Joe Christina
About Joe Christina
Joe Christina, 63, is President and Chief Executive Officer of Noodles & Company (NDLS) effective August 31, 2025, after joining as President and Chief Operating Officer in February 2025; he also joined NDLS’s Board on August 31, 2025 . He previously served as CEO, President and Board Member of Church’s Chicken (2013–Aug 2022) and CEO of Tijuana Flats (2022–Jul 2024); he began his 29‑year career at Burger King, ultimately becoming SVP of U.S. Franchise Operations (West Division). He holds a BS in Business Management and Marketing from Quinnipiac University . For context, NDLS’s 2024 system‑wide comp sales declined 1.5% amid a challenging consumer environment , and in Q1 2025 NDLS reported a net loss of $9.1M and Adjusted EBITDA of $2.4M with company-owned comp sales up 4.7% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Noodles & Company | President & COO | Feb 2025–Aug 2025 | Brought in for operational leadership; later elevated to CEO . |
| Church’s Chicken | EVP U.S. Operations; then CEO/President/Board Member | 2013–Aug 2022 | Drove significant YoY growth during tenure (company disclosure) . |
| Tijuana Flats | CEO | 2022–Jul 2024 | Led brand revitalization; company later entered Ch. 11 in Apr 2024 and emerged Jan 2025 under new owner . |
| Burger King | Multiple roles culminating in SVP Franchise Ops (West) | ~29 years | Operations, franchise leadership progression . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Church’s Chicken | Board Member (in addition to CEO/President) | 2013–Aug 2022 | Board role concurrent with CEO tenure . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $550,000 per year as CEO, effective Aug 31, 2025 . |
| Director fees | As an officer-director, not eligible for director compensation . |
| Benefits | Eligible for executive group insurance, savings/retirement plans, expense reimbursement per policy . |
Performance Compensation
- Annual bonus
- Target: 100% of base salary, beginning with FY ending Dec 30, 2025; goals set by Board/Compensation Committee; paid after audit (no later than Apr 30) .
- Long-term equity
- CEO Equity Award: 250,000 time‑vested RSUs granted Aug 31, 2025; vest ratably over 4 years on each of the first through fourth anniversaries, subject to continued employment .
- Eligibility for future equity awards at Committee discretion .
- Company incentive design context
- NDLS uses PSUs and RSUs for NEOs; 2024 plan used Adjusted EBITDA (50%), Same Store Sales (25%), and Menu Innovation (25%) for annual bonuses; PSUs tied to VWAP stock price over 3 years (2024 awards) . 2025 PSU form reflects 3‑year performance period and CIC treatment mechanics (plan form) .
Annual Bonus Plan (2025)
| Metric | Weighting | Target | Payout mechanics |
|---|---|---|---|
| To be set by Board/Committee | n/a | 100% of salary (target) | Paid post‑audit; metrics not yet disclosed . |
CEO Equity Award Vesting Schedule (insider supply cadence)
| Grant | Amount | Vesting dates (ratable) |
|---|---|---|
| Time‑vested RSUs | 250,000 | 25% on each of the 1st, 2nd, 3rd, 4th anniversaries of Aug 31, 2025 (subject to employment) . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial CEO grant | 250,000 RSUs on Aug 31, 2025 . |
| Ownership guidelines | CEO required to hold stock equal to 5x base salary; until met, must retain 50% of net after‑tax shares from vesting/exercise . |
| Hedging/pledging | Prohibited for directors and officers (anti‑hedging and anti‑pledging policies) . |
| Shares outstanding | 46,441,542 as of Aug 8, 2025; CEO grant equals ~0.54% of current shares if fully vested (calculation using cited data) . |
| Beneficial ownership line‑of‑sight | Joe was not listed in the Mar 19, 2025 beneficial ownership table (he was not yet a director and was not a 2024 NEO) . |
Employment Terms
| Term | Key provisions |
|---|---|
| Agreement dates | Original NDLS employment agreement dated Feb 12, 2025 (as President & COO); Amended and Restated as CEO effective Aug 31, 2025 . |
| Term | Ongoing until terminated per agreement . |
| Severance (no CIC) | 12 months base salary (installments), pro‑rata annual bonus based on actual performance, and lump‑sum 12 months COBRA premium; subject to release and covenants . |
| Severance (CIC double‑trigger) | If termination without Cause or for Good Reason during CIC Protection Period (60 days before to 12 months after CIC): 12 months base salary (lump sum), pro‑rata target bonus (lump sum), and lump‑sum 12 months COBRA premium; subject to release and covenants . |
| Good Reason | Outside CIC: relocation >50 miles (with carve‑out around Broomfield HQ). During CIC: removal from CEO role, temporary pay/target bonus reduction >10% (unless broadly applied), or material breach; notice/cure required . |
| Non‑compete | 12 months post‑employment; fast/quick‑casual restaurant or directly competing businesses in North America; passive ≤5% public holdings permitted . |
| Non‑solicit | 12 months post‑employment (non‑manager restaurant employees excluded from restriction) . |
| Confidentiality | Robust confidentiality and trade secret protections; whistleblower carve‑outs . |
| Equity treatment (plan) | RSUs: pro‑rata vesting of next tranche on certain qualifying terminations; acceleration upon qualifying termination within 12 months post‑CIC per plan; Committee discretion can accelerate . |
| Clawback | Dodd‑Frank compliant recoupment plus discretionary clawback for misstatements/misconduct . |
Board Governance
- Role and dual‑role implications
- Christina is CEO and a director effective Aug 31, 2025; NDLS maintains a separate, independent Non‑Executive Chairman (Jeff Jones) and conducts executive sessions of independent directors, mitigating CEO/Chair power concentration concerns .
- Committees (independent directors only)
- Audit: Chair Jeff Jones; members Robert Hartnett, Britain Peakes, Shawn Taylor .
- Compensation: Chair Robert Hartnett; members Mary Egan, Jeff Jones, Thomas Lynch, Elisa Schreiber .
- Nominating & Corporate Governance: Chair Mary Egan; members Thomas Lynch, Elisa Schreiber, Shawn Taylor .
- Attendance and structure
- Board met eight times in 2024; directors attended 100% of meetings/assigned committees .
- Director pay policy
- Officer‑directors (e.g., CEO) do not receive director compensation .
Compensation Structure Analysis
- Cash/equity mix and risk
- CEO package emphasizes performance‑at‑risk pay via annual bonus (100% of salary target) and equity; initial CEO equity award is time‑vested RSUs (retention‑oriented), with future equity at Committee discretion . Company‑wide, NEO LTI mix heavily uses PSUs (≥60% target value for non‑CEO NEOs; 66.7% for former CEO in 2024), aligning payouts with stock performance via 3‑year VWAP hurdles .
- Governance features
- Double‑trigger CIC protection; no tax gross‑ups; anti‑hedging/pledging; stringent clawbacks; meaningful stock ownership guidelines (CEO 5x salary) .
Risk Indicators & Red Flags
- Change‑in‑control and severance
- Double‑trigger CIC and 1.0x cash severance limit excessive payouts; bonus uses pro‑rata actual (no CIC) vs pro‑rata target (CIC) .
- Good Reason scope
- Outside CIC, Good Reason is narrow (primarily relocation), reducing “walk‑away” optionality; broader protections during CIC .
- Prior company event
- Tijuana Flats (where Christina was CEO) filed Chapter 11 in Apr 2024 and emerged Jan 2025; note broader industry pressures during that period .
- Alignment controls
- Anti‑hedging/pledging and 50% post‑tax retention requirement to meet ownership guidelines materially restrict opportunistic selling .
Say‑on‑Pay & Shareholder Feedback
| Year | Say‑on‑pay approval | Notes |
|---|---|---|
| 2024 | 97% “For” | Committee interpreted as support for program design; continues routine investor outreach . |
Compensation Peer Group (benchmarking context)
- 2024 peer set included casual/fast‑casual comps (e.g., BJ’s, Chuy’s, El Pollo Loco, Red Robin), with subsequent 2025 adjustments; NDLS ranked lowest by market cap vs peer medians as of Feb 15, 2024 .
Investment Implications
- Alignment and retention: The 250k RSU grant with 4‑year ratable vesting, CEO 5x salary ownership guideline, and anti‑hedging/pledging policies point to retention and long‑term alignment; 50% post‑tax share retention until guidelines are met dampens near‑term selling pressure from vestings .
- Event risk/M&A: Double‑trigger CIC terms and plan‑level equity treatment reduce single‑trigger windfalls; equity can accelerate upon qualifying termination in a CIC, but not merely upon the transaction closing .
- Execution risk: Christina’s mandate centers on operations and margin improvement; company‑wide 2024 comp declines and Q1 2025 losses underscore the turnaround challenge he inherits . Early tenure limits direct pay‑for‑performance read‑through; monitor 2025–2026 bonus metrics/targets and any PSU grants for hurdle rigor .
Citations: All facts are sourced as shown inline.