Mike Chi
Hims & Hers HealthAbout Mike Chi
Mike Chi, age 45, is Chief Commercial Officer of Hims & Hers, overseeing marketing, product management, category management, and international; he joined in April 2021 and brings 20+ years of consumer internet experience with an MBA from Columbia and a BA from Brown . Company performance under the current team in FY 2024: revenue grew 69% YoY to $1.5B, Adjusted EBITDA reached $176.9M with 12% Adjusted EBITDA margin, and Subscribers rose 45% to 2.2M; monthly online revenue per average subscriber increased 19% to $64 . The annual bonus plan metrics were revenue (60% weight) and Adjusted EBITDA (40% weight), and the company achieved 200% payout for 2024, reinforcing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zola | Chief Marketing Officer; also GM for planning tools | 2017–2021 | Led all marketing, creative, communications; operated planning tools as GM |
| INTERMIX (Gap Inc. division) | VP Marketing & Ecommerce | 2015–2017 | Led marketing, creative, product management, and e-commerce operations |
| Gilt Groupe | SVP, GM Women’s | 2010–2015 | General management of women's business in online lifestyle retail |
| Boston Consulting Group | Consultant | Prior to 2010 | Strategy roles contributing to merchandising/strategy foundation |
| The Children’s Place; Gap Inc. | Various roles | Prior to 2010 | Merchandising/strategy experience at large apparel retailers |
External Roles
No public company board roles or external directorships disclosed for Mike Chi .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $425,000 | $485,000 | $485,000 |
| Target Bonus % of Salary | — | 70% | 70% |
| Actual Annual Bonus Paid ($) | $354,656 | $510,000 | $679,000 |
Performance Compensation
Annual Cash Incentive Plan (2024)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Revenue | 60% | $1,200M | $1,477M | 200% |
| Adjusted EBITDA | 40% | $75M | $177M | 200% |
| Total | — | — | — | 200% of target bonus |
Long-Term Incentive Awards Granted in Feb 2024
| Award Type | Grant Date | Shares Granted | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| RSUs | 2/28/2024 | 309,734 | Quarterly over 4 years on Mar 15/Jun 15/Sep 15/Dec 15, starting 6/15/2024, subject to service | $4,128,754 |
| PRSUs (target) | 2/28/2024 | 132,743 | Vests at end of FY 2026 based on revenue and Adjusted EBITDA performance; max 200% of target | $1,769,464 |
Equity Vesting/Exercises in 2024
| Activity | Shares | Value Realized ($) |
|---|---|---|
| Options Exercised | 1,143,122 | $15,254,723 |
| RSUs Vested | 286,672 | $6,217,628 |
Equity Ownership & Alignment
- Beneficial Ownership (as of 4/16/2025): 447,849 Class A shares; less than 1% of Class A outstanding . Breakdown: 227,804 directly owned; 87,106 RSUs that may vest within 60 days; 132,939 options exercisable within 60 days .
- Outstanding Unvested RSUs at 12/31/2024: 590,586 total (30,000 from 5/27/21; 46,782 from 2/24/22; 115,469 from 8/10/22; 146,676 from 3/1/23; 251,659 from 2/28/24) .
- Outstanding Options at 12/31/2024: 21,582 exercisable (5/27/21, $13.90 strike) and 472,894 unexercisable (30,000 at $13.90; 242,249 at $5.01; 145,180 at $6.82; 55,465 at $11.53), standard 4-year monthly vesting unless noted .
- Ownership Guidelines: Executives must hold 2.5× base salary; 5-year compliance window; as of 12/31/2024 all individuals subject were in compliance .
- Hedging/Pledging: Prohibited for employees and directors, including margin accounts .
Employment Terms
| Item | Details |
|---|---|
| Employment Agreement | Letter agreement dated 4/19/2021 upon joining; at-will; base salary, annual incentive eligibility, benefits, business expense reimbursement; equity subject to plan terms . |
| Severance (No Change-in-Control) | 9 months base salary; Company-paid COBRA for severance period; pro-rated target bonus for period; accelerated vesting during severance period, contingent on release . |
| Potential Severance (No CIC) | Cash $636,563; RSUs $5,187,142; Options $4,525,720; Benefits $16,877; Total $10,366,302 (estimated as of 12/31/2024) . |
| Severance (With Change-in-Control) | 12 months base salary; Company-paid COBRA; 1/12 of target bonus; full acceleration of all unvested equity; double-trigger required; contingent on release; no tax gross-up, with 280G cutback “best net” approach . |
| Potential Severance (With CIC) | Cash $848,750; RSUs $21,903,646; Options $7,821,529; Benefits $22,503; Total $30,596,428 (estimated as of 12/31/2024) . |
| Clawback | Dodd-Frank compliant clawback adopted July 2023 for incentive pay upon restatement . |
Compensation Structure Analysis
- Mix and Shift: 2024 equity awards ($5,898,218) rose vs 2023 ($5,111,076); no options granted in 2024 vs options granted in 2023 ($600,084), indicating a shift toward RSUs/PRSUs and fewer options (lower risk profile, stronger retention) .
- Strong Pay-for-Performance: 2024 annual bonus paid at 200% of target on outsized revenue and Adjusted EBITDA beats; PRSUs for 2024–2026 tie vesting to multi-year revenue and Adjusted EBITDA, supporting alignment with growth and profitability .
- Governance Safeguards: Double-trigger CIC; no tax gross-ups; clawback; anti-hedging/pledging; ownership guidelines—all reduce misalignment and shareholder risk .
Risk Indicators & Red Flags
- Pledging/Hedging: Explicitly prohibited (reduces alignment risk) .
- Option Repricing: Not permitted without stockholder approval .
- Related-Party Transactions: None disclosed involving Mike Chi; the only >$120k related-party item is vendor payments to Vouched (linked to COO’s spouse) .
- Perquisites: No perquisites >$10,000 for Mike Chi in 2024; $3,000 401(k) match only .
Performance & Track Record
- Company Outcomes (FY 2024): Revenue $1.5B (+69% YoY), Adjusted EBITDA $176.9M, Adjusted EBITDA margin 12%, Subscribers 2.2M (+45% YoY), Monthly online revenue per average subscriber $64 (+19% YoY) .
- Execution in Commercial Scope: Bonus design tied to revenue and Adjusted EBITDA with 200% payout, consistent with commercial expansion and disciplined unit economics .
Equity Ownership & Potential Selling Pressure
- Scheduled Vesting: Significant unvested RSUs (590,586) vest quarterly across multiple grants (2019–2024), creating ongoing supply on Mar 15/Jun 15/Sep 15/Dec 15, subject to trading windows .
- 2024 Liquidity Events: Options exercised (1,143,122 shares; $15.3M in value realized) and RSUs vested (286,672; $6.2M value), implying potential selling for tax/ diversification even as policies restrict hedging/pledging .
Investment Implications
- Alignment: Strong—multi-year PRSUs tied to revenue and Adjusted EBITDA, 200% cash bonus payout on operational outperformance, ownership guidelines compliance, and anti-hedging/pledging/clawback frameworks .
- Retention: Moderate-to-strong—sizeable unvested RSU/PRSU overhang and quarterly vesting cadence support retention; double-trigger CIC terms limit windfalls while preserving protections .
- Selling Pressure: Near-term supply from quarterly RSU vesting plus historically large option exercises could drive episodic selling around trading windows; monitor Form 4s and vesting dates for flow timing .
- Pay Structure Trend: Shift away from options toward RSUs/PRSUs lowers risk and increases guaranteed equity value, suggestive of confidence in long-term stock performance but less operating leverage than options-heavy mix .
- Governance: No red flags tied to Chi (no pledging, no related-party transactions); overall program uses independent comp committee and consultant, annual say-on-pay, and no tax gross-ups .