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Penguin Solutions Executive Compensation (FY25)

PENG · Fremont, CA · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): February 11, 2026
358 figures on this page: 353 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
Total compensation for Mark Adams, President and Chief Executive Officer, came to $11,711,497 in fiscal 2025, and compared with the $5,998,416 reported for fiscal 2024, Adams' total was 95.2% higher. The company reported a chief executive pay ratio of 262:1 for fiscal 2025, against median employee compensation of $44,715. Shareholders supported the say-on-pay proposal with 97.1% of votes cast for or against in favor at the meeting held February 6, 2026 for fiscal 2025. The disclosed peer group includes Advanced Energy Industries, Inc., Alpha and Omega Semiconductor Limited, BlackBerry Limited, Cohu, Inc. and Corsair Gaming, Inc., among others.
Chief executive, fiscal 2025
◇
Mark Adams
Median of the other named officers
$2,418,149
5 officers, excluding the chief executive
Latest say-on-pay support
=
February 6, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Mark Adams: $5,998,416 → $11,711,497 (95.2% higher)
CEO pay ratio: 163:1 → 262:1 (60.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Penguin Solutions' chief executive and what were they paid?
Total compensation for Mark Adams, President and Chief Executive Officer, came to $11,711,497 in fiscal 2025. Compared with the $5,998,416 reported for fiscal 2024, Adams' total was 95.2% higher.
What was Penguin Solutions' say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.1% of votes cast for or against in favor at the meeting held February 6, 2026 for fiscal 2025.
Which companies are in Penguin Solutions' peer group?
The disclosed peer group includes Advanced Energy Industries, Inc., Alpha and Omega Semiconductor Limited, BlackBerry Limited, Cohu, Inc. and Corsair Gaming, Inc., among others.
What is Penguin Solutions' chief executive pay ratio?
The company reported a chief executive pay ratio of 262:1 for fiscal 2025, against median employee compensation of $44,715.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Adams
President and Chief Executive Officer
◇—◇—◇—◇◇
Ken Rizvi
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Jack Pacheco
Executive Vice President and Chief Operating Officer, SGH and President, Memory Solutions
◇—◇—◇—◇◇
Claude Demby
Former Senior Vice President, SGH and President, LED Solutions
Departed during or after this year
◇◇◇—◇—◇◇
Thierry Pellegrino
Senior Vice President, SGH and President, Intelligent Platform Solutions
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Laurello
Senior Vice President and President, Intelligent Platform Solutions
◇—◇—◇—◇◇
Mark Adams
President and Chief Executive Officer
◇—◇—◇—◇◇
Thierry Pellegrino
Former Senior Vice President and President, Intelligent Platform Solutions
Departed during or after this year
◇—◇—◇—◇◇
Ken Rizvi
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Jack Pacheco
Executive Vice President, Chief Operating Officer and President, Memory Solutions
◇—◇—◇—◇◇
Joseph Clark
Senior Vice President and President, LED Solutions
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Adams
President and Chief Executive Officer
◇—◇—◇—◇◇
Pete Manca
Former Senior Vice President, Penguin Solutions and President, Advanced Computing
Departed during or after this year
◇◇◇———◇◇
Nate Olmstead
Senior Vice President and Chief Financial Officer
◇◇◇————◇
Tony Frey
Senior Vice President and Chief Revenue Officer
◇◇◇———◇◇
Ken Rizvi
Former Senior Vice President and Chief Financial Officer
Departed during or after this year
◇◇◇———◇◇
Jack Pacheco
Executive Vice President, Chief Operating Officer, and President, Integrated Memory
◇◇◇—◇—◇◇
Joseph Clark
Senior Vice President, Penguin Solutions and President, Optimized LED
◇—◇—◇—◇◇
Anne Kuykendall
Senior Vice President and Chief Legal Officer
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Adams
President and Chief Executive Officer
◇—◇—◇—◇◇
Tony Frey
Senior Vice President and Chief Revenue Officer
◇◇◇————◇
Pete Manca
Former Senior Vice President, Penguin Solutions and President, Advanced Computing
Departed during or after this year
◇—◇—◇—◇◇
Anne Kuykendall
Senior Vice President and Chief Legal Officer
◇—◇—◇—◇◇
Nate Olmstead
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Joseph Clark
Senior Vice President, Penguin Solutions and President, Optimized LED
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Anne KuykendallPSU◇—◇—— withheld—◇
Anne KuykendallPSU◇◇◇—◇—◇
Joseph ClarkPSU◇◇◇—◇—◇
Joseph ClarkPSU◇—◇—— withheld—◇
Mark AdamsPSU◇—◇—— withheld—◇
Mark AdamsPSU◇◇◇—◇—◇
Nate OlmsteadPSU◇—◇—— withheld—◇
Nate OlmsteadPSU◇◇◇—◇—◇
Pete MancaPSU◇— withheld— withheld—◇—◇
Pete MancaPSU◇◇◇—◇—◇
Tony FreyPSU◇—◇—— withheld—◇
Tony FreyPSU◇◇◇—◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Mark AdamsPSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇9/27/2030
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇9/27/2030
RSU◇◇——
PSU◇◇——
PSU◇◇——
Nate OlmsteadPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Joseph ClarkPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Tony FreyRSU◇◇——
RSU◇◇——
PSU◇◇——
Anne KuykendallRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Penelope Herscher
Board chair
◇◇————◇
Maximiliane Straub
◇◇————◇
Sandeep Nayyar
◇◇————◇
Bryan Ingram
◇◇————◇
Mark Papermaster
◇◇————◇
Mary Puma
◇◇————◇
Randy Furr
◇—————◇
Mark Adams and Min Yong Ha served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer ($300,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Advanced Energy Industries, Inc. AEIS
  • Alpha and Omega Semiconductor Limited AOSL
  • BlackBerry Limited BB
  • Cohu, Inc. COHU
  • Corsair Gaming, Inc. CRSR
  • Digi International Inc. DGII
  • ePlus inc. PLUS
  • Extreme Networks, Inc. EXTR
  • Ichor Holdings, Ltd. ICHR
  • Infinera Corporation INFN
  • MaxLinear, Inc. MXL
  • Mercury Systems, Inc. MRCY
  • NetScout Systems, Inc. NTCT
  • Pegasystems Inc. PEGA
  • Photronics, Inc. PLAB
  • Ribbon Communications Inc. RBBN
  • Semtech Corporation SMTC
  • Ultra Clean Holdings, Inc. UCTT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025February 6, 2026=◇◇◇
2024—=◇——
2022February 10, 2023=◇◇◇
2021February 11, 2022=◇◇◇
2020February 12, 2021=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Penguin Solutions disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Penguin Solutions sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
358 figures on this page: 353 cited to the filing that reported them, 5 calculated from figures it prints.
353 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001616533-26-000013
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001616533-25-000073
    2025 Grants of Plan-Based Awards Table · 2025 Summary Compensation Table · Director Compensation · Director Compensation Table for Fiscal 2025 · and 4 more sections
  3. 0001628280-24-052237
    2025 Summary Compensation Table
  4. 0001140361-23-058423
    2023 Summary Compensation Table
  5. 0001193125-23-035771
  6. 0001140361-22-046358
    2022 Summary Compensation Table
  7. 0001193125-22-041641
  8. 0000950103-21-002576
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Velarion, “Penguin Solutions executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PENG (accessed 2026).
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Tech — Hardware rankings

Chief executive pay — Tech — HardwareCEO pay ratio — Tech — HardwareSay-on-pay support — Tech — Hardware

Peers Penguin Solutions discloses

The companies named in PENG's own disclosed peer group.

Advanced Energy Industries, Inc.Alpha and Omega Semiconductor LimitedBlackBerry LimitedCohu, Inc.Corsair Gaming, Inc.Ichor Holdings, Ltd.MaxLinear, Inc.NetScout Systems, Inc.Pegasystems Inc.Photronics, Inc.Semtech CorporationUltra Clean Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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