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B’BAUD CEO PAY ROSE 8.8 PERCENT Featured

Compensation for Blackbaud CEO Mike Gianoni was $9.6 million for 2023, an increase of 8.8 percent from $8.82 million for the prior year. 

CFO Anthony Boor was paid $4.1 million last year, a 14.8 percent increase from $3.56 million in 2022. The increases came after decreases from 2021 as actions taken during the COVID pandemic changed the compensation pattern. Unlike many publicly held companies, The the software vendor, which markets fundraising and EPR software for nonprofits, has historically not offered option awards or non-equity executive compensation. Exec pay is overwhelmingly from stock awards and most of the rest from salary. Blackbaud urged shareholders to vote “For” in an advisory vote on executive compensation. It will be interesting whether the fallout from the 2020 Ransomware attack has an impact at the votes at the upcoming annual shareholders’ meeting. Blackbaud has paid 49 states $49.5 million to settle actions taken after Blackbaud was found to has falsely denied key customer data was stolen. It paid $3 million to the SEC and facing a proposed action from the FTA which refered to Blackbaud’s “shoddy security and data retention”. That was followed in February by Gianoni’s DUI arrest in which he refused a breathalyzer test. He is contesting the charge. It is difficult to find a pattern in the changes in pay for the other named executives. Chief customer officer David Benjamin, who joined on July 22, 2022, was paid $3.9 million in 2023 compared to $4.1 million for the remainder of 2022. Compensation for COO Kevin Gregoire dropped 16.6 percent to $3.5 million from $4.2 million. That for chief technology officer Kevin McDearis rose 9.1 percent to slightly less than $3 million from $2.7 million.

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