Julie Francis
About Julie Francis
Julie Francis (age 53) is an independent director at Ascend Wellness Holdings (AAWH) and has served on the Board since June 3, 2024. She was previously Chief Operating Officer at The Schwan’s Company (Jan 2021–Jul 2024), President, Consumer Brands, Americas at Schwan’s (Oct 2018–Jan 2021), Senior Vice President at Constellation Brands (2017–2018), and Chief Commercial Officer—North America at Coca‑Cola Refreshments (2010–2015). She holds a B.S. in Business Administration from Alfred University and completed Harvard Business School’s Advanced Management Program .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Schwan’s Company | Chief Operating Officer | Jan 2021 – Jul 2024 | Led operations across retail-grocery and food-service channels |
| The Schwan’s Company | President, Consumer Brands, Americas | Oct 2018 – Jan 2021 | Consumer brands P&L oversight |
| Constellation Brands (NYSE: STZ) | SVP, Commercial & Category Development – Total Beverage Alcohol | 2017 – 2018 | Commercial/category strategy |
| Coca‑Cola Refreshments (subsidiary of KO) | Chief Commercial Officer — North America | 2010 – 2015 | Commercial leadership across NA market |
External Roles
| Organization | Board Role | Tenure | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships disclosed for Francis |
Board Governance
- Independence: The Board determined Julie Francis is independent under NYSE corporate governance rules .
- Committee service: Member, Compensation and Corporate Governance Committee; not on Audit .
- Attendance: In 2024, each director attended 100% of Board meetings (7 total) and 100% of their committee meetings; directors also attended the virtual 2024 annual meeting .
- Board leadership: Lead Independent Director is Scott Swid; independent director sessions can be convened and led by the Lead Independent Director .
| Committee | 2024 Meetings | Membership | Chair |
|---|---|---|---|
| Audit Committee | 4 | Not a member | Chair: Josh Gold |
| Compensation & Corporate Governance | 5 | Member | Chair: Scott Swid |
Fixed Compensation
| Component | FY 2024 | FY 2025 Policy |
|---|---|---|
| Cash retainer/fees (USD) | $58,611 | $200,000 annual cash retainer; no additional committee/chair/Lead Independent fees |
Notes:
- FY2025 director compensation policy provides only cash retainer and expense reimbursement; no additional fees for committee service or chair roles .
Performance Compensation
| Metric | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|
| RSUs (fully vested; service for quarter) | 10,606 vested Jul 16, 2024 | 39,571 vested Nov 12, 2024 | 75,000 vested Jan 20, 2025 |
| Stock awards aggregate fair value (FY 2024, USD) | — | — | $60,572 (ASC 718) |
Notes:
- Director equity for FY2024 comprised time-vested RSUs that fully vested on specified dates for service in each quarter; no performance-based vesting or options disclosed for directors .
Other Directorships & Interlocks
- Interlocks: The company disclosed no compensation committee interlocks in 2024 (no AAWH executive served on a third-party board’s comp committee where a reciprocal interlock existed) .
- Compensation committee composition includes the Executive Chairman (Abner Kurtin) and independent directors (Scott Swid—Chair; Julie Francis), which is atypical versus best practice of fully independent compensation committees .
Expertise & Qualifications
- Education: B.S., Alfred University; Harvard Business School Advanced Management Program .
- Domain expertise: Deep commercial and operations leadership across food & beverage and consumer packaged goods (Schwan’s, Constellation Brands, Coca‑Cola) .
- Board skills: Governance, executive compensation oversight, and corporate strategy via Compensation & Corporate Governance Committee service .
Equity Ownership
As of March 10, 2025:
| Metric | Value |
|---|---|
| Class A shares beneficially owned | 1,255,983 |
| Percent of Class A shares outstanding | <1% |
| Class B shares beneficially owned | 0 |
| Aggregate voting power | <1% |
Policies:
- Insider Trading Policy prohibits hedging transactions (e.g., short sales, puts and calls); policy applies to directors .
Governance Assessment
-
Positives:
- Independent director with 100% attendance in 2024 at Board and committee meetings; presence on a key governance/compensation committee supports board effectiveness .
- No related‑party transactions reported concerning Ms. Francis; independent status affirmed upon appointment; indemnification agreement consistent with peer practice .
- Clear, standardized director pay policy in 2025 that removes committee/chair fee variability, simplifying compensation and reducing potential misalignment .
-
Watch items / potential red flags:
- Compensation & Corporate Governance Committee includes Executive Chairman (not independent), which can raise concerns about independence of pay decisions and board oversight; best practice is a fully independent committee .
- Director equity in FY2024 was time‑vested RSUs with immediate quarterly vesting, offering limited performance linkage for director compensation; no disclosed director performance metrics or PSUs .
-
Alignment signals:
- Beneficial ownership exists but is <1% of Class A shares; hedging is prohibited under policy, which aligns director incentives with shareholders by discouraging downside protection trades .
Appendix: Appointment and Term Details
- Appointment effective date: June 3, 2024; term expiring at the 2025 annual meeting .
- Independence determination: SEC/NYSE standards; committee assignment to Compensation & Corporate Governance Committee upon appointment .