Steve Bagdasarian
About Steve Bagdasarian
Steve Bagdasarian, age 42, is Chief Commercial Officer of Comscore (SCOR) since November 2023, after joining in October 2022 as EVP, Growth; he holds a BA from College of the Holy Cross and an MBA from Babson’s F.W. Olin Graduate School of Business . Company performance during his CCO tenure saw 2024 revenue of $356.0 million and adjusted EBITDA of $42.4 million, resulting in an 8% incentive payout vs target; 2024 net loss was $60.248 million and cumulative TSR implied a $100 investment valued at $8.74 at year end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Comscore | EVP, Growth | Oct 2022 – Nov 2023 | Led commercial growth initiatives prior to elevation to CCO |
| Publishers Clearing House (PCH) | COO, Digital | Jan 2022 – Oct 2022 | Oversaw digital operations at media/marketing platform |
| Publishers Clearing House (PCH) | GM, Media & Strategy | Jul 2019 – Dec 2021 | Directed media strategy and commercialization |
| Publishers Clearing House (PCH) | GM, Liquid Wireless | Jul 2014 – Jul 2019 | Ran mobile marketing unit; business development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TBD Angels | Member/investor | Ongoing | Angel investments; advisor to early-stage digital tech companies |
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base Salary | $393,333 | Annualized base increased to $400,000 in March 2024 |
| Target Bonus % | Increased from 75% to 100% of base in March 2024 | Compensation Committee adjusted to reflect CCO scope |
| Actual Annual Incentive (Paid March 2025) | $30,267 | 8% payout vs target; performance below revenue/EBITDA targets |
| Signing/Service Bonus | $125,000 earned based on continued service through 2024 | Awarded in 2022; recognized in 2024 bonus column |
| Cash Retention Bonus (Paid March 2024) | $205,599 scheduled to vest Jun 12, 2025 | Under Cash Incentive Plan; accelerates on CoC or qualifying termination |
| Additional Retention | $65,000 retention bonus approved Mar 2024 | Paid with service condition through Mar 15, 2025 |
| Clawback Policy | Recovery for accounting restatement, fraud, error, egregious conduct | Includes misconduct and policy violations |
| Anti-Hedging/Pledging | Prohibits hedging and pledging Comscore stock; preclearance required | Quarterly blackout periods; no margin purchases |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | Payout % | Vesting/Payment |
|---|---|---|---|---|---|---|---|
| Revenue | 45% | $380m | $390m | $400m | $356.0m | 0% | Cash; paid Mar 2025 |
| Adjusted EBITDA | 45% | $49m | $55m | $57m | $42.4m | 0% | Cash; paid Mar 2025 |
| Culture | 10% | Committee assessment | Committee assessment | Committee assessment | Met (employee engagement/programs) | 80% of tranche (weighted 8%) | Cash; paid Mar 2025 |
| Individual Award | — | — | — | — | $30,267 | 8% of target (prorated) | Paid Mar 2025 |
Adjusted EBITDA defined per Annex D reconciliation (non-GAAP) .
Equity Ownership & Alignment
| Item | As of Apr 22, 2025 | As of Oct 31, 2025 |
|---|---|---|
| Beneficial Ownership (Common) | 9,107 shares; <1% of class | 10,865 shares; <1% of class |
| Options – Exercisable | 4,800 shares (currently exercisable) | — |
| Total Options Outstanding | 6,400 at $50.00 strike; 3,200 exercisable, 3,200 unexercisable (exp. 11/9/2032) | — |
| Unvested RSUs | 7,450 RSUs; market value $43,508 at $5.84/share | — |
| RSU Vesting Schedules | 2,500 RSUs: 50% on Sep 26, 2025; 50% on Sep 26, 2026 | — |
| 4,950 RSUs: 50% on Jun 6, 2025; 50% on Jun 6, 2026 | — |
- Stock ownership guidelines: CCO expected to hold ≥3x base salary; 5-year compliance period; must hold 100% of net shares until compliant .
- Anti-hedging/pledging: Directors and executives prohibited from hedging/pledging; quarterly blackout and preclearance requirements .
- Options are deeply underwater at 12/31/2024 (strike $50 vs $5.84), reducing near-term exercise/sale pressure from options .
Employment Terms
| Provision | Pre–Change of Control | On/Within 12 Months Post–Change of Control |
|---|---|---|
| Severance Cash | 12 months base salary, paid over 12 months | 12 months base salary, lump sum 60 days post-termination |
| COBRA | 12 months COBRA premium reimbursement (or cash equivalent) | 12 months COBRA premium reimbursement (or cash equivalent) |
| Current-Year Bonus | Pro-rata based on actual performance; paid with other execs | Pro-rata of greater of target or projected full-year; paid 60 days post-termination |
| Time-Based Equity | No acceleration | Full acceleration |
| Performance-Based Equity | No acceleration | Acceleration of greater of target or projected (if ≥50% of performance period elapsed) |
| Term | 2-year initial term; auto 1-year renewals | CoC agreement continues ≥12 months post-CoC |
| 280G Treatment | Best-net after-tax (cut-to-avoid excise or pay in full) | Best-net after-tax (cut-to-avoid excise or pay in full) |
| Gross-ups | None (no tax gross-ups) | None |
- Cash Incentive Plan retention award: $205,599 vests Jun 12, 2025; accelerates on change in control or qualifying termination (w/release) .
Investment Implications
- Pay-for-performance discipline: 2024 revenue and EBITDA underperformed targets, yielding only 8% annual incentive payout; signals Compensation Committee’s adherence to performance thresholds and modest cash outlay .
- Retention risk vs incentive efficacy: Underwater options (strike $50 vs $5.84 at 12/31/2024) and constrained equity pools led to cash retention awards; watch June 12, 2025 vesting for potential liquidity events, subject to blackout/preclearance and insider policy constraints .
- Alignment and governance: Ownership guidelines (3x salary), anti-hedging/pledging, and robust clawback reduce misalignment risk; say-on-pay support (~90% in 2024) indicates investor acceptance of the compensation framework .
- Change-of-control economics: Double-trigger acceleration with one-year severance and best-net 280G treatment (no gross-ups) suggests balanced protection without excessive parachutes .
- Strategic backdrop: The 2025 recapitalization aims to normalize capital structure and reduce preferred dividend burdens; improved equity trading dynamics and governance could enhance the effectiveness of equity-based incentives and executive retention over time .