Joey Hord
About Joey Hord
Joey Hord (age 45) was appointed Chief Financial Officer of Traeger, Inc. (NYSE: COOK) effective immediately following the filing of the company’s Q1 2025 Form 10-Q (“Transition Date”). He joined Traeger in September 2021, serving as VP Finance & Strategy, then SVP Finance & Strategy from April 2023, and previously spent 16 years at NIKE, Inc. in leadership roles including Senior Director of Global Business Planning and CFO of Nike Southern Cone and Nike Brazil; he holds a B.A. in Accounting and Finance (University of Portland) and completed an Executive Leadership program at Stanford GSB . During his Traeger tenure, company performance in 2024 featured revenue of $604.1M (-0.3% YoY), gross margin expansion to 42.3% (+540 bps YoY), and Adjusted EBITDA of $81.9M (+34.1% YoY), providing a constructive backdrop for finance execution entering 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Traeger, Inc. | CFO | Effective post-Q1 2025 10-Q (“Transition Date”) | Finance leadership for margin, capital allocation, and investor relations |
| Traeger, Inc. | SVP, Finance & Strategy | Apr 2023–Mar 2025 | Led planning/strategy through 2024 margin expansion and EBITDA growth |
| Traeger, Inc. | VP, Finance & Strategy | Sep 2021–Mar 2023 | Built FP&A and strategic finance capabilities post-IPO |
| NIKE, Inc. | Senior Director, Global Business Planning | Apr 2020–Sep 2021 | Global planning leadership at scale |
| NIKE, Inc. | CFO, Nike Southern Cone; CFO, Nike Brazil | Not disclosed (within 16-year Nike tenure) | Regional P&L ownership and execution in growth markets |
External Roles
- No external public company directorships were disclosed for Hord in the filings reviewed .
Fixed Compensation
| Component | Terms | Effective/Notes |
|---|---|---|
| Base salary | $425,000 per year | Per CFO Offer Letter; at-will employment; effective at Transition Date |
| Relocation | Reimburse up to $100,000 home sale closing costs; tax gross-up applied; pro-rata repayment if voluntary resignation within 12 months | Salt Lake City relocation requirement |
Performance Compensation
Annual Cash Bonus
| Metric framework | Target opportunity | Weighting | Target definition | Payout/vesting |
|---|---|---|---|---|
| Not disclosed in 8-K Offer Letter | 75% of base salary | Not disclosed | Not disclosed | Annual cash bonus; details TBD |
Equity Awards
| Award type | Target value | Grant timing | Vesting schedule | Notes |
|---|---|---|---|---|
| Annual equity awards (type not specified) | $800,000 target (dollar-denominated) | Annual, per program | Not disclosed | Eligibility per Offer Letter |
| One-time RSU | $100,000 | In connection with Offer Letter | Not disclosed | Sign-on award; vesting terms not specified in filing |
Context: For other 2024 NEO awards, the company used Adjusted EBITDA as the performance metric for PSUs and CEO performance shares, with maximum goals achieved and vesting on Mar 31, 2025, indicating a pay-for-performance precedent at COOK even though Hord’s specific metrics/vesting are not disclosed .
Equity Ownership & Alignment
- Beneficial ownership: Hord was not listed in the 2025 proxy’s beneficial ownership table (limited to current directors and named executive officers for 2024); no Form 3/4 holdings were disclosed in the reviewed documents .
- Hedging/pledging: Company policy prohibits hedging (e.g., prepaid forwards, swaps, collars, exchange funds) and prohibits pledging or margining company stock; trading requires preclearance and use of pre-approved Rule 10b5‑1 plans, with blackout periods in effect .
- Insider policy enforcement: Preclearance and blackout framework, two full trading-day waiting periods after public disclosures; short sales and options trading are prohibited .
Employment Terms
| Term | Details |
|---|---|
| Employment status | At-will under Offer Letter; continues until terminated by either party |
| Severance | Not disclosed for Hord in Offer Letter; company maintains an Executive Change-in-Control (CIC) Severance Plan for certain executives (details below); Hord’s inclusion not specified in reviewed filings |
| Non-compete / Non-solicit | Not disclosed in Hord’s Offer Letter; company uses restrictive covenants in certain executive agreements (contextual) |
Company CIC Severance Plan (context)
- For eligible executives, upon qualifying termination within 24 months post-CIC: lump-sum cash equal to 200% of base salary plus pro‑rated target bonus and 24 months of COBRA premiums (with tax gross‑up for COBRA payment), and full acceleration of time‑based equity; subject to release and covenants. Hord’s eligibility is not specified in the filings reviewed .
Investment Implications
- Alignment and upside exposure: A meaningful at-risk mix (75% target bonus and $800k target annual equity) ties Hord’s compensation to performance and stock outcomes once metrics/award types are set; anti-hedging/anti-pledging rules reinforce alignment by preventing downside protection or collateralization of shares .
- Near-term retention and grant overhang: A one-time $100k RSU and relocation gross-up support transition/retention, though vesting and full equity award design were not disclosed—limiting precision on forward selling pressure or vesting cliffs .
- Performance backdrop: 2024 margin expansion and Adjusted EBITDA growth provide a constructive operating base for the new CFO to drive capital discipline and earnings quality; however, cash generation and leverage will remain focal as interest expense and amortization are significant .