Dorvin D. Lively
About Dorvin D. Lively
Dorvin D. Lively, age 66, has served as an independent director of European Wax Center since July 2021. He is currently Chief Executive Officer of Buff City Soap and previously held senior finance and operating roles at Planet Fitness (President; President & CFO; CFO), RadioShack (EVP, CFO; interim CEO; Chief Administrative Officer), and Ace Hardware, among others. He holds a B.S. in Accounting from the University of Arkansas and is designated by the board as an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Planet Fitness, Inc. | President (2019–2022); President & CFO (2017–2019); CFO (2013–2017) | 2013–2022 | Senior finance and operating leadership in consumer services |
| RadioShack | EVP & CFO; interim CEO; Chief Administrative Officer | 2011–2013 | Turnaround/administrative leadership |
| Ace Hardware Corp. | Chief Financial Officer | Not disclosed | Corporate finance leadership |
| Maidenform Brands; Toys R Us; The Reader’s Digest Association; Pepsi-Cola International | Various finance/operating roles | Not disclosed | Consumer and retail operations experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Buff City Soap | Chief Executive Officer | Current | EWCZ director Andrew Crawford also serves on Buff City Soap’s board (network interlock) |
| Mister Car Wash, Inc. | Director | Current | Public company directorship |
Board Governance
- Independence: The board determined Lively is independent under Nasdaq rules.
- Committees: Audit Committee chair and financial expert; member, Nominating & Governance Committee.
- Attendance: Board met nine times in 2024; each director attended at least 75% of Board and applicable committee meetings; Audit Committee met eight times; Nominating & Governance met five times.
- Oversight focus: As Audit chair, Lively’s committee oversees financial reporting integrity, internal controls, auditor independence and retention, enterprise risk (including cybersecurity), compliance, and approval of related party transactions.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $50,000 | Quarterly installments per director letter agreement |
| Audit Committee chair fee | $20,000 | Additional cash for chair role |
| Total cash fees (FY2024) | $70,000 | Reported “Fees earned or paid in cash” |
Performance Compensation
| Equity Instrument | Grant Date | Grant Value | Vesting |
|---|---|---|---|
| RSUs (annual director grant) | FY2024 | $124,997 | Vests in four equal quarterly installments per director letter agreement (annual RSUs valued at $125,000) |
| RSUs (unvested as of 1/4/2025) | — | — | 5,319 units unvested |
- Performance metrics: Director RSUs are time-vested; no performance metrics (EBITDA/TSR/ESG) are tied to director equity grants.
Other Directorships & Interlocks
| Entity | Relationship | Interlock/Network Note |
|---|---|---|
| Buff City Soap | Lively: CEO | Andrew Crawford (EWCZ director; General Atlantic) serves on Buff City Soap board, creating an external network linkage with Lively’s operating role. |
| Planet Fitness | Lively: former President/CFO; Berg: former director (2015–2020) | Historical overlap suggests prior working familiarity between EWCZ directors. |
| General Atlantic | Major stockholder with nomination/consent rights | GA’s rights affect governance context; Audit chair (Lively) oversees related party transactions review. |
Expertise & Qualifications
- Financial reporting and controls: Recognized audit committee financial expert; extensive CFO background (Ace Hardware, Planet Fitness, RadioShack).
- Consumer services operations: Senior roles across fitness, specialty retail, and consumer brands.
- Governance oversight: Chairs Audit Committee with responsibility for auditor oversight, internal controls, compliance, and enterprise risk (including cybersecurity).
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (Class A) | 62,683 shares; <1% of outstanding |
| Unvested RSUs (director) | 5,319 units (as of Jan 4, 2025) |
| Hedging/Pledging policy | Directors are prohibited from hedging and pledging company stock. |
Governance Assessment
- Strengths: Independent Audit Committee chair and designated financial expert; time-vested equity plus meaningful shareholdings align interests; satisfactory attendance; explicit prohibition on hedging/pledging enhances alignment.
- Board environment: General Atlantic retains board nomination and broad consent rights (e.g., CEO appointment, large transactions, board size changes), increasing the importance of independent oversight by committees chaired/manned by independent directors like Lively.
- Potential conflicts/RED FLAGS: No related-party transactions disclosed involving Lively; however, external interlock via Buff City Soap (Lively as CEO; Crawford on its board) warrants monitoring for information flow or perceived influence; Audit Committee oversight of related-party approvals mitigates risk.
- Director pay mix: Cash retainer plus RSUs (quarterly vesting) reflects standard market structure; chair fee appropriately compensates added oversight duties; no discretionary bonuses or option repricing disclosed for directors.
Overall, Lively’s independence, audit leadership, and financial expertise support board effectiveness and investor confidence, with a watchpoint on network interlocks in a governance framework where a major stockholder holds significant rights.