Hyon Park
Executive Vice President, Chief Operating Officer and Chief Technology Officer at Torrid Holdings
Executive
About Hyon Park
Hyon C. Park, 52, is Executive Vice President, Chief Operating Officer and Chief Technology Officer at Torrid Holdings (CURV). He became COO effective June 6, 2024 after joining as EVP & CTO in August 2022; he holds a BS in Electrical Engineering from the University of Pennsylvania . Torrid’s incentive plans for FY 2024 were tied to Adjusted EBITDA with a target of ~ $116 million and paid out at 88.5% of target; company net income improved to $16.3 million in FY 2024 (from $11.6 million in FY 2023), and the company-reported TSR value of an initial $100 investment increased from $56.35 to $80.05 over FY 2023–FY 2024 . CEO commentary credited Park with stabilizing and upgrading systems in support of growth; his remit spans technology, supply chain, and store operations .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Belk, Inc. | EVP, Chief Information Officer | 2016–2022 | Senior IT leadership at a large DTC retailer |
| Tailored Brands, Inc. | EVP, CIO; SVP, CIO; VP, IT | 2011–2016 | Led enterprise technology across multiple leadership levels |
| The Gymboree Corporation | Various IT roles | Pre‑2011 | Retail IT leadership experience |
| Answerthink Consulting Group | Consultant | 1999–2002 | Consulting experience |
| IBM Global Services | Consultant | 1995–1999 | Consulting experience |
External Roles
No external directorships or committee roles were disclosed for Park in the company’s proxy filings reviewed .
Fixed Compensation
| Item | FY 2024 | Notes |
|---|---|---|
| Base salary earned | $667,900 | FY 2024 salary earned per SCT |
| Base salary rate (pre‑promotion) | $618,000 | Prior to 6/6/2024 |
| Base salary rate (effective 6/6/2024) | $700,000 | Increased ~13.27% with COO promotion |
| Target annual bonus % | 80% | Increased from 75% upon promotion |
| Perquisites/benefits | Supplemental healthcare and disability; 401(k) match | FY 2024 other comp: $21,211 |
Performance Compensation
Annual Cash Incentive (FY 2024)
| Metric | Weighting | Target | Actual | Payout factor | Payout amount | Vesting/Timing |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | Not disclosed | ~ $116 million | Not disclosed | 88.5% of target | $466,507 | Paid in Q1 following fiscal year under plan |
Notes:
- FY 2024 Annual Incentive Plan is based on company Adjusted EBITDA, with threshold at 40% of target payout and maximum at 200% of target; target percentages are expressed off base salary .
Long‑Term Equity Incentives (LTI) – Grant Mix and Amounts (FY 2024)
| Component | FY 2024 grant date fair value ($) | Notes |
|---|---|---|
| Options | 265,000 | Total FY 2024 Options per SCT |
| RSUs | 235,000 | Total FY 2024 Stock Awards per SCT |
Equity Award Detail and Vesting
| Grant date | Type | Shares/Units | Exercise price | Expiration | Vesting schedule |
|---|---|---|---|---|---|
| 8/2/2022 | Options | 106,839 unexercisable; 106,836 exercisable | $5.99 | 8/22/2032 | 4 equal annual installments (from vesting start) |
| 3/27/2023 | Options | 67,656 unexercisable; 22,551 exercisable | $3.23 | 3/27/2033 | 4 equal annual installments |
| 4/2/2024 | Options | 62,950 unexercisable | $4.51 | 4/2/2034 | 4 equal annual installments |
| 7/1/2024 | Options | 19,868 unexercisable | $7.42 | 7/1/2034 | 4 equal annual installments |
| 8/22/2022 | RSUs | 62,605 unvested | — | — | 4 equal annual installments |
| 3/27/2023 | RSUs | 40,635 unvested | — | — | 4 equal annual installments |
| 4/2/2024 | RSUs | 38,803 unvested | — | — | 4 equal annual installments |
| 7/1/2024 | RSUs | 8,087 unvested | — | — | 4 equal annual installments (promotion grant) |
Additional equity grant context:
- In March 2024 he received annual LTI (50% Options / 50% RSUs); in July 2024, an additional promotion grant (60% Options / 40% RSUs) .
- Options and RSUs generally vest in substantially equal installments on each of the first four anniversaries of the vesting commencement date, subject to continued employment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 4/15/2025) | 238,223 total shares (70,547 common; 167,676 awards vesting/exercisable within 60 days); <1% ownership |
| Ownership guidelines | 2× base salary for other NEOs/EVPs; until met, must retain at least 50% of net after‑tax shares from equity awards (adopted Dec 2024) |
| Hedging/pledging | Hedging prohibited; pledging and margin accounts prohibited for directors, officers and employees |
| 10b5‑1 plans | Trading only in open windows or under pre‑approved 10b5‑1 trading plans; pre‑clearance required |
Employment Terms
- Start date and roles: Joined as EVP & CTO in August 2022; appointed COO effective June 6, 2024 while retaining CTO responsibilities .
- Offer letter (Aug 3, 2022): Initial base $600,000 (later increased to $700,000 upon COO promotion); target bonus 75% (increased to 80% with promotion); $225,000 sign‑on bonus (clawback if terminated for cause within 12 months); initial equity award; standard benefits .
- Restrictive covenants: Non‑compete during employment; non‑solicit of employees/customers during employment and for two years post‑termination; perpetual non‑disparagement and confidentiality .
- Severance: Original offer letter provided no severance . On March 29, 2025, company adopted an Executive Severance Plan covering Park:
- Qualifying termination outside change‑in‑control (CIC) period: 12 months base salary continuation, company‑paid COBRA for 12 months, and outplacement up to $20,000 for 9 months .
- Qualifying termination during CIC period: Lump sum 12 months base salary, pro‑rated annual bonus at actual performance, company‑paid COBRA for 12 months, and outplacement up to $20,000 for 9 months .
- Clawback: NYSE‑compliant clawback requires recovery of excess incentive‑based pay upon an accounting restatement (3 prior completed fiscal years) .
- Equity treatment on termination/CIC: Unvested RSUs/Options/PSUs forfeit upon termination absent Compensation Committee discretion; Ms. Harper’s PSU agreement deems time‑vested at CIC—Park’s awards follow plan/award terms (no automatic acceleration disclosed) .
Investment Implications
- Pay-for-performance calibration: Annual bonus is 100% tied to Adjusted EBITDA with disclosed FY 2024 payout at 88.5% of target, aligning cash incentives with profitability; Park’s actual FY 2024 bonus was $466.5k .
- Equity alignment vs. selling pressure: Significant unvested RSUs and options vest annually over four years, creating periodic vest‑related liquidity events; hedging/pledging prohibitions and new ownership guidelines (2× salary) mitigate misalignment risk and reduce forced selling incentives .
- Retention and transition risk: The March 2025 Executive Severance Plan now provides Park with 1× salary severance (and COBRA/outplacement) on qualifying termination and similar 1× salary CIC protection plus pro‑rated bonus—moderate security that lowers abrupt departure risk without excessive multiples or tax gross‑ups .
- Execution scope: Park’s remit over technology, supply chain, and store operations plus CEO‑recognized systems upgrades indicate operational leverage to value creation; investors should monitor execution against EBITDA targets and cadence of LTI vesting/Forms 4 to gauge confidence and potential insider‑selling overhang .
Sources: Torrid DEF 14A (Apr 23, 2025) for executive bios, compensation, ownership, policies, and severance terms ; Torrid 8‑K (Jun 12, 2024) for COO appointment and CEO commentary ; Torrid DEF 14A (Apr 23, 2024) for hedging/pledging policy detail .