Carl Aure
LifevantageAbout Carl Aure
Carl A. Aure is Chief Financial Officer of LifeVantage (appointed October 2021) with 25+ years in finance/accounting and 15+ years in direct selling. He is 52 (as of Sept. 2025), a CPA, with a Masters of Professional Accountancy (University of Utah) and BS Accounting (Westminster College) . Prior roles include Chief Accounting Officer at NewAge (2018–2021) and progressive finance roles at Morinda (2005–2018) and KPMG (1996–2005) . Company performance under current leadership shows FY25 revenue of $228.53M and ~14% YoY growth, operating EBITDA margin improved from ~5.5% in FY23 with +300 bps in FY24 and +120 bps in FY25; 1-year TSR 72% and ~300% over 3 years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NewAge, Inc. | Chief Accounting Officer; brief Acting CFO | Dec 2018–Oct 2021 | Led SEC reporting, international operations; brief CFO role within two years prior to bankruptcy filing |
| Morinda Holdings, Inc. | Finance & accounting roles of progressive responsibility | 2005–2018 | FP&A, international expansion, technical accounting; multi-market direct-selling operations |
| KPMG LLP | Senior Manager | 1996–2005 | Assurance/technical accounting foundation; SEC reporting expertise |
External Roles
- No public company directorships disclosed for Carl Aure in LFVN proxies .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $350,000 | $350,000 |
| Target Bonus (%) | n/a | 50% of base salary |
| Actual Bonus Paid ($) | $157,868 | $74,567 |
| All Other Compensation ($) | $26,914 | $32,583 (includes $22,543 health insurance and $10,039 401(k) match) |
Performance Compensation
Annual Incentive Plan Design (FY 2024)
- Metrics: Revenue; Monthly purchasers; Monthly enrollers; Fast Track; EBITDA; ESG metrics; strategic initiatives (international compensation plan rollout) .
- FY24 plan payout: 42.61% of target for all participating NEOs, including CFO .
Equity Awards and Vesting
| Award | Grant Date | Type | Unvested Units at FY-End | Vesting Schedule |
|---|---|---|---|---|
| New-hire RSUs | 11/12/2021 | RSUs | 1,875 (as of 6/30/2024) | Equal annual installments over 3 years |
| Annual grant | 8/18/2022 | PRSUs | 12,005 (as of 6/30/2024) | PRSUs originally tied to FY23 metrics; remaining tranches vest quarterly following 1-year anniversary, subject to service |
| Annual grant | 8/18/2022 | RSUs | 9,015 (as of 6/30/2024) | 1/3 on first anniversary; remaining quarterly over next 2 years |
| Annual grant | 8/24/2023 | PRSUs | 12,328 at target unearned (as of 6/30/2024) | 50% FY24, 30% FY25, 20% FY26; vest each Aug 31 following performance period; max 200% |
| Annual grant | 8/24/2023 | RSUs | 24,655 (as of 6/30/2024) | 1/3 on first anniversary; remaining quarterly over next 2 years |
PRSU Revenue Performance and Payouts
| PRSU Tranche | Performance Period | Weight | Targets | Actual | Payout | Vesting Date |
|---|---|---|---|---|---|---|
| FY2024 PRSU – FY25 revenue portion | FY 2025 | 50% of grant | Threshold: $200,164,000; Target: $208,171,000; Max: $216,178,000 | $228,530,000 | Maximum (200%) for FY25 tranche | Aug 31, 2026 |
| FY2025 PRSUs structure | FY25/FY26/FY27 | 50% / 30% / 20% | Targets set off prior-year actual; max 200% | n/a | n/a | FY25: Aug 31, 2026; FY26: Aug 31, 2027; FY27: Aug 31, 2028 |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 92,742; less than 1% of shares outstanding |
| Options (exercisable/unexercisable) | None disclosed for Aure |
| Unvested RSUs (as of 6/30/2024) | 1,875 (11/12/2021); 9,015 (8/18/2022); 24,655 (8/24/2023) |
| Unearned PRSUs at target (as of 6/30/2024) | 12,005 (8/18/2022); 12,328 (8/24/2023) |
| Hedging/Pledging | Hedging, short sales, and margin accounts prohibited without approval; pledging restricted under Insider Trading Policy |
Employment Terms
- Employment start at LFVN: October 2021 (CFO) .
- Severance (Key Executive Benefits Agreement): If terminated without cause, 6 months of base salary, paid in monthly installments; equity acceleration under Change in Control Policy if termination without cause within 12 months of a change in control (double-trigger) .
- Clawback/Recoupment: Awards subject to company recoupment policy; most recently re-approved November 2024 .
- Non-compete/Non-solicit/Tax gross-ups: Not disclosed for Aure in proxies reviewed .
Performance & Track Record
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| TSR – value of initial $100 | $61.49 | $159.73 | $206.43 |
| Net Income ($000s) | $2,540 | $2,937 | $9,805 |
| Revenue ($MM) | n/a | n/a | $228.53 |
| Operating EBITDA margin trend | ≈5.5%; base | +300 bps vs FY23 | +120 bps vs FY24; LT target 12% |
- Business mix: ~80% of revenue from U.S.; Japan ~11%; 20 markets globally .
- Capital allocation: Quarterly dividend program (increased in June 2024 & June 2025), special $0.40 dividend (Sept 2023), buyback authorization $60M with ~$17M remaining as of Sept. 2025 .
Compensation Peer Group and Governance
- Peer group (FY25) used for market assessments includes e.l.f. Beauty, Nature’s Sunshine, Jamieson Wellness, Olaplex, Lifeway Foods, PetMed Express, Mannatech, Beauty Health Co., Medifast, USANA, Natural Alternatives International; additions in FY25: Olaplex, Beauty Health .
- Say-on-Pay approval: >73% support at FY2025 Annual Meeting (improved from ~67% prior year); committee increased PRSU weighting to 60% vs 40% RSU and added adjusted EBITDA metric in FY26 PRSUs based on investor feedback .
Risk Indicators & Red Flags
- Prior bankruptcy involvement: Served as CAO at NewAge; company filed Chapter 11 in 2022; brief period as Acting CFO within two years prior to filing .
- Hedging/short sales prohibited; pledging restricted—supports alignment .
- Recoupment policy in place .
Investment Implications
- Pay-for-performance alignment is strengthening: Increased PRSU weighting (60%) and FY26 addition of adjusted EBITDA as a long-term metric improve linkage to financial outcomes; FY25 PRSU tranche vesting at maximum on strong revenue suggests elevated realized equity, but multi-year revenue targets and service-based vesting temper short-term windfalls .
- Retention risk appears moderate: Double-trigger change-of-control acceleration and six months’ salary severance are standard; significant unvested RSUs/PRSUs create continued service incentives .
- Skin-in-the-game: Direct ownership <1% but meaningful unvested equity exposure; hedging/pledging restrictions support alignment .
- Execution track record: Revenue growth (+14% FY25) and improving EBITDA margin trends, plus strong TSR (1-year 72%; ~300% 3-year), indicate effective execution, though prior association with NewAge’s bankruptcy is a background risk to monitor .