Aidan Viggiano
TWILIOAbout Aidan Viggiano
Twilio’s Chief Financial Officer since March 2023, age 46, with a B.S. in Economics from The Wharton School. Prior roles include SVP Finance (2021–2023), VP Corporate Finance (2019–2021), and various GE finance leadership posts (Chief of Staff to GE CFO 2012–2017; Investor Relations 2018–2019) . Company performance during her tenure includes 2024 revenue of $4.46B (+7% YoY; organic +9%), non-GAAP operating income of $714.4M, net cash from operations of $716.2M, and free cash flow of $657.5M; the company also achieved its first-ever quarter of GAAP operating profitability in Q4 2024 . Pay-versus-performance shows Twilio’s 2024 TSR value of $110 vs peer index $300, highlighting a mixed stock return backdrop amid material operational improvements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Twilio | Sr. Vice President, Finance | 2021–2023 | Led finance through cost rationalization and profitability push . |
| Twilio | VP, Corporate Finance | 2019–2021 | Scaled public-company finance functions and capital allocation . |
| General Electric (GE) | Chief of Staff to GE CFO | 2012–2017 | Supported enterprise-wide finance transformation and controls . |
| General Electric (GE) | Investor Relations | 2018–2019 | Managed external financial communications and investor engagement . |
External Roles
No public-company directorships or external board roles disclosed for Viggiano .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 793,462 | 850,000 |
| Target Bonus (% of Base) | — | 100% |
| Actual Cash Bonus ($) | 2,750,000 | 1,164,500 (137% of target) |
| All Other Compensation ($) | 9,900 | 13,460 (401(k) match; $5,066 tax gross-up on hotel gift card) |
| Total Compensation ($) | 15,500,055 | 10,388,324 |
Performance Compensation
Annual Cash Bonus Plan (2024)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Organic Revenue Growth (%) | 50% | 5.0 | 7.5 | 10.0 | 8.7 | 124% |
| Non-GAAP Income from Operations ($M) | 50% | 550 | 600 | 700 | 714.4 | 150% |
| Total | — | — | — | — | — | 137% (CFO payout $1,164,500) |
Long-Term Equity (2024 PSUs design; three-year performance period, vests 2027)
| Metric | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| Cumulative Free Cash Flow ($B) | 70% | 1.8 | 2.1 | 2.4 |
| Relative TSR vs S&P 500 (Percentile) | 30% | 30th | 55th | 80th (capped at 100% if absolute TSR negative) |
- 2024 PSUs granted to Viggiano: 58,972 target shares; RSUs: 75,143 shares; aggregate grant-date fair value $8,360,364 .
- 2022 PSUs (annual tranches) 2024 tranche paid 0% due to organic revenue growth below threshold (8.7% actual) .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership | 18,674 shares (<1%): 8,735 held; 6,118 options exercisable within 60 days; 3,821 RSUs settling within 60 days . |
| 2024 equity vested | 69,304 shares vested; $4,999,783 value realized . |
| Outstanding equity (12/31/24) | Unvested RSUs: 56,358 ($6.09M); Unearned PSUs: 76,664 ($8.29M); Options exercisable: 4,066 (2/20/2020) + 2,008 (4/20/2021); Unexercisable: 44 . |
| RSU vesting schedule | 2024 RSUs vest 1/16 on 3/31/2024, then quarterly for 15 quarters (6/30, 9/30, 12/31, 3/31 through 3/31/2028) . |
| Ownership guidelines | 3x base salary for Section 16 officers; 5-year phase-in; all executive officers are compliant or within phase-in as of 12/31/2024 . |
| Hedging/pledging | Prohibited under Insider Trading and Stock Ownership policies; short sales also prohibited . |
Employment Terms
| Item | Terms |
|---|---|
| CFO appointment | New offer letter dated Feb 10, 2023; “at-will” employment; initial RSU grant in March 2023 . |
| Severance (non-CIC) | Lump sum equal to 12 months base salary; 12 months health contribution; CEO receives 18 months salary and 12 months vesting acceleration (for time-based awards) . |
| Severance (with CIC; double-trigger) | Lump sum equal to 18 months base salary + 150% of annual target bonus; up to 18 months health contribution; full acceleration of unvested equity at target for performance awards . |
| Change-in-control PSU treatment | If sale event before 12/31/2026, “Eligible Shares” calculated using adjusted FCF and relative TSR methodology; vests at termination date if severance-eligible; remainder forfeited . |
| Clawback policy | Adopted Nov 2023; compliant with NYSE/SEC; recovers excess incentive comp upon accounting restatement . |
| Tax gross-ups | No excise tax gross-ups on change-in-control arrangements; limited, de minimis perquisite gross-up noted in 2024 ($5,066) . |
Compensation Structure Analysis
- High variable pay with equity emphasis: 2024 awards split 40% PSUs / 60% RSUs for CFO, aligning with multi-year FCF and relative TSR outcomes and retention priorities .
- Bonus plan normalized: 2024 introduced market-standard annual bonus at 100% of salary target with capped 150% maximum; payout aligned with profitable growth outcomes (137%) .
- Peer benchmarking refined: 2024/2025 peer groups updated to fit market cap and industry mix to reduce benchmark inflation; Compensia engaged as independent advisor .
- Governance safeguards: double-trigger equity acceleration, clawback, hedging/pledging prohibitions, no option repricing, robust ownership guidelines .
Investment Implications
- Alignment: Multi-year PSU metrics (cumulative FCF 70%/relative TSR 30%) directly tie CFO compensation to cash generation and market-relative performance; 2022 PSU zero payout in 2024 evidences rigor and reduces windfall risk .
- Retention and selling pressure: Quarterly RSU vesting through 2028 supports retention but creates predictable liquidity windows; hedging/pledging bans and ownership guidelines mitigate misalignment risk .
- Downside/transition protection: Double-trigger CIC terms (18 months salary + 150% bonus + full equity acceleration at target) provide competitive protection; absence of excise gross-ups is shareholder-friendly .
- Execution track: CFO tenure coincides with stronger cash generation and first GAAP operating profit quarter; bonus payout reflects profitable growth; however, PVP TSR lag vs peer index highlights ongoing market execution challenges despite operational gains .