Steven Niemiec
TechTargetAbout Steven Niemiec
Steven Niemiec, 44, is Chief Revenue Officer (CRO) of TechTarget, Inc. (Informa TechTarget) since December 2024, after serving as COO & CRO of Former TechTarget from January 2023 to December 2024; earlier roles include SVP, Global Sales (June 2013–January 2021) and VP & General Manager (January 2011–June 2013). He holds a B.S. from Providence College . Company performance context during his recent tenure: revenue rose to $492.18M in 2024 while company TSR fell to 76 (value of $100 investment), and net income was -$151.34M; the 2024 bonus plan metrics achieved were ~98% revenue, ~83% Adjusted EBITDA, and ~28% Longer-Term Contracts mix .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Former TechTarget | VP & General Manager | Jan 2011–Jun 2013 | Ran business unit operations and go-to-market |
| Former TechTarget | SVP, Global Sales | Jun 2013–Jan 2021 | Led global sales execution and growth |
| Former TechTarget | Chief Operating Officer & Chief Revenue Officer | Jan 2023–Dec 2024 | Oversaw sales, customer success, sales operations; integration with Informa Tech Digital Businesses |
| TechTarget, Inc. | Chief Revenue Officer | Dec 2024–present | Responsible for revenue strategy and execution post-merger |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 Plan |
|---|---|---|---|
| Base Salary ($) | $400,000 | $400,000 | — |
| Target Bonus ($) | $105,000 (Former TechTarget plan) | $105,000 (Former TechTarget plan) | $400,000 (STIP target) |
| Cash Retention Bonus ($) | — | — | $400,000; 50% payable Mar 2026, 50% Mar 2027 |
Notes:
- 2025 Short-Term Incentive Plan (STIP) emphasizes revenue/profit metrics (EPS, revenues, operating profit, CAGR, EBIT, Adjusted EBITDA), with stretch targets set in Q1 2025 and formalized in September .
Performance Compensation
| Metric | 2024 Target Design | 2024 Actual | 2024 Payout to Niemiec | Vesting/Settlement Notes |
|---|---|---|---|---|
| Revenue | Threshold 90% of target ($211.5M); linear accrual above 90% | ~98% | $31,500 cash | Excess over target could be paid in stock; not applicable for Niemiec in 2024 |
| Adjusted EBITDA | Threshold 90% of target ($65.9M); linear accrual above 90% | ~83% | Included in total payout above | — |
| Longer-Term Contracts (%) | Base 36%, target 38%; accrual per 0.1% increase | ~28% | Included in total payout above | — |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial Ownership (Shares) | 115,869 shares (as of May 30, 2025) |
| % of Shares Outstanding | ~0.16% (=115,869 / 71,489,000) using shares outstanding at record date |
| Unvested RSUs Outstanding | 141,561 (grant 8/13/2024) |
| Options (Exercisable/Unexercisable) | None; no options outstanding or exercises in 2024 |
| Hedging/Pledging | Company policy prohibits hedging and generally pledging, except limited circumstances; no pledges disclosed for Niemiec |
| Perquisites/Other Compensation | 2024 “All Other Compensation” includes value from RSU accelerations due to merger and financial counseling; Niemiec total “All Other Comp” $2,423,250 |
RSU Grant and Vesting Schedule (Time-based)
| Award | Grant Date | Vest Dates | Shares per Tranche | Notes |
|---|---|---|---|---|
| RSU | 8/13/2024 | 8/13/2025; 8/13/2026; 8/13/2027 | 47,187 each year | Total unvested 141,561 |
| Common stock award | 1/16/2024 | Fully vested on grant | 1,000 | Fair value $34,090 |
2024 RSU Deliveries (Supply Pressure Indicators)
| Vest Date | Shares Vested | Delivery Date | Notes |
|---|---|---|---|
| 1/02/2024 | 30,000 | 2/13/2024 | Delivery deferred per award terms |
| 7/29/2024 | 15,000 | 8/28/2024 | Deferred delivery |
| 7/30/2024 | 12,000 | 8/27/2024 | Deferred delivery |
| 1/16/2024 (Anniv Award) | 1,000 | 1/16/2024 | Delivered on vest date |
- Implication: Scheduled annual vesting of ~47.2K shares through 2027 may create periodic trading window supply; policy prohibits hedging and generally pledging, mitigating misalignment risk .
Employment Terms
| Provision | Key Terms |
|---|---|
| Employment Agreement | Renewable one-year term effective at Closing (Dec 2, 2024) |
| Base Salary | $400,000 (2024) |
| Severance (Qualifying Termination) | 9 months base salary; Company-paid portion of COBRA (may include tax gross-up) up to 9 months; bonus payments equal to greater of 50% of target or pro-rated target; accelerated vesting of all equity equal to 10% per year of service (min 50% if ≤5 years of service) |
| Change-of-Control (CoC) | Full acceleration of all unvested equity upon CoC |
| Restrictive Covenants | Non-compete and non-solicit: 6 months if notice before 1st anniversary of Closing; 9 months if on/after 1st anniversary |
| Clawback | Nasdaq Rule 5608-aligned policy adopted Dec 2024; committee found no recovery required related to restatements |
Compensation Structure Analysis
- Shift toward variable pay: Post-Closing program increases weighting to performance-linked bonuses and long-term equity (time/performance-based), aligning with long-term objectives .
- 2025 retention overlay: New cash retention bonus ($400k) and STIP target ($400k) for Niemiec, plus RSUs equal to 100% of base salary vesting over three years, strengthening retention and alignment; STIP uses revenue/profit metrics with stretch calibration .
- Governance context: TTGT is a “Controlled Company” under Nasdaq with a compensation committee including non-independent members, which may affect oversight rigor over executive pay design .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($) | $229,963,000 | $492,180,000 |
| Net Income ($) | $4,461,000 | $(151,336,000) |
| Company TSR (Value of $100) | 134 | 76 |
| Peer Group TSR (Value of $100) | 90 | 82 |
| Bonus Plan Metrics (Company-level) | — | ~98% Revenue; ~83% Adjusted EBITDA; ~28% Longer-Term Contracts |
- Major initiatives: Led revenue organization through merger integration with Informa Tech Digital Businesses and continued transition toward longer-term contracts, which remained below target in 2024 .
Equity Ownership & Alignment Details
| Component | 2024 | 2025 |
|---|---|---|
| Beneficial Shares Owned | — | 115,869 |
| Shares Outstanding (Reference) | — | 71,489,000 (Record Date) |
| Ownership % | — | ~0.16% (=115,869 / 71,489,000) |
| Unvested RSUs | 90,000 (grant) | 141,561 remaining (vest 2025–2027) |
| Pledging/Hedging | Prohibited, except limited pledging circumstances; no pledges disclosed | Prohibited; no pledges disclosed |
Employment Contracts, Severance, and Change-of-Control Economics
| Element | Terms for Niemiec |
|---|---|
| Severance Multiple | 9 months base salary |
| Bonus upon Termination | Greater of 50% of target or pro-rated target over 9 months |
| Benefits Continuation | Company-paid portion of COBRA up to 9 months (may include tax gross-up) |
| Equity Acceleration | 10% per year of service; minimum 50% if ≤5 years tenure |
| CoC Treatment | Full acceleration of all unvested equity |
| Non-Compete/Nonsolicit | 6 months if termination notice before Dec 2, 2025; 9 months if on/after that date |
Risk Indicators & Red Flags
- Restatements: Multiple restatements for Informa Tech Digital Businesses (2024–2025); no clawback recovery required as metrics didn’t impact incentive determinations in the lookback period .
- Hedging/Pledging: Policy prohibits hedging and generally pledging, reducing misalignment risk; enforcement via Insider Trading Policy .
- Controlled Company: Majority control by Informa affects governance (e.g., non-independent compensation committee), potentially elevating pay oversight risk .
Compensation Peer Group (Historical, Former TechTarget)
- Peers referenced in 2024: Dun & Bradstreet, Gartner, HubSpot, Ziff Davis, TripAdvisor, ZoomInfo, ON24, Comscore; used periodically for benchmarking .
Investment Implications
- Alignment: Significant unvested RSUs with scheduled tranches through 2027 and CoC full acceleration strongly link Niemiec’s wealth to equity performance but create potential selling pressure around vest dates (47,187 shares annually) .
- Retention: 2025 retention bonus ($400k, staggered to 2026/2027) plus STIP target ($400k) and 100% salary-equivalent RSU grant indicate proactive retention strategy; non-compete/nonsolicit protections add post-employment safeguards .
- Performance linkage: 2024 bonus payout ($31,500) reflects underperformance vs EBITDA and Longer-Term Contracts targets despite strong revenue, reinforcing pay-for-performance mechanics; STIP metrics tilted to revenue/profit for 2025 should heighten operating execution focus .
- Governance: Controlled Company status with non-independent compensation committee may limit external discipline on pay outcomes; investors should monitor future equity grant sizing, acceleration provisions, and retention cash overlays for pay inflation risk .