Trevor Bezdek
GoodRx HoldingsAbout Trevor Bezdek
Co-founder of GoodRx; age 47; director since 2011; Chairman of the Board from April 2023 to January 2025; currently Co-Chairman (since January 21, 2025). B.S. in Biological Sciences from Stanford University . Company performance in 2024: revenue grew 6% YoY, net income was $16.4M (vs. a $8.9M loss in 2023), and Adjusted EBITDA increased 20% YoY with 420 bps margin expansion . Since IPO, cumulative TSR implied a fixed $100 investment fell to $9.21 by 12/31/2024 vs. $13.27 in 2023; peer index at $98.39 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GoodRx Holdings, Inc. | Co-Chief Executive Officer and Secretary | 2015–Apr 2023 | Led growth in healthcare savings platform; continuity as co-founder . |
| GoodRx Holdings, Inc. | Chairman of the Board | Apr 2023–Jan 2025 | Board leadership through executive transition . |
| GoodRx Holdings, Inc. | Co-Chairman of the Board | Jan 2025–present | Shared Board leadership to oversee strategic initiatives . |
| Tryarc, LLC | Managing Partner | 2001–2007 | IT consulting leadership experience . |
| Biowire | Co-founder | Not disclosed | Early bioinformatics software/community entrepreneurship . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $500,000 | $500,000 |
| Target Bonus % of Salary | — | 100% | 100% |
| Target Bonus ($) | — | — | $500,000 |
| Actual Bonus ($, Non-Equity Incentive) | — | $269,120 | $302,300 |
| Other Bonus/Gifts ($) | $571 | $250 | $398 |
Performance Compensation
| Component | Metric | Structure/Weighting | Threshold/Target/Max | 2024 Actual | Payout |
|---|---|---|---|---|---|
| Annual Cash Incentive | Adjusted EBITDA Margin | Gate (must ≥ 27.5%) | Gate at 27.5% | 32.8% | Gate achieved |
| Annual Cash Incentive | Adjusted Revenue | 0–150% scaling | Threshold $785M; Target $820–$830M; Max $875M | $792.324M | 60.46% of target → $302,300 |
| Equity Awards | RSUs/options | None granted in 2024 | N/A | N/A | N/A (no grants) |
| Stock Vested (FY24) | RSUs vested | N/A | N/A | 769,784 shares vested; $6,045,370 value realized | N/A |
Equity Ownership & Alignment
| Metric | As of/Period | Value |
|---|---|---|
| Total beneficial ownership (Class A) | Apr 9, 2025 | 5,391,994 shares; 5.3% of Class A . |
| Breakdown notes | Apr 9, 2025 | Includes 126,552 Class A, 2,632,721 Class A via TB 2024-2 GRAT (Bezdek trustee/annuitant), and 2,632,721 Class A via JB 2024-2 GRAT (spouse trustee/annuitant) . |
| Outstanding equity awards | Dec 31, 2024 | None outstanding (no unvested options/RSUs) . |
| Stock ownership guidelines | Policy | Founders required to hold ≥6x annual base salary; compliance deadline Jan 11, 2028 or 5 years from appointment . |
| Hedging/pledging policy | Policy | Hedging/pledging prohibited unless pre-approved by the Board . |
Employment Terms
| Item | Terms |
|---|---|
| Employment agreement (2023) | Second amended & restated agreement effective Apr 25, 2023; annual base salary $500,000; eligible for 100% target bonus in 2024; agreed not to sell Company securities without Board approval except under approved Rule 10b5-1 plans . |
| Amendment (Oct 25, 2024) | Extended term through Oct 25, 2025; eligible for 2025 prorated 100% target bonus through Oct 25, 2025; explicitly no severance eligibility for termination for any reason . |
Board Governance
- Board service history: Director since 2011; Chairman Apr 2023–Jan 2025; Co-Chairman since Jan 21, 2025 .
- Committee roles: Member, Nominating & Corporate Governance Committee (current); committee chaired by Christopher Adams .
- Independence status: Not independent (former Co-CEO/employee); Company is a “controlled company” under Nasdaq rules with certain governance exemptions (e.g., committees not fully independent) .
- Board leadership: Co-Chairmen structure adopted Jan 21, 2025; independent lead director may be designated in the future .
Compensation Governance and Peer Group
- Compensation Committee: Christopher Adams (independent), Agnes Rey-Giraud (independent), Scott Wagner (Chair, not independent); engages Pay Governance LLC; committee met 4 times in 2024 .
- Clawback policy: Adopted Oct 2, 2023; recovers incentive comp after accounting restatement regardless of misconduct .
- Say-on-Pay: 2024 approved by >99.9% of votes cast; no significant program changes implemented thereafter .
- 2024 compensation peer group: 23andMe, Accolade, Affirm, Alignment Healthcare, AppFolio, Asana, CarGurus, Doximity, EngageSmart, EverCommerce, HealthEquity, Hims & Hers, Marqeta, MultiPlan, Nextgen Healthcare, Sharecare, Squarespace, Teladoc Health, Vertex, ZipRecruiter .
Compensation Trend (Trevor Bezdek)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $500,000 | $500,000 | $500,000 |
| Stock Awards ($) | — | — | — |
| Option Awards ($) | — | — | — |
| Non-Equity Incentive ($) | — | $269,120 | $302,300 |
| All Other Compensation ($) | $36,434 | $42,158 | $51,220 |
| Total ($) | $537,005 | $811,528 | $853,918 |
Related Party Transactions and Trading Signals
- Stockholder control: Stockholders Agreement grants designation rights; Sponsor Stockholders collectively control >50% of voting power; Company uses “controlled company” exemptions .
- Targeted repurchases: Company repurchased 20.862M shares at $7.19 from Spectrum and Francisco Partners on Mar 11, 2024; and repurchased 20M shares at $4.20 on Mar 21, 2025, including 7M shares from Idea Men Stockholders (vehicle of co-founders Bezdek, Hirsch, Marlette) .
- Implication: Idea Men’s participation in the March 2025 repurchase is a notable liquidity event for founder-affiliated holdings and may reduce near-term overhang; the price was at a discount to market on the prior day .
Risk Indicators & Red Flags
- Governance: Controlled company status; Compensation and Nominating Committees not fully independent; Bezdek sits on Nominating while serving as Co-Chairman (independence consideration) .
- Alignment policies: Anti-hedging/pledging restrictions and stock ownership guidelines for founders (≥6x salary) mitigate misalignment risk; individual compliance status not disclosed .
- Severance: No severance protection for Bezdek per 2024 amendment; limits parachute risk but may increase exit flexibility .
- Clawback: Robust restatement-based recovery policy adopted in 2023 .
Director Compensation
- As an employee/director in 2024, Bezdek did not receive additional director compensation; his compensation is reported in the NEO tables .
Equity Awards & Vesting Detail (2024)
| Item | Detail |
|---|---|
| RSUs vested (shares) | 769,784 shares . |
| RSUs vested (value realized) | $6,045,370 . |
| Outstanding awards at year-end | None (no unvested RSUs/options as of 12/31/2024) . |
Investment Implications
- Pay-for-performance alignment: 2024 annual bonus tied to revenue growth with an EBITDA margin gate; payout at 60.46% reflects sub-target revenue while achieving margin gate—encouraging profitable growth over pure top-line scaling .
- Founder ownership and liquidity: Significant direct and GRAT-held stakes (5.39M Class A), and participation in the March 2025 issuer repurchase through Idea Men reduce potential selling overhang and signal sponsor/founder willingness to provide liquidity via structured company buybacks .
- Governance oversight: Co-Chairman role plus Nominating Committee membership, within a controlled company framework, suggests stronger sponsor/founder influence over board composition and strategy—watch for independent director leadership (e.g., potential lead independent director) to balance influence .
- Retention/exit dynamics: Absence of severance for Bezdek decreases change-in-control economics risk; however, lack of severance may reduce economic friction for role transitions—monitor future role evolution and any Rule 10b5-1 trading plans referenced in his 2023 agreement .
- Shareholder sentiment: Say-on-pay approval (>99.9%) and clawback adoption support compensation credibility; nonetheless, very weak cumulative TSR since IPO underscores execution risk and the importance of sustained margin expansion and ISP/manufacturer solutions scaling .
Citations: All facts and figures above are sourced from GoodRx Holdings, Inc. DEF 14A (April 23, 2025): **[1809519_0001809519-25-000063_gdrx-20250423.htm:12]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:29]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:37]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:38]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:39]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:41]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:42]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:43]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:44]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:46]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:50]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:51]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:53]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:57]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:59]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:61]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:63]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:66]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:74]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:77]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:80]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:84]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:85]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:25]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:32]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:35]** **[1809519_0001809519-25-000063_gdrx-20250423.htm:30]**.