Walter Odisho
About Walter Odisho
Walter Odisho, age 62, is Symbotic’s Chief Manufacturing & Supply Chain Officer (CMSCO) since October 2023, after serving as SVP of Manufacturing from February–October 2023 . He leads strategic sourcing, supply chain, manufacturing/quality, project execution and implementation, commissioning, and customer site safety, with over 30 years in operations across Amazon, Boeing and Toyota; he holds a B.S. from California State University, Fresno, and completed Wharton’s Toyota Executive Development program . During his tenure, Symbotic delivered >50% YoY revenue growth to $1.79B in FY2024, achieved its first GAAP net income quarter (Q4 FY2024), doubled operational systems from 12→25, and increased systems in deployment from 35→44, supporting strong execution in large-scale deployments . Symbotic’s TSR (value of $100 invested on 9/25/2021) stood at 260.41 at FY2024 year-end versus 341.12 in FY2023 and 107.55 in FY2022, contextualizing investor return dynamics through his first full year at Symbotic .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Amazon | Vice President, Operations Fulfillment | Apr 2021 – Feb 2023 | Led fulfillment operations; large-scale logistics execution and throughput improvement . |
| Boeing Commercial Airplanes | VP, Manufacturing, Safety & Quality | Dec 2013 – Apr 2021 | Led a global production system; drove manufacturing quality and safety across programs . |
| Toyota | VP/GM, Manufacturing & Operations | ~24 years; led largest global facility | Ran high-volume manufacturing; lean execution and operational excellence at scale . |
External Roles
No public company directorships or committee roles disclosed for Odisho in the proxies .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2023 | 400,000 | 50% | 500,000 (sign‑on bonus) | Offer letter set salary/bonus; sign‑on bonus separate from STIP . |
Performance Compensation
Company program constructs and FY2024 outcomes (Odisho not listed as an FY2024 NEO; use company-level metrics and mechanics).
- Annual cash STIP metrics and FY2024 results:
| Metric | Weight | Target | Actual | Payout (% of Target) | Company STIP funded |
|---|---|---|---|---|---|
| Adjusted EBITDA | 50% | $150.0M | $61.7M | 0.0% | 51.5% overall funded . |
| Net Revenue | 30% | $1,770M | $1,788M | 105.1% | 51.5% overall funded . |
| Customer Experience | 20% | Discretionary at target | Target achieved | 100.0% | 51.5% overall funded . |
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Long-term equity design (company-wide): RSUs generally vest 1/3 at year 1 then eight equal quarterly installments; PSUs vest on the third anniversary based on Revenue and Adjusted Free Cash Flow performance (30% FY-specific; 70% cumulative FY24–FY26) .
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FY2024 PSU metrics (company-level mechanics and outcomes for the FY2024 portion of the FY24–FY26 awards):
| Metric | Weight | FY2024 Target | FY2024 Actual | FY2024 Payout (% of Target) | Vesting |
|---|---|---|---|---|---|
| Revenue | 50% | $1,770M | $1,788M | 101% | PSUs vest on the 3rd anniversary of grant . |
| Adjusted Free Cash Flow | 50% | $138M | $17M | 12% | PSUs vest on the 3rd anniversary of grant . |
| FY2024 PSU Portion | 30% of award | — | — | 52.5% of target PSUs earned for FY2024 portion | Vest 3 years from grant . |
Equity Ownership & Alignment
| As of | Unvested RSUs (#) | Market Value ($) | Vesting schedule |
|---|---|---|---|
| 9/30/2023 | 350,631 | $11,721,594 (at $33.43/share) | 1/3 on 4/23/2024; remaining in eight equal quarterly installments thereafter . |
- Ownership/insider policy: Company prohibits short sales, derivatives, hedging, margin purchases and pledging of company stock, reducing misalignment and forced sales risk .
- Equity award design: Symbotic states it does not currently grant options/SARs; equity is primarily RSUs and PSUs, limiting option repricing risk .
- Equity plan headroom: 7,323,137 shares underlying outstanding RSUs/PSUs and 56,728,866 shares available for future issuance as of 9/28/2024 .
Employment Terms
| Term | Detail |
|---|---|
| Employment start & role progression | Joined 2/6/2023 (SVP Manufacturing); elevated to CMSCO 10/2023 . |
| Offer letter (dated 1/13/2023) | Base salary $400,000; target bonus 50% of salary; sign‑on bonus $500,000; RSU grant with $5,000,000 target value; eligible for annual equity awards beginning Jan 2024 . |
| RSU vesting specifics | 1/3 vests 4/23/2024; remainder vest quarterly (eight equal installments) . |
| Housing/relocation | Housing reimbursement up to $4,000/month for six months . |
| Change-of-control treatment | Company awards use double-trigger; upon termination without Cause or for Good Reason within one year after a change of control, RSUs and PSUs vest in full, with PSUs deemed earned per award terms . |
| Clawback policy | Adopted 12/1/2023; FY2024 interim restatements reviewed and determined no recovery required as STIP/LTI are based on audited annual results . |
| Severance plan | Company disclosed intent to adopt an Executive Severance Plan (market-competitive severance) but terms not yet determined in 2024 proxy . |
Performance & Track Record
| Metric/achievement | FY2024 outcome |
|---|---|
| Revenue | $1.79B; >50% YoY growth . |
| Profitability | First GAAP net income quarter achieved (Q4 FY2024) . |
| Operational systems live | Increased from 12 (FY2023 YE) to 25 (FY2024 YE) . |
| Systems in deployment | Increased from 35 (FY2023 YE) to 44 (FY2024 YE) . |
| PSU program result (FY2024 portion) | 52.5% of target PSUs earned for FY2024 portion (Revenue above target; Adjusted FCF below) . |
| TSR (value of $100 invested 9/25/2021) | $260.41 (FY2024), $341.12 (FY2023), $107.55 (FY2022) . |
Compensation Structure Notes
- Company-wide pay mix emphasizes variable pay via STIP and LTI (RSUs/PSUs), with clawback policy, double-trigger vesting on change-of-control, and no hedging/pledging allowed .
- Compensation peer group emphasizes automation/AI/software with revenue $650M–$6B and market cap $8B–$80B, guiding competitive benchmarking .
- Say-on-pay: First advisory votes (frequency and compensation) scheduled at 2025 annual meeting; board recommends annual frequency .
Risk Indicators & Red Flags
- Restatements: FY2024 interim restatements (revenue/cost timing, cost overruns) identified; clawback analysis concluded no erroneously awarded compensation given annual basis of incentives .
- Insider practices: Hedging and pledging prohibited by policy, reducing misalignment risks .
- Option repricing: Not applicable; company does not currently grant options/SARs .
Investment Implications
- Alignment and retention: Large sign‑on RSU with multi-year and quarterly vesting aligns Odisho’s incentives with sustained operational execution and supports retention; quarterly vest cadence can create periodic supply events around vest dates .
- Execution leverage: His background in high-volume manufacturing at Toyota/Boeing/Amazon is directly relevant to scaling Symbotic deployments, evidenced by FY2024 operational ramp (systems operational and in deployment), a critical driver for revenue recognition and cash conversion under percentage-of-completion accounting .
- Governance safeguards: Double-trigger CoC vesting and clawback reduce incentive misalignment and mitigate downside governance risk; hedging/pledging prohibitions limit adverse trading behaviors .
- Performance pay mechanics: Company STIP/PSU frameworks tie payouts to Revenue, Adjusted EBITDA and Adjusted FCF, focusing executives on profitable growth and cash discipline—investors should monitor quarterly deployment milestones and annual audited outcomes given prior interim restatements .