Michael Trembley
About Michael Trembley
Michael Trembley (age 47) is Chief Information Officer and Senior Vice President of Operations at a.k.a. Brands (AKA). He joined AKA in September 2020 and brings 20+ years of eCommerce, retail, and digital consumer operations experience, including leadership roles at Walmart and Macy’s. He holds a B.S. in Business Administration from the University of Arizona’s Eller College of Management . During 2024, AKA delivered 5.2% net sales growth to $574.7M and expanded Adjusted EBITDA to $23.3M (4.1% margin), improving from $13.8M (2.5%) in 2023, underscoring operational discipline and growth initiatives executed while Trembley served as a senior officer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| a.k.a. Brands | CIO & SVP Operations | Sep 2020–Present | Leads technology platforms and operations across a global portfolio of fashion brands . |
| Macy’s | VP, Product Management | Apr 2018–Mar 2020 | Led evolution and scaling of merchant/vendor tech platforms; business/operations owner for drop-ship and marketplace . |
| Walmart (eCommerce) | VP, Marketplace & Partner Services; other roles | Jan 2005–Mar 2018 (various roles; VP Mar 2017–Mar 2018) | Led strategy, platform development, and operations for third‑party marketplace and drop-ship businesses . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Brand3P | Board Advisor | Current | Advises on deploying eCommerce and marketplaces retail strategies . |
Fixed Compensation
| Component | 2023 | 2024 | As of 12/31/2024 (in effect) |
|---|---|---|---|
| Base Salary (Paid) | $350,996 | $364,927 | Annual base salary rate: $368,746 |
| Target Annual Bonus (% Salary) | 40% | 40% | 50% target going forward per employment agreements section; Company disclosed 50% target for NEOs including Trembley in 2025 proxy |
| Target Annual Bonus ($) | — | $147,498 | — |
| Actual Annual Bonus (2024) | — | $147,498 (100% of target) | — |
| Retention Bonus | — | $100,000 retention paid in two installments in 2024 (contingent on employment through Oct 31, 2024) | |
| Stock Awards (Grant‑Date Fair Value) | $149,414 | $347,438 | — |
Notes:
- 2024 bonus program goals were weighted between sales and EBITDA metrics; payout to Trembley was 100% of target for 2024 .
Performance Compensation
Annual Incentive (Cash)
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Company sales and EBITDA (2024 program) | Weighted between sales and EBITDA (exact split not disclosed) | 40% of base salary ($147,498) | Met at target (company approved) | 100% of target ($147,498) | Paid following year-end approval |
Equity Awards and Vesting
| Award Type | Grant/Status | Quantum/Terms | Vesting | Status/Value |
|---|---|---|---|---|
| RSUs (time-based) | Ongoing under 2021 Omnibus Plan | 2024 RSU grant-date fair value $347,438 | Company indicates RSUs generally vest over three years ; Trembley’s outstanding RSUs vest in eight equal installments at the end of each three-month period (quarterly) | 32,790 unvested RSUs as of 12/31/24; market value $613,829 (at $18.72) |
| Incentive Units – Time-based (pre-IPO plan, “option-like”) | Granted Sep 14, 2020 | 823,054 time-based incentive units | Monthly vesting after initial tranche; final 15,227 vested on Oct 4, 2024 | Fully vested as of proxy filing (classified as option-like; no exercise price/expiration) |
| Incentive Units – Performance-based (pre-IPO plan, “option-like”) | Granted Sep 14, 2020 | 274,352 performance-based incentive units | Vest on “liquidity event” only if specified investors realize ≥3.0x investor returns | Outstanding/unearned as of 12/31/24 (shown as equity incentive plan awards unearned) |
Additional equity plan context:
- Incentive Units are “profits interests” treated as option-like (no exercise price/expiration) and only have value as underlying equity appreciates .
- Company-wide RSU policy under 2021 Plan is three-year vesting, but Trembley’s outstanding RSUs vest in eight quarterly installments per award footnote .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 19,054 shares (as of Apr 15, 2025) |
| Ownership as % of Outstanding | Less than 1% (company table indication; 10,690,842 shares outstanding at Apr 15, 2025) |
| Unvested RSUs | 32,790 units; market value $613,829 (at $18.72 on 12/31/24) |
| Time-based Incentive Units | 823,054 – fully vested (option-like) |
| Performance Incentive Units | 274,352 unearned; vest only upon 3.0x investor return “liquidity event” |
| Hedging/Pledging | Company prohibits hedging and pledging (including margin accounts) for officers/directors/employees |
| Ownership Guidelines | Not disclosed in proxy for NEOs (no stated multiple) |
Implications for selling pressure:
- Quarterly RSU vesting (eight equal installments) implies a steady cadence of potential share releases for Trembley over the remaining vesting schedule .
- Performance-based Incentive Units vest only on stringent liquidity event economics (≥3.0x investor returns), limiting near-term supply absent such an event .
Employment Terms
| Term | Detail |
|---|---|
| Employment Start | Joined September 2020 as CIO & SVP Operations |
| Agreement Effective Date/Term | Employment agreement dated Oct 15, 2020; initial term of four years with automatic annual renewals unless notice of non-renewal (60 days) |
| Base Salary (current reference) | $368,746 annual base as of 12/31/2024 |
| Target Bonus | 50% of base salary per employment agreements section for NEOs (Trembley included) |
| Severance (Without Cause) | Four months of then-current base salary (paid over four months), plus earned but unpaid bonus and accrued but unused time off; contingent on release and restrictive covenants |
| Restrictive Covenants | Perpetual confidentiality; IP assignment; non-compete during employment; non-disparagement during employment; non-solicitation of customers/suppliers during employment; non-solicitation of employees/contractors during employment and 1 year post-termination |
| Change of Control (Incentive Units) | Unvested time-based Incentive Units fully accelerate upon a “sale transaction”; performance-based Incentive Units vest only on “liquidity event” with ≥3.0x investor returns |
| Clawback | Executive Incentive Compensation Recoupment Policy (effective Oct 2, 2023) mandating recovery of erroneously awarded incentive-based compensation upon accounting restatement |
Performance & Track Record (company-level during his tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Sales ($000s) | $546,258 | $574,697 |
| Adjusted EBITDA ($000s) | $13,790 | $23,309 |
| Adjusted EBITDA Margin (%) | 2.5% | 4.1% |
Context: Management highlighted improved operational discipline and growth initiatives underpinning 2024 results .
Compensation Structure Analysis
- Increased equity emphasis: Stock awards rose from $149,414 (2023) to $347,438 (2024), indicating greater alignment via equity in 2024 .
- Balanced incentives: 2024 bonus tied to sales and EBITDA paid at 100% of target ($147,498), reflecting measured pay-for-performance .
- Retention considerations: $100,000 retention bonus in 2024 (contingent through Oct 31, 2024) suggests the Compensation Committee prioritized stability through a transition period .
- Risk controls: Clawback policy in effect; hedging/pledging prohibitions reduce misalignment risks .
Investment Implications
- Alignment: Quarterly RSU vesting and substantial equity grants support alignment with shareholders; hedging/pledging bans further reduce misalignment risk .
- Selling pressure: The eight‑installment RSU vesting cadence may create periodic, predictable supply; performance-based Incentive Units are unlikely to vest absent a high-return liquidity event, limiting incremental supply near-term .
- Retention and severance: Modest severance (four months salary) and prior retention bonus paid in 2024 indicate manageable parachute exposure with evidence of retention focus during leadership transitions .
- Execution context: Company-level 2024 improvements in net sales and Adjusted EBITDA margin provide a constructive backdrop for an operator overseeing technology and operations; continued delivery is key to sustained value creation .