David Seybold
TTEC HoldingsAbout David Seybold
David J. Seybold, 59, is Chief Executive Officer of TTEC Digital, joining TTEC in December 2022 after senior roles at Atos SE (CEO, Americas), Avanade (President, North America and COO, 2015–2021), and 26 years in senior executive roles at IBM. He holds a B.S. in Quantitative Business Analysis and Economics from Penn State and an M.S. in Operations Management plus an MBA from the University of Maryland’s Robert H. Smith School of Business . TTEC’s 2024 incentive funding metrics were tied to pre-bonus adjusted EBITDA ($292m target vs $209.4m actual; $205.5m FX-adjusted) and revenue ($2,395m target vs $2,207.3m actual; $2,213.6m FX-adjusted), with NEO cash incentive weightings of 45% EBITDA, 45% revenue, and 10% MBOs . In 2025, the Compensation Committee awarded Mr. Seybold $100,000 in cash incentives for partial achievement of 2024 milestones (16% of base salary) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atos SE | CEO, Americas | Prior to Dec 2022 | Led technology transformation at scale; growth through digital transformation |
| Avanade (Microsoft–Accenture JV) | President, North America; Chief Operating Officer | 2015–2021 | Drove scaled digital transformation and operations in North America |
| IBM | Senior executive roles | 26 years | Global technology leadership; digital transformation experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in the 2025 proxy for Mr. Seybold | — | — | — |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $36,058 | $625,000 | $625,000 |
| All Other Compensation ($) | — | $8,497 | $11,124 |
| Base Salary ($) | 2023 | 2024 | 2025 (as of filing) |
|---|---|---|---|
| Mr. Seybold | $625,000 | $625,000 | $625,000 |
| Cash Incentive (Performance Year → Payment Year) | Target Bonus % | Actual Payout ($) | Actual as % of Base | Basis |
|---|---|---|---|---|
| 2023 → 2024 | Up to 100% | $156,250 | 25% | Minimum funding; achievement of performance milestones |
| 2024 → 2025 | Up to 100% | $100,000 | 16% | Partial achievement of performance milestones |
Performance Compensation
| Cash Incentive Metric (2024) | Weighting (NEOs) | Target | Actual | FX-Adjusted Actual | Funding Component |
|---|---|---|---|---|---|
| Pre-Bonus Adjusted EBITDA | 45% | $292m | $209.4m | $205.5m | $2.2m pool |
| Revenue | 45% | $2,395m | $2,207.3m | $2,213.6m | $2.2m pool |
| Management Business Objectives (MBOs) | 10% | Not disclosed (competitive sensitivity) | Not disclosed | — | $2.7m pool |
| 2024 Equity Awards (Grant Structure) | Target Value | Payout Range | Measurement Period | Basis |
|---|---|---|---|---|
| Time-based RSU (annual opportunity) | Up to $312,500 | Time-based vesting | 3–4 years | Company and individual performance determine award size |
| PRSU – TTEC Digital performance | $412,500 target | 0–200% | 3 years | Segment performance (Digital) |
| PRSU – Company performance | $275,000 target | 0–200% | 3 years | Company performance |
| 2024 Grants – Detail | Grant Date | Type | Shares/Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Annual RSU | 05/30/2024 | Time-based RSU | 41,890 | $312,499 | 33% annually over 3 years |
| Annual PRSU | 10/04/2024 | Performance RSU | Target 118,127; Max 177,191 | $687,499 | 3-year performance period; 0–200% payout |
| Retention RSU | 10/04/2024 | Time-based RSU | 42,955 | $249,998 | 50% in 2025; 50% in 2026 |
| One-time Welcome RSU | 12/07/2022 | Time-based RSU | — (unvested 39,327 at 12/31/24) | $3,000,000 at grant | Five installments on each anniversary |
| Long-Term Programs | Outcome |
|---|---|
| 2022 Value Creation Program (VCP) | No vesting expected; minimum thresholds not reached for 2022–2025 revenue and adjusted EBITDA; no payout in 2026 |
Equity Ownership & Alignment
| Ownership Metric (as of 3/31/2025) | Amount | Notes |
|---|---|---|
| Common Stock Owned | 16,648 | Direct/indirect per SEC beneficial ownership rules |
| Options/RSUs vesting within 60 days | 13,964 | Included for individual’s beneficial ownership calc |
| Total Beneficial Ownership | 30,611 | <1% of class |
| Shares Outstanding | 47,804,123 | Used for percent of class calc |
| Hedging/Pledging Policy | Hedging and pledging prohibited for directors/officers/employees; CEO may pledge with Board approval (not a material portion) | |
| Stock Ownership Guidelines | Company maintains executive stock holding requirements (details not disclosed) |
| Outstanding Equity Awards (12/31/2024) | Grant Date | Unvested Time-Based Units (#/$) | Unearned PRSU Units (#/$ at Threshold) |
|---|---|---|---|
| Welcome RSU | 12/07/2022 | 39,327 units; $196,242 | 50,000 units; $124,750 |
| LTIP PRSU (cycle) | 03/16/2023 | — | 8,583 units; $21,415 |
| Annual RSU | 05/30/2024 | 41,890 units; $209,031 | — |
| Retention RSU | 10/04/2024 | 42,955 units; $214,345 | — |
| Annual PRSU | 10/04/2024 | — | 118,127 units; $294,727 |
Note: Market values use $4.99 closing price on 12/31/2024 per proxy methodology .
| Deferred Compensation (2024) | Executive Contributions ($) | Aggregate Earnings/Losses ($) | Aggregate Balance ($) |
|---|---|---|---|
| David J. Seybold | $260,806 | $49,428 | $483,749 |
| Perquisites & Other (2024) | Amount ($) |
|---|---|
| Group Term/Executive Life Premiums | $774 |
| 401(k) Matching | $10,350 |
| Total All Other Compensation | $11,124 |
Employment Terms
| Term | Detail |
|---|---|
| Role and Start | CEO, TTEC Digital; joined December 2022 |
| Base Salary | $625,000 |
| Annual Cash Incentive Opportunity | Up to 100% of base salary |
| Equity Program Opportunity | $1.0 million annual opportunity (approx. $312.5k time-based; $687.5k performance-based split between Digital and Company metrics) |
| Severance (without cause / good reason) | 18 months base salary + 18 months benefits continuation |
| Change-in-Control (double trigger: 3 months pre- to 15 months post-CIC) | 2x base salary + 24 months benefits; acceleration of all equity awards (time- and performance-based) at target |
| Potential Payments (as of 12/31/2024) | Termination w/o cause/good reason: Cash $1,123,375; Benefits $36,358; AD&D $32; Life Insurance $511; Total $1,160,276 |
| Potential Payments (CIC termination, as of 12/31/2024) | Cash $1,435,875; Equity Acceleration $1,439,026; Benefits $48,477; AD&D $43; Life Insurance $682; Total $2,924,103 |
| Clawback Policy | Complies with NASDAQ Rule 10D-1; requires recoupment upon restatements; other remedies possible |
| Insider Trading Policy | Adopted; prohibits hedging/pledging; full text filed as Exhibit 19.1 to 2024 Form 10-K |
Compensation Structure Analysis
- Cash vs equity mix: 2024 Total Direct Compensation for Mr. Seybold was $2,031,247, near market 50th percentile; mix included base, annual RSU, PRSU at target, and discretionary cash incentive, indicating balanced at-risk equity components .
- Shift/retention: 2024 one-time RSU retention grants were issued to key executives (Seybold $249,998; 42,955 shares) vesting in 2025–2026 to mitigate retention risk through 2026 .
- Performance metrics: NEO cash incentives emphasized EBITDA and revenue (45% each) with FX adjustments; only minimum financial funding and partial MBO funding were approved given under-target results .
- Long-term performance alignment: 2022 VCP expected to pay zero due to unmet minimum thresholds in both revenue and adjusted EBITDA for 2022–2025, eliminating windfall potential and reinforcing pay-for-performance .
- Peer benchmarking: Committee uses a peer group and survey data but avoids formulaic benchmarking; set salaries and equity opportunities based on role scope and market context .
Related-Party Transactions & Governance Signals
- Hedging/pledging restrictions: Company prohibits hedging and pledging; CEO may pledge with Board approval if not material; no pledging disclosures for Seybold .
- Related-party transactions: 2024 transactions included aviation services with entities beneficially owned by CEO and a KPMG advisory relationship with a family connection to CFO; no Seybold-specific related-party transactions disclosed .
- Say-on-pay: 99% approval at 2023 Annual Meeting; frequency advisory favored triennial (71%) .
Investment Implications
- Alignment: Seybold’s annual equity opportunity is majority performance-based (approx. $687.5k target split between TTEC Digital and Company metrics) with 0–200% payout over 3 years, plus time-based RSUs and strict clawback—solid pay-for-performance construct .
- Retention risk: The 2024 retention RSU grant (42,955 shares; vests 2025–2026) and the welcome RSU with five-year installments indicate meaningful unvested equity, reducing near-term selling pressure but tying retention to continued performance and tenure .
- Performance headwinds: 2024 missed EBITDA and revenue targets (even after FX adjustment), resulting in only minimum financial funding; VCP expected to pay zero, limiting outsized equity payouts and signaling potential near-term execution risk for Digital and Company growth metrics .
- Change-in-control economics: Double-trigger CIC provides 2x salary, 24 months benefits, and target-level equity acceleration—material, but standard; equity acceleration at target can be a consideration in event-driven scenarios .
- Ownership: Beneficial ownership of 30,611 shares (<1%), with additional unvested RSUs and PRSUs outstanding; no hedging/pledging by Seybold disclosed; ownership guidelines in place but specifics not provided .