data center connectivity exposure and AI infrastructure trends |
| Motorola | Senior roles | — | Telecom and networking ecosystem relationships |
| Senior roles | — | Cloud/data center and platform partnerships | |
| ARRIS | Senior roles | — | Broadband and networking portfolio growth experience |
External Roles
No public company directorships or committee roles disclosed .
Fixed Compensation
Inducement RSUs granted at appointment (time-based vesting):
| Grant | Units (#) | Vesting Schedule | Notes |
|---|---|---|---|
| RSU A | 108,007 | Cliff vest Oct 31, 2026 | Sign-on inducement |
| RSU B | 324,020 | Six equal installments through Oct 31, 2029 | Sign-on inducement |
| RSU C | 36,074 | Cliff vest Oct 31, 2026 | Sign-on inducement |
| RSU D | 71,932 | Four equal installments through Oct 31, 2028 | Sign-on inducement |
- Earliest vesting window: 144,081 RSUs eligible on Oct 31, 2026 (RSU A + RSU C), creating a potential supply event absent sale restrictions .
- Base salary and target bonus % for McCaffery not disclosed. For context, Ribbon’s 2024 NEO target bonus percentages were 100% (CEO) and 75% for other NEOs .
Performance Compensation
Inducement PSUs granted at appointment and annual PSU design:
| Metric | Weighting | Target/Measurement Period | Payout Range | Vesting Conditions |
|---|---|---|---|---|
| Annual financial goals (e.g., revenue/Adjusted EBITDA) | 60% | FY2025–FY2027 (set annually by Compensation Committee) | Not disclosed; earned annually, vest at end of period | Performance + service; continued employment |
| Relative Total Shareholder Return (vs Nasdaq Telecom Index) | 40% | Oct 31, 2025–Dec 31, 2028 | 50% payout at 25th percentile; 100% at 50th; 200% at 75th percentile | Cliff vest at end of 3-year TSR period; continued employment |
- PSU Inducement size: 108,006 target shares; maximum up to 200% of target (i.e., up to 216,012 shares) if caps are reached .
- Ribbon’s PSU framework uses annual financial goals (often revenue and Adjusted EBITDA) and multi-year relative TSR versus the Nasdaq Telecommunications Index .
Equity Ownership & Alignment
| Policy/Item | Details |
|---|---|
| Stock ownership guidelines | Section 16 officers must hold 2x base salary within 5 years; CEO 6x; Directors 5x cash retainer |
| Hedging/pledging | Prohibited for executive officers and directors; all trades pre-approved by CLO |
| Clawback | Adopted and updated in 2023 to comply with SEC/Nasdaq rules; applies to incentive compensation |
| Beneficial ownership, options, pledging | Not disclosed for McCaffery; company forbids pledging |
Employment Terms
| Term | Details |
|---|---|
| Start date | Effective end of October 2025, EVP Global Sales |
| Severance | Company framework provides 6–12 months base salary for NEOs terminated without cause; CEO 24 months upon CoC termination; individual terms for McCaffery not disclosed |
| Change-of-control | Double-trigger acceleration for equity; specifics for McCaffery not disclosed |
| Clawback/insider trading | Company-wide clawback and strict insider trading policy (pre-approval, no hedging/pledging) |
Performance & Track Record
- Career: Senior roles at Halo (Amphenol), Motorola, Google, ARRIS; led Ribbon APAC & EMEA sales (2021–2023) .
- 2025 business context at appointment: Q3 revenue $215M (+2% YoY), non-GAAP adjusted EBITDA $29M, YTD revenue up 6%, IP Optical Networks Q3 sales +11% YoY; non-GAAP gross margin 52.6% .
- Strategic thrusts referenced with appointment: data center investment to support AI adoption; global relationships across service providers, enterprise, government, and critical infrastructure .
Compensation Structure Analysis
- Equity-heavy sign-on with both time-based RSUs (multi-year vesting) and PSUs (annual financial metrics + multi-year TSR), aligning incentives to near-term execution and long-term shareholder returns .
- Relative TSR metric continues the Company’s practice of multi-year market-relative alignment (200% cap at 75th percentile), a robust pay-for-performance feature .
- Governance safeguards: double-trigger CoC vesting, meaningful ownership guidelines, clawback, and prohibition on hedging/pledging; tax gross-ups not used in severance/change-of-control .
Say-on-Pay & Shareholder Feedback
- Say-on-pay approval: 98.3% in 2023; 98.7% in 2024, indicating strong investor support for the compensation framework that McCaffery’s awards follow .
Compensation Peer Group (Benchmarking Context)
- Current peer group used for benchmarking (examples): A10 Networks, ADTRAN, AudioCodes, Aviat Networks, CalAmp, Calix, Cambium Networks, CSG Systems, Extreme Networks, Harmonic, NETGEAR, NetScout, Viavi Solutions (as per 2025 proxy) .
Investment Implications
- Retention and alignment: Inducement RSUs create clear retention hooks with earliest vesting on Oct 31, 2026 (144,081 RSUs), then staggered installments through 2028–2029; PSUs link payouts to annual operational delivery and 3-year relative TSR, anchoring long-term alignment .
- Trading signal considerations: The 1-year cliff and subsequent installment schedules define potential supply windows; disciplined insider trading policy mitigates hedging/pledging risks .
- Execution risk: Financial-goal PSUs require delivery against annual targets (2025–2027), and TSR performance versus Nasdaq Telecom Index through 2028; investor focus should track revenue/Adjusted EBITDA cadence and competitive position in IP Optical, Cloud & Edge, and data center/AI segments .
- Program acceptance: High say-on-pay support and robust governance (clawback, double-trigger) reduce compensation-related risk, supporting confidence in incentive design .
Sources: Appointment and inducement awards press releases ; Q3’25 performance context ; PSU/RSU design, ownership guidelines, clawback, severance & CoC framework from 2025 proxy ; Say-on-pay approvals .