Steven Lund
NU SKIN ENTERPRISESAbout Steven Lund
Steven J. Lund, 71, is Executive Chairman and Chairman of the Board of Nu Skin Enterprises; he has served as a director since 1996 (including a three-year leave of absence) and Chairman since 2012. A company founder, Lund previously served as General Counsel, Executive Vice President, and President & CEO (1996–2003) and Vice Chairman (2006–2012); he holds a B.A. and J.D. from Brigham Young University’s J. Reuben Clark Law School . He is not independent under NYSE standards; the proxy notes all directors are independent except Mr. Lund and the CEO .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nu Skin Enterprises | President & Chief Executive Officer | 1996–2003 | Led growth from start-up; founder credentials |
| Nu Skin Enterprises | Vice Chairman | 2006–2012 | Senior board leadership before becoming Chair |
| Nu Skin Enterprises | General Counsel; Executive Vice President | Pre-1996 to 1996 | Legal and operational leadership prior to CEO role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Force for Good Foundation | Trustee | Current | Philanthropy governance aligned with company initiatives |
| U.S. Direct Selling Association | Executive Board (prior service) | Prior | Industry leadership and policy exposure |
| The Church of Jesus Christ of Latter-day Saints | General Officer; Board of Education member | Current | Oversight of church higher education, including BYU |
| Utah State Board of Regents for Higher Education | Member | Prior | State higher education governance |
| Utah Valley University | Chairman, Board of Trustees | Prior | Institutional oversight and leadership |
Board Governance
- Role: Chairman of the Board; Board separates Chair and CEO roles (Lund as Chair, Napierski as CEO) .
- Independence: Not independent; only Lund and the CEO are management directors .
- Committees: Audit, Compensation and Human Capital, and Nominating and Corporate Governance Committees are composed solely of independent directors; Lund is not listed as a member of any of these committees .
- Lead Independent Director: Daniel W. Campbell; he chairs executive sessions of independent directors .
- Attendance: The Board met 10 times in 2024; each director attended more than 75% of Board and respective committee meetings; seven directors attended the 2024 annual meeting .
- Executive sessions: Independent directors meet regularly in executive session, chaired by the Lead Independent Director .
- Policies: Equity retention guidelines apply to directors and executives; hedging and pledging of company stock are prohibited .
- Indemnification: Company has indemnification agreements with directors and officers (with expense advancement and D&O insurance) .
Fixed Compensation
| Component | FY 2024 Amount (USD) | Notes |
|---|---|---|
| Salary | $570,000 | Employee compensation (Executive Chairman) |
| Director Fees (cash retainer) | $0 | Non-employee director retainer not applicable to Lund |
| Director Stock Awards | $0 | Non-employee RSU program excluded for employees |
| Other Compensation | $70,249 | Includes life insurance premiums ($29,640), 401(k) contributions ($13,800), spouse travel and related tax reimbursement, company products, home security monitoring, LTD premiums, holiday gift |
| Total Reported (Director Table) | $725,749 | Sum of salary, bonus, and other compensation (see performance section for bonus) |
Performance Compensation
| Component | FY 2024 Amount (USD) | Notes |
|---|---|---|
| Cash Incentive Plan Bonus | $85,500 | Earned under company cash incentive plan for 2024 |
Performance metric framework (Executive Cash Incentive Plan – company-level metrics used to determine annual bonuses):
| Metric | 2024 Minimum | 2024 Goal | 2024 Stretch | 2024 Result | % Goal Achieved | % Target Bonus Paid |
|---|---|---|---|---|---|---|
| Adjusted revenue | $1,791,527k | $1,903,400k | $2,044,400k | $1,808,151k | 95.0% | 0.0% (due to operating income below minimum) |
| Adjusted operating income | $115,750k | $136,333k | $171,131k | $104,023k | 76.3% | 0.0% |
| Strategic goals (aggregate of four) | N/A | N/A | N/A | Aggregate earned 28.4% capped to 25% | N/A | 25% aggregate payout |
Key design features:
- Metrics and weights: Adjusted revenue (37.5%), adjusted operating income (37.5%), strategic goals (25%); payouts linearly interpolated, with caps if operating income minimum not met .
- 2024 outcomes: Financial metrics below minimum; strategic goals partially achieved; aggregate payout capped at 25% of target .
- Clawbacks and change-in-control: Comprehensive clawback policy and double-trigger change-in-control benefits; equity plan includes cancellation/forfeiture and recoupment provisions .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed in the proxy biography for Lund |
| Private/non-profit/academic boards | See External Roles table (DSA executive board, LDS Church Board of Education, Force for Good Foundation, Utah State Board of Regents, Utah Valley University) |
| Interlocks with competitors/suppliers/customers | Not disclosed |
Expertise & Qualifications
- Founder with over 35 years of company and industry experience; prior roles include General Counsel, EVP, CEO; deep knowledge of direct selling and global operations .
- Legal training (J.D.) and senior leadership roles contribute to governance and strategic oversight; recognized community leader .
- Industry leadership through U.S. Direct Selling Association Executive Board service .
Equity Ownership
| Metric | As of | Value | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | April 1, 2025 | 119,210 | Less than 1% of Class A; no shares acquirable within 60 days |
| Indirect holdings (family LLC) | April 1, 2025 | 113,574 | Held by family limited liability company; Lund and spouse co-managers with shared voting/investment power |
| Indirect holdings (co-trustees) | April 1, 2025 | 5,636 | Held indirectly by Lund and spouse as co-trustees; shared voting/investment power |
| Hedging/Pledging | Policy | Prohibited for directors and employees | Governance policy prohibits pledging and hedging |
| Ownership guidelines | Policy | Executives: 2.5x base salary; Non-management directors: 5x annual retainer | Retain 50% of net shares until guideline met; options excluded |
| Compliance status | March 31, 2025 | All NEOs and directors in compliance | Company-wide statement of compliance |
Related-Party Transactions
| Person | Relationship | Amount | Period | Nature |
|---|---|---|---|---|
| Eric Lund | Brother of Steven Lund | ~$133,000 | 2024 | Salary earned prior to Dec 2023 termination and severance; severance calculated per typical practice for his job level |
- Oversight: Audit Committee reviews significant related-person transactions; employment-related matters delegated to Compensation and Human Capital Committee; policy applies for transactions >$25,000 .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay: 96% approval at the 2024 annual meeting; used as input for 2025 compensation design .
Governance Assessment
- Strengths: Separate Chair/CEO roles; robust independent committee structure; Lead Independent Director with regular executive sessions; strong equity retention and anti-hedging/pledging policies; clawback and double-trigger CIC protections; director pay evaluated with an independent consultant (Semler Brossy) .
- Concerns/RED FLAGS: Chair is not independent and is a company founder/employee, which can raise oversight and conflict concerns; related-party employment and severance for Lund’s brother (though disclosed and described as typical) may be perceived as a related-party risk; employee compensation while serving as Chair can blur delineation between management and board oversight .
- Engagement and attendance: Board and committee attendance >75% suggests acceptable engagement; independent directors meet in executive session with Lead Independent Director oversight .
- Alignment: Lund holds a meaningful equity stake (largely via family entities) and is subject to retention guidelines; company policies prohibit pledging/hedging, supporting alignment with shareholders .