Ian Landgreen
Executive Vice President of Business Affairs, General Counsel and Corporate Secretary at 
BIG 5 SPORTING GOODS
BIG 5 SPORTING GOODSExecutive
About Ian Landgreen
Ian R. Landgreen, age 48, is Executive Vice President of Business Affairs, General Counsel and Corporate Secretary at Big 5 Sporting Goods, promoted in February 2025 from Senior Vice President roles in Business Affairs and Legal since 2022, with prior service as VP Corporate Counsel dating back to 2015 . He has over a decade at BGFV in progressively senior legal and corporate governance positions, and currently serves as Corporate Secretary, evidencing deep governance and risk oversight experience . Company performance context during his tenure shows TSR and profitability weakening into 2024, with negative Adjusted EBITDA driving zero NEO bonuses in 2024 and a strong emphasis on long-term equity vesting and risk controls .
Company performance during Landgreen’s tenure:
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return (Index, $100 start) | 355 | 733 | 367 | 295 | 85 |
| Net Income ($000s) | $55,940 | $102,386 | $26,134 | $(7,083) | $(69,072) |
| Adjusted EBITDA ($000s) | $86,315 | $152,011 | $52,574 | $7,284 | $(36,730) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Big 5 Sporting Goods Corporation | EVP, Business Affairs; General Counsel; Corporate Secretary | Feb 2025–Present | Corporate-wide legal, governance, and business affairs leadership; officer and Secretary of the corporation |
| Big 5 Sporting Goods Corporation | SVP, Business Affairs; General Counsel; Secretary | Jun 2022–Feb 2025 | Expanded remit over business affairs; legal oversight; corporate secretary responsibilities |
| Big 5 Sporting Goods Corporation | SVP, Legal; Assistant Secretary | Apr 2021–Jun 2022 | Senior legal leadership; board and governance interface |
| Big 5 Sporting Goods Corporation | VP, Corporate Counsel; Assistant Secretary | 2015–2021 | Core corporate counsel; foundational governance and compliance support |
External Roles
No external public company directorships or outside roles were disclosed for Landgreen in recent proxies .
Fixed Compensation
- Landgreen is not a named executive officer (NEO), so specific salary and bonus figures for him are not disclosed. BGFV’s program sets base salaries via Compensation Committee discretion, informed by market comparables; 2024 NEO base salaries rose ~2.5% YoY, while bonuses are primarily tied to Adjusted EBITDA via a company-wide pool .
- Due to negative Adjusted EBITDA in FY 2024, no NEO bonuses were paid; the CEO also received no FY 2023 bonus, reflecting discipline tied to financial results .
Performance Compensation
BGFV emphasizes time-based equity and discretionary cash bonuses guided principally by Adjusted EBITDA; the company does not set specific quantified performance targets for executives, relying on Compensation Committee judgment .
| Metric | Weighting | Target | Actual (FY 2024) | Payout | Vesting/Terms |
|---|---|---|---|---|---|
| Adjusted EBITDA | Principal driver of bonus pool; no fixed %; committee discretion | Not disclosed (no formal targets set) | $(36,730,000) | NEO bonuses: $0 due to negative Adjusted EBITDA | RSAs typically vest over 4 years; employee equity awards primarily time-based |
| Equity awards (options) | Discretionary grants | Exercise price = FMV at grant; 2024 example $4.80 | n/a | n/a | Options vest over 4 years; 10-year max term; no repricing permitted |
| Governance overlays | n/a | n/a | n/a | n/a | Anti-hedging & anti-pledging for directors and executive officers |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging policies prohibit hedging and pledging of company securities by directors and executive officers, reducing misalignment and margin-call risk .
- Equity awards to employees vest over four years; options are struck at FMV and cannot be repriced, supporting long-term alignment and limiting windfalls from repricing .
- Ownership guidelines: CEO must hold stock equal to 3x base salary; directors must hold 3x annual cash retainer; no officer-wide ownership guideline beyond the CEO is disclosed .
Plan capacity and overhang context:
| Overhang Data (as of Apr 14, 2025) | Value |
|---|---|
| Total stock options outstanding | 821,285 |
| Weighted-average exercise price | $3.33 |
| Weighted-average remaining term | 7.92 years |
| Total restricted stock outstanding | 722,225 |
| Shares available for grant | 1,508,177 |
| Shares outstanding | 22,855,063 |
| Proposed share reserve increase (2019 Plan) | +3,750,000 to 10,898,803 |
Employment Terms
- Change-in-control severance agreements cover each NEO (other than CEO) and a majority of other executive officers. Terms include double-trigger severance upon termination without cause or for good reason within two years of a change-in-control: cash equal to 2x base salary + average bonus (3-year lookback), pro rata bonus, payment of any unpaid earned bonus, up to 18 months COBRA, up to 12 months outplacement, and accelerated vesting of time-based equity; payments are subject to a “best-pay cap” to avoid 280G excise tax .
- Indemnification agreements are in place for all directors and executive officers, including advancement of expenses, supporting retention and legal risk mitigation .
- A change of control occurred on Oct 2, 2025; directors resigned at closing. This created the two-year protection window for eligible executives under their change-of-control agreements .
Investment Implications
- Compensation alignment: Discretionary bonus pool guided by Adjusted EBITDA and four-year vesting equity promotes long-term focus; FY 2024 zero NEO bonuses underscore discipline when performance is weak .
- Selling pressure risk: Anti-pledging reduces margin-call/liquidity-driven selling risk for executives; time-based vesting spreads realizable equity over 4 years .
- Change-of-control dynamics: The Oct 2025 change of control triggers double-trigger protections for covered executives through Oct 2027; monitor for departures that could activate severance and equity acceleration .
- Dilution and incentives: Proposed 2019 Plan share increase (+3.75M) and existing overhang provide capacity for retention grants; plan prohibits repricing, mitigating governance red flags .
- Say-on-pay support remains solid (86.1% in 2024; 88.9% in 2023), suggesting shareholders generally accept the pay model despite recent performance declines .