Kenneth Lin
About Kenneth Lin
Kenneth Lin (age 49 as of April 24, 2025) is an independent director at FIGS who has served on the Board since April 2022 and became the Lead Independent Director in May 2024. He is the founder and longtime CEO of Credit Karma (2007–Aug 2024), holds a B.A. in Economics and Mathematics from Boston University, and is an Aspen Institute Henry Crown Fellow (2018) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Credit Karma | Chief Executive Officer | 2007–Aug 2024 | Founder/CEO of a major consumer finance platform |
| Multilytics Marketing | Founder | Not disclosed | Data-driven marketing experience |
| Boston University | Board of Trustees (Trustee) | Since Dec 2021 | Higher-education governance exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Boston University | Trustee | Since Dec 2021 | Not a public company; governance exposure |
| Other public company boards | — | — | None disclosed in FIGS proxies |
Board Governance
- Lead Independent Director since May 2024 with responsibilities including presiding over executive sessions, approving Board agendas/schedules, and acting as liaison between independent directors and leadership .
- Independence: Determined independent under NYSE rules in prior proxy (2023), alongside other independent directors .
- Attendance: Board met 7x in 2022, 6x in 2023, and 10x in 2024; each director attended at least 75% of Board and committee meetings in those respective years .
- Anti-hedging/anti-pledging policy: Directors are prohibited from hedging or pledging FIGS equity .
| Committee Membership | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Audit Committee | Member | Member | Member | Not listed (committee members: Wilke, Jao, Marte) |
| Compensation Committee | — | — | — | — |
| Nominating & Corporate Governance | — | — | — | — |
| Lead Independent Director | — | — | Since May 2024 | Serving |
| Audit Committee Activity | 2022 | 2023 | 2024 |
|---|---|---|---|
| Meetings Held | 7 | 5 | 5 |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Annual Director Cash Retainer | $50,000 program level | $50,000 program level | $50,000 program level |
| Committee Member Retainers (Non-Chair) | Audit $10,000; Comp $7,500; Nominating $5,000 | Audit $10,000; Comp $7,500; Nominating $5,000 | Audit $10,000; Comp $7,500; Nominating $5,000 |
| Committee Chair Retainers | Audit $20,000; Comp $15,000; Nominating $10,000 | Audit $20,000; Comp $15,000; Nominating $10,000 | Audit $20,000; Comp $15,000; Nominating $10,000 |
| Kenneth Lin – Cash Fees Earned | $45,000 | $60,000 | $70,000 (incl. $10,000 special committee fee) |
Performance Compensation
| Equity Grant Structure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Annual RSU Grant Fair Value (program) | ~$150,000; vests earlier of 1-year or next AGM; CIC full vest if not continuing on post-CIC board | ~$150,000; same vesting/CIC terms | ~$150,000; same vesting/CIC terms |
| Kenneth Lin – Stock Awards (ASC 718 fair value) | $175,080 | $150,008 | $150,000 |
| RSUs Held (as of year-end, per table footnotes) | 17,606 RSUs each director as of 12/31/2022 | 18,227 RSUs (Lin, as of 12/31/2023) | 28,143 RSUs (Lin, as of 12/31/2024) |
| Vesting Mechanics (program detail) | Annual grants vest earlier of 1-year or next AGM; initial pro-rated grant; CIC acceleration if not on post-CIC board | Annual grants vest earlier of 1-year or next AGM; initial pro-rated grant; CIC acceleration if not on post-CIC board | Annual grants vest earlier of 1-year or next AGM; initial pro-rated grant; CIC acceleration if not on post-CIC board |
No director performance metrics (e.g., TSR/EBITDA targets) are disclosed for non-employee director equity; grants are time-based RSUs under the director compensation program .
Other Directorships & Interlocks
- Public company boards: None disclosed for Kenneth Lin in FIGS proxies .
- Notable network ties: BU trustee (non-profit/academic); prior affiliation as CEO/founder of Credit Karma (subsidiary of Intuit) .
Expertise & Qualifications
- Technology and consumer digital engagement expertise from founding and leading Credit Karma .
- Education: B.A. in Economics & Mathematics, Boston University; Henry Crown Fellow (Aspen Institute) .
- Governance leadership: Lead Independent Director role since May 2024 .
Equity Ownership
| As-of Date | Class A Shares Beneficially Owned | RSUs Vesting Within 60 Days | Notes |
|---|---|---|---|
| Apr 12, 2023 | 70,467 | 18,227 | Less than 1% of Class A (table shows “*”) |
| Apr 10, 2024 | 88,694 | 18,227 | Less than 1% of Class A (“*”) |
| Apr 9, 2025 | 88,694 | 28,143 | Less than 1% (percent not shown for Lin) |
- Anti-hedging and anti-pledging: Company policy prohibits hedging and pledging of FIGS equity by directors .
- Ownership guidelines disclosure: Not specifically detailed for directors in retrieved excerpts; director program focuses on RSU grants .
Fixed Compensation (Kenneth Lin Detail)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fees Earned or Paid in Cash ($) | $45,000 | $60,000 | $70,000 (incl. $10,000 special committee) |
| Committee Retainer Structure (program) | Audit $10k; Comp $7.5k; Nominating $5k | Audit $10k; Comp $7.5k; Nominating $5k | Audit $10k; Comp $7.5k; Nominating $5k |
Performance Compensation (Kenneth Lin Detail)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock Awards (ASC 718) ($) | $175,080 | $150,008 | $150,000 |
| RSUs Held Year-End | 17,606 (per director table) | 18,227 (Lin) | 28,143 (Lin) |
| Vesting Schedule | Annual RSUs vest earlier of 1-year or next AGM | Annual RSUs vest earlier of 1-year or next AGM | Annual RSUs vest earlier of 1-year or next AGM |
| Change-in-Control Treatment | Full vest if not continuing on post-CIC board | Full vest if not continuing on post-CIC board | Full vest if not continuing on post-CIC board |
Say-on-Pay & Shareholder Feedback
| Proposal 3 – Advisory Vote on NEO Compensation | 2023 | 2024 | 2025 |
|---|---|---|---|
| Votes For | 233,938,372 | 240,247,636 | 280,851,544 |
| Votes Against | 45,135,595 | 46,000,363 | 6,295,421 |
| Votes Abstained | 621,857 | 1,447,143 | 1,411,307 |
| Broker Non-Votes | 13,873,049 | 17,846,872 | 15,574,289 |
| Board Recommendation | For (annual) | For (annual) | For (annual) |
Potential Conflicts & Related Party
- Related person transaction oversight resides with the Audit Committee under a formal policy; transactions must be reviewed and approved or ratified, and directors cannot approve transactions where they are a related person .
- No specific related party transactions involving Kenneth Lin are identified in the retrieved proxy excerpts; FIGS highlights policy and committee oversight rather than listing any Lin-related items .
Governance Assessment
- Strengths:
- Elevated to Lead Independent Director in May 2024, signaling Board confidence and increased governance responsibilities for oversight and agenda control .
- Consistent independent status and Audit Committee service through 2024, with adequate attendance (≥75%) in 2022–2024 .
- Shareholder support for compensation programs improved markedly in 2025 (higher “For” votes), indicating better investor alignment on pay practices .
- Anti-hedging/anti-pledging policy enhances alignment by restricting misaligned trading behaviors .
- Watch items:
- Time commitment and potential availability risk given prior CEO responsibilities at Credit Karma (ended Aug 2024); monitoring engagement as Lead Independent Director is prudent .
- Concentrated voting power at FIGS due to Class B shares held by co-founders; governance dynamics should be continually assessed (Board emphasizes independent leadership structure including LID) .
- Red Flags:
- None evident in retrieved materials specific to Lin (no pledging, no related party transactions disclosed for Lin; attendance standards met) .
Overall, Lin’s technology/operator background and elevation to Lead Independent Director strengthen Board independence and oversight. Continued scrutiny of engagement, committee workload, and alignment through equity holdings and anti-hedging policies supports investor confidence .