Tana Davila
About Tana Davila
Dutch Bros’ Chief Marketing Officer since June 2023, Tana Davila is a Fulbright Scholar with a B.A. in International Studies and German (Washington University in St. Louis), a J.D. (Seton Hall University), and an MBA (Emory University). She is 42 and brings marketing leadership experience from CKE Restaurants and P.F. Chang’s . During her tenure, Dutch Bros exceeded 2024 executive bonus targets on both Total Revenue ($1,281.0M vs. $1,197.5M target) and Adjusted EBITDA ($230.3M vs. $190.0M target), driving a 200% payout for NEOs; the company also reported cumulative TSR of $142.80 on a $100 base as of 2024 and Adjusted EBITDA of $230.3M in 2024 . Early 2025 momentum included Q1 revenue growth of 29.1% YoY and positive transaction growth, with 2025 revenue and adjusted EBITDA trending toward the top half of guidance ranges .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CKE Restaurants, Inc. | Chief Marketing Officer | Sep 2022 – Jun 2023 | Not disclosed |
| P.F. Chang’s China Bistro Inc. | Chief Marketing Officer | Sep 2019 – Aug 2022 | Not disclosed |
| P.F. Chang’s China Bistro Inc. | SVP – Marketing | Jan 2019 – Sep 2019 | Not disclosed |
| P.F. Chang’s China Bistro Inc. | VP – Marketing & Brand Development | Nov 2017 – Jan 2019 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in filings |
Fixed Compensation
| Metric | 2024 | 2025 (current/target) |
|---|---|---|
| Annual Base Salary ($) | 500,000 | 525,000 |
| Target Bonus (% of Salary) | 50% | 60% |
| Actual Annual Bonus ($) | 500,000 (200% payout on 50% target) | — |
Perquisites/other compensation (2024): 401(k) match $10,833; life/LTD premiums $74; cell/internet stipends $2,400; “coffee cash” $1,200; total “All Other Compensation” $14,507 .
Performance Compensation
Annual incentive (2024 plan and results)
| Metric | Weight | Threshold ($000s) | Target ($000s) | Maximum ($000s) | Actual ($000s) | Payout |
|---|---|---|---|---|---|---|
| Total Revenue | 50% | 1,149.6 | 1,197.5 | 1,245.4 | 1,281.0 | 200% |
| Adjusted EBITDA | 50% | 171.0 | 190.0 | 209.0 | 230.3 | 200% |
| Total | 100% | — | — | — | — | 200% |
Davila’s actual 2024 bonus: $500,000 (base $500,000 × 50% target × 200% payout) .
Long‑term incentives (grants and vesting)
| Grant Date | Award Type | Shares/Units | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| Jul 1, 2023 | RSUs | 11,310 | Included in 2023 stock awards total $821,750 | 50% on 2nd anniversary; 50% on 3rd anniversary, subject to service |
| Jul 1, 2023 | RSUs | 17,574 | Included in 2023 stock awards total $821,750 | 50% on 2nd anniversary; 50% on 3rd anniversary, subject to service |
| Mar 1, 2024 | RSUs | 16,852 | 499,999 | 1/3 on each of the 1st, 2nd, and 3rd anniversaries, subject to service |
Notes:
- As of Dec 31, 2024, unvested RSUs and their market value (at $52.38): 11,310 ($592,418), 17,574 ($920,526), 16,852 ($882,708) .
- Since 2022, the company prefers RSUs over options for NEOs and “currently has no plans to grant stock options” .
- 2025 LTI design adds performance: 50% service-vested on the same schedule; 50% vests based on 3-year relative TSR vs. a committee-approved peer group .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 4,051 shares of Class A; less than 1% of outstanding |
| Unvested RSUs (12/31/2024) | 45,736 units (market value $2,395,652 at $52.38/share) |
| Options (exercisable/unexercisable) | None disclosed; company not planning option grants |
| Stock ownership guidelines | Officers: 3.0x base salary; measured annually; 5-year compliance window effective Jan 16, 2025 |
| Pledging/hedging | Prohibited (no margin, pledging, hedging, or derivatives/short sales) |
| Sales while below guideline | Committee may limit sales to amounts needed for taxes/exercise and may deliver compensation in stock until compliant |
Vesting cadence and potential sell-to-cover: Davila’s 2023 RSU tranches vest 50% on 7/1/2025 and 50% on 7/1/2026; 2024 RSUs vest one-third on 3/1/2025, 3/1/2026, and 3/1/2027, subject to continuous service . The company’s guidelines allow limiting sales if ownership thresholds are not met, except for shares needed to cover taxes/exercise costs .
Employment Terms
| Term | Detail |
|---|---|
| Role | Chief Marketing Officer (start: June 8, 2023) |
| Employment status | At-will; no fixed term |
| 2025 compensation targets | Base $525,000; Target bonus 60% of base; Annual equity award target $750,000 (board approval required) |
| 2024 compensation | Base $500,000; Target bonus 50% of base; RSU grant $499,999; Actual bonus $500,000 |
| Severance Plan (regular termination) | 12 months base salary; prorated target bonus; 12 months benefits (not shown for Davila in table); no equity acceleration |
| Severance Plan (change‑in‑control + qualifying termination) | 12 months base; 100% of target bonus; prorated target bonus; 12 months benefits; 100% equity vesting acceleration |
| Estimated payouts if triggered on 12/31/2024 | Regular: $750,000 total (salary $500,000 + prorated bonus $250,000) . CIC: $3,395,652 total (salary $500,000 + bonus $250,000 + prorated $250,000 + equity acceleration $2,395,652) |
| Clawback | Dodd-Frank compliant recoupment policy; SOX 304 applies to CEO/CFO as required |
Performance & Track Record
- 2024 pay-for-performance: Company exceeded top-line and Adjusted EBITDA goals, driving 200% annual bonus payout for NEOs including Davila .
- Company performance indicators: 2024 Adjusted EBITDA $230.3M; Net income $66.45M; cumulative TSR value $142.80 (initial $100 basis), with the S&P 500 Consumer Discretionary index at $124.68 comparator basis .
- 2025 momentum: Q1 2025 revenues +29.1% YoY to $355.2M; positive same shop sales and transactions; guidance trending to top half for FY25 revenues ($1.555–$1.575B) and Adjusted EBITDA ($265–$275M) .
Compensation Committee, Peer Group, Say‑on‑Pay
- Compensation consultant: Semler Brossy; quarterly meetings; CEO advises on other execs’ pay (not her own) .
- 2024 peer group used for benchmarking (e.g., WING, SHAK, JACK, WEN, PZZA, PTLO, DNUT, BJRI, DIN, CELH, FWRG, LOCO, PBPB, Chuy’s pre-acquisition) .
- Say‑on‑Pay support: 97.4% “For” at 2024 annual meeting .
Investment Implications
- Alignment: 2025 LTI shifts half of awards to 3-year relative TSR, increasing performance linkage; prohibition on pledging/hedging and officer ownership guidelines (3x base, 5-year window from Jan 16, 2025) further align incentives .
- Retention risk: Material unvested RSUs ($2.40M at 12/31/2024) vest across 2025–2027; Severance Plan provides meaningful protection including 100% acceleration on double-trigger CIC, which can both retain and, in CIC, create overhang from accelerated supply .
- Near-term selling pressure: Vesting events in 2025/2026 may necessitate sell-to-cover transactions for taxes; the committee may restrict additional sales until guideline compliance is achieved, reducing discretionary selling .
- Performance signal: 2024 maxed bonus factors and early-2025 revenue/transaction momentum suggest marketing and broader commercial initiatives are tracking; however, bonus metrics are company-level, so investors should assess sustainability of revenue and EBITDA expansion against unit growth cadence and cost structure disclosed in quarterly results .