Robin Spring-Green
DECKERS OUTDOORAbout Robin Spring-Green
Robin Spring-Green, age 49, is President of HOKA at Deckers (DECK), appointed in February 2024. She joined after 17 years at Nike, culminating as Global Vice President of Men’s Running & Fitness, and holds a B.A. in Economics from the University of California, Davis . She first qualified as a Named Executive Officer (NEO) in fiscal 2025, with compensation structured around an annual cash plan and a majority of long-term equity in PSUs tied to revenue and pre-tax income with a TSR modifier, aligning pay with growth and profitability objectives . During her tenure, HOKA has continued to expand, with Q2 FY26 brand net sales up 11.1% year-over-year to $634.1 million and six-month FY26 net sales up 15.3% to $1,287.2 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Deckers Brands (DECK) | President of HOKA | Feb 2024–Present | Leads HOKA brand; appointed to drive growth and execution |
| Nike, Inc. | Global VP, Men’s Running & Fitness; roles of increasing responsibility | 17 years (ended Feb 2024) | Category leadership in running/fitness; deep consumer and product experience |
External Roles
The proxy biography excerpts reviewed do not list external public company directorships for Spring-Green .
Fixed Compensation
| Metric | FY 2025 |
|---|---|
| Base Salary ($) | $612,000 |
| Target Annual Bonus (% of salary) | 75% |
| 2025 Annual Cash Incentive – Threshold/Target/Max ($) | $229,500 / $459,000 / $918,000 |
| Actual Non-Equity Incentive Paid ($) | $673,597 |
| All Other Compensation ($) | $15,795 |
Performance Compensation
2025 Annual Cash Incentive (paid June 2025)
| Metric | Weight | % of Target Earned | Target $ | Payout $ |
|---|---|---|---|---|
| Consolidated Operating Income | 30% | 200% | $137,027 | $274,054 |
| HOKA Operating Income | 40% | 103% | $182,702 | $188,257 |
| HOKA Revenue | 30% | 118% | $137,027 | $161,390 |
| ESG Modifier | — | 8% | — | Applied to total |
| Total Payout ($) | — | — | — | $673,597 |
FY2025 Equity Awards (granted Aug 15, 2024)
| Award Type | Grant Date | Shares/Units (Target) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 2025 LTIP PSUs | 8/15/2024 | 4,362 | 749,479 | 50% tied to annual pre-tax income (FY25–FY27) and 50% to annual consolidated revenue (FY25–FY27); vest with continued service through Mar 31, 2027; TSR modifier ±25% |
| 2025 Time-Based RSUs | 8/15/2024 | 3,162 | 499,343 | Vest in three equal annual installments on Aug 15, 2025/2026/2027 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (6/30/2025) | 1,738 shares; <1% of outstanding (148,542,225 shares outstanding) |
| Outstanding Equity at FY-end (3/31/2025) | Time-Based RSUs unvested: 4,740 ($529,979 MV at $111.81); Unearned PSUs (target): 7,290 ($815,095 MV at $111.81) |
| Stock Options | None outstanding for NEOs |
| Ownership Guidelines | Other NEOs: 3x base salary; company reports all NEOs in compliance as of FY2025 |
| Retention/Deferral | Must retain at least 75% of net shares until guideline met; hedging and pledging prohibited |
| NQDC Participation FY2025 | No contributions or balance disclosed for Spring-Green in NQDC table |
Vesting overhang and potential selling pressure:
- Time-based RSUs vest on Aug 15, 2025/2026/2027 (3,162 granted in 2025), creating predictable liquidity windows subject to 10b5-1/insider trading policy .
- PSUs from 2024 and 2025 cycles are scheduled to vest on Mar 31, 2026 and Mar 31, 2027 at target (subject to performance and TSR modifier), with potential +/- payout up to 200% of target; unearned PSUs at FY-end totaled 7,290 .
Employment Terms
| Term | Key provisions |
|---|---|
| Start Date / Role | Appointed President of HOKA in Feb 2024; first qualified as an NEO in FY2025 |
| Severance (Without Cause) | 12 months base salary; up to 12 months health benefits; pro-rata current-year cash incentive; certain continued/pro-rata equity vesting per award terms |
| Change-in-Control (Double Trigger) | 2.0x the sum of base salary and the greater of 1.5x target bonus or 1.5x three-year average actual bonus; up to 24 months health benefits; accelerated vesting of outstanding equity (PSUs generally at target) upon qualifying termination within two years of a change in control |
| Clawback | SEC/NYSE-compliant clawback for incentive-based pay during 3-year lookback after required restatement; additional misconduct-based recoupment at Committee discretion |
| Hedging/Pledging | Prohibited for directors and executive officers under Insider Trading Policy |
| Tax Gross-Ups | No excise tax gross-ups in change-in-control/severance arrangements |
Potential Payments Upon Termination (as of 3/31/2025)
| Scenario | Cash Payments ($) | Health Benefits ($) | Equity Value ($) | Total ($) |
|---|---|---|---|---|
| Death/Disability | — | — | 199,273 | 199,273 |
| By Company Without Cause | 612,000 | 9,243 | — | 621,243 |
| In Connection with a Change in Control | 1,912,500 | 18,485 | 1,345,074 | 3,276,059 |
Performance & Track Record (HOKA under Spring-Green’s leadership)
| Period | Metric | Result | Prior-Year | Change |
|---|---|---|---|---|
| Q2 FY26 | HOKA Net Sales ($mm) | 634.1 | 570.9 | +11.1% |
| Q2 FY26 | HOKA Income from Operations ($mm) | 221.3 | 214.6 | +3.1% |
| 6M FY26 | HOKA Net Sales ($mm) | 1,287.2 | 1,116.4 | +15.3% |
| 6M FY26 | HOKA Income from Operations ($mm) | 474.8 | 445.5 | +6.6% |
| Q2 FY26 | HOKA Segment Gross Margin | 57.5% | 58.5% | -100 bps |
Qualitative growth drivers cited by management include market share gains in U.S. road running, strong international momentum (EMEA and China), and brand-building around product families like Mafate, with high full-price sell-through and event marketing (e.g., UTMB) .
Compensation Structure Analysis
- Mix and leverage: FY2025 equity split ~60% PSUs / 40% time-based RSUs; PSUs tied to annual pre-tax income and consolidated revenue with a TSR modifier, driving multi-year pay-for-performance alignment .
- Annual plan rigor: 2025 cash plan for Spring-Green weighted to HOKA operating income and revenue (70% combined), plus consolidated operating income, yielding a 137% weighted achievement before an 8% ESG up-modifier; total payout $673,597 .
- Governance safeguards: Double-trigger equity vesting, no hedging/pledging, no tax gross-ups, and an SEC/NYSE-compliant clawback reduce misalignment and risk-taking incentives .
- Option risk profile: No stock options outstanding for NEOs; equity is full-value RSUs/PSUs, which reduces downside risk versus options but increases dilution/overhang sensitivity to performance outcomes .
Investment Implications
- Alignment: A high share of at-risk, performance-based equity with annually set revenue and profitability goals plus a TSR modifier creates tangible linkage to growth and value creation; stock ownership guidelines (3x salary) and 75% net-share retention further reinforce alignment, with no hedging/pledging permitted .
- Near-term trading supply: Time-based RSUs vest annually on Aug 15 (2025–2027), and PSUs from the 2024/2025 cycles have vest dates tied to Mar 31, 2026/2027 subject to performance and TSR, indicating likely Form 4 activity around these windows under the trading policy .
- Retention and COC: Standard severance (12 months salary/benefits) and double-trigger COC economics (2x base plus 1.5x bonus metric; benefits; equity acceleration) provide retention support without tax gross-ups; potential COC payout as modeled totals ~$3.28 million at FY2025 levels .
- Execution lens: HOKA’s sustained growth (Q2 and 6M FY26 net sales +11% and +15%) alongside disciplined pricing and international expansion underscores operating momentum; continued delivery against operating income and revenue targets will be key to PSU vesting and future pay outcomes .