Dave Sherry
About Dave Sherry
Dave Sherry, 41, is Chief Financial Officer of ServiceTitan (TTAN) since June 2023, with prior CFO roles at QuintoAndar and Lightspeed Commerce and a Growth Operating Partner role at Accel; he holds a B.B.A. from University of Michigan and an M.B.A. from Stanford GSB . Company performance during his tenure reflects revenue growth and continued investment phase with negative EBITDA; annual revenue rose year over year while EBITDA margin remained negative (see table below; values from S&P Global)*. Compensation emphasizes a cash bonus tied to corporate financial metrics (achieved at 120% for FY 2025) and significant time- and liquidity-conditioned RSUs, aligning retention with post-IPO lock-up dynamics .
Company Performance
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenue ($USD) | $614,341,000* | $771,878,000* |
| EBITDA ($USD) | -$106,585,000* | -$161,252,000* |
| EBITDA Margin (%) | -17.35%* | -20.89%* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| QuintoAndar, Ltd. | Chief Financial Officer | May 2019–June 2023 | Led finance for a real estate marketplace headquartered in Brazil . |
| Accel | Growth Operating Partner | Jun 2018–May 2019 | Operating support for portfolio growth at a venture firm . |
| Lightspeed Commerce Inc. | Chief Financial Officer | Jan 2014–Feb 2018 | Oversaw finance; preceded by finance/operations leadership from 2012–2014 . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external directorships disclosed in DEF 14A . |
Fixed Compensation
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $275,001 | $436,668 |
| Target Bonus (%) | Not disclosed | 65% of base salary |
| Actual Bonus Paid ($) | $104,179 | $338,001 |
| All Other Compensation ($) | $65,996 | $32,050 |
- Perquisites detail (FY 2025): Technology allowance $1,200, 401(k) match $10,850, tax preparation reimbursement $20,000; total $32,050, with the tax prep reimbursement tied to his 2023 taxes (provided Nov 2024) .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (FY 2025) | Corporate financial metrics (specific metrics not disclosed) | Not disclosed | 100% | 120% of target achieved | $338,001 | Cash, paid March 2025 |
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Class | Shares | % of Class | Pledged? |
|---|---|---|---|---|
| Dave Sherry | Class A Common | 39,331 | <1% | No pledge disclosed |
- Insider trading/hedging/pledging policy: Company prohibits hedging and pledging of its securities for directors, officers, and employees .
Outstanding Equity Awards (as of Jan 31, 2025)
| Grant Date | Award Type | Shares Unvested (#) | Market Value ($) | Vesting / Conditions |
|---|---|---|---|---|
| 6/15/2023 | RSUs | 110,854 | $11,392,466 | 25% on first anniversary; 1/16 quarterly thereafter, subject to continued service . |
| 12/15/2025 | RSUs | 59,122 | $6,075,968 | Four substantially equal quarterly installments; first vests Mar 15, 2026 . |
| 6/15/2024 | RSUs (Liquidity-conditioned) | 127,187 (unearned) | $13,071,008 | Service-based: 1/16 quarterly from Jun 15, 2024; Liquidity event condition: satisfied two weeks after lock-up expiration post-IPO or upon company sale (with specified termination protections) . |
- RSUs have a seven-year term and require both service-based and liquidity event conditions; liquidity triggers explicitly tie settlement to post-IPO lock-up expiry or change in control .
Employment Terms
| Item | Terms |
|---|---|
| Role start date | CFO since June 2023 |
| Offer letter (amended & restated) | Annualized base salary $433,334; target annual bonus 65% of base salary; eligible for equity awards under 2024 Plan; participates in Change in Control Policy; tax prep reimbursement up to $20,000 for 2023 taxes . |
| Clawback policy | Financial restatement clawback adopted Dec 2024, applies to incentive comp received after Dec 11, 2024 within 3 preceding fiscal years if restatement required . |
| Insider policy | Anti-hedging and anti-pledging policy in place . |
| Non-compete / non-solicit | Not disclosed. |
| Ownership guidelines | Not disclosed. |
Severance and Change-of-Control Economics (CFO Participation)
| Scenario | Cash Severance | Bonus | Health Continuation | Equity |
|---|---|---|---|---|
| Termination without Cause / Good Reason / death/disability (outside CIC window) | 6 months base salary | Prorated target bonus (year of termination) lump sum | Up to 12 months company-funded | No acceleration by CIC Policy (award agreements govern) . |
| CIC window (3 months prior to CIC through 1-year post CIC) with qualifying termination | Lump sum equal to 12 months base salary | 100% of target bonus lump sum | Up to 12 months company-funded | Full acceleration of all equity awards (greater of target or actual for performance awards unless award terms provide otherwise); Co-Founder PSUs excluded by their terms . |
Investment Implications
- Pay-for-performance calibration: Cash bonus is explicitly tied to corporate financial metrics and paid at 120% of target for FY 2025, indicating alignment with company goals; equity is largely service- and liquidity-conditioned RSUs rather than PSUs, making equity value more time-and-market-event dependent than purely performance-metric based .
- Retention dynamics: Significant unvested RSUs across 2013/2024/2025 grants with multi-year schedules and lock-up linked liquidity conditions support retention; monitor RSU settlements after lock-up expiry and subsequent Form 4s for potential supply signals .
- Alignment and risk controls: Beneficial ownership is modest (<1% Class A), with no pledging disclosed and company-wide anti-hedging/anti-pledging and restatement clawback policies reducing governance risk; absence of disclosed ownership guidelines for executives is a gap to watch .
- Change-in-control economics: Double-trigger acceleration within the CIC window (12 months salary, 100% target bonus, full equity acceleration) creates retention protection but can increase transaction-related payouts; equity award terms govern specifics, with Co-Founder PSUs explicitly excluded from Policy acceleration .