Eduardo Rosini
About Eduardo Rosini
Eduardo Rosini was appointed Executive Vice President & Chief Commercial Officer of SPS Commerce, effective December 1, 2025, succeeding the retiring Chief Revenue Officer . He brings 30+ years of growth and go-to-market leadership across Sage (Chief Growth Officer), Intuit (VP Mid-Market & Corporate Sales), and Microsoft, spanning North America, South America, EMEA, and APAC . Age and education were not disclosed in company materials. Company performance context: SPS has delivered 99 consecutive quarters of revenue growth, a 19% revenue CAGR, and a 49% stock return versus 28% for the Russell 1000 over the referenced period .
Company Performance Context
| Metric | Value | Source |
|---|---|---|
| Consecutive Revenue Growth Quarters | 99 | |
| Revenue CAGR | 19% | |
| SPS Stock Return | 49% | |
| Russell 1000 Return | 28% |
Past Roles
| Organization | Role | Years | Strategic Impact | Source |
|---|---|---|---|---|
| Sage | Chief Growth Officer | — | Led growth and full customer lifecycle initiatives | |
| Intuit | VP of Mid-Market & Corporate Sales | — | Scaled go-to-market in mid-market and corporate segments | |
| Microsoft | Large-scale commercial leadership roles | — | Operated across NA, SA, EMEA, and APAC; scaled organizations |
External Roles
| Organization | Role | Years | Notes | Source |
|---|---|---|---|---|
| — | — | — | No public company directorships disclosed |
Fixed Compensation
No Rosini-specific compensation terms (base salary, target bonus, equity grants) were disclosed at appointment.
| Element | Program Design | What It Rewards | Source |
|---|---|---|---|
| Base Salary | Set by Compensation & Talent Committee based on market data, role, experience | Experience, skills, duties, performance | |
| Management Incentive Plan (MIP) | Formula-based target bonus; Committee sets target % annually | Company and individual performance | |
| Equity Awards | Mix of RSUs (time-based) and PSUs (performance-based); historically ~50/50 for core NEOs | Long-term financial and stock-price performance; retention |
Benchmark within SPS for revenue leadership: the EVP & Chief Revenue Officer’s target bonus was raised to 100% of base salary in 2024 (prior incumbent) .
| Role (2024) | Target Bonus % of Base Salary | Source |
|---|---|---|
| EVP & Chief Revenue Officer | 100% |
Performance Compensation
SPS PSUs are tied to three-year Relative TSR vs Russell 2000; PSUs vest in the quarter following the performance period upon Committee certification .
| Metric | Weighting | Target | Actual (Example) | Payout | Vesting | Source |
|---|---|---|---|---|---|---|
| Relative TSR vs Russell 2000 (3-yr) | — | 5% greater than Index TSR = 100% | 2022–2024: Company TSR 36% vs Index 5% (excess 31%) | 200% (maximum) | Quarter after period end upon certification |
PSU payout curve (design):
| Company TSR vs Index TSR | % of Target PSUs Earned | Source |
|---|---|---|
| >10% less than Index | 0% | |
| 10% less than Index | 40% (threshold) | |
| Equal to Index | 80% | |
| 5% greater than Index | 100% (target) | |
| 30% greater than Index | 200% (maximum) | |
| If Company TSR > Index but negative | Capped at 100% |
Recent MIP outcome (context for bonus rigor): 2024 formula-based cash bonuses paid at 120% of target amounts for NEOs based on strong results .
| Year | MIP Payout vs Target | Source |
|---|---|---|
| 2024 | 120% |
Equity Ownership & Alignment
| Policy | Requirement | Status/Notes | Source |
|---|---|---|---|
| Executive Stock Ownership Guidelines | CEO: 3x base salary; Other NEOs: 1x base salary | Compliance within 5 years; retain 50% of net shares until compliant | |
| Counting Rules | Unvested awards and unexercised out-of-the-money options excluded; vested in-the-money options count until Jan 1, 2027 | From Jan 1, 2027, unexercised options won’t count | |
| Hedging & Pledging | Prohibited (short sales, options/derivatives, hedging instruments; margin/pledging banned) | Applies to directors, officers, and employees |
Equity plan capacity snapshot (context):
| Category | Amount | Notes | Source |
|---|---|---|---|
| Shares to be issued under outstanding awards | 1,191,050 | Includes 289,374 options and 901,676 RSU/DSU/PSU (max scenario) | |
| Weighted-average option exercise price | $86.95 | Options only | |
| Shares available for future issuance | 13,896,617 | Incl. 1.6M under ESPP |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment | EVP & Chief Commercial Officer | |
| Effective Date | December 1, 2025 | |
| Role Transition | Succeeds EVP & Chief Revenue Officer, who retires Dec 31, 2025 | |
| Offer/Comp Terms | Not disclosed in 8-K or proxy |
Company-wide governance and protections:
| Provision | Detail | Source |
|---|---|---|
| Clawback (Required) | Recovers erroneously awarded incentive-based compensation after material restatement (3-year lookback) | |
| Clawback (Supplemental) | Committee may recover incentive comp for misconduct causing significant financial/reputational harm | |
| No Tax Gross-ups | No tax gross-ups on severance/change-in-control payments | |
| Anti-hedging/Anti-pledging | Prohibits short sales, derivatives, hedging instruments, margin/pledging | |
| Double-trigger vesting | Requires termination plus change-in-control for vesting acceleration |
Change-in-control economics for NEOs (design reference):
| Component | Amount/Term | Source |
|---|---|---|
| Cash severance | 1.5x current base salary | |
| Bonus severance | 1.5x target annual cash incentive bonus (pro-rata, lump sum) | |
| Benefits | 18 months of premium costs for health, dental, vision (lump sum) | |
| Equity (RSUs) | Immediate full vesting | |
| Equity (PSUs granted in 2025) | Vest at greater of target or truncated actual performance through last completed fiscal quarter |
Note: Rosini-specific severance and CoC terms are not yet disclosed; table reflects the Company’s NEO framework and general design.
Performance & Track Record
| Area | Evidence | Source |
|---|---|---|
| Global scaling and go-to-market leadership | Leadership across geographies (NA, SA, EMEA, APAC) and segments | |
| Growth credentials | Senior roles focused on growth and customer lifecycle at Sage and Intuit | |
| Company execution backdrop | Q3 2025 revenue +16% YoY to $189.9M; Adjusted EBITDA +25% YoY to $60.5M |
Q3 2025 financial context:
| Metric | Q3 2025 | Q3 2024 | YoY | Source |
|---|---|---|---|---|
| Revenue ($M) | 189.9 | 163.7 | +16% | |
| Adjusted EBITDA ($M) | 60.5 | 48.4 | +25% | |
| Net Income ($M) | 25.6 | 23.5 | +9% | |
| Diluted EPS ($) | 0.67 | 0.62 | +0.05 |
Investment Implications
- Compensation alignment: SPS’s program emphasizes pay-for-performance via PSUs tied to three-year relative TSR, formula-based MIP, robust ownership guidelines, double-trigger vesting, clawbacks, and no tax gross-ups—supportive of shareholder alignment and disciplined incentives .
- Near-term disclosure watch: Expect subsequent 8-Ks or proxy updates detailing Rosini’s base salary, target bonus, and equity grants; monitor grant type (PSUs vs RSUs), vesting cadence, and ownership guideline compliance timeline .
- Retention and selling pressure: Anti-hedging/anti-pledging policy reduces misalignment risk; if RSUs follow SPS’s common structures, monthly vesting can create periodic Form 4 activity—track for sizable sales vs tax withholding-only dispositions .
- Execution risk and value creation: Rosini’s global commercial pedigree fits SPS’s network-led growth strategy; backdrop remains strong with consistent revenue growth and expanding Adjusted EBITDA—assess KPI accountability (ARR, net retention, sales efficiency) as his performance scorecards are disclosed .
- Change-in-control economics: Company’s NEO framework (1.5x salary and target bonus, equity acceleration) is moderate; terms specific to Rosini will determine his downside-protection level and risk posture in strategic scenarios .