NCino promotes its chief product officer to the role of CEO
Sean Desmond has been appointed as the new President and CEO of nCino, a leading cloud-based banking solutions provider, effective February 3, 2025 [1]. Desmond's extensive background in the tech industry and his successful tenure at nCino, where he previously held the role of Chief Product Officer, position him well for this new role.
Prior to joining nCino, Desmond worked at software development company Informatica for over 14 years. He also spent time as a business analyst at Platinum Technologies, which was acquired by Computer Associates in 1999. His base salary for his new role at nCino is $500,000 [2].
As CEO, Desmond will oversee the overall strategy, operations, and growth initiatives of nCino. He is actively involved in leading nCino’s innovation culture and has been featured engaging with employees on advancing AI and other technologies at the company [3].
Desmond succeeds Pierre Naudé, who will continue as the executive chairman of nCino's board. Pam Kilday, nCino's lead independent director, stated that Desmond was the "right leader to guide nCino forward."
nCino reported total revenue of $138.8 million for the third quarter of fiscal 2025, up 14% year-over-year [1]. The company has about 1,800 customers worldwide, including community banks, credit unions, independent mortgage banks, and some of the largest financial entities.
In the third quarter of fiscal 2025, nCino's loss improved to $5.3 million, from $16.4 million in the third quarter of fiscal 2024. Desmond's focus as the new CEO will be on leveraging nCino's fintech dataset and AI capabilities while pursuing global growth through data-driven experiences.
Naudé, the new executive chairman, will receive a base salary of $260,000, an annual bonus target of $260,000, and a target equity incentive of $4 million for 2026. Desmond's equity incentive opportunity for 2026 has a target grant date fair value of $8.2 million. His annual bonus target is equal to 100% of his base salary.
Desmond will also join the company's board. Additionally, Naudé can retain full vesting of equity awards if asked to resign from the board. Chris Gufford will succeed Desmond as the Chief Product Officer.
In summary:
- Name: Sean Desmond
- Role: President and Chief Executive Officer of nCino since February 3, 2025
- Company: nCino, a cloud banking solutions provider
- Background and Compensation: Prior roles and compensation details before joining nCino are not publicly detailed in available sources.
- Current responsibilities: Lead company strategy, innovation, and operations [1][3].
Desmond's focus as the new CEO will be on leveraging nCino’s fintech dataset and AI capabilities while pursuing global growth through data-driven experiences.
- As President and CEO of nCino, Sean Desmond's focus is on leveraging the company's fintech dataset and AI capabilities to drive global growth.
- Desmond's extensive background in technology, including his work at Informatica and Platinum Technologies, will be crucial in his new role, which involves leading nCino's innovation culture.
- Given his role in the financial industry, Desmond's strategies as CEO may also involve investing in and adopting cutting-edge technology to keep nCino competitive in the fintech market.
