Alex Kayyal
Trade DeskAbout Alex Kayyal
Alex Kayyal, age 41, joined The Trade Desk’s board in February 2025 and was appointed Chief Financial Officer effective August 21, 2025, remaining on the board while serving as CFO . He previously was a General Partner at Lightspeed Venture Partners and led Salesforce Ventures as SVP/Managing Partner; he holds an MBA from Harvard Business School and a BA from Boston University . Company performance heading into his tenure: 2024 revenue was $2.44B (+26% YoY), net income $393M (+120%), and Adjusted EBITDA $1.01B (+31%); cumulative TSR value of $452.39 on a $100 initial investment in 2024 underscores strong shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lightspeed Venture Partners | General Partner | 2023–2025 | Led application software practice; investor and advisor to leading tech companies |
| Salesforce, Inc. / Salesforce Ventures LLC | SVP & Managing Partner (Ventures); various exec roles | 2015–2023 | Scaled corporate venture portfolio; global operator/investor |
| Hermes Growth Partners | Helped establish firm | 2013–2015 | Growth equity investments incl. early investment in The Trade Desk |
| Merrill Lynch | Office of CFO; Investment Banking | Not disclosed | Early finance and capital markets experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Trade Desk, Inc. | Director | Feb 2025–present | Will remain on board while serving as CFO |
| Public company boards (other than TTD) | — | — | None disclosed |
Fixed Compensation
| Component | Amount | Effective Date | Source |
|---|---|---|---|
| Base Salary | $600,000 | Aug 21, 2025 | 8‑K Item 5.02 |
| Target Annual Bonus | $600,000 | Initial target | 8‑K Item 5.02 |
| Signing Bonus | $600,000 | At employment start | 8‑K Item 5.02 |
| Relocation Benefit | $400,000 | At employment start | 8‑K Item 5.02 |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (Framework) | Revenue (company uses revenue metric for NEOs) | Not disclosed for 2025 | Not disclosed | Not disclosed | Paid quarterly; historically within 60 days of quarter end |
| Equity – Aggregate Grant Value | $15.0M | — | — | Granted | Time‑based RSAs and Stock Options |
| Equity – RSUs (grant details) | — | — | — | 102,655 RSUs granted 8/21/2025 | 25% vests 8/15/2026; remainder quarterly over 12 quarters |
| Equity – Options (grant details) | — | — | — | 206,270 options @ $52.30, exp. 8/21/2035 | Vests per stated schedule (typical monthly vesting) |
Equity Ownership & Alignment
| Metric | As of Feb 28, 2025 | As of Aug 22, 2025 | Notes |
|---|---|---|---|
| Total Beneficial Ownership (common) | Not reported (“—”) | Grants recorded; post‑grant holdings reported on Form 4 | Initial statement filed 2/19/2025 |
| RSUs outstanding | — | 102,655 (new CFO grant) | Vesting begins 8/15/2026 |
| Options outstanding | — | 206,270 @ $52.30 (new CFO grant) | Expiration 8/21/2035 |
| Director equity (pre‑CFO) | Director option/RSU awards in Feb/May 2025 | Granted per director program | Examples: 2/14/2025 and 5/27/2025 option/RSU grants on Form 4 |
| Pledging/Hedging | Prohibited by company policy | Prohibited | Insider trading policy forbids hedging/pledging |
| Ownership Guidelines | Executives: 1x salary; Directors: 3x annual cash retainer | Time to comply for new executives | Company reports compliance or time remaining |
Note: A small sale was reported on 8/20/2025 on a Form 4; details are in the SEC filing record ; aggregator summaries also list the transaction .
Employment Terms
| Provision | Terms | Source |
|---|---|---|
| Employment Agreement | To be filed with Q3 2025 Form 10‑Q | 8‑K Item 5.02 |
| Severance/Change‑of‑Control | Not disclosed in 8‑K (agreement forthcoming) | 8‑K Item 5.02 |
| Clawback | Company adopted SEC/Nasdaq‑compliant compensation recovery policy | Clawback policy effective Oct 2, 2023 |
| Non‑compete/Non‑solicit | Not disclosed (agreement forthcoming) | 8‑K Item 5.02 |
Board Governance
- Committee service: Audit (Buyer, Rajaram; transitioning chair to Falberg), Compensation (Falberg chair; Rajaram; Wells), Nominating/Governance (Buyer chair; Cunningham). Kayyal is not listed on committees in the 2025 proxy .
- Independence: As of April 9, 2025, all directors except CEO Jeff Green and CSO Samantha Jacobson were independent; dual‑role implications—Kayyal will remain on the board while serving as CFO, making him a non‑independent director post‑appointment .
- Lead Independent Director: Lise Buyer; executive sessions and leadership structure documented .
Director Compensation
| Component | Amount | Timing | Notes |
|---|---|---|---|
| Annual cash retainer | $50,000 | 2024 baseline; program maintained | Lead Independent Director retainer $50,000 (increased to $70,000 for 2025) |
| Committee member fees | $12,500 (Audit), $10,000 (Comp), $6,000 (N&G) | Annual | Chairs receive additional retainers ($50,000; audit chair increased to $70,000 for 2025) |
| Initial director equity award | $290,000 | At election (2025 level) | RSAs/RSUs/options; vesting quarterly over 3 years |
| Annual director equity award | $290,000 | Each annual meeting (2025 level) | RSAs/RSUs/options; quarterly vest; accelerates on CoC |
| Prorated cash/equity pre‑CFO | ~$14,000 cash; ~$76,800 equity | Pre‑2025 annual meeting | As reported in 8‑K; plus $75,000 for special committee service |
Compensation Structure Analysis
- Cash vs equity mix: CFO package emphasizes equity ($15M aggregate) alongside moderate base/bonus, signaling long‑term alignment and retention .
- Shift to RSUs/options: Time‑based RSUs and options with multi‑year vesting reduce near‑term selling pressure and encourage multi‑year retention .
- Performance metrics: Company historically uses revenue as sole metric for NEO annual cash incentives; specific 2025 CFO metric/curve not yet disclosed .
- Clawback and no pledging: Robust clawback policy and prohibition on hedging/pledging strengthen pay‑for‑performance alignment .
Related Party Transactions and Red Flags
- Related party: None disclosed for Kayyal in appointment 8‑K .
- Governance safeguards: Independent committees; lead independent director; no option repricing without shareholder approval .
- Dual role: CFO+Director reduces independence; mitigated by lead independent structure and committee independence .
Say‑on‑Pay & Shareholder Feedback
- Prior say‑on‑pay support noted (majority approval at 2022 meeting); board continues engagement; next vote at 2025 annual meeting .
Expertise & Qualifications
- Education: MBA, Harvard; BA, Boston University .
- Technical/industry expertise: Enterprise software investing and operating across Salesforce and Lightspeed; early investment in TTD via Hermes Growth Partners .
- CFO role scope: Lead long‑term financial and investment strategy; drive scale and growth .
Work History & Career Trajectory
| Employer | Role | Tenure | Notes |
|---|---|---|---|
| The Trade Desk | CFO; Director | 2025–present | Dual role; remains on board |
| Lightspeed Venture Partners | General Partner | 2023–2025 | Led application software practice |
| Salesforce Ventures / Salesforce | SVP & Managing Partner; various exec roles | 2015–2023 | Global investing/operator experience |
| Hermes Growth Partners | Investor | 2013–2015 | Helped establish firm; invested in TTD |
| Merrill Lynch | Finance/IB roles | Not disclosed | Early career finance |
Performance & Track Record
- Company metrics near appointment: Revenue $2.44B (2024), Adjusted EBITDA $1.01B, Net Income $393M, gross spend >$12B (+25%), client retention >95% for 11 years .
- Pay vs performance: Cumulative TSR value $452.39 vs peer group $243.00 (2024) .
Vesting Schedules and Insider Selling Pressure
- RSU vesting: 25% at ~1 year (8/15/2026), then quarterly through 12 additional quarters; aligns with multi‑year retention .
- Options vesting: Typical monthly vesting (1/48th) with 10‑year term; no repricing permitted without shareholder approval .
- Insider transactions: Multiple director‑level equity grants filed in Feb and May 2025; CFO grant and discrete transactions filed Aug 2025 .
Compensation Peer Group & Committee Practices
- Comp committee: Independent; chaired by Kathryn Falberg; retains Compensia as independent advisor; peer group includes high‑growth tech firms (e.g., Cloudflare, Datadog, Shopify, Snowflake, Zscaler) .
Investment Implications
- Alignment: Large, time‑based RSU/option package ($15M) with multi‑year vesting and clawback policy provides strong retention and long‑term alignment; hedging/pledging prohibitions reduce misalignment risk .
- Dual‑role governance: CFO+Director reduces independence; oversight mitigated by lead independent director and independent committees—monitor committee composition post‑appointment for continued rigor .
- Trading signals: Initial Form 4 activity reflects grant/forfeiture transitions and minimal selling; watch 10b5‑1 plan adoption and blackout windows for future activity .
- Performance linkage: Company historically ties cash incentives to revenue; as CFO, Kayyal’s bonus likely tracks revenue execution and scalability; look for 10‑Q employment agreement filing to quantify severance/change‑of‑control economics .