Yemi Okupe
Hims & Hers HealthAbout Yemi Okupe
Chief Financial Officer of Hims & Hers Health, Inc. since January 2022; age 39; CFA charterholder and CPA (Illinois). Education: MBA, Stanford Graduate School of Business; BS Civil Engineering, UC Davis. Background spans finance leadership roles at Hipcamp, Uber (Mobility and Eats divisions), Braintree/PayPal, Google, eBay/PayPal (2011–2021) . Company performance under his finance tenure: FY2024 revenue $1.5B (+69% YoY), Adjusted EBITDA $176.9M and net income $126.0M; strong Q3 2025 momentum with ~$599M revenue (+49% YoY) and >$78M Adjusted EBITDA and narrowed FY2025 guidance to $2.335–$2.355B revenue and $307–$317M Adjusted EBITDA .
Past Roles
| Organization | Role | Years | Strategic Scope/Impact |
|---|---|---|---|
| Hipcamp | Chief Financial Officer | Jun 2021–Jan 2022 | CFO of private outdoor/lodging platform |
| Uber | Divisional CFO, Mobility | Mar 2020–Jun 2021 | Finance lead for Mobility segment |
| Uber | Divisional CFO, Uber Eats | Jun 2019–Mar 2020 | Finance lead for Eats segment |
| Braintree (PayPal) | Divisional CFO | Mar 2017–Jun 2019 | Payments division finance leadership |
| Braintree (PayPal) | Head of FP&A | Apr 2016–Mar 2017 | FP&A leadership |
| Finance Lead, Google Commerce | 2014–2016 | Commerce finance leadership | |
| eBay/PayPal | Various finance roles | 2011–2014 | Corporate finance roles |
External Roles
- No public company directorships disclosed for Okupe; profile provided solely as HIMS CFO .
Fixed Compensation
| Item (2024) | Amount | Notes |
|---|---|---|
| Base Salary | $495,000 | Set in Feb 2024, unchanged vs 2023 |
| Target Bonus % | 75% of base | Approved Feb 2024 (unchanged vs 2023) |
| Actual Bonus Paid | $742,500 | Paid at 200% of target based on 2024 performance |
| Perquisites | $13,915 | Office lease reimbursement; 401(k) match $3,000 |
Performance Compensation
Annual Incentive Plan (2024)
| Metric | Weighting | Target | Actual | Payout Factor |
|---|---|---|---|---|
| Revenue | 60% | $1.200B | $1.477B | 200% |
| Adjusted EBITDA | 40% | $75M | $177M | 200% |
| Total | — | — | — | 200% (plan payout) |
| Executive | Target Bonus ($) | Payout Factor | Bonus Paid ($) |
|---|---|---|---|
| Yemi Okupe | $371,250 | 200% | $742,500 |
Equity Awards (granted Feb 28, 2024)
| Award Type | Shares Granted | Vesting | Performance Metrics | Max Shares |
|---|---|---|---|---|
| RSUs | 367,809 | Quarterly over 4 years from Mar 15, 2024 (Company Quarterly Vesting Dates: Mar 15/Jun 15/Sep 15/Dec 15) | Time-based | N/A |
| PRSUs | 157,632 (target) | Cliff vest post FY2026 upon achievement | 3-year Revenue and Adjusted EBITDA; service condition | 200% of target (315,264) |
RSU and PRSU grant-date values computed per NYSE close; PRSU targets measured over 2024–2026; no 2024 stock options granted to NEOs .
Equity Ownership & Alignment
Beneficial Ownership (as of April 16, 2025)
| Component | Shares | % of Class A | Notes |
|---|---|---|---|
| Direct Class A owned | 118,960 | <1% | Individual holdings |
| RSUs vesting within 60 days | 105,199 | <1% | Counts toward beneficial ownership |
| Options exercisable within 60 days | 243,212 | <1% | In-the-money/exercisable portion |
| Total beneficial ownership | 467,371 | <1% | Out of 215,287,617 Class A shares outstanding |
Outstanding Equity (Year-end 2024)
| Instrument | Status | Quantity | Valuation Basis | Value |
|---|---|---|---|---|
| RSUs | Unvested | 298,845 | $24.18 close (12/31/2024) | $7,226,072 |
| PRSUs | Unearned (threshold disclosed) | 157,632 | Company’s valuation approach | $3,811,542 |
| Stock Options | Exercisable | 163,070 (159,735 at $5.01; 3,335 at $11.53) | Exercise price, Black-Scholes for valuations | See severance tables |
| Stock Options | Unexercisable | 341,710 (279,313 at $5.01; 62,397 at $11.53) | — | — |
Alignment and policies:
- Stock ownership guidelines: Executives must hold 2.5× base salary; 5-year compliance period; all subjects in compliance as of Dec 31, 2024 .
- Prohibitions: Hedging and pledging of company stock prohibited by Insider Trading Policy; margin accounts also prohibited .
- Clawback: Dodd-Frank compliant policy adopted July 2023; covers cash and performance-based equity on restatement triggers .
Employment Terms
Employment & Agreements
- At-will employment under letter agreement dated January 24, 2022; eligible for annual incentive bonus and equity awards; Change in Control and Severance Agreement in place .
Severance Economics (CFO – illustrative values as of 12/31/2024)
| Scenario | Cash ($) | RSU Acceleration ($) | Option Acceleration ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination (no change-in-control) | 649,688 | 6,798,255 | 3,569,482 | 27,439 | 11,044,864 |
| Involuntary termination with change-in-control (double trigger) | 866,250 | 26,327,377 | 5,636,673 | 36,586 | 32,866,886 |
Key terms:
- Non-CoC: salary continuation (9 months), COBRA premiums, pro-rated target bonus over severance period, accelerated vesting during severance period; release required .
- CoC: salary continuation (12 months), COBRA, 12 months of target bonus, full vesting acceleration; release required; no excise tax gross-ups (cut-back to avoid 4999 if optimal) .
Performance & Track Record
- FY2024: Revenue $1.5B (+69% YoY), Adjusted EBITDA $176.9M, operating cash flow $251.1M, FCF $198.3M; Subscribers >2.2M (+45% YoY); focus on growth with profitability .
- Q3 2025: Total revenue ~$598.976M (+49% YoY); Adjusted EBITDA >$78M; subscribers ~2.471M; tightened FY2025 guidance (Revenue: $2.335–$2.355B; Adj. EBITDA: $307–$317M) .
- CFO certifications: SOX 302 and 906 certifications on Q3 2025 10-Q (disclosure controls and fair presentation) .
- Capital allocation: Board authorized $250M share repurchase program (Nov 2025) through Nov 2028; $55.5M repurchased Oct 1–Nov 7, 2025; prior $100M program fully utilized; CFO signed 8-K .
Compensation Structure Analysis
- Cash vs equity mix: Significant portion “at-risk” via RSUs/PRSUs; no options granted to NEOs in 2024; PRSUs tied to multi-year revenue & Adjusted EBITDA through FY2026 .
- Annual bonus rigor: 2024 plan used Revenue (60%) and Adjusted EBITDA (40%) with clearly-defined threshold/target/max; payout at 200% due to outperformance (Revenue $1.477B; Adjusted EBITDA $177M) .
- Governance features: Double-trigger CoC protection; no single-trigger acceleration; no excise tax gross-ups; clawback; ownership guidelines; no hedging/pledging; no option repricing .
Equity Ownership & Alignment (Expanded)
| Policy/Item | Detail |
|---|---|
| Ownership guidelines | CFO must hold ≥2.5× base salary in HIMS stock; compliance confirmed as of 12/31/2024 |
| Pledging/Hedging | Prohibited by policy; margin accounts prohibited |
| Insider Trading windows | Policy governs trading; company purchases comply with applicable laws |
Employment Terms (Restrictive Covenants & Other)
- Confidentiality and inventions assignment agreement applies (ongoing obligations) .
- Indemnification agreements standard for officers .
Investment Implications
- Strong pay-for-performance linkage: CFO’s 2024 bonus tied to revenue and Adjusted EBITDA outperformance; multi-year PRSUs further align incentives with long-term operating targets through 2026 .
- Retention risk mitigants: Robust double-trigger CoC protection and vesting acceleration; meaningful unvested RSUs/PRSUs create “stay” economics; ownership guidelines increase skin-in-the-game; no hedging/pledging reduces misalignment risk .
- Selling pressure assessment: Quarterly RSU vesting cadence may create periodic supply; offset by active buyback authorization ($250M through 2028) and recent repurchases ($55.5M), which can absorb flow and signal confidence; monitor Form 4 activity around vest dates and 10b5‑1 plans for execution risk .
- Governance quality: Clawback, no gross-ups, no option repricing, independent comp committee with external consultant (Compensia) support; benchmarking peer group established across comparable tech/health platforms .
- Execution track record: Revenue/EBITDA growth and narrowed guidance under CFO attest to disciplined scaling; SOX certifications reinforce control posture; continued outperformance drives higher PRSU realization potential, increasing alignment .