Katie Mullen
About Katie Mullen
Katie Mullen is Chief Commercial Officer (CCO) of European Wax Center (EWCZ), appointed effective March 5, 2025. She previously served as Chief Customer Officer at JCPenney (Apr 2023–Oct 2024) and Chief Digital Officer at Neiman Marcus Group (2018–2021). She holds an MBA from the University of Pennsylvania and an A.B. in Sociology from Princeton University . Company context at the time of her appointment: FY 2024 total revenue was $216.9M (down 1.9% YoY), same‑store sales grew 0.2%, and Adjusted EBITDA was $75.5M (down 0.7% YoY) .
| Company Performance Context | FY 2023 | FY 2024 |
|---|---|---|
| Total Revenue ($M) | $221.0 | $216.9 |
| Same‑Store Sales (%) | — | 0.2% |
| Adjusted EBITDA ($M) | $76.0 | $75.5 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JCPenney | Chief Customer Officer | Apr 2023–Oct 2024 | Led e‑commerce strategy, omnichannel, customer marketing/engagement, analytics to drive growth |
| JCPenney | Chief Digital & Transformation Officer | Jan 2022–Apr 2023 | Oversaw omnichannel development and digital initiatives |
| Neiman Marcus Group | Chief Innovation Officer; later Chief Digital Officer | Nov 2018–Jun 2021 | Led neimanmarcus.com, performance marketing, merchandising, data science, new channels and e‑commerce ops |
| Boston Consulting Group | Consultant (marketing transformations) | ~10 years (prior) | Ran marketing transformation work across companies; cited by EWCZ CEO in March 2025 investor Q&A |
External Roles
- None disclosed in company filings reviewed. [No citation available in filings returned]
Fixed Compensation
- Base salary and target bonus for Ms. Mullen not disclosed in filings reviewed. [No citation available in filings returned]
Performance Compensation
Inducement Equity Grants (March 21, 2025)
| Grant Type | Grant/Reference Date | Amount | Exercise/Strike | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs | Mar 21, 2025 (vests off Jan 28, 2025) | 160,000 | — | 25% on each of the first four anniversaries of Jan 28, 2025, subject to continued employment | Granted under 2025 Inducement Plan |
| Stock Options (NQ) | Mar 21, 2025 | 220,000 | $3.99 | 100% on 4th anniversary of Jan 28, 2025, subject to continued employment | Strike equal to close on Mar 21, 2025 |
| Stock Options (NQ) | Mar 21, 2025 | 180,000 | $9.00 | 100% on 4th anniversary of Jan 28, 2025, subject to continued employment | |
| Stock Options (NQ) | Mar 21, 2025 | 180,000 | $12.00 | 100% on 4th anniversary of Jan 28, 2025, subject to continued employment |
- Plan and award mechanics:
- Options must be priced ≥ FMV on grant date; 10‑year term; cliff vesting permissible; methods of exercise include cashless and net exercise .
- RSUs vest per award agreement; settlement within 30 days after vest; subject to withholding; no voting rights until settlement .
Annual Cash Incentives
- No role‑specific bonus metrics/weightings for Ms. Mullen disclosed. Company‑wide annual bonus constructs for NEOs are discussed in the proxy, but Ms. Mullen was not an NEO in FY 2024 .
Equity Ownership & Alignment
- Total inducement awards: 160,000 RSUs (time‑based), 580,000 stock options across three strike tranches ($3.99, $9.00, $12.00), all unvested at grant and vesting tied to service through the fourth anniversary reference date (Jan 28, 2029) .
- Beneficial ownership tables as of April 7, 2025 do not list Ms. Mullen (reflecting directors and FY 2024 NEOs); thus her personal beneficial holdings are not disclosed in the proxy table at that date .
- Pledging/hedging: Not disclosed for Ms. Mullen. The equity plan contains standard transfer restrictions and clawback language .
Employment Terms
- Appointment: Chief Commercial Officer, effective March 5, 2025; mandate to lead marketing transformation, data insights, and guest acquisition .
- Inducement Plan participation: All Ms. Mullen’s inducement grants are under the EWCZ 2025 Inducement Plan (Nasdaq 5635(c)(4)) .
- Change‑in‑Control (CIC) treatment (Plan‑level):
- If awards are assumed/continued, and employment is terminated without cause within 24 months post‑CIC, unvested options/RSUs accelerate (time‑based; performance awards at target) .
- If awards are not assumed/continued in a CIC, unvested options/RSUs accelerate at closing (time‑based; performance awards at target) .
- Clawback: Awards are subject to the company’s incentive compensation recoupment policy and other regulatory clawbacks .
- Restrictive covenants: Award agreements include non‑compete (during employment and for 2 years post‑termination) across geographies where EWCZ operates or plans to operate; non‑solicitation of employees/vendors; confidentiality and non‑disparagement; breach triggers forfeiture of awards .
- Stock ownership guidelines for executives: Not disclosed in proxy excerpts reviewed. [No citation in filings returned]
Compensation Structure Analysis
- Heavy equity orientation at hire:
- Four‑year time‑based RSUs and four‑year cliff options align retention with share price recovery and multi‑year strategy execution .
- Option tranches at graduated strikes ($3.99/$9/$12) increase upside leverage only if the stock appreciates, reinforcing pay‑for‑performance .
- CIC protections are plan‑standard (double‑trigger if awards are assumed; single‑trigger if not assumed), balancing retention with change‑in‑control risk .
- Awards include robust post‑termination non‑compete and clawback provisions, supporting retention and governance alignment .
Risk Indicators & Red Flags
- No director or officer Form 3 for Ms. Mullen surfaced in the filings corpus reviewed; appointment and inducement grants are disclosed via press release and plan filings. Absence of a Form 3 here may reflect dataset limitations rather than non‑filing .
- No disclosures of pledging, related‑party transactions, or tax gross‑ups relating to Ms. Mullen in reviewed materials. The plan includes clawback provisions .
Say‑on‑Pay & Shareholder Feedback
- Not specific to Ms. Mullen; FY 2025 proxy contains company‑level compensation disclosure for FY 2024 NEOs (Ms. Mullen joined in 2025 and is not included as an FY 2024 NEO) .
Expertise & Qualifications
- Digital, e‑commerce, omnichannel, performance marketing, analytics leadership at JCPenney and Neiman Marcus .
- Prior BCG experience in marketing transformations .
- Education: MBA (University of Pennsylvania); A.B. in Sociology (Princeton University) .
Work History & Career Trajectory
| Company | Role(s) | Tenure | Notes |
|---|---|---|---|
| European Wax Center | Chief Commercial Officer | Mar 2025–present | Leads marketing transformation, data insights, guest acquisition |
| JCPenney | Chief Customer Officer; Chief Digital & Transformation Officer | 2022–2024 | E‑commerce, omnichannel, customer engagement |
| Neiman Marcus Group | Chief Innovation Officer; Chief Digital Officer | 2018–2021 | Led site, performance marketing, analytics, drop‑ship and new channels |
| Boston Consulting Group | Consultant (marketing transformations) | Prior decade | Transformation projects (per CEO commentary) |
Equity Ownership & Alignment (Detail)
| Component | Quantity | Vesting/Exercise | Earliest Vest Date(s) |
|---|---|---|---|
| RSUs | 160,000 | 25% annually over 4 years (from Jan 28, 2025) | Jan 28, 2026/2027/2028/2029 |
| Stock Options | 220,000 @ $3.99 | 100% cliff at year 4 (from Jan 28, 2025) | Jan 28, 2029 |
| Stock Options | 180,000 @ $9.00 | 100% cliff at year 4 (from Jan 28, 2025) | Jan 28, 2029 |
| Stock Options | 180,000 @ $12.00 | 100% cliff at year 4 (from Jan 28, 2025) | Jan 28, 2029 |
Employment Terms (Detail)
- Plan‑level CIC acceleration and award mechanics summarized above .
- Inducement Plan share pool: up to 4,000,000 Class A shares reserved for inducement awards (company‑wide) .
- Equity plan prohibits repricing without shareholder approval; includes non‑transferability limits and tax withholding mechanics .
Investment Implications
- Retention risk appears mitigated by four‑year service‑based schedules and two‑year post‑employment non‑compete in award agreements; first RSU vest in early 2026 suggests limited near‑term selling pressure beyond tax withholding on RSU settlements .
- Performance alignment: laddered option strikes ($3.99/$9/$12) amplify upside only with sustained share appreciation, while RSUs provide baseline retention value—balanced mix for turnaround execution in marketing/traffic initiatives .
- Event risk: If a CIC occurs, awards are protected with market‑standard acceleration (double‑trigger if assumed), which can create incremental dilution but secures leadership through a transaction .
- Governance: Plan‑embedded clawback and restrictive covenants reduce misconduct and competitive leakage risk, favorable for shareholders .
Sources used: EWCZ 8‑Ks and press releases on executive appointments and inducement plan; 2025 DEF 14A for background context and company‑level compensation governance.
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