Fastly Sales Chief Scott Lovett Plans To Retire In 2027, And The Company Starts A CRO Search
Lovett keeps his $450,000 salary until he retires, then becomes a Senior Advisor with fees through June 30, 2027.
Fastly, which runs an edge cloud platform for building, securing and delivering websites and apps, said Wednesday that Scott Lovett, its President of Go To Market, plans to retire in 2027 and that it is starting a search for a Chief Revenue Officer. Lovett told the company of his plan on October 30, and the exact retirement date is to be set during 2027.
Pay and equity terms through the exit
Until he retires, Lovett keeps his $450,000 base salary and a target annual commission of $450,000, and he stays eligible for benefits. He is not eligible for new equity awards, according to the 8-K. In that period he will keep running his duties and help identify, hire and onboard the new CRO.
After the retirement date, he becomes a non-employee Senior Advisor through June 30, 2027, or a later date agreed in writing. Consulting fees run at an annual rate equal to his base salary, he stays eligible for commissions, and he gets a monthly cash payment in lieu of benefits. His existing equity keeps vesting through the end of that period.
If a change in control hits before he retires, or within three months after a termination without cause or a resignation for good reason before that date, all of his unvested equity vests. Performance-based conditions would count as met at the greater of target and actual performance. Subject to a release of claims, he is also eligible for a lump sum equal to one month of base salary.
A sales rebuild since 2024
Lovett joined Fastly in 2024. The company's press release says he led an overhaul of the go-to-market organization, deepening executive selling in its largest enterprise accounts and strengthening adoption of multiple products together.
CEO Kip Compton said Lovett "elevated our go-to-market engine," and pointed to four straight quarters of revenue growth of 20% or more. Lovett said, "I've loved my time at Fastly."
Fastly sells a content delivery network, security tools such as a web application firewall and bot management, and a serverless computing service, to customers in ecommerce, streaming, gaming and other industries.
Shares drop on earnings day
The announcement came with third-quarter results. Shares fell more than 15% in after-hours trading Wednesday. Benzinga put the after-hours price at $17.30, down 17.5% from the close.
Lovett will keep leading the sales organization and work with Compton on the search until a CRO is appointed and the transition is done.
Sources
- 8-K Filing — Fastly, Inc. (FSLY) — SEC EDGAR
- Exhibit ex991-pressreleasedatednov.htm — Fastly, Inc. 8-K exhibit — SEC EDGAR
- Fastly Reports Double Beat, Raises Guidance, Shares Fall: What Investors Should Know — benzinga.com
- Fastly free falls after Q3 earnings; go-to-market head Lovett retiring | Seeking Alpha — seekingalpha.com
- Fastly Announces Leadership Transition in Go To Market as Scott Lovett Plans to Retire — businesswire.com
