Ryan Napierski
NU SKIN ENTERPRISESAbout Ryan Napierski
Ryan S. Napierski, 51, has served as Nu Skin’s CEO since 2021 and President since 2017; he previously led Global Sales & Operations (2015–2017), North Asia (from 2014), and Nu Skin Japan (from 2010), and joined Nu Skin in 1995. He holds a bachelor’s in business, an MBA from Duke University, and a master’s in international business from Goethe Universität, Germany . In 2024, Nu Skin reported $1.73B in revenue amid macro headwinds; management paid down $110M of debt in 2024 and a further $115M in January 2025 following the $250M sale of Mavely (≈$201M net proceeds), while Rhyz segments grew 32% YoY on top of 41% in 2023 . Executive pay is heavily variable—85% of CEO 2024 target pay—and long-term equity is tied to Adjusted EPS and stock price performance under a strict pay-for-performance design with clawbacks and no hedging/pledging permitted .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nu Skin Enterprises | Chief Executive Officer | 2021–present | Led transformation and portfolio actions; executed Mavely sale, debt reduction, and refocused brand/inventory strategy |
| Nu Skin Enterprises | President | 2017–present | Oversaw global strategy and operations; advanced digital/social sales enablement |
| Nu Skin Enterprises | President, Global Sales & Operations | 2015–2017 | Drove global commercial execution and sales force performance |
| Nu Skin Enterprises | President, North Asia | 2014–2015+ | Led growth and market operations in key APAC geographies |
| Nu Skin Japan | President | 2010–2014+ | Market leadership and localization in Japan |
| Nu Skin EMEA | VP Business Development; GM UK | Earlier tenure | Built regional BD and country management capabilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Direct Selling Association | Past Chairman | Prior years | Industry leadership; advocacy and standards in direct selling |
| World Federation of Direct Selling Associations | Chairman, Advocacy Committee | Current | Global advocacy; policy influence across member associations |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 941,918 | 991,918 | 1,041,803 |
| Bonus ($) | 206,842 | — | — |
| Non-Equity Incentive ($) | — | 641,300 | 288,750 |
| All Other Compensation ($) | 130,637 | 159,287 | 144,987 |
| Total Compensation ($) | 4,764,466 | 5,838,579 | 5,993,088 |
| Target Bonus % of Salary | — | — | 110% (EOY basis) |
| 2024 Salary Review | As of 1/1/2024 ($) | As of 12/31/2024 ($) |
|---|---|---|
| Ryan S. Napierski | 1,000,000 | 1,050,000 |
| 2024 CEO All Other Compensation Detail | Company DCP Contributions ($) | 401(k) Contributions ($) | Perquisites & Other Personal Benefits ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|
| Ryan S. Napierski | 104,070 | 13,800 | 23,073 (incl. products, tax advice, personal use of properties, etc.) | 4,044 (insurance and miscellaneous) | 144,987 |
Performance Compensation
| 2024 Annual Cash Incentive (Executive Cash Incentive Plan) | Metric | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|---|
| Adjusted Revenue | 37.5% | 37.5% | Target bonus $1,155,000 (110% of salary) | Below minimum; no payout for financial metrics | Constant-currency; excludes extraneous items per plan |
| Adjusted Operating Income | 37.5% | 37.5% | Included in target; see above | Below minimum; no payout for financial metrics | Constant-currency; exclusions per plan |
| Strategic Goals | 25% | 25% | Included in target; see above | Partial achievement; payout capped at 25% of target (CEO actual $288,750) | Formulaically evaluated against quantitative goals |
| 2024 Long-Term Equity Awards (Grant Date 2/27/2024) | Award Type | Shares (#) | Grant Date Fair Value ($) | Performance Metric | Vesting |
|---|---|---|---|---|---|
| PRSUs | Target 189,574 | 2,269,201 | Adjusted EPS over 2024–2026 | Performance earned near minimum for 2024 portion; 2022/2023 PRSUs not earned | |
| RSUs | 189,574 | 2,248,348 | Stock price alignment over 2024–2027 | Minimum one-year vesting; dividends only post-vesting per plan |
Equity program guardrails: no option/SAR repricing without shareholder approval; awards subject to clawback; cancellation/forfeiture if non-compete/non-solicit violations; change-in-control provisions emphasize assumption/substitution and vest based on actual performance .
Equity Ownership & Alignment
| Beneficial Ownership (as of April 1, 2025) | Shares Owned | % of Class | Right to Acquire within 60 Days (#) |
|---|---|---|---|
| Ryan S. Napierski | 357,052 | <1% | 200,714 |
| Outstanding Equity Awards (as of Dec 31, 2024) | Type | Detail | Quantity/Value |
|---|---|---|---|
| Options (PSO) | Exercisable; $71.99 strike; exp. 3/8/2025 | 18,919 | — |
| Options (PSO) | Exercisable; $30.45 strike; exp. 2/15/2027 | 178,831 | — |
| Options (PSO) | Exercisable; $48.81 strike; exp. 2/15/2028 | 21,883 | — |
| RSUs (Unvested) | Count; market value at 12/31/2024 | 189,574; $1,306,165 | |
| PRSUs (Target Unearned) | Count; payout value at 12/31/2024 | 189,574; $1,306,165 | |
| Ownership Guidelines | CEO multiple of base salary | 6.0x; retain 50% net shares until met | |
| Compliance | Status as of Mar 31, 2025 | All NEOs/directors compliant | |
| Hedging/Pledging | Policy | Prohibited for directors, officers, employees |
Employment Terms
| Executive Severance & CIC Economics | Provision | CEO Multiple/Benefit |
|---|---|---|
| Involuntary termination not for cause (incl. constructive) | Pro-rata earned bonus; lump sum 1.5x annual salary | 1.5x salary |
| Termination in connection with change in control (double-trigger) | Pro-rata earned bonus; lump sum 2x (salary + target bonus) | 2x salary + target bonus |
| Equity upon CIC termination | Accelerated vesting of target amount for unvested RSUs/PRSUs; PSOs out-of-the-money at YE 2024 | Based on $6.89 close on 12/31/2024 |
| Health benefits | Lump sum equal to 12 months continuation coverage | 12 months |
| Restrictive covenants | Non-compete and other obligations generally one year post-employment | 1 year |
| Clawback/forfeiture | Recovery policy; cancellation/forfeiture for competitive activity; recoupment on restatement | As specified |
| Potential Payments if Event on 12/31/2024 | Severance ($) | Equity ($) | Deferred Comp ($) | Health ($) | Total ($) |
|---|---|---|---|---|---|
| Change in Control (incl. constructive termination) | 4,698,750 | 3,397,872 | 7,943,383 | 25,684 | 16,065,689 |
| Involuntary Not for Cause (incl. constructive) | 1,863,750 | — | 7,943,383 | 25,684 | 9,832,817 |
| Deferred Compensation Plan (DCP) | Exec Contributions ($) | Company Contributions ($) | Aggregate Earnings ($) | YE 2024 Balance ($) | Notes |
|---|---|---|---|---|---|
| Ryan S. Napierski | 161,712 | 104,070 | 1,005,970 | 8,001,133 | Pre-2015 company contributions include death benefit ≥ vested contributions or 5× average salary |
Board Governance (Director Service, Committee Roles, Dual-Role Implications)
- Director since 2021; serves on the Board as an employee director; receives no director compensation; Executive Chairman is Steven J. Lund; Lead Independent Director is Daniel W. Campbell .
- Only independent directors serve on Audit, Compensation & Human Capital, and Nominating & Corporate Governance Committees; Napierski does not sit on these committees; the Board held 10 meetings in 2024 and all directors attended >75% of meetings during their service .
- Equity retention and hedging/pledging prohibitions apply to directors; at least 75% of the Board is independent; regular executive sessions led by the Lead Independent Director promote oversight balance vs. CEO’s dual role as director .
Director Compensation (for context; Napierski receives none as employee)
| Program Element | Amount |
|---|---|
| Annual Board Cash Retainer | $85,000 |
| Committee Cash Retainer | $10,000 per committee |
| Lead Independent Director Cash Retainer | $25,000 |
| Audit Chair Cash Retainer | $20,000 |
| Other Committee Chair Cash Retainer | $15,000 |
| Annual Director RSU Grant | $150,000 value |
| Employee Directors | No director fees; compensated via employee pay |
Compensation Peer Group (Benchmarking)
- Peer group includes consumer products and connected devices companies of similar size: Beyond, Inc.; Coty; Cricut; Edgewell; Hain Celestial; Helen of Troy; Herbalife; Prestige Consumer Healthcare; Sally Beauty; Sensient; Sonos; Spectrum Brands; USANA .
- Base salary is targeted competitive to peer median to attract/retain executives; Committee uses Semler Brossy as independent consultant (independence affirmed), and Meridian advised on equity plan terms .
Related Party Transactions
- Cade Napierski (CEO’s brother) received ≈$424,000 in total compensation in 2024 and was granted RSUs/PRSUs; company also disclosed payments to a former employee related to the Executive Chairman’s brother, with severance per typical practice .
Risk Indicators & Red Flags
- Robust clawback policy; cancellation/forfeiture for competitive activity; minimum vesting; no repricing of options/SARs without shareholder approval .
- Hedging and pledging of company stock are prohibited for directors/officers/employees .
- Executive Severance Policy includes non-compete obligations; double-trigger CIC with 2× salary+target bonus could be material in strategic transactions .
- Options (PSOs) were out-of-the-money at YE 2024 (closing price $6.89), reducing near-term exercise pressure .
Expertise & Qualifications
- Direct selling expertise across digital/social platforms; extensive global market leadership; industry leadership roles (past DSA Chairman; current WFD Advocacy Committee Chair) .
Say-on-Pay & Shareholder Feedback
- Board recommends “FOR” advisory say-on-pay; ongoing shareholder outreach highlights pay-for-performance alignment, clawbacks, retention requirements, double-trigger CIC, and prohibition of hedging/pledging .
Investment Implications
- High variable pay (85% of CEO target) with cash incentives tied to adjusted revenue/operating income/strategic goals and long-term equity tied to Adjusted EPS and stock price supports alignment; 2024 financial goals paid no bonus and strategic goals capped at 25%, indicating discipline in payout calibration .
- Strong ownership alignment: 357k shares beneficially owned; 6× salary ownership guideline in place and met; hedging/pledging prohibited—reducing misalignment risks .
- CIC protections and accelerated vesting could influence negotiations in an acquisition; CEO’s CIC cash severance (2× salary+target bonus) and equity acceleration imply meaningful transaction economics ($4.70M severance; $3.40M equity as of YE 2024 scenario) .
- Execution track record includes monetization of Mavely at attractive returns and balance sheet strengthening; continued transformation carries operational risk, and prior performance-based equity awards (2022/2023 PRSUs) not earned highlight challenging operating conditions .