Yves Le Pendeven
FunkoAbout Yves Le Pendeven
Funko’s Chief Financial Officer since August 8, 2024 (Acting CFO from March 15, 2024), Yves Le Pendeven, 46, joined Funko in October 2019 after senior FP&A roles at Volcom (Kering) and Quiksilver; he holds an MBA (UC Irvine – Paul Merage) and a BA from Stanford . In FY2024 (his first year in the CFO seat), Funko’s net sales were ~$1,049.9M and net income was -$15.1M; the company improved gross margin to 41.4% (from 30.4%) and reduced SG&A to $359.0M (from $377.1M), reflecting cost discipline amid a turnaround; Funko’s TSR value-of-$100 was 78.03 vs peer group 153.74 for 2024 . He certified the company’s Q3’25 10-Q under SOX 302/906, reinforcing accountability for controls post the material weaknesses disclosed for FY2022–FY2023 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Funko, Inc. | Chief Financial Officer | Aug 2024–present | Elevated from Acting CFO; responsible for enterprise finance, capital allocation, and control remediation . |
| Funko, Inc. | Acting Chief Financial Officer; Deputy CFO; SVP Finance; VP FP&A; Sr Director FP&A | 2019–Aug 2024 | Led FP&A, then finance leadership through restructuring and cost initiatives culminating in margin improvement in 2024 . |
| Volcom (Kering) | Vice President, FP&A | 2015–2019 | Oversaw global financial planning at a global apparel brand . |
| Quiksilver | Director, FP&A (Corporate) | 2008–2015 | Corporate FP&A leadership during branded consumer transitions . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or public boards disclosed in the proxy’s Executive Officers section . |
Fixed Compensation
| Component | 2024 Terms/Amounts | Notes |
|---|---|---|
| Base salary | $500,000 (increased upon appointment as CFO on Aug 8, 2024) . | Interim period terms: $400,000 base + $10,000/month while Acting CFO prior to Aug 8, 2024 . |
| Target bonus | 75% of base salary . | Company-wide plan; no individual modifier in 2024 . |
| 2024 actual bonus paid | $215,770 | 56% corporate payout; amount shown in SCT . |
| Benefits/perqs | Standard plans; relocation allowance of up to $152,000 tied to Everett, WA move (subject to clawback if employment ends within 1 year) . | 401(k) match up to 4% . |
| Clawback | 2021 policy (misconduct/violations/restatements) and 2023 SEC/Nasdaq-compliant recovery policy for restatements . | — |
Performance Compensation
Annual Incentive Plan Design and 2024 Results
| Metric | Weight | Threshold | Target | Maximum | 1H 2024 Actual Payout | 2H 2024 Actual Payout | 2024 Total Corporate Payout |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($MM) | 50% | 29 | 34 | 44 | 133% | 0% | — |
| Net Sales ($MM) | 25% | 413 | 486 | 632 | 83% | 70% | — |
| DTC Revenue ($MM) | 25% | 101 | 119 | 155 | 73% | 57% | — |
| Weighted attainment | — | — | — | — | 106% | 32% | 56% |
- 2024 bonus payout for Le Pendeven reflected the 56% corporate outcome (no discretionary uplift). 2024 payout shown in SCT: $215,770 .
Long-Term Equity Awards (granted in 2024)
| Grant date | Award type | Shares/Options | Exercise price | Vesting | Grant-date fair value |
|---|---|---|---|---|---|
| 3/13/2024 | Stock options | 83,900 | $6.37 | 25% after 1 year; then 1/36 monthly | $382,659 |
| 3/13/2024 | RSUs | 33,600 | — | 25% annually over 4 years | $214,032 |
| 3/15/2024 | RSUs (Acting CFO grant) | 5,000 | — | Vests in full at 6 months | $31,900 |
| 8/08/2024 | Stock options (Promotion Options) | 42,000 | $8.64 | 25% after 1 year; then 1/36 monthly | $259,531 |
| 8/08/2024 | RSUs (Promotion RSUs) | 11,800 | — | 25% annually over 4 years | $101,952 |
- Equity mix for NEO annual awards in 2024: ~50% RSUs / 50% options (no PSUs in 2024 given planning uncertainty); CEO unique performance option not applicable to CFO .
Equity Ownership & Alignment
| Ownership detail | Data |
|---|---|
| Beneficial ownership (Class A) | 105,613 shares; <1% outstanding . |
| Outstanding unvested RSUs (as of 12/31/24) | 33,600 (3/13/24 grant); 11,800 (8/08/24 grant); 8,204 (3/06/23 grant); 1,792 (3/08/22 grant); 859 (4/21/21 grant). Market values disclosed in table . |
| Outstanding unexercised options (as of 12/31/24) | Includes 83,900 (3/13/24) and 42,000 (8/08/24) unexercisable tranches plus prior-year options; exercise prices and expiries detailed in proxy . |
| Stock ownership guidelines | Other executive officers must hold ≥1x base salary; management in compliance or on track as of 12/31/24 . |
| Hedging/pledging | Prohibited by Insider Trading Policy (no hedging or pledging; no margin accounts) . |
Insider selling pressure/vesting calendar:
- Options: 25% cliffs on 3/13/2025 and 8/08/2025; remaining monthly vest thereafter, which can create periodic liquidity windows .
- RSUs: Annual 25% tranches from grant anniversaries (3/13 and 8/08) .
Employment Terms
| Term | Details |
|---|---|
| Agreement/Term | Employment Agreement effective Aug 8, 2024; initial 3-year term with two automatic 1-year renewals unless notice of non-renewal . |
| Base salary/Bonus | $500,000 base; target bonus 75% of base (performance-based) . |
| Severance (no cause / good reason) | 12 months of base salary; up to 12 months COBRA subsidy; equity acceleration for time-based awards that would have vested within 12 months; performance-based awards remain eligible per award terms; subject to release . |
| Death/Disability | Eligible for the same equity acceleration construct . |
| Restrictive covenants | Non-compete 12 months; non-solicit 24 months; perpetual confidentiality; mutual non-disparagement . |
| 280G cutback | Payments reduced, if needed, to avoid excise tax, if it yields greater after-tax outcome . |
| Relocation | Up to $152,000 moving allowance; must repay if he resigns (any reason) or is terminated for cause within 1 year . |
| Clawbacks | Subject to 2021 and 2023 (SEC/Nasdaq) recovery policies . |
Notable grant timing disclosure: The 42,000-option promotion grant on 8/08/2024 fell within the window around filing of material information; the company disclosed an 11.3% change in closing price across the disclosure date window, per SEC “spring-loaded” disclosure rules .
Performance & Track Record Indicators
| KPI/Indicator | 2024 result | Context |
|---|---|---|
| Net sales | $1,049,850,000 | FY2024 net sales as shown in Pay vs Performance table . |
| Net income | -$15,070,000 | FY2024 net income . |
| Gross margin | 41.4% (vs 30.4% in 2023) | Improvement with gross profit rising to $434.5M (from $333.0M) . |
| SG&A | $359.0M (vs $377.1M in 2023) | Cost discipline and efficiency measures . |
| TSR (value of $100) | 78.03 (Peer: 153.74) | Underperformed peer group TSR in 2024 . |
| Controls oversight | Material weaknesses disclosed for FY2022–FY2023; CFO certified Q3’25 10-Q under SOX 302/906 . |
Compensation Committee & Governance Signals
- Say‑on‑Pay: 2023 NEO comp (voted at 2024 AGM) received >99% approval, indicating investor support for pay design changes heading into 2024 .
- Peer group: 2023/2024 peers included YETI, GoPro, Scholastic, Helen of Troy, JAKKS Pacific, Wolverine, G‑III Apparel, iRobot, Johnson Outdoors, Revolve, Movado, Stitch Fix, Universal Electronics, Spin Master, WWE, MSG Networks (unchanged into 2024/2025) .
- Pay design: 2024 removed PSUs for NEOs (except CEO’s performance option), emphasizing 50/50 RSU/options while keeping annual bonus fully formulaic on company metrics (no discretion) .
Risk Indicators & Red Flags
- Internal control material weaknesses (FY2022–FY2023) with adverse ICFR opinions; remediation remains a critical execution area under CFO leadership .
- Option grant timing disclosure (promotion grant on 8/8/24 within MNPI window) draws scrutiny but was transparently reported with price-change metric .
- No hedging/pledging permitted; mitigates alignment risks from collateralized holdings .
- No tax gross‑ups; clawbacks in place (2021 policy and 2023 SEC/Nasdaq policy) .
Investment Implications
- Pay-for-performance alignment: 2024 bonus paid at 56% of target and no PSU grants for NEOs; equity mix is balanced between RSUs (retention) and options (upside), with clear, formulaic metrics (Adj. EBITDA, Net Sales, DTC) .
- Retention/turnover risk: Contract provides 12 months’ salary and partial equity acceleration (12-month look-forward) for time-based awards—market standard, but not overly rich—helping retention without creating excessive parachute risk .
- Selling pressure calendar: 25% cliffs on 2024 option grants in March and August 2025, followed by monthly option vesting; RSU annual tranches on those anniversaries could create episodic liquidity/supply around vest dates .
- Execution focus: As CFO, Le Pendeven’s 2024 saw meaningful gross margin and SG&A improvements, but TSR underperformance vs peers and prior control weaknesses keep execution risk elevated; sustained margin gains, mix shift (DTC), and durable control remediation are key catalysts to monitor .