Lauren R. Hobart
DICK'S SPORTING GOODSAbout Lauren R. Hobart
Lauren R. Hobart (age 56) is President & Chief Executive Officer of DICK’S Sporting Goods (since 2021) and has served on the Board since 2018; prior roles include President (2017–2021) and senior leadership in marketing and digital at DKS, and earlier leadership roles at PepsiCo, Wells Fargo, and JPMorgan Chase . Under current leadership, FY2024 results included net sales of $13.44B (+3.5% YoY), EPS of $14.05 (+15.4% YoY), EBT of $1.52B, and EBT margin of 11.3% (+115 bps YoY), with comp sales +5.2% (average ticket +4.0%, transactions +1.2%) . The Company’s say‑on‑pay received more than 99% approval at the 2024 Annual Meeting, and the Board recommends “FOR” on the 2025 advisory vote as well .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| DICK’S Sporting Goods | President & CEO | 2021–Present | Leads omnichannel strategy and growth; oversees operations and strategy execution . |
| DICK’S Sporting Goods | President | 2017–2021 | Drove customer-centric and digital transformation initiatives . |
| DICK’S Sporting Goods | EVP, Chief Customer & Digital Officer | 2017 | Advanced digital capabilities and customer experience . |
| DICK’S Sporting Goods | EVP, CMO & Chelsea Collective GM | 2015–2017 | Brand and format leadership . |
| DICK’S Sporting Goods | SVP, Chief Marketing Officer | 2011–2015 | Built brand and marketing platform . |
| PepsiCo | CMO, Carbonated Soft Drinks; earlier senior roles | 1997–2011 | Led major brand categories and strategy . |
| Wells Fargo | Senior Relationship Manager, Corporate Banking | 1993–1995 | Corporate banking coverage . |
| JPMorgan Chase | ABL Credit Analyst & Account Manager | 1990–1993 | Credit and lending experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Marriott International, Inc. | Director | Current | Public company directorship . |
| YUM! Brands, Inc. | Director | Former | Former public company directorship . |
| Sonic Corp | Director | Former | Former public company directorship . |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | 1,300,000 | 1,350,000 | 1,400,000 |
| STIP Target (% of Eligible Earnings) | — | 175% | 175% |
Notes: “Eligible Earnings” equals base salary earned in the fiscal year .
Performance Compensation
Annual Cash Incentive (STIP) – 2024
| Metric | Weight | Target | Actual/Payout | Payout Formula / Result | Vesting |
|---|---|---|---|---|---|
| Adjusted Non‑GAAP EBT | 100% | Company-set annual goal | Company achieved payout at 163.8% of target for NEOs | Eligible Earnings × 175% × 163.8% = $3,845,770 for Hobart | Cash (annual) |
Design features: gate at threshold EBT, 0–200% payout range .
Annual PSUs – 2024 grant
| Metric | Weight | Target Range | Actual/Payout | Units (Hobart) | Vesting |
|---|---|---|---|---|---|
| Adjusted Non‑GAAP EBT | 50% | Threshold/Target/Max set annually | Aggregate attainment 157.3% | 27,932 earned (from 17,757 target) | 100% cliff vest on 3rd anniversary (Apr 3, 2027), 1‑yr performance + 2‑yr time vest |
| Adjusted Net Sales | 50% | Threshold/Target/Max set annually | Aggregate attainment 157.3% | Included above | Same as above |
LTIP PSUs – 2023 award (2‑year performance)
| Metric | Weight | Period | Actual/Payout | Units (Hobart) | Vesting |
|---|---|---|---|---|---|
| Adjusted Net Sales | 40% | FY2023–FY2024 | Between target and max | 20,063 earned (from 16,988 target), aggregate 118.1% | 100% vest on Apr 3, 2025 (2‑yr performance; cliff vest) |
| Adjusted Non‑GAAP EBT | 40% | FY2023–FY2024 | Between threshold and target | Included above | Same as above |
| Adjusted Merchandise Margin Retention | 20% | FY2023–FY2024 | Between target and max | Included above | Same as above |
LTIP – 2025 award (granted Apr 3, 2025)
| Metric | Weight | Period | Target Award (Hobart) | Vesting |
|---|---|---|---|---|
| Adjusted Non‑GAAP EBT; Adjusted Net Sales; Adjusted eCommerce Comp Sales Growth; Adjusted External Merchandise Margin % | — | FY2025–FY2026 performance, then 1‑yr time vest | $3,500,000 | 100% cliff vest Apr 3, 2028; 0–200% payout; threshold EBT gate |
Equity Ownership & Alignment
- Beneficial ownership (as of Apr 14, 2025): 325,260 shares of common stock; less than 1% of outstanding; no Class B ownership listed for Hobart . Footnote includes: 80,332 options exercisable within 60 days, and 62,663 restricted stock; excludes 94,258 shares represented by unvested performance units .
- Outstanding awards and vesting (as of FY2024 year‑end):
- Stock options: 80,332 options exercisable at $11.31, expiring 3/22/2027 .
- Time‑based RSAs: 24,675 vest 4/3/2025; 24,632 vest 4/3/2026; 17,757 vest 4/3/2027 .
- Annual PSUs: 2022 PSU target 24,675 (certified to vest 4/3/2025 if employment condition met) ; 2023 PSU 27,130 at 110.1% to vest 4/3/2026 ; 2024 PSU 27,932 at 157.3% to vest 4/3/2027 .
- LTIP: 2023 LTIP 20,063 at 118.1% vested 4/3/2025 .
- Insider selling pressure indicators (FY2024 realized):
- Hobart exercised 139,000 options in Mar 2024 and sold the shares at weighted‑average prices of $216.63 (3/20) and $223.95 (3/21) per share; option strikes ranged $11.31, $28.31, $32.77 .
- Ownership and pledging policy:
- Executive and director stock ownership guidelines apply; all NEOs and directors were in compliance as of the 2025 record date . Hedging is prohibited and pledging transactions are strongly discouraged .
- Director equity compensation and guidelines:
- Non‑employee directors receive a $100,000 cash retainer and $180,000 in restricted stock with one‑year vest; directors must hold equity equal to 5x the annual cash retainer; all directors in compliance. Hobart, as an employee director, receives no separate director compensation .
Employment Terms
| Topic | Terms |
|---|---|
| Employment Agreement | The company generally does not have employment agreements with NEOs; no specific CEO employment contract disclosed . |
| Severance / Change‑in‑Control | No severance or standalone change‑in‑control agreements with executive officers; some equity awards include change‑in‑control provisions (e.g., acceleration if successor does not assume/substitute awards) . |
| Clawback | Awards are subject to clawback as required by law and listing standards; recoupment can occur for cause, policy violations, or detrimental conduct . |
| Deferred Compensation | Officers’ Supplemental Savings Plan: Hobart deferred $1,000,000 in 2024; company matched $200,000; aggregate year‑end balance $7,384,306; plan match vests after 5 years; distributions per 409A terms . |
| Perquisites | Limited; for Hobart in 2024: $22,538 401(k) match, $6,595 executive physical, $320 nominal gifts (All Other Compensation) . |
| Non‑Compete / Non‑Solicit | Not disclosed in proxy (no executive employment agreement details provided) . |
| Trading / Hedging / Pledging | No short‑sales or hedging; pledging strongly discouraged . |
Board Governance and Service
- Board service: Director since 2018; CEO/management director (non‑independent committees provide oversight) .
- Committee roles: No committee memberships listed for Hobart; Audit, Compensation, and Governance & Nominating Committees are fully independent .
- Board leadership and independence safeguards:
- CEO and Chair roles separated since 2021 (Executive Chairman: Edward W. Stack) .
- Lead Independent Director: Lawrence J. Schorr (since 2012) with defined responsibilities (agenda setting, executive sessions, liaison to management, investor engagement) .
- Board activity and attendance: Board met 16 times in fiscal 2024; each director attended at least 75% of Board/committee meetings; independent directors conduct regular executive sessions .
- Dual‑role implications: Hobart’s CEO/Director dual role is mitigated by separated Chair/CEO structure, an empowered Lead Independent Director, and fully independent Board committees .
Compensation Structure Analysis
- Pay mix emphasizes performance: STIP tied 100% to Adjusted Non‑GAAP EBT; annual PSUs split evenly between Adjusted Net Sales and Adjusted Non‑GAAP EBT; LTIP includes multi‑year financial/merchandise margin metrics; all subject to threshold EBT gate and capped payouts .
- 2024 outcomes above target: STIP paid 163.8% of target for NEOs (Hobart $3.85M); 2024 annual PSUs achieved 157.3% of target .
- 2025 enhancements: LTIP expanded to include eCommerce comp sales growth and external merchandise margin %; adds an extra 1‑year time‑based hold after the 2‑year performance period, increasing retentive value .
- Governance practices: Clawback policy; restrictions on hedging and pledging; no change‑in‑control or excessive severance agreements; no option repricing; peer benchmarking conducted by Willis Towers Watson with independence affirmed .
Director Service, Compensation, and Governance Summary (for context)
| Item | Detail |
|---|---|
| Director compensation (non‑employee) | $100,000 annual cash retainer; $180,000 annual restricted stock; committee chair retainers; one‑year vesting; 5x retainer ownership guideline; all directors in compliance . |
| CEO as director | Employee director receives no separate director compensation . |
| Compensation Committee | Fully independent; chaired by Larry D. Stone; oversees NEO pay, incentive design, risk, and plan administration . |
| Say‑on‑pay | >99% approval at 2024 Annual Meeting; Board recommends FOR 2025 say‑on‑pay . |
Ownership Snapshot (as of Apr 14, 2025)
| Holder | Common Shares | Class B Shares | Notes |
|---|---|---|---|
| Lauren R. Hobart | 325,260 (includes 80,332 options exercisable within 60 days; 62,663 restricted stock) | — | Excludes 94,258 unvested performance units . |
Outstanding shares: 56,483,631 common and 23,570,633 Class B outstanding as of Apr 14, 2025 .
Investment Implications
- Alignment and upside participation: A large portion of CEO compensation is performance‑based (STIP, PSUs, LTIP), with multi‑year PSU/LTIP structures and three‑year cliff vesting aligning incentives with revenue, profitability, merchandise margin, and eCommerce growth; threshold EBT gates reinforce down‑cycle discipline .
- Retention vs. supply overhang: Meaningful unvested RSAs/PSUs/LTIP units with set vesting dates (notably 4/3/2026–4/3/2027) both retain talent and create potential supply at vest/settlement; 2025 LTIP adds an extra hold year to further strengthen retention .
- Trading signals: Significant option exercises and same‑day sales in March 2024 demonstrate activity concentrated around open trading windows; monitor Form 4s around vest dates and bonus certifications for near‑term flow catalysts .
- Governance quality: Separated Chair/CEO, robust Lead Independent Director role, fully independent committees, clawback, and anti‑hedging/pledging restrictions mitigate dual‑role and incentive risks; strong recent say‑on‑pay support reduces pay‑risk overhang .