Chris Morris
About Chris Morris
Chris Morris is 54 and has served as Chief Executive Officer and Chairman of the Board of European Wax Center, Inc. since January 8, 2025; he is a Class III director with a term running to the 2027 annual meeting . He holds a B.S. in Accounting from Missouri State University and an MBA from the University of Kansas . The Board’s leadership guidelines allow combining the CEO and Chair roles, which are currently both held by Morris . Company TSR, revenue growth and EBITDA growth during his tenure are not disclosed; his public comments have emphasized priorities to drive traffic and sales growth, improve franchisee four-wall profitability, and pursue disciplined expansion .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Dave & Buster’s | CEO and Board Member | 2022–2024 | Led opening of 30 new locations; established international expansion pipeline |
| Main Event Entertainment | President & CEO | 2018–2022 | Oversaw significant revenue growth; executed successful merger with Dave & Buster’s in 2022 |
| California Pizza Kitchen | President | 2014–2018 | Revitalized brand; returned business to positive comparable store sales |
| On the Border Mexican Grill & Cantina | EVP & CFO | 2010–2014 | Senior finance leadership |
| CEC Entertainment (Chuck E. Cheese) | CFO | 2004–2010 | Senior finance leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| Dave & Buster’s | Board Member | 2022–2024 |
Fixed Compensation
| Item | Terms |
|---|---|
| Base salary | $800,000 per year |
| Target annual bonus | 100% of base salary; maximum 150% of base |
| FY2025 bonus floor | Minimum guaranteed cash bonus of $250,000 (paid in 2026) |
| Benefits | Eligible for health, dental, vision, 401(k), and complimentary Wax Pass; 216 hours of PTO |
| Location | Plano, Texas HQ |
Performance Compensation
| Incentive type | Size | Strike price | Vesting/exercisability | Notes |
|---|---|---|---|---|
| RSUs | 600,000 | N/A | Vests in four equal annual tranches from grant date | Subject to accelerated vesting upon Change in Control; participates in Incentive Plan |
| Stock options (tranche 1) | 800,000 | Closing price on grant date | Exercisable in full on 4th anniversary of grant | Time-based; accelerated on Change in Control |
| Stock options (tranche 2) | 425,000 | $9.00 | Exercisable in full on 4th anniversary of grant | Time-based; accelerated on Change in Control |
| Stock options (tranche 3) | 425,000 | $12.00 | Exercisable in full on 4th anniversary of grant | Time-based; accelerated on Change in Control |
Bonus metrics framework (company precedent):
| Metric | Weighting | FY2024 outcome (company-wide) |
|---|---|---|
| Adjusted EBITDA | 30% | Achieved 92.3%–95.7% of target |
| New center openings | 30% | Not met (below threshold) |
| Same store sales | 15% | Not met (below threshold) |
| System-wide sales | 15% | Achieved 92.3%–95.7% of target |
| Note: Specific FY2025 bonus metrics for Chris Morris were not disclosed . |
Clawback policy: The company maintains a Dodd-Frank/Nasdaq-compliant clawback; a recent correction did not impact incentive metrics and did not trigger recovery .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Apr 7, 2025) | No holdings disclosed for Chris Morris on the beneficial ownership table |
| Vested vs. unvested | All RSUs and options granted in connection with his appointment were initially unvested and time-based |
| Pledging/hedging | Company prohibits directors and officers from hedging and pledging company stock; margin accounts also prohibited |
| Ownership guidelines | Not disclosed in the proxy for executives/directors beyond the prohibition on hedging/pledging |
Implications for selling pressure: Annual RSU vesting over four years and fourth-year option vesting create predictable potential Form 4 activity windows; acceleration on Change in Control could front-load vesting .
Employment Terms
| Term | Detail |
|---|---|
| Employment start | January 8, 2025 |
| Contract nature | At-will employment |
| Severance & CIC | Eligible under the Company’s Change in Control and Severance Policy (CEO level); equity awards accelerate on Change in Control per grant agreements |
| “Cause” definition tweak | For Morris, “negligence” standard in the Severance Policy’s Cause definition is amended to “gross negligence” |
| Policies | Subject to company securities policy and recoupment policy; must execute Confidentiality, Non-Interference and Proprietary Rights Agreement |
Reference Severance Plan structure (general, not CEO-specific terms): Non-CIC terminations provide salary continuation, pro rata bonus and COBRA for specified periods; CIC terminations provide multiples of salary+target bonus, pro rata bonus, COBRA, and full vesting of unvested equity (performance awards vest at target) subject to release and covenants .
Board Governance
- Board service history: Appointed Class III director and Chairman effective January 8, 2025; term to 2027 annual meeting .
- Leadership structure: CEO and Chair roles combined per Board guidelines; Board retains flexibility to separate roles .
- Independence: Independent directors identified exclude Morris; combined role is not independent .
- Committees: Audit (Chair Dorvin Lively), Compensation (Chair Andrew Crawford), Nominating & Governance (Chair Andrew Crawford); Morris is not listed as a committee member .
- Attendance: Board met nine times in 2024; all directors attended at least 75% of meetings/committee meetings .
Investment Implications
- Pay-for-performance alignment: Equity package is predominantly time-based RSUs and options with sizable counts and fourth-year option cliff vesting, indicating retention emphasis but limited explicit performance linkage; FY2025 cash bonus has a $250k minimum, partially reducing at-risk cash compensation .
- Vesting cadence and trading signals: Four-year RSU vesting and fourth-year option exercisability create identifiable windows for potential insider transactions; Change-in-Control features could accelerate vesting, increasing overhang risk in an M&A scenario .
- Governance considerations: CEO also serves as Chairman; while permitted by guidelines, the combined role reduces structural independence; independent committees and a classified board are in place .
- Alignment and risk flags: Beneficial ownership for Morris was not reported as of April 7, 2025; however, company policy prohibits hedging and pledging, mitigating a common red flag. Robust clawback policy exists; recent correction did not trigger recovery due to metric neutrality .
- Severance/CIC economics: Participation at CEO level in the Severance Policy and equity acceleration on Change in Control can increase cost of termination or acquisition, potentially impacting transaction dynamics and investor dilution in a sale event .