Chris Mondzelewski
About Chris Mondzelewski
Chris Mondzelewski, 51, is President and Chief Executive Officer of BRC Inc. (Black Rifle Coffee Company) and has served on the Board since January 2024; he previously served as CMO (May 2023–Jan 2024) and President (June 2023 onward) before becoming CEO effective January 1, 2024 . He holds a B.S. in Chemical Engineering from Vanderbilt University and an MBA (Economics/Marketing) from Northwestern’s Kellogg School; earlier, he served five years in the U.S. Marine Corps . Under his leadership, BRCC reported FY2024 revenue of $391.5m with gross margin expansion to 41.2% and positive operating cash flow of $11.3m, reflecting channel mix shifts and cost actions; in Q3 2025, revenue was $100.7m with Adjusted EBITDA of $8.4m amid continued Wholesale distribution gains and cost discipline .
Past Roles
| Organization | Role | Years/Tenure | Strategic impact |
|---|---|---|---|
| BRC Inc. | Chief Executive Officer; Director | CEO effective Jan 1, 2024; Director since Jan 2024 | Led distribution and cost discipline; drove FY2024 margin expansion and Q3 2025 execution |
| BRC Inc. | President | Since June 28, 2023 | Oversaw day-to-day operations alongside CMO role |
| BRC Inc. | Chief Marketing Officer | May 2023–Jan 2024 | Brand/marketing leadership during channel shift |
| Mars Inc. | Multiple roles including Chief Growth Officer, SVP NA Customer Development, VP Marketing | 13 years | Led growth/operational improvements across brands |
| Kraft Foods | Business/marketing leadership in North America and China | 12 years | Launched successful campaigns and innovations |
| U.S. Marine Corps | Officer | 5 years | Deployed in support of Operation Desert Freedom |
External Roles
- No public-company directorships disclosed for Mr. Mondzelewski in BRCC’s filings .
Board Service at BRCC
- Director since January 2024; Class I director with term expiring at the 2026 annual meeting .
- Committee roles: none; current committee compositions list Mr. Mondzelewski as a director without committee assignments .
- Governance structure: BRCC is a “controlled company” under NYSE rules (Executive Chairman: Evan Hafer; Lead Independent Director: Kathryn Dickson). Majority of the Board is independent; committees meet NYSE/Exchange Act standards where required .
- Attendance: All directors attended at least 75% of Board and committee meetings in FY2024; Board met 7 times (Audit 4; Compensation 5; Nominating & Governance 4) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 285,963 | 598,077 |
| Target Bonus % of Salary | 75% (per 5/1/2023 employment agreement) | 100% (per 12/22/2023 CEO letter) |
| Actual Cash Bonus Paid ($) | — | 243,500 |
Notes: 2024 base salary set at $600,000; target bonus 100% of base salary per CEO letter agreement effective Jan 1, 2024 . 2024 bonus plan metrics: revenue, adjusted EBITDA, and individual goals .
Performance Compensation
Annual Incentive Plan (Cash)
| Metric | Weighting | Target | Actual | Payout Basis | Source |
|---|---|---|---|---|---|
| Revenue | Not disclosed | Not disclosed | Not disclosed | Based on Company performance | |
| Adjusted EBITDA | Not disclosed | Not disclosed | Not disclosed | Based on Company performance | |
| Individual Performance | Not disclosed | Not disclosed | Not disclosed | Based on individual goals |
Note: The proxy discloses plan metrics but not detailed weights or target/actual levels for NEOs; 2024 cash bonus paid to Mr. Mondzelewski was $243,500 .
Long-Term Equity Awards (2024 program design)
- Mix: 75% stock options (7-year term) vesting 1/3 annually over 3 years; 25% RSUs vesting in equal annual installments over 3 years .
- Clawback: Recovery Policy adopted in 2023 requiring recoupment of incentive compensation upon accounting restatement under NYSE/SEC rules .
Equity Grants and Outstanding Awards (as of 12/31/2024)
| Grant date | Instrument | Quantity | Exercise Price ($) | Expiration | Unvested RSUs (#) | Vesting Terms |
|---|---|---|---|---|---|---|
| 5/5/2023 | Stock Options (Exercisable/Unexercisable) | 50,876 / 101,752 | 5.38 | 5/4/2030 | 55,762 | Options 1/3 annually; RSUs 3 equal annual installments |
| 8/15/2023 | Stock Options (Exercisable/Unexercisable) | 191,076 / 382,154 | 4.45 | 8/14/2030 | 71,162 | As above |
| 2/23/2024 | Stock Options (Unexercisable) | — / 860,664 | 3.91 | 2/22/2031 | 159,847 | As above |
Grant-date fair values awarded in 2024: RSUs $625,000; options $1,875,000 .
Equity Ownership & Alignment
| Ownership measure | Value |
|---|---|
| Class A shares owned | 86,765 |
| RSUs vesting within 60 days (Class A issuable) | 27,881 |
| Options exercisable within 60 days | 579,716 |
| Class B shares | — |
| Total Class A beneficial ownership | 694,362 (less than 1% of Class A; less than 1% of total voting power) |
| Unvested RSUs outstanding (12/31/2024) | 286,771 (sum of 55,762; 71,162; 159,847) |
| Stock ownership guideline | CEO expected to own 6x base salary within 5 years |
| Hedging/pledging | Prohibited by Insider Trading Policy; no exceptions disclosed for Mr. Mondzelewski |
Notes: Upcoming multi-year vesting of RSUs and annual option-vesting tranches may create periodic sell-to-cover tax events; policy restricts hedging and pledging activity .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | Effective May 1, 2023; at-will; base not less than $500,000; target annual incentive 75%; company must give 30 days’ notice to terminate; executive to give 60 days’ notice to resign . |
| CEO compensation letter | Dec 22, 2023 letter setting CEO pay: $600,000 base; 100% target bonus; 2024 grants: RSUs $625,000 and options $1,875,000 . |
| Severance | If terminated without cause: accrued amounts, up to 12 months base salary continuation and up to 12 months health coverage (subject to release) . |
| Change-in-control | Incentive Units (plan legacy) provide partial accelerated vesting upon change in control depending on time elapsed; Mr. Mondzelewski’s disclosed outstanding awards as of 12/31/2024 are RSUs and stock options (no Incentive Units shown) . |
| Restrictive covenants | Customary non-compete, non-solicit, confidentiality . |
| Clawback | Incentive Compensation Recovery Policy per SEC/NYSE standards . |
Compensation Structure Analysis
- Year-over-year mix: 2024 introduced a CEO package with higher “at-risk” equity (options 75% of LTI; RSUs 25%), aligning with shareholder value creation; options have 7-year terms with 3-year vesting .
- Bonus metrics tie to revenue and Adjusted EBITDA plus individual goals, reinforcing operating and profitability priorities amid channel shifts and cost actions .
- Peer benchmarking: 2024 peer group spans packaged foods/beverage and adjacent growth consumer names (e.g., Yeti, Celsius, Freshpet, Vital Farms, Dutch Bros, Portillo’s); philosophy targets 50th percentile of peers .
- Governance guards: NYSE/SEC-compliant clawback; insider policy prohibits hedging/pledging; equity grant timing not coordinated with MNPI; no options granted within four business days of MNPI events in 2024 .
Performance & Track Record
FY2024 Company Highlights
| Metric | FY2024 |
|---|---|
| Revenue ($m) | 391.5 |
| Gross margin (%) | 41.2% (up 950 bps YoY) |
| Operating expenses | Down 10% YoY |
| Net cash from operating activities ($m) | 11.3 |
| Channel notes | Wholesale +9% YoY; DTC $123.8m (down 14%) |
Q3 2025 Snapshot
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Net revenue ($m) | 98.2 | 100.7 |
| Gross margin (%) | 42.1% | 36.9% |
| Net loss ($m) | (1.4) | (1.2) |
| Adjusted EBITDA ($m) | 7.1 | 8.4 |
| Packaged coffee ACV | 45.0% | 54.1% |
| RTD ACV | 46.0% | 53.3% |
Management commentary: CEO highlighted distribution growth across packaged coffee and RTD, retail partnership strength, and progress toward building a multi-category beverage platform; CFO noted improved profitability, cost discipline, and a mid-2025 equity raise used to retire revolver borrowings and bolster liquidity .
Board Governance (Dual-role Implications)
- Dual-role context: Mondzelewski serves as CEO and director; Board has an Executive Chairman (Hafer) and a Lead Independent Director (Dickson), which helps mitigate typical CEO/Chair concentration concerns .
- Controlled company: BRCC relies on NYSE’s controlled company exemptions (e.g., nominating/compensation committee composition), which can raise governance scrutiny; audit committee remains fully independent per rules .
- Independence: Board has a majority of independent directors; independence affirmations disclosed (including for significant shareholders on the Board) .
Director Compensation (for Chris Mondzelewski)
- Mr. Mondzelewski received no additional compensation for his service as a director in 2024; director pay applies only to non-employee directors .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited; no exceptions disclosed for CEO (Board previously approved a pledging exception for another director) .
- Clawback: Implemented in 2023; enhances recourse in restatement scenarios .
- Equity award practices: No grants were made within the MNPI-sensitive window in 2024 .
- Governance: Controlled company status may concern some investors regarding independent oversight .
- Litigation costs: Non-routine legal expenses impacted Adjusted EBITDA reconciliation in 2025; not CEO-specific but relevant to risk profile .
Compensation Committee & Peer Group
- Compensation Committee chaired by Lead Independent Director (Dickson); uses independent consultant Pearl Meyer; targets total compensation around the 50th percentile of the designated peer group .
- 2024 Peer Group includes: Yeti, Sovos Brands, Bark, Krispy Kreme, Westrock Coffee, Vita Coco, Celsius, Freshpet, Vital Farms, Dutch Bros, Portillo’s, Duckhorn Portfolio, Beyond Meat, Honest Company, Zevia; selected based on market cap and revenue comparability plus qualitative fit .
Investment Implications
- Pay-for-performance alignment: CEO’s variable mix skews to options (75% of LTI) with multi-year vesting, tying upside to TSR and operational execution (revenue/Adj. EBITDA); presence of clawback and ownership guidelines further align interests .
- Retention vs. sell pressure: Large unvested RSU/option overhang (e.g., 860,664 unvested options from 2/23/24 and 159,847 RSUs) vests over three years, supporting retention but creating periodic sell-to-cover tax events; however, hedging/pledging prohibitions curb misalignment risk .
- Governance considerations: As a controlled company with an Executive Chairman, BRCC relies on governance exemptions; use of a Lead Independent Director and independent audit committee partially offsets concerns, but investors may scrutinize committee independence and board refreshment over time .
- Execution track record: FY2024 margin/FCF improvement and Q3 2025 Adj. EBITDA growth with distribution gains underscore operational progress under Mondzelewski; sustained gross margin headwinds (green coffee inflation, trade/slotting) and DTC softness remain key watch items for incentive attainment and equity value realization .