Ann Lundy
About Ann Lundy
Ann Lundy (age 55) is an independent director at The Beachbody Company, Inc. (BODI) since 2023 and currently serves as Chair of the Audit Committee and as the Board-designated audit committee financial expert . She is Senior Vice President, Corporate Finance and Internal Audit at Activision Blizzard (a Microsoft subsidiary) and previously held senior finance and internal audit roles at Activision Blizzard, Internet Brands, and Mattel; she holds a B.S. in Accounting from Oakland University and is licensed as an inactive CPA in Michigan since October 1994 . In fiscal 2024, the Board met nine times and each director, including Lundy, attended at least 75% of board and committee meetings; the company holds independent director executive sessions and has an Insider Trading Compliance Policy that prohibits hedging and pledging by directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Activision Blizzard (Microsoft subsidiary) | Senior Vice President, Corporate Finance & Internal Audit | Nov 2021–present | Leads corporate finance/internal audit; public-company controls and cyber risk oversight experience |
| Activision Blizzard | Vice President, Internal Audit | Sep 2019–Nov 2021 | Internal audit leadership; SOX, compliance, and enterprise risk management |
| Executive Consultant | Finance, accounting, project management | 2019 | Advisory experience across finance and accounting |
| MH Sub I, LLC (Internet Brands) | Senior Vice President & Chief Accounting Officer | 2018 | Public-company accounting leadership; reporting and control environment |
| Mattel, Inc. | Senior VP Finance & Strategy, Global Development & Product Supply (various roles) | Mar 2003–Aug 2018 | Finance & strategy for global operations; supply chain and product development |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Activision Blizzard (Microsoft subsidiary) | Senior Vice President, Corporate Finance & Internal Audit | Nov 2021–present | Large-cap technology/media operator; enhances financial oversight expertise at BODI |
Board Governance
- Committee assignments: Audit Committee Chair; Audit members are entirely independent; Lundy meets financial literacy requirements and is designated the audit committee financial expert .
- Independence: The Board determined Lundy is independent under NYSE standards and SEC rules .
- Attendance: Board met nine times in 2024; every director attended at least 75% of Board and applicable committee meetings .
- Executive sessions: The compensation committee, audit committee, and Board met at times without management in executive session .
- Controlled company risk: BODI qualifies as a controlled company (CEO Carl Daikeler controls a majority of voting power); BODI elected exemption for nominating and corporate governance committee independence, though the audit committee remains fully independent .
Fixed Compensation
| Component | FY 2024 Amount (USD) | Notes |
|---|---|---|
| Annual Board Retainer (cash) | $45,000 | Paid quarterly in arrears |
| Audit Committee Chair Retainer (cash) | $20,000 | Paid quarterly in arrears |
| Total Cash Fees Earned (FY 2024) | $65,000 | As reported for Lundy |
| Director Annual RSU Grant (aggregate value policy) | $150,000 | Vests in full on earlier of first anniversary or next annual meeting; number of RSUs determined by closing price on grant date |
| Stock Awards Recognized (FY 2024) | $74,995 | Grant-date fair value under ASC 718 |
Performance Compensation
Directors do not receive performance-based equity; annual director equity grants are time-vested RSUs (and in 2024, a portion was delivered in cash subject to time-based vesting), not tied to financial/ESG metrics .
| Equity Award Type | Grant Value Basis | Vesting Schedule | Performance Metrics |
|---|---|---|---|
| Initial Director RSU Grant | $200,000, pro-rated since last annual meeting | Vests in full on earlier of first anniversary or next annual meeting, subject to continued service | None disclosed (time-based) |
| Annual Director RSU Grant | $150,000 | Vests in full on earlier of first anniversary or next annual meeting, subject to continued service | None disclosed (time-based) |
| 2024 Annual Grant Structure | 50% RSUs, 50% cash, both vest on earlier of first anniversary or 2025 annual meeting | As above | None disclosed (time-based) |
| Deferral Election | Lundy elected to defer 100% of RSU awards under Deferred Compensation Plan | Settlement deferred per plan | N/A (deferral choice, not a metric) |
Other Directorships & Interlocks
| Company | Role | Interlocks/Notes |
|---|---|---|
| None disclosed | — | Proxy biography lists employment roles but no other public company directorships for Lundy |
Expertise & Qualifications
- Core skills: Corporate finance, internal audit, controls, and public-company reporting; designated audit committee financial expert .
- Credentials: B.S. in Accounting; inactive CPA (Michigan) since October 1994 .
- Industry experience: Consumer products (Mattel), online media/e-commerce (Internet Brands), gaming/media technology (Activision Blizzard/Microsoft) .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total Beneficial Ownership (Class A) | 2,666 shares; <1% of Class A | Based on 4,270,071 Class A outstanding as of Apr 4, 2025; beneficial ownership includes shares vesting within 60 days |
| RSUs Outstanding (Unvested) | 12,605 units (as of Dec 31, 2024) | Director RSU awards outstanding; time-based vesting |
| Options Outstanding | None disclosed for Lundy | Table shows no options for Lundy |
| Hedging/Pledging | Prohibited by Insider Trading Compliance Policy | Applies to Board members |
Insider Trades
| Date | Filing | Summary |
|---|---|---|
| Jun 11, 2025 | Form 4 | Statement of changes in beneficial ownership for Lundy Ann Marie (details in SEC filing) |
Governance Assessment
- Positives: Lundy’s audit leadership and designation as the audit committee financial expert strengthen oversight of financial reporting, internal controls, and cybersecurity risk; audit committee is entirely independent, and Lundy is independent under NYSE and SEC rules .
- Engagement: The Board met nine times in 2024 with each director meeting at least the 75% attendance threshold; committees and Board held executive sessions without management, supporting robust independent oversight .
- Alignment: Director pay mixes cash retainers with time-vested RSUs; Lundy deferred 100% of her RSU awards in 2024, indicating long-term alignment; hedging and pledging are prohibited for directors, reducing misalignment risks .
- RED FLAGS/Monitoring Items: BODI’s controlled company status and exemption for nominating/governance committee independence increase key-man and governance risks (though audit remains fully independent); related-party legal fees for another director (Heller) and royalty payments to the CEO’s related company warrant ongoing audit committee scrutiny; company repriced underwater options for employees/executives in 2024 (not for directors other than Executive Chairman) which can signal pay structure stress and should be monitored for fairness .
- Shareholder signals: 2024 Say-on-Pay received 99% approval, suggesting broad investor support for compensation practices at that time, but investors often differentiate executive pay from director governance concerns; continued transparency on committee independence and conflicts will be important .