Ryno Blignaut
About Ryno Blignaut
Ryno Blignaut, 52, is an independent Class I director of Remitly (since April 2023) and a member of the Audit & Risk Committee; he has been nominated for re‑election in 2025 for a term through the 2028 annual meeting if elected . He is an Operating Partner at Khosla Ventures (since Dec 2019), and previously served as President, Chief Financial & Administrative Officer at Restoration Hardware (2018–2019), Chief Business Officer at Wheels Up, and CFO/Chief Risk Officer at Xoom (2005–2015); he holds a B.Comm (Hons) in Accounting from the University of Stellenbosch and is a member of the South African Institute of Chartered Accountants .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Restoration Hardware (RH) | President, CFO & Administrative Officer | 2018–2019 | Led finance, accounting, treasury, IR, legal, compliance |
| Wheels Up Experience Inc. | Chief Business Officer | Pre‑2018 (not specified) | Senior commercial leadership at aviation startup |
| Xoom Corporation | CFO & Chief Risk Officer | 2005–2015 | Guided finance and risk through acquisition by PayPal |
| UK hedge fund services | Advisor (regulatory/accounting/tax) | Prior to 2005 | Assisted new managers on FCA compliance and finance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Khosla Ventures | Operating Partner | Dec 2019–present | Investment and operating advisor |
| Various private companies | Director | N/A | Serves on several privately held company boards (not named in proxy) |
Board Governance
- Independence: Independent under Nasdaq and SEC rules; Remitly’s board determined all non‑employee directors (including Blignaut) are independent .
- Committee assignments: Member, Audit & Risk Committee; designated by the board as an “audit committee financial expert” (with Margaret Smyth and Phyllis Campbell) .
- Committee activity: Board met 4 times in 2024; Audit & Risk met 7 times; T&C 5; Nominating & Corporate Governance 4 .
- Attendance: Each director attended at least 75% of board and committee meetings in 2024 (meets Nasdaq standard) .
- Board structure: Classified board; Blignaut is a Class I nominee in 2025 for a term through 2028 if elected; Phillip Riese is Lead Independent Director .
- Risk oversight: Audit & Risk oversees financial reporting, internal controls, related‑party transaction review, cybersecurity/privacy, and compliance; meets in executive session with PwC .
Fixed Compensation
| Component | Structure / Amount | Notes |
|---|---|---|
| Annual cash retainer (director) | $40,000 | Effective May 9, 2024; paid quarterly; directors may elect RSUs in lieu of cash (“Fee RSUs”) vesting quarterly over ~1 year . |
| Committee retainers | Audit & Risk: Chair $20,000; Member $10,000. T&C: Chair $15,000; Member $7,500. N&CG: Chair $10,000; Member $4,000 | Policy effective May 9, 2024; directors may take RSUs in lieu of cash . |
| Leadership premium | Lead Independent Director: +$20,000; Non‑executive Chair (if any): +$60,000 (in lieu of LID) | |
| 2024 actual director pay (Blignaut) | Fees Earned (Cash): $0; Stock Awards: $249,338; Total: $249,338 | Elected RSUs in lieu of cash; grant date fair value per ASC 718 . |
| Outstanding awards (12/31/2024) | Options: 5,000; Unvested RSUs: 30,314 | Director awards outstanding as of FY‑end 2024 . |
| Director compensation cap | $750,000 per year ($1,000,000 in initial year) | Under 2021 Plan; includes cash and equity value . |
Performance Compensation
| Item | Details |
|---|---|
| Annual RSU grant design | Granted at each annual meeting with aggregate value equal to $200,000 × years in term (cap $600,000); vests in three equal annual installments beginning at the next annual meeting or one year post‑grant, subject to service . |
| Acceleration | If a director’s service ends before the next vesting, the next installment vests at departure; full vesting upon consummation of a “corporate transaction” under the 2021 Plan . |
| Performance metrics | None disclosed for non‑employee director equity; awards are service‑vested RSUs (no TSR/financial conditions) . |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Blignaut; serves on several privately held company boards . |
| Committee interlocks | T&C Committee interlocks: none (no insiders on committee; no reciprocal interlocks disclosed) . |
Expertise & Qualifications
- Designated audit committee financial expert; financially literate; extensive finance and risk leadership (Xoom CFO/CRO; RH President/CFO) .
- Technology and fintech operating experience; advisor/operator at Khosla Ventures; payments/remittances domain knowledge (Xoom) .
- Education: B.Comm (Hons) Accounting, University of Stellenbosch; SAICA member .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Beneficial ownership (3/31/2025) | 33,145 shares; <1% of outstanding | Based on 203,825,893 shares outstanding . |
| Composition (within 60 days of 3/31/2025) | 20,607 common; 5,000 options exercisable; 7,538 RSUs vesting | Footnote (6) detail for Blignaut . |
| Outstanding awards (12/31/2024) | Options: 5,000; Unvested RSUs: 30,314 | As of FY‑end 2024 . |
| Hedging/Pledging | Hedging prohibited; pledging requires pre‑approval. One director has pledged shares; Blignaut not identified as pledging . |
Governance Assessment
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Strengths
- Independence and “audit committee financial expert” designation bolster financial reporting oversight; active Audit & Risk Committee cadence (7 meetings in 2024) supports robust risk governance .
- High alignment: elected to take equity in lieu of cash in 2024; director equity fully time‑based with multi‑year vesting; pay below board’s director cap .
- No related‑party transactions disclosed since Jan 1, 2024; Section 16 compliance noted (no delinquencies named for Blignaut) .
- Attendance threshold met (≥75%) .
-
Watch items / potential risks
- Beneficial ownership is modest (<1%), common for newer independent directors; ownership guidelines for directors not disclosed in the proxy .
- Company allows limited pledging with pre‑approval; while not attributed to Blignaut, any board pledging presents headline risk if market volatility forces sales .
- Classified board structure may slow investor-driven board refresh cycles (structural, not person‑specific) .
-
Broader shareholder sentiment context
- Say‑on‑Pay support was ~98% at the 2024 annual meeting, signaling generally supportive investor stance toward Remitly’s compensation governance framework .
RED FLAGS: None specific to Blignaut disclosed in the 2025 proxy (no related‑party transactions; no pledging; independence affirmed; attendance threshold met) .
Appendix: Key Audit & Risk Committee Responsibilities (relevant to Blignaut’s role)
- Oversees auditor selection/independence, audit results, internal controls, related‑party transactions, major financial and enterprise risks, cybersecurity and IT risk, and compliance; conducts executive sessions with PwC .