Sarah Oughtred
About Sarah Oughtred
FIGS Chief Financial Officer since August 9, 2024; joined July 29, 2024. Age 43. Previously 17 years at Lululemon in FP&A leadership; earlier at PwC audit. Credentials: Bachelor’s of Commerce (University of Victoria), Master’s of Professional Accounting (University of Saskatchewan), Chartered Professional Accountant (Canada). 2024 Company performance: net revenues $555.6M (+1.8% YoY), adjusted EBITDA $51.8M (9.3% margin), net income $2.7M; 2024 fixed $100 TSR value 20.62 versus peer 44.61 .
| FIGS Performance (FY2024) | Value |
|---|---|
| Net Revenues ($MM) | 555.6 |
| Net Income ($MM) | 2.7 |
| Adjusted EBITDA ($MM) | 51.8 |
| Adjusted EBITDA Margin (%) | 9.3% |
| TSR (fixed $100) | 20.62 |
| Peer TSR (fixed $100) | 44.61 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lululemon Athletica Inc. | SVP, FP&A | Aug 2021–Jun 2024 | Led >100-person global finance team; key partner to senior execs; led annual/quarterly planning and earnings; contributed to scale from ~$270M to ~$10B net revenues, retail footprint <50→>700 stores, >25 countries |
| Lululemon Athletica Inc. | VP, FP&A | Oct 2018–Aug 2021 | Advanced FP&A leadership, operational planning and earnings processes |
| PricewaterhouseCoopers LLP | Audit & Assurance | ~2005–2007 | Planned/executed audits for public/private consumer companies |
External Roles
- No public company directorships disclosed for Oughtred in FIGS’ proxy/8-K biographies .
Fixed Compensation
| Component | 2024 Detail |
|---|---|
| Base salary | $500,000 |
| Target bonus | $300,000 (prorated for 2024) |
| 2024 prorated target bonus | $127,868 |
| 2024 payout factor | 34.3% of target (capped) |
| 2024 bonus paid (Individual Component) | $10,996 |
| 2024 non-equity incentive (Financial Components) | $32,988 |
Performance Compensation
| Metric | Weight | Target | Actual | Component Payout | Notes |
|---|---|---|---|---|---|
| Net Revenues | 37.5% | $592.0M | $562.6M | 68.6% of component target | Threshold $545.6M; Stretch $611.5M; Max $796.6M |
| Adjusted EBITDA Margin | 37.5% | 13.0% | 9.4% | 0% of component target | Threshold 11.8%; Stretch 13.6%; Max 15% |
| Individual Performance | 25% | On Target | Achieved 100% | Capped to 34.3% overall for VP+ | Committee recognized Oughtred’s role in above-target net revenues and strengthening finance; payout capped to align with company financials |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 4/9/2025) | 0 shares; 0% of outstanding |
| Unvested RSUs (12/31/2024) | 656,815 RSUs; market value $4,065,685 |
| RSU grant (new hire) | Granted Aug 12, 2024; value $4,000,000; 656,815 RSUs (20-day avg price methodology) |
| RSU vesting | 25% on Aug 1, 2025; quarterly thereafter over 3 years (time-based) |
| Options held | None disclosed for Oughtred |
| Hedging/pledging | Prohibited by Insider Trading Policy |
| Clawback policy | Erroneously awarded incentive compensation subject to recovery (restatements) |
| Ownership guidelines | Not disclosed for executives in provided materials |
Employment Terms
| Term | Detail |
|---|---|
| Employment start | July 29, 2024; CFO effective Aug 9, 2024 |
| Employer | FIGS Canada, Inc. (subsidiary) |
| Base salary | $500,000 |
| Target annual bonus | $300,000 (prorated in 2024) |
| Equity | New-hire RSUs valued at $4,000,000; vest schedule as above |
| Annual equity eligibility | Target annual grant at ~50th percentile of peer CFOs |
| Severance (no CoC) | If terminated without cause/for good reason prior to 1-year anniversary: 6 months base continuation; on/after 1-year anniversary: 12 months base continuation; subject to ESA offsets, release, and restrictive covenants |
| Change-in-control (CoC) | Double-trigger: if terminated without cause/for good reason within 12 months post-CoC, 100% of unvested RSUs from Aug 2024 grant vest |
| Restrictive covenants | Non-compete, non-solicit, other covenants; mandatory notice periods |
| Tax gross-ups | No 280G/4999 excise tax gross-ups |
Compensation Structure Analysis
- Shift to RSUs: FIGS moved away from options in 2024 annual equity, emphasizing time-based RSUs to reduce dilution and improve retention .
- Pay-for-performance: 2024 cash bonus tied to Net Revenues and Adjusted EBITDA margin; Oughtred’s payout capped at 34.3% to align with overall financial outcomes .
- Consultant and peer benchmarking: Pay Governance engaged; peer group refreshed in Oct 2024 toward apparel/retail names; CFO annual equity targeted at 50th percentile .
- Award modification: Vesting schedule correction on her new-hire RSUs led to $992,115 incremental fair value (immaterial modification to fix scrivener’s error) .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑Pay approval approximately 84% at 2024 annual meeting, indicating shareholder support for executive pay design .
Performance & Track Record
- FIGS highlights Oughtred’s contribution in driving above-target net revenues in 2024 and strengthening finance and strategic planning during her onboarding .
- Lululemon tenure: contributed to scaling net revenues from ~$270M to ~$10B, store count from <50 to >700, and international expansion to >25 countries .
Compensation Peer Group (2024→2025 refresh)
- Removed: AllBirds, Beyond Meat, Bumble, Chewy, Freshpet, GoodRx, Peloton, Poshmark (acquisition) .
- Added: Book Barn Holdings, e.l.f. Beauty, J. Jill, Movado Group, On Holding AG, The Buckle .
Investment Implications
- Alignment: Time-based RSUs and capped cash bonus indicate prudent pay-for-performance with retention emphasis; double-trigger CoC acceleration reduces forced selling risk but creates vesting overhang starting Aug 2025 .
- Insider supply: Quarterly RSU vesting post-Aug 1, 2025 suggests predictable unlock cadence; hedging/pledging prohibited, limiting leverage-driven selling risk .
- Execution focus: Committee credited Oughtred with aiding above-target revenue and finance strengthening; her Lululemon scale experience is directly relevant to FIGS’ growth agenda (TEAMS and retail expansion) .
- Governance safeguards: Clawback policy, anti-hedging/pledging, no excise tax gross-ups, and independent consultant engagement mitigate red flags; minor RSU modification disclosed and explained .