Anup Kaneri
SMITH MICRO SOFTWAREAbout Anup Kaneri
Anup Kaneri is Vice President, Worldwide Products at Smith Micro Software (SMSI). He is 46 years old as of April 23, 2025, joined SMSI in 2019 (initially noted as July 2019), and leads global product management with a background in direct‑to‑consumer product innovation. He holds a B.S. in Electronics & Telecommunication Engineering (Pune University), a Postgraduate Diploma in Marketing Management (Symbiosis Institute of Business Management, India), and an MBA (University of Pittsburgh) . Company performance context during his tenure shows declining revenues and negative EBITDA across recent years, and total shareholder return (TSR) deterioration in 2024 per the company’s pay‑versus‑performance disclosures .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $48,513,000 | $40,862,000 | $20,555,000 |
| EBITDA ($USD) | -$23,371,000* | -$10,660,000* | -$19,101,000* |
Values retrieved from S&P Global.*
Pay vs. Performance TSR Reference
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $43.21 | $37.05 | $19.73 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UPMC Enterprises (innovation/commercialization VC arm of UPMC) | Senior Product Manager | 2014–2019 | Built and commercialized direct‑to‑consumer technology products |
| Two startups (names not disclosed) | Co‑founder | Not disclosed | Developed disruptive mobile platforms; product innovation and strategy roles |
External Roles
- No public company directorships or external board roles disclosed for Kaneri .
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid for Anup Kaneri are not disclosed in SMSI filings. SMSI defines only the CEO and CFO as “executive officers” under SEC rules; other “key executives” (including Kaneri) are listed but their specific compensation details are not provided .
Performance Compensation
| Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual/Long‑Term Incentives (company framework) | Total revenue | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Equity awards under plan; change‑of‑control acceleration applies to restricted stock grants |
| Annual/Long‑Term Incentives (company framework) | Non‑GAAP operating expense | Not disclosed | Not disclosed | Not disclosed | Not disclosed | See plan mechanics above |
| Annual/Long‑Term Incentives (current focus) | Operational performance and revenue growth objectives | Not disclosed | Not disclosed | Not disclosed | Not disclosed | See plan mechanics above |
- Compensation Committee did not engage compensation consultants in 2023 or 2024 .
Equity Ownership & Alignment
| Ownership Item | Details |
|---|---|
| Total beneficial ownership (shares) | Not disclosed for Kaneri in security ownership tables; tables list directors and named executive officers (NEOs) only, and he is not included . |
| Ownership as % of shares outstanding | Not disclosed . |
| Vested vs. unvested shares | Not disclosed . |
| Options (exercisable/unexercisable) | Not disclosed . |
| Shares pledged as collateral | Not disclosed for Kaneri; no pledging information provided for him . |
| Stock ownership guidelines | Not specifically disclosed for Kaneri; committee uses equity awards under its plan . |
| Change-of-control vesting | Restricted stock awards under SMSI’s plans automatically fully vest upon a “Change of Control” as defined; applies to plan participants generally . |
Employment Terms
- Employment start: 2019 (initially noted as July 2019) .
- Employment agreement: No specific agreement for Kaneri is disclosed. Historic proxies state no employment agreements for NEOs other than a legacy CEO arrangement; restricted stock under the plan accelerates upon change‑of‑control .
- Severance and change‑of‑control: Plan provides change‑of‑control acceleration for restricted stock; potential 280G/4999 tax implications for “parachute payments” apply to U.S. participants generally .
- Clawback/tax gross‑ups/perquisites: Not disclosed for Kaneri.
Governance and Compensation Committee Context
| Topic | 2023 | 2024 | 2025 |
|---|---|---|---|
| Compensation Committee members | Campbell, Elfman, Gulko | Campbell, Elfman, Gulko | Campbell, Elfman, Gulko |
| Consultants engaged | None | None | None |
| Key incentive metrics | Revenue, non‑GAAP OpEx; operational performance/revenue growth emphasis | Revenue, non‑GAAP OpEx; operational performance/revenue growth emphasis | Revenue, non‑GAAP OpEx |
Say‑on‑Pay Results (context)
| Meeting Date | For | Against | Abstained | Broker Non‑Votes |
|---|---|---|---|---|
| Jun 18, 2024 | 2,038,235 | 1,305,541 | 348,392 | 2,125,371 |
Investment Implications
- Compensation alignment transparency risk: As a “key executive” but not an SEC‑defined executive officer, Kaneri’s individual cash/equity compensation, targets, and payouts are not disclosed, making it difficult to assess pay‑for‑performance alignment or estimate near‑term insider selling pressure .
- Retention and change‑of‑control dynamics: Company‑wide plan terms grant full vesting of restricted stock upon change‑of‑control, which can be retention‑neutral in sale scenarios but may accelerate realizable value; no personal severance multiples for Kaneri are disclosed .
- Ownership alignment: Lack of reported beneficial ownership for Kaneri in proxy tables suggests limited visibility into his “skin‑in‑the‑game” and pledging/hedging risks; investors should monitor future proxies and Form 4 filings for updates .
- Performance backdrop: With revenues declining and negative EBITDA through FY 2024, and TSR down materially in 2024, incentive structures tied to revenue and non‑GAAP OpEx likely tightened variable compensation across executives, but Kaneri’s individual outcomes are undisclosed .