Brad Ramberg
About Brad Ramberg
Interim Chief Financial Officer of BODi since August 2024; age 61. Ramberg joined BODi in 2006 as CFO (served 8 years to 2014) and then as EVP – Strategic Initiatives; prior roles include CFO of Idealab and CFO of Ticketmaster Online Citysearch. Education: BA, Brown University; MBA, Harvard Business School . Company performance under his interim tenure shows Q1 2025 revenue down 40% year-over-year to $72.4M, net loss narrowed to $5.7M, and Adjusted EBITDA at $3.7M . Longer-term shareholder returns were deeply negative: the company’s cumulative TSR translated a fixed $100 investment to $4.13 in FY2022, $1.30 in FY2023, and $5.19 in FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Beachbody Company, Inc. (BODi) | Interim Chief Financial Officer | Aug 2024–present | Oversight of finance, liquidity and capital structure during pivot and debt refinancing |
| The Beachbody Company, Inc. (BODi) | EVP – Strategic Initiatives | 2014–2024 | Led strategic projects during transition from MLM to affiliate model |
| The Beachbody Company, Inc. (BODi) | Chief Financial Officer | 2006–2014 | Built finance function through growth and digital expansion |
| Idealab | Chief Financial Officer | Not disclosed | CFO at leading tech incubator |
| Ticketmaster Online Citysearch (public entity) | Chief Financial Officer | Not disclosed | CFO at online ticketing/media platform |
External Roles
- Chief Financial Officer, Idealab (prior)
- Chief Financial Officer, Ticketmaster Online Citysearch (prior)
Fixed Compensation
- Not disclosed in FY2024 proxy; Brad was not a named executive officer for FY2024 and thus no base salary or bonus detail is provided .
Performance Compensation
- Not disclosed; Brad was not a named executive officer in FY2024 and no RSU/PSU detail for him appears in the proxy tables .
Equity Ownership & Alignment
- Ownership not itemized for Ramberg in the FY2025 beneficial ownership table (lists directors, FY2024 NEOs, and ≥5% holders) .
- Company prohibitions: Section 16 officers and directors may not hedge or pledge BODi securities; regular trading blackout periods apply .
- Clawback policy: Recovery of erroneously paid incentive compensation applies to Section 16 officers for compensation received on or after October 2, 2023 (covers time- and performance-vesting equity) .
Employment Terms
| Provision | Term |
|---|---|
| Employment status | Executive officers serve at the discretion of the Board and CEO |
| Severance (without Cause or for Good Reason) | 0.5x annual base salary, paid over 6 months; 12 months subsidized healthcare; 12 months of additional vesting for outstanding unvested time-based equity awards |
| Change-in-control (CoC) within 12 months + qualifying termination | 1.0x annual base salary in lump sum; full accelerated vesting of all outstanding unvested time-vesting awards |
| Good Reason definition | Material breach by Company; relocation >50 miles from greater Los Angeles HQ; material diminution of role/reporting; or material compensation reduction not proportionate to executive team; with notice/cure periods |
| Cause definition | Misconduct causing material harm; violence harming reputation; felony/fraud conviction; fraud; unauthorized disclosure; uncured material breach; gross negligence/incompetence |
| 409A treatment | Payments structured to comply with Section 409A; six-month delay for specified employees, then lump sum |
Performance & Track Record
Company operating context during Ramberg’s interim CFO tenure:
| Metric | Q1 2024 | Q1 2025 |
|---|---|---|
| Revenue ($USD thousands) | 120,046 | 72,363 |
| Gross Profit ($USD thousands) | 81,282 | 51,549 |
| Operating Expenses ($USD thousands) | 92,105 | 55,223 |
| Net Loss ($USD thousands) | (14,216) | (5,748) |
| Adjusted EBITDA ($USD thousands, non-GAAP) | 4,554 | 3,713 |
Longer-term shareholder return snapshot:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Cumulative TSR – value of $100 investment ($) | $4.13 | $1.30 | $5.19 |
| Net Income (Loss) ($USD) | (194,192,000) | (152,641,000) | (71,642,000) |
Additional capital structure actions during his interim tenure:
- Company entered a $35M ABL facility on May 13, 2025 (borrowed $25M), repaid Blue Torch Term Loan in full, improving liquidity and reducing near-term amortization; covenants include billings, digital subscriptions, liquidity and capex limits .
Investment Implications
- Retention risk appears mitigated by severance/CoC protections (cash severance, healthcare, and equity acceleration), reducing unexpected executive turnover risk during strategic pivot and refinancing .
- Alignment safeguards: clawback policy and prohibition on hedging/pledging enhance pay-for-performance integrity and reduce misaligned risk-taking .
- Equity acceleration terms could create incremental selling pressure if a change-in-control occurs (full vesting of time-vested awards), a potential consideration in event-driven scenarios .
- Execution focus: Q1 2025 shows improved loss and lower opex amid revenue contraction; the ABL refinancing and covenant package underscore disciplined liquidity management during the affiliate-model pivot .