Myles McCormick
About Myles McCormick
Independent Class III director at a.k.a. Brands (AKA) since September 2021; age 53 as of April 15, 2025. Former CEO of FORMA Brands (2019–Jan 2022), co‑founder/Chairman/CEO of Elevate BrandPartners with Summit Partners (2016–2019), and CFO/COO/CEO of Bare Escentuals (2004–2012), credited with leading its $1.8B sale to Shiseido; earlier CFO of Gymboree (2001–2004). Holds a B.S. in Economics (Cal Poly San Luis Obispo) and an MBA (Notre Dame de Namur). The Board affirms his independence under NYSE rules and designates him an Audit Committee Financial Expert; he serves on Audit and Compensation Committees (not chair) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FORMA Brands | Chief Executive Officer | Aug 2019 – Jan 2022 | Company subsequently filed a Chapter 11 plan of reorganization in Jan 2023 . |
| Elevate BrandPartners (with Summit Partners) | Co‑founder; Chairman & CEO | Aug 2016 – Aug 2019 | Led early investments in Morphe Cosmetics and Quay Australia . |
| Bare Escentuals | CFO; COO; CEO | Dec 2004 – Mar 2012 | Credited with leading public company through $1.8B acquisition by Shiseido . |
| The Gymboree Corporation | Chief Financial Officer | Dec 2001 – Dec 2004 | Public children’s specialty retailer . |
External Roles
| Organization | Role | Tenure | Notes / Interlocks |
|---|---|---|---|
| Quay Australia | Director | Current | Also appears on boards of Summit‑affiliated AKA directors Christopher Dean and Matthew Hamilton, indicating network interlocks within Summit portfolio companies . |
Board Governance
- Structure and status
- Class III director, term expires at 2027 annual meeting; director since 2021; age 53 as of April 15, 2025 .
- Independent under NYSE standards; also meets heightened audit committee independence .
- Audit Committee member and designated “audit committee financial expert”; Compensation Committee member (not chair) .
- Committee composition (as of April 15, 2025)
- Audit: Ghosh (Chair), McCormick, Thompson .
- Compensation: Hamilton (Chair), McCormick, Eskenazi .
- Nominating & Corporate Governance: Dean (Chair), Ramsey, Thompson .
- Attendance and engagement
- 2024 meetings: Board 9; Audit 4; Compensation 6; Nominating 4. Each director attended at least 75% of Board and applicable committee meetings; all eight current directors attended the 2024 annual meeting .
- Independent directors meet in executive session regularly; Board Chair presides .
- Controlled company considerations (governance risk context)
- Summit controls a majority; AKA relies on controlled‑company exemptions for Nominating Committee composition and may rely on other exemptions, meaning not all committees must be fully independent and majority‑independent board may not be maintained .
- Director Nomination Agreement grants Summit board and committee designation rights proportionate to ownership and restricts Board size changes without Summit consent .
Fixed Compensation
| Year | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 75,000 | 86,165 | 161,165 |
Director compensation policy for non‑Summit‑affiliated directors: $50,000 annual cash retainer; plus $15,000 for Audit Committee service; $10,000 for Compensation Committee service; $7,500 for Nominating Committee service; $20,000 for Board chair or lead director. Directors affiliated with Summit receive no director compensation . (McCormick’s $75,000 cash aligns with base + Audit + Compensation membership .)
Performance Compensation
| Award Type | Grant-Date Fair Value | Vesting Schedule | Performance Metrics |
|---|---|---|---|
| RSUs (annual director grant) | $86,165 (2024) | One‑year vesting for annual director RSUs | None disclosed for director RSUs . |
As of Dec 31, 2024, McCormick held 8,973 vested and 5,426 unvested RSUs (adjusted for reverse split) .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock / Counterparty Exposure |
|---|---|---|---|
| Quay Australia | Private | Director | Summit‑affiliated AKA directors (Dean, Hamilton) also serve on Quay’s board; indicates information flow within Summit network. No direct related‑party transaction with AKA disclosed . |
Compensation Committee interlocks: None—no member served as an officer of AKA or had reciprocal board‑comp relationships with companies having AKA executives on their boards in 2024 .
Expertise & Qualifications
- Financial expertise: Audit Committee Financial Expert designation (Reg S‑K 407(d)(5)(ii)) .
- Functional experience: Public company CEO/COO/CFO; beauty/fashion/retail and eCommerce operating leadership .
- Education: B.S. Economics (Cal Poly SLO); MBA (Notre Dame de Namur) .
Equity Ownership
| Holder | Beneficially Owned Shares | % of Shares Outstanding | Notes |
|---|---|---|---|
| Myles McCormick | 16,992 | <1% (based on 10,690,842 shares) | RSU holdings at 12/31/24: 8,973 vested / 5,426 unvested . |
Section 16(a) compliance: A Form 4 for McCormick reporting a June 2024 RSU grant was filed after the deadline (also late for Thompson, Ghosh, Eskenazi) .
Insider Trades
| Date (Reported) | Form | Subject | Notes |
|---|---|---|---|
| June 2024 (filed late) | Form 4 | RSU grant | Company disclosed a late Form 4 filing for McCormick related to an RSU grant; no further transaction details provided in proxy . |
Governance Assessment
- Positives
- Independent director with deep operating and transaction experience; designated audit financial expert and active on Audit and Compensation Committees—supports oversight of financial reporting and incentive design .
- Ownership alignment via annual RSUs; 2024 total director comp balanced between cash and equity ($75k cash; $86k RSUs) .
- Attendance threshold met (≥75%); board and committee cadence appropriate; independent executive sessions held .
- Watch items / potential risks
- Controlled‑company status and Summit nomination rights result in non‑fully independent committees (e.g., Compensation Committee includes Summit designee), reducing minority shareholder protections; McCormick’s independent presence partially mitigates but does not eliminate risk .
- Network interlocks with Summit portfolio (Quay Australia), alongside two Summit‑affiliated directors on AKA’s board, increase potential for information asymmetry; no direct related‑party transactions disclosed involving McCormick .
- Administrative lapse: a late Section 16 filing in 2024 for RSUs indicates a minor compliance process weakness (not unique to McCormick) .
Overall: McCormick provides material financial and operating oversight value as an independent audit financial expert with relevant sector expertise. The principal governance risk stems from AKA’s controlled‑company framework and Summit’s committee influence rather than McCormick‑specific conflicts; continued monitoring of committee independence dynamics and equity ownership alignment remains warranted .
DEF 14A 2025, Director biography (Myles McCormick).
DEF 14A 2025, Board table (class/age/term).
DEF 14A 2025, Committee composition; audit financial expert designation.
DEF 14A 2025, Independence status; meeting counts; attendance; executive sessions; controlled company reliance.
DEF 14A 2025, 2024 Director compensation table; RSU holdings detail (vested/unvested).
DEF 14A 2025, Non‑employee director compensation policy; RSU vesting; no options timing.
DEF 14A 2025, Director nominees bios (Dean/Hamilton) noting Quay Australia board service.
DEF 14A 2025, Related party review policy; related party transactions summary section header.
DEF 14A 2025, Director Nomination Agreement with Summit (rights and constraints).
DEF 14A 2025, Delinquent Section 16(a) reports (late Form 4 filings including McCormick).