Andrew Vollero
About Andrew Vollero
Andrew Vollero, 59, is Reddit’s Chief Financial Officer (CFO) since March 2021. He holds an M.S. in Management from Oxford University and a B.A. in Mathematics and Economics from Yale University . Under the 2024 compensation framework tied to operating performance, Reddit delivered revenue of $1.3 billion, Adjusted EBITDA of $298.0 million, DAUq of 101.7 million, and a year-end value of $324.03 for $100 invested at IPO (TSR proxy from March 21, 2024), with 2024 net loss of $(484) million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allied Universal | Chief Financial Officer | Oct 2018 – Mar 2021 | Senior finance leadership at global security services provider |
| Snap Inc. | First Chief Financial Officer | Aug 2015 – May 2018 | Established finance function as first CFO of Snap |
| Mattel, Inc. | SVP, Corporate Strategy, Development & Investor Relations | Sep 2005 – Aug 2015 | Led strategy, development, and investor relations |
| Mattel, Inc. | Division CFO; SVP Finance & Strategy | Sep 2000 – Sep 2005 | Division-level finance leadership |
| PepsiCo & Yum Brands | Financial and operational roles | 1991 – 2000 | Finance/operations roles at global consumer companies |
External Roles
No external public company board roles for Mr. Vollero were disclosed in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 624,000 | 647,700 |
| Target Bonus (% of Salary) | 60% | 60% |
| Target Bonus ($) | — | 388,620 |
| Actual Bonus Paid ($) | 527,155 | 874,395 |
Performance Compensation
| Metric | Weight (%) | Threshold (50% Payout) | Target (100% Payout) | Maximum (225% Payout) | 2024 Actual | Payout (% of Target) |
|---|---|---|---|---|---|---|
| DAUq | 40 | 78.0m | 87.0m | 96.0m | 101.7m | 225% |
| Revenue | 40 | $980.0m | $1,030.0m | $1,080.0m | $1,300.2m | 225% |
| Adjusted EBITDA | 20 | — | $15.0m | $35.0m | $298.0m | 225% |
2024 corporate bonus funding was 225% of target; Mr. Vollero received $874,395 based on this payout .
Equity Ownership & Alignment
- Beneficial ownership: 106,602 Class A shares (<1%); composition includes 36,805 Class A shares and 69,797 RSUs settleable within 60 days of March 31, 2025 .
- 2024 RSU vesting realized: 888,870 shares vested/settled with $43,676,626 value realized; no option exercises disclosed for 2024 .
- Hedging/pledging: Company policy prohibits hedging and pledging of Reddit stock post-IPO; 10b5-1 plans permitted if adopted when not in possession of MNPI .
- Stock ownership guidelines: The proxy discloses guidelines for directors; executive ownership guidelines not disclosed .
Equity awards and vesting schedules (as of Dec 31, 2024):
| Award | Grant Date | Unvested RSUs (#) | Vesting Schedule |
|---|---|---|---|
| RSU (2017 Plan) | 2/7/2024 | 17,857 | Ratable quarterly over 1 year (Feb 20/May 20/Aug 20/Nov 20 2024) |
| RSU (2024 Plan) | 9/3/2024 | 89,546 | Cliff vest on Nov 20, 2026 |
| RSU (2024 Plan) | 9/3/2024 | 179,092 | Ratable quarterly over 3 years (Nov 20/Feb 20/May 20/Aug 20) starting Nov 20, 2024 |
Total unvested RSUs at year-end: 286,495; estimated accelerated value in change-of-control scenario was $76,295,426 at $163.44/share (company’s Dec 31, 2024 close) .
Employment Terms
- Employment: At-will offer letter; eligible for standard employee benefits including 401(k) matching .
- Clawback: Compensation Recovery Policy compliant with SEC/NYSE to recoup incentive pay upon accounting restatement .
- Severance (outside change-of-control): Lump sum equal to 12 months base salary, 50% of target bonus, and COBRA premium equivalent for 12 months .
- Severance (double-trigger change-of-control): Lump sum equal to 12 months base salary, greater of 50% of target bonus or prorated target bonus, 12 months COBRA equivalent, and full acceleration of time-based equity awards .
- Estimated payouts as of Dec 31, 2024:
- No change-of-control: $647,700 cash + $194,310 bonus + $11,998 COBRA = $854,008 total .
- With change-of-control: $647,700 cash + $388,620 bonus + $11,998 COBRA + $76,295,426 accelerated vesting = $77,343,744 total .
- Change-in-control framework: Company executive program uses double-trigger; no excise tax gross-ups .
Compensation Structure Notes
- Mix and design: Competitive base, annual performance cash bonus, and multi-year RSUs; significant portion of pay at risk and equity-linked .
- 2024 program drivers: DAUq, revenue, Adjusted EBITDA; payout at 225% of target reflecting outperformance vs thresholds and targets .
- Peer benchmarking: Committee uses Pearl Meyer; 2024 peer group includes AppLovin, Bumble, Dropbox, Etsy, IAC, Lyft, Match, Nextdoor, Nutanix, Pinterest, Roblox, Roku, Snap, Sprout Social, Squarespace, Twilio, Unity, Zillow, ZoomInfo; Qualtrics & Splunk removed due to acquisitions .
- Perquisites: Standard benefits; All Other Compensation for Mr. Vollero was $9,000 (401k match) in 2024 .
- Governance & shareholder input: Say-on-pay and annual say-on-frequency proposals recommended “FOR” and “ONE YEAR,” respectively .
Investment Implications
- Alignment and retention: Large multi-year RSU grants (286,495 unvested at YE 2024) with quarterly and cliff schedules promote retention; double-trigger change-of-control with full acceleration of time-based equity aligns with continuity but introduces meaningful acceleration value ($76.3m) under CoC scenarios .
- Selling pressure cadence: Quarterly vest tranches (Nov/Feb/May/Aug) create predictable supply windows; 10b5-1 usage mitigates information-risk in any planned sales; hedging/pledging prohibition supports alignment .
- Pay-for-performance: 2024 bonus funding at 225% reflected DAUq, revenue, and Adjusted EBITDA outperformance; CFO’s cash bonus of $874,395 evidences variable pay sensitivity to operating metrics .
- Ownership: Direct beneficial ownership is <1%; alignment is primarily via unvested RSUs rather than large direct holdings, typical for newly public tech firms .
- Risk flags: No excise tax gross-ups, clawback in place, no hedging/pledging, and independent comp consultant reduce governance risk; double-trigger CoC terms are market-standard, though accelerated vesting quantum is significant given share price appreciation post-IPO .