Richard Petley
TERADATA CORP /DE/About Richard Petley
Richard Petley is Teradata’s Chief Revenue Officer, appointed April 5, 2024 after serving as EVP, Global Sales and previously leading EMEA/APJ sales; he joined Teradata in April 2022 from senior sales leadership roles at Oracle (SVP Western Europe, Managing Director UK) and IBM . He is UK‑based and a 2024 named executive officer; Teradata’s 2024 performance included $1.750B total revenue, $1.474B total ARR, $609M public cloud ARR, $2.42 non‑GAAP diluted EPS, and $277M free cash flow, while 2024 say‑on‑pay support was 95.4% . Company TSR for 2024 implied a $116.36 value on an initial $100 investment versus $286.10 for the peer index; reported net income was $114M and public cloud ARR $609M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teradata | EVP, EMEA Regional Sales | Apr 2022–Feb 2023 | Drove strong sales execution in EMEA; expanded pipeline . |
| Teradata | EVP, Global Sales | Feb 2023–Apr 2024 | Led global sales; strengthened partner success and execution . |
| Oracle | SVP, Western Europe, Oracle Cloud; Managing Director, Oracle UK | Not disclosed | Drove significant growth of Oracle’s cloud portfolio and ecosystem . |
| IBM | Sales leadership roles | Not disclosed | Success across enterprise software, SaaS and AI growth areas . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Oracle | SVP Western Europe; Managing Director UK | Not disclosed | Led cloud portfolio expansion . |
| IBM | Sales leadership | Not disclosed | Enterprise software/SaaS/AI focus . |
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Base Salary ($) | 534,017 | Increased upon promotion to CRO in April 2024 . |
| Target Bonus (% of Salary) | 100% | Participated in Sales Incentive Plan pre‑promotion; Management Plan post‑promotion . |
| Actual Bonus Paid ($) | 365,350 (Management Plan) + 49,025 (Sales Plan Jan–Apr 4) | Management Plan payout at 80% of target, pro‑rated from Apr 5; Sales Plan monthly payout pre‑promotion . |
| Other Compensation ($) | 76,793 | Includes UK car allowance $11,309, spousal travel $15,054, cash in lieu of pension $33,873 (5%), life insurance premiums $3,207, tax gross‑up $13,350 . |
Performance Compensation
2024 Annual Incentive (Management Plan)
| Measure | Weight | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Total ARR Growth (CC, $mm) | 30% | 75 | 94 | 103 | (70) | — |
| Public Cloud ARR Growth (CC, $mm) | 30% | 160 | 200 | 220 | 90 | — |
| Non‑GAAP Operating Margin ($mm) | 40% | 303 | 337 | 371 | 376 | 200% |
| Total Payout | — | — | — | — | — | 80% of target |
Notes: ARR metrics required at least threshold margin; acceleration rules applied when margin met; FX adjustments applied per plan design . No individual modifiers used in 2024 .
Long‑Term Incentives Structure and Awards (2024 grants)
| Plan/Grant | Grant Date | Type | Units | Grant‑Date Fair Value ($) | Vesting | Performance Metrics |
|---|---|---|---|---|---|---|
| 2024–2026 LTIP (annual) | Feb 27, 2024 | Performance RSUs | 27,171 | 1,012,663 | Vests after performance certification in Q1 2027 | 2026 Total ARR (40%), 2026 Total Public Cloud ARR (20%), 2024–2026 FCF (40%) |
| 2024–2026 LTIP (promotion) | May 13, 2024 | Performance RSUs | 17,140 | 585,160 | Vests after performance certification in Q1 2027 | Same metrics |
| Service RSUs (annual) | Feb 27, 2024 | Time‑based RSUs | 18,114 | 675,109 | 1/3 each year: 2/27/2025, 2/27/2026, 2/27/2027 | — |
| Service RSUs (promotion) | May 13, 2024 | Time‑based RSUs | 11,427 | 390,118 | 1/3 each year: 5/13/2025, 5/13/2026, 5/13/2027 | — |
| 2023–2025 LTIP modification (incremental fair value) | Oct 7, 2024 | Accounting mod value | — | 765,450 | Not a new grant | Target resets and max reduced to 150% for 2023–2025 and 2024–2026 LTIPs to align with revised long‑range plan and retention objectives . |
Notes: LTIP metrics set at start of cycle; specific targets confidential; payouts capped at 150% after 2024 goal adjustments; allowed FX/transaction accounting adjustments per plan .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 26,573 shares; less than 1% of outstanding (96,035,434 as of Mar 21, 2025) . |
| Options (exercisable/unexercisable) | None outstanding for named executive officers . |
| Unvested RSUs and Unearned PSUs (12/31/2024) | Service RSUs: 11,427 (5/13/2024) $355,951; 18,114 (2/27/2024) $564,251; 13,249 (3/06/2023) $412,706; 4,184; 6,902; 13,554 (4/05/2022) lines per table. Performance RSUs (target): 17,140 (5/13/2024) $533,911; 27,171 (2/27/2024) $846,377; 29,809 (3/06/2023) $928,550; values at $31.15 per share . |
| Stock ownership guidelines | 3x base salary; Petley in compliance; must retain 50% of vested shares initially, then 100% net until target met . |
| Hedging/pledging | Prohibited for executive officers; no pledging of Teradata securities by execs/directors . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment & role | Appointed CRO April 5, 2024; previously EVP Global Sales . |
| Location | UK‑based; compensation paid in GBP and converted for reporting . |
| Executive Severance (UK) | Receives the greater of UK‑required severance or benefits substantially equivalent to Teradata Executive Severance Plan (1 year salary + target bonus continuation; pro‑rata target bonus; continued benefits; outplacement; pro‑rata equity vesting; retirement‑eligible service credit for time‑based RSUs) . |
| CIC Plan | Double‑trigger (termination without cause/for good reason within 24 months of CIC): 2x base salary + average annual incentive (3‑year), pro‑rata average annual incentive, 2 years benefits, outplacement/financial counseling; equity vests per “assumed/not assumed” rules . |
| Estimated payouts (12/31/2024 scenario) | Termination without cause (non‑CIC): Cash $1,068,034; RSUs $2,347,983; benefits/outplacement $21,741; total $3,437,758 . Qualifying termination post‑CIC: Cash $1,987,724; RSUs $4,409,283; benefits/outplacement $31,895; total $6,428,902 . If awards not assumed in CIC: RSUs cashed out $4,409,283 . |
| Clawbacks & harmful activity | Mandatory Dodd‑Frank/NYSE‑aligned clawback on restatements (3‑year lookback); forfeiture/return of shares and repayment for termination for cause . |
| Non‑compete/non‑solicit | Executive Severance Plan requires compliance with non‑competition, non‑solicitation, non‑disparagement, and confidentiality to extent permissible by law; 12‑month non‑solicit post‑termination . |
| Perquisites | No US travel allowance (UK‑based); UK car allowance £9,000 ($11,309) per year; spousal travel reimbursement taxable; no US 401(k); 5% cash in lieu of UK pension ($33,873) . |
Investment Implications
- Pay‑for‑performance structure is intact: 2024 annual plan paid 80% driven by margin outperformance despite ARR shortfalls, aligning incentives with profitable growth during a reset year; LTIPs remain majority performance‑based with ARR and FCF measures, though targets were reset and max reduced to 150% to preserve retention and motivation under a revised long‑range plan, an alignment step but a potential red flag for pay inflation if not paired with future outperformance .
- Near‑term selling pressure from scheduled RSU vesting exists (Feb/May tranches through 2027), but pledging/hedging bans and 3x ownership guidelines mitigate misalignment; Petley is in compliance with ownership policy .
- Change‑in‑control economics are shareholder‑standard (double trigger, 2x multiple, no excise tax gross‑ups) with clear equity treatment; UK severance parity and strong clawbacks reduce adverse incentives .
- Skin‑in‑the‑game remains modest in absolute share count (<1%), but significant unvested equity and retention features tie outcomes to ARR, public cloud ARR, and FCF, improving alignment with strategic levers Petley influences as CRO .