Keun Chang (Kevin) Yoon
Acushnet HoldingsAbout Keun Chang (Kevin) Yoon
Independent director of Acushnet Holdings (GOLF); age 49; director since 2019. President and CEO of Misto (Fila Holdings Corp.), a Korea Exchange–listed company; previously CFO and EVP Strategic Planning & Footwear at Misto and held roles across Misto and subsidiaries (2009–2016). He is the son of Yoon Soo (Gene) Yoon, Acushnet’s Chairman, and is part of the controlling shareholder’s leadership structure .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Misto (Fila Holdings Corp.) | President & CEO | Mar 2018–present | Leads consumer products/sporting goods operations of controlling shareholder |
| Misto | CFO & EVP Strategic Planning & Footwear | Jul 2016–Mar 2018 | Finance/strategy leadership across footwear and corporate planning |
| Misto & Subsidiaries (incl. Misto U.S.A. Inc.) | Manager, Footwear Sourcing; VP & CFO (Misto U.S.A.) | Feb 2009–Oct 2016 | Global sourcing, finance; builds cross-border supply chain expertise |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Misto (Fila Holdings Corp.) | President & CEO | Public (Korea Exchange) | Controls majority voting power at GOLF via Magnus; Misto leadership interlocks with GOLF board |
| Magnus Holdings Co., Ltd. (Misto subsidiary) | Deemed beneficial owner with voting/dispositive power | Private subsidiary | Magnus owns ~50.8% of GOLF; Kevin may be deemed beneficial owner alongside Gene Yoon and Aaron Lee |
Board Governance
- Committee memberships: Nominating & Corporate Governance Committee member; not on Audit or Compensation .
- Committee chairs: Jan Singer chairs Nominating & Governance; Steven Tishman chairs Compensation; Gregory Hewett chairs Audit .
- Independence: Board determined all directors except the CEO (Maher) are independent under NYSE standards, including Kevin Yoon; Acushnet is a controlled company (Magnus >50%), yet maintains fully independent Compensation and Nominating committees .
- Attendance: Board met 5x in 2024; Audit 7x; Compensation 5x; Nominating 4x; all directors attended at least 75% of aggregate meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Non-management directors meet regularly in executive session; independent directors meet privately at least annually; presiding director designated by the group .
- Risk oversight: Nominating & Governance oversees governance structure, conflicts of interest, ESG; Audit oversees related-party transactions and compliance .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Retainer (Cash) | $90,000 | Member retainer (Chair: $175,000) |
| Annual Board Retainer (Equity) | $140,000 | Immediately vesting common stock (Chair: $170,000) |
| Committee Cash Retainers | Audit: $12,500; Compensation: $10,000; Nominating & Governance: $10,000 | Chair premiums: Audit $30,000; Compensation $22,500; Nominating & Governance $20,000 |
| 2024 Actual – Fees Earned (Kevin Yoon) | $110,455 | Sum of cash retainer and committee fees paid |
| 2024 Actual – Stock Awards (Kevin Yoon) | $140,000 | Aggregate grant date fair value; fully vested stock |
| 2024 Actual – Total (Kevin Yoon) | $250,455 | Fees + stock awards |
| Product Perquisites | Up to $5,000 in company products; additional discount purchases | Independent Directors Company Products Access Policy adopted Jan 2024 |
Performance Compensation
- Directors do not receive performance-based equity (no PSUs/options) or cash bonuses; equity is immediately vesting common stock; no performance metrics apply to director pay .
Other Directorships & Interlocks
| Counterparty | Relationship | Interlock/Role | Conflict Considerations |
|---|---|---|---|
| Misto (Fila Holdings Corp.) | Controlling shareholder of GOLF via Magnus | Kevin Yoon: President & CEO; Gene Yoon: Chairman; Aaron Lee: CFO | Family ties (Kevin is Gene Yoon’s son). Board includes Misto executives (Aaron Lee). Controlled company dynamics require heightened conflict oversight |
| Magnus Holdings Co., Ltd. | Misto subsidiary; GOLF controlling holder | Kevin may be deemed beneficial owner of Magnus-held shares | Share repurchase agreements executed directly with Magnus; large related-party exposure |
| Houlihan Lokey | Unrelated | Board member Steven Tishman (M&A head) | Not a related party; governance expertise |
Expertise & Qualifications
- Consumer products/sporting goods; operations; strategic planning; international business; ESG/sustainability; public company governance .
- Board skills matrix lists Kevin Yoon with competencies in consumer products, operations, international business, strategic planning, ESG/sustainability, and public board governance .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Keun Chang (Kevin) Yoon | 30,495,731 | 50.8% | Includes 30,477,059 shares owned by Magnus; Kevin may be deemed beneficial owner with voting/dispositive power alongside Gene Yoon and Aaron Lee |
| Director Stock Ownership Policy | 5x annual cash retainer | — | Non-employee directors must maintain ownership; retention of 50% net after-tax shares until guideline met |
| Hedging/Pledging | Prohibited; pledging requires pre-clearance | — | Directors are prohibited from hedging; pledging requires pre-clearance under Securities Trading Policy |
Governance Assessment
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Key findings:
- Controlled-company exposure: Magnus (Misto subsidiary) holds ~50.8% voting power; Kevin Yoon is Misto’s CEO and may be deemed beneficial owner of GOLF’s majority stake. He sits on the Nominating & Governance Committee, influencing board composition under a control framework. Independence is formally affirmed but practical independence is constrained by controlling shareholder interlocks. RED FLAG: familial relationship (son of Chairman) and controlling shareholder executive role .
- Related-party transactions: Share repurchase agreements executed with Magnus ($37.5M in 2024; $62.5M April 10, 2025); IFRS audit reimbursements by Misto ($810k for 2023); new service agreement with Misto (~$280k 2025). Oversight sits with Audit Committee; continued monitoring is warranted. RED FLAG: repeated material transactions with controlling shareholder entities .
- Committee structure and attendance: Kevin Yoon is not on Audit/Compensation; he serves on Nominating & Governance—appropriate given his governance experience, but heightened conflict sensitivity required. Attendance thresholds met; executive sessions held regularly .
- Director pay/ownership alignment: Cash + immediate vesting stock; no performance-linked director pay; stock ownership guidelines apply; equity grants are modest versus influence of controlling stake via Magnus .
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Implications for investors:
- Board effectiveness risk centers on controlled-company dynamics and interlocks (Kevin Yoon and other Misto executives on GOLF board). While formal independence is stated, practical independence may be limited; expect board/committee decisions to be aligned with controlling shareholder priorities. Strengthen focus on Audit/Nominating oversight of related-party transactions and board composition .
- Engagement/say-on-pay: 2024 say-on-pay support >99% suggests broad investor acceptance of executive pay; does not directly address director governance risks from control structure .
RED FLAGS
- Family relationship and control: Kevin Yoon (son of Chairman) is CEO of controlling shareholder; deemed beneficial owner of majority stake via Magnus; sits on Nominating & Governance Committee .
- Recurring related-party transactions with Magnus/Misto: share repurchases and service arrangements; require continued robust Audit Committee oversight .
Mitigants
- Independent committee composition (Compensation and Nominating are fully independent per board determination); routine executive sessions; clear trading/hedging prohibitions and clawback policies .
Sources and Notes
- Board composition, committee memberships, independence, attendance: .
- Biographical details (age, tenure, family relationship, Misto roles): .
- Director compensation program and 2024 director compensation (Kevin Yoon): .
- Related-party transactions, share repurchases, service agreement, IFRS reimbursements: .
- Principal stockholders and deemed beneficial ownership: .
- Governance policies: executive sessions, stock ownership, securities trading (hedging/pledging), clawback: .
- Say-on-pay outcome: .