‹ Corsair Gaming
Ch 4 · The Operator Took Over
Chapter 4 · Management
An operator took over — and the numbers responded.
Thi La, the former operating chief, became CEO and turned margins around.
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✦ The bottom line
Thi La — Corsair's long-time President and Chief Operating Officer — became CEO in mid-2024. Since then, gross margins have stair-stepped up and adjusted EBITDA has more than doubled year over year.
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The leadership turn
1994-2020
Founder Andy Paul builds the company, then takes it public via IPO.
2022-23
Post-pandemic gaming demand softens; margins compress.
2024
Thi La, formerly President and COO, becomes CEO.
Now
Two straight quarters of double-digit adjusted EBITDA margin.
Execution, measured · Adjusted EBITDA growth
+58
%
Adjusted EBITDA grew 58% year over year, with management guiding next-quarter EBITDA up more than 70% — a measurable operational turn under new leadership.
Source · 8-K · Item 2.02 — Q1 2026 highlights & Q2 guidance (Adjusted EBITDA) · Q1 2026 / Q2 2026 guidance · Filed May 7, 2026
Skin in the game
Founder Andy Paul remains a director and significant shareholder; current CEO Thi La's compensation is heavily equity-based and tied to multi-year results.
↳ A founder still invested, plus a CEO whose pay rises with the share price, is the alignment retail shareholders want when a company is in a turnaround.
Source · proxy · Security Ownership & Compensation (per Corsair's 2026 DEF 14A) · Filed Apr 30, 2026
✓
Strong
Operator-CEO is delivering: margins +500bp, EBITDA +58%, guidance +70% next quarter.
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Chapter 4 · MANAGEMENT
The Operator Took Over
you now read: skin in the game
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Then
Chapter 6 · RISK
Cycles, Competition, and Consumer Mood