Thomas Kim
About Thomas Kim
Thomas “Tom” Kim, 46, is Chief Financial Officer of European Wax Center (EWCZ), appointed effective April 7, 2025. He previously served as CFO at Brinks Home (led increases in recurring revenue, retention, profitability and cash flow) and Smoothie King (led transformation at a global franchise); earlier roles include CFO of YourCause and Working Solutions, and Principal at MHT Partners. He holds a B.S. in Economics from the U.S. Military Academy at West Point and an M.B.A. from Harvard Business School .
Context: EWCZ delivered FY2024 total revenue of $216.9M (down 1.9% YoY), adjusted EBITDA of $75.5M (down 0.7%), and issued FY2025 guidance for revenue of $210–$214M and adjusted EBITDA of $69–$71M during a transitional year with net franchise closures expected .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Brinks Home | Chief Financial Officer | Sep 2023–Apr 2025 | Helped increase recurring revenues, return to strong customer retention, and achieve higher profitability and cash flows . |
| Smoothie King | Chief Financial Officer | Mar 2019–Sep 2023 | Played a pivotal role in transforming a global franchisor in health and wellness . |
| YourCause | Chief Financial Officer | Mar 2018–Feb 2019 | Senior finance leadership at a technology company . |
| Working Solutions | Chief Financial Officer | Jun 2013–Mar 2018 | Senior finance leadership at a services company . |
| MHT Partners | Principal | Mar 2010–Jun 2013 | Corporate development and strategy experience . |
External Roles
No public company directorships or external board roles disclosed in company filings for Thomas Kim .
Fixed Compensation
| Component | 2025 Terms |
|---|---|
| Base salary | $475,000 per year |
| Target annual bonus | 70% of base salary (maximum/stretch 140%) |
| Employment | At-will; reports to CEO . Eligible to participate in EWCZ Change in Control and Severance Plan . |
Performance Compensation
- Annual incentive plan metrics framework (context from FY2024): corporate metrics weighted 90% (Adjusted EBITDA 30%, new center openings 30%, same-store sales 15%, system-wide sales 15%) and 10% individual objectives; FY2024 performance paid out below target as two goals were below threshold and two at 92.3%–95.7% of target . Mr. Kim is bonus-eligible beginning in 2025 per his offer letter .
Inducement Equity Awards (granted in connection with CFO appointment)
| Award type | Quantity | Exercise/price | Vesting | Plan / terms |
|---|---|---|---|---|
| RSUs | 200,000 | n/a | 25% per year over 4 years from Date of Grant | Granted under 2021 Omnibus Plan or 2025 Inducement Plan . |
| Stock options (time-based) | 310,000 | Closing price on Date of Grant | 100% on 4th anniversary of Date of Grant | Plan allows standard nonqualified options; see Inducement Plan . |
| Stock options (premium strike) | 212,500 | $9.00 | 100% on 4th anniversary | As above. |
| Stock options (premium strike) | 212,500 | $12.00 | 100% on 4th anniversary | As above. |
Change-in-control treatment for equity: the Inducement Plan provides for accelerated vesting if awards are not assumed in a change in control, or if assumed and the participant is terminated without cause or resigns for good reason within 24 months post-CIC (double-trigger). Performance-based awards (if any) vest at actual or target as determined by administrator .
Clawback: EWCZ maintains a Dodd-Frank–compliant clawback policy requiring recoupment of erroneously awarded incentive compensation in the event of an accounting restatement (no recovery required for the FY2024 correction, per 10-K/proxy disclosure) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Initial equity | 200,000 RSUs and 735,000 options across three tranches (310,000 at-market; 212,500 at $9; 212,500 at $12), all unvested at grant . |
| Vesting structure | RSUs vest 25% annually over 4 years; options cliff-vest 100% at year 4 (retention-oriented, back-end weighted) . |
| Hedging/pledging | EWCZ prohibits directors and executive officers from hedging and pledging company securities; also prohibits holding in margin accounts . |
| Ownership guidelines | Not disclosed in the 2025 proxy for executives (no guideline language identified in reviewed sections). |
| Beneficial ownership | Mr. Kim was appointed April 2025 and is not listed in the FY2024 NEO ownership table; initial holdings primarily reflect unvested awards described above . |
Employment Terms
| Term | Summary |
|---|---|
| Start date | Effective April 7, 2025 (or earlier by mutual agreement) . |
| Severance plan eligibility | Eligible under EWCZ Change in Control and Severance Plan . |
| Severance (non-CIC example from plan) | For eligible executives, upon termination without cause/good reason (outside CIC window): base salary continuation for a specified period (example: 12 months for CAO), pro‑rated bonus based on actual performance, and COBRA premium support for a specified period (example: up to 12 months) . |
| Severance (CIC double-trigger) | Upon termination without cause/good reason within 3 months prior to or 24 months post‑CIC: multiple of base + target bonus (example: 2x for CAO), pro‑rated target bonus, COBRA (example: up to 24 months), and full vesting of unvested equity; performance awards vest at target . |
| Restrictive covenants | Inducement award agreements include confidentiality, non‑compete (2 years post-termination), non‑solicit, and non‑disparagement; violations trigger forfeiture of awards . |
| At-will status | Employment is at-will per offer letter . |
Investment Implications
- Alignment and retention: Large, back-end–vested option package (100% cliff at 4 years) and multi-year RSU vesting create strong retention and multi-year value-creation incentives; near-term insider selling pressure is structurally limited to RSU vesting schedules (option exercises are unlikely before year 4) .
- Performance linkage: Annual cash bonus design for executives is tied primarily to Adjusted EBITDA, system-wide and same-store sales, and new center openings, aligning management with top-line and unit-economics drivers; EWCZ missed several FY2024 bonus metrics, signaling a pay-for-performance framework (Kim participates starting 2025) .
- Governance and risk: Robust clawback, anti-hedging/pledging policies, and double-trigger CIC equity vesting mitigate governance and windfall risks; however, exact severance multiple for the CFO under the plan is not specified in public filings (CAO example is 2x under CIC) .
- Execution backdrop: Kim’s prior franchise and transformation experience (Brinks Home, Smoothie King) maps to EWCZ’s 2025 “transitional year” with a focus on four-wall economics and measured development, which may support improved cash generation and margin discipline as guidance implies lower 2025 EBITDA before re-acceleration .