Anita Chang
About Anita Chang
Anita Chang, age 51, is Chief Operating Officer (COO) of Tigo Energy (TYGO) since October 7, 2024, with prior roles as SVP Global Manufacturing Operations (May 2023–Oct 2023), COO (July 2020–May 2023), and VP Operations & General Manager, China (2015–2020); she previously held leadership positions at TE Connectivity, Quanta Storage, and Taiwan Video & Monitor (TPK) . During her tenure as COO, TYGO’s net revenue grew sharply year-over-year in Q3 2025 to $30.6m from $14.2m (+115%), with gross profit of $13.1m vs $1.8m and a swing to positive operating income of $0.65m, while nine-month 2025 revenue reached $73.5m vs $36.7m (+100%) and net loss narrowed compared to Q3 2024; these operational improvements are relevant to performance-linked incentives and pay-for-performance calibration .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tigo Energy | Chief Operating Officer | Oct 2024–present | Leads global product delivery and fulfillment |
| Tigo Energy | SVP, Global Manufacturing Operations | May 2023–Oct 2023 | Oversaw manufacturing and operations |
| Tigo Energy | Chief Operating Officer | Jul 2020–May 2023 | Led worldwide delivery/fulfillment |
| Tigo Energy | VP Operations & GM, China | 2015–2020 | Ran China ops and supply chain |
| TE Connectivity | Leadership positions | N/A | Roles in Sales/Engineering/QA/Product/Supplier Mgmt |
| Quanta Storage Inc. | Leadership positions | N/A | Roles in Sales/Engineering/QA/Product/Supplier Mgmt |
| Taiwan Video & Monitor (TPK) | Leadership positions | N/A | Roles in Sales/Engineering/QA/Product/Supplier Mgmt |
External Roles
No external public-company directorships or committee roles for Ms. Chang are disclosed in TYGO’s filings reviewed .
Fixed Compensation
| Component | FY | Detail |
|---|---|---|
| Base Salary | 2024 | Initial base salary $260,000 per Offer Letter (effective upon appointment Oct 7, 2024) |
| Target Annual Bonus % | 2025 | Eligible under Executive Short Term Incentive Plan (STI); individual target % for COO not disclosed |
| Actual Annual Bonus Paid | 2024 | Not disclosed for COO; Company reported no annual incentive bonuses awarded to NEOs for FY2024 |
Performance Compensation
2025 Short-Term Incentive Plan (Cash)
| Metric | Weighting | Targets | Threshold/Max Mechanics | Payout Determination | Notes |
|---|---|---|---|---|---|
| Revenue | 37.5% | Company-set FY targets | 75% threshold for eligibility; up to 150% of target payout | Based on achievement vs target; subject to Committee approval post-year | Aggregate STI pool capped by positive Adjusted EBITDA unless Board overrides |
| Adjusted EBITDA | 37.5% | Company-set FY targets | 75% threshold for eligibility; up to 150% of target payout | As above | Adjusted EBITDA definition provided (operating income adjusted for D&A, stock comp, M&A costs) |
| Individual Objectives | 25.0% | CEO-set for executives | Scored 0–100%; factored with financial target achievement | Committee/CEO discretion within plan | Applies to key executives, including named officers |
Equity Awards (Grants tied to appointment and subsequent filing)
| Award Type | Grant Date | Shares/Units | Terms / Vesting | Source |
|---|---|---|---|---|
| RSUs | Nov 11, 2024 | 250,000 | Vesting schedule not disclosed in filing; equity subject to Insider Trading/ownership policies | |
| Stock Options | Expected in connection with Oct 7, 2024 appointment | 250,000 | Vesting per grant agreements; exercise price/expiration not disclosed for COO in 8-K | |
| RSUs | Expected in connection with Oct 7, 2024 appointment | 144,000 | Vesting per grant agreements (subject to continued service) | |
| PSUs | Expected in connection with Oct 7, 2024 appointment | 71,000 | Vest based on achievement of performance goals over applicable performance period |
Note: Company-wide PSUs granted in 2024 to NEOs vest one-third annually over CY 2025–2027 based on performance; specific PSU metrics for Ms. Chang’s grant were described generically (performance goals) in her Offer Letter without metric detail .
Equity Ownership & Alignment
- Stock ownership guidelines: 2x base salary for executive officers other than CEO/CFO; five-year compliance window; 100% net shares retained from equity awards until guideline met .
- Hedging/pledging: Company policy prohibits hedging or monetization arrangements, holding stock in margin accounts, or pledging Company securities as loan collateral for all directors/officers/employees .
- Beneficial ownership: Ms. Chang’s total beneficial share ownership and vested vs unvested breakdown are not itemized in the 2025 proxy table (which covers directors and 2024 NEOs); however, a Form 4 was filed on Dec 16, 2024 reporting acquisition of 250,000 RSUs on Nov 11, 2024 .
Employment Terms
- Appointment: Anita Chang appointed COO effective October 7, 2024 .
- Offer Letter economics: Base salary $260,000; expected grants of options (250,000 shares), RSUs (144,000), and PSUs (71,000), subject to Board approval and the 2023 Equity Incentive Plan; vesting governed by grant agreements .
- Severance/Change-of-Control: No COO-specific severance or change-of-control provisions disclosed; recent A&R employment agreements with detailed severance multiples apply to CEO/CFO only .
- Clawback: Nasdaq-compliant clawback policy applies to current/former executive officers; recovery of cash/equity incentives (including vested/unvested equity) when compensation was based on erroneous financial data tied to a restatement, covering awards received on/after Oct 2, 2023 within the preceding three fiscal years .
- Insider reporting: Company noted a delinquent Form 4 for Ms. “Anita Change” filed Dec 16, 2024 reporting 250,000 RSUs acquired Nov 11, 2024 (administrative timing issue) .
Investment Implications
- Pay-for-performance alignment: 2025 STI plan re-centers cash bonuses on revenue and Adjusted EBITDA with threshold/maximum mechanics and an aggregate cap, reinforcing operating discipline amidst a return to positive operating income in Q3 2025 and strong YoY revenue growth; Ms. Chang’s operational role is directly levered to these drivers .
- Equity-heavy incentives and retention: Significant RSU/option/PSU mix supports long-term alignment; ownership guidelines and anti-hedging/anti-pledging policies reduce misalignment and near-term selling pressure, though RSU vesting still represents potential supply to monitor around vest dates .
- Governance and risk controls: A robust clawback policy covering equity (including vested awards) enhances downside accountability; absence of disclosed COO severance terms limits guaranteed payouts relative to CEO/CFO peers, potentially lowering change-of-control cost for shareholders .
- Trading signals: Track Form 4 filings for vesting releases and any option exercises tied to Ms. Chang’s awards (Nov 2024 RSU award and expected option/RSU/PSU grants) and monitor STI achievement disclosures post-year, as both influence short-term liquidity and signal operating execution under her purview .