Michael White
About Michael White
Michael White (age 37) has served on Olaplex’s Board since August 2021 (Class I director up for re‑election in 2025). He is a Principal at Advent International focused on consumer and retail investments; previously he worked at TPG Capital (2012–2018) and Bain & Company (2009–2012). He holds an HBA (Ivey Scholar) from Ivey Business School and an MBA (with distinction) from Harvard Business School .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Advent International, L.P. | Principal (Retail/Consumer & Leisure) | 2019–present | Investor/operator background supports consumer strategy oversight . |
| TPG Capital | Investor | 2012–2018 | Private equity operating and transaction experience . |
| Bain & Company | Consultant | 2009–2012 | Strategy and operations advisory experience . |
| Penelope Group GP (pre‑IPO) | Board of Managers member | Jan 2020–IPO | Pre‑IPO governance continuity into public board . |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Orveon, Inc. | Director | Current | Beauty portfolio company directorship . |
| Sauer Brands Inc. | Director | Current | Packaged foods brand operator . |
| First Watch Restaurant Group, Inc. | Director | 2019–2023 | Prior public company board service . |
Board Governance
- Current committee assignment: Nominating & Corporate Governance Committee member (appointed Jan 15, 2024); Chair is Deirdre Findlay .
- Attendance/engagement: Board met 4 times in FY2024; no director attended fewer than 75% of Board and applicable committee meetings. Nominating & Governance met 4 times in FY2024 .
- Leadership structure and independence context:
- Olaplex is a “controlled company” under Nasdaq rules (Advent controls >50% voting power) and relies on exemptions for Compensation and Nominating/Governance Committees (not required to be fully independent). Audit Committee meets full independence requirements .
- Executive Chair: John P. Bilbrey; Lead Director: Tricia Glynn .
- Executive sessions of non‑management directors occur periodically .
Fixed Compensation (Director)
| Component | Amount | Period/Terms | Notes |
|---|---|---|---|
| Cash fees | $109,611 | FY2024 | Annual Board retainer plus pro‑rated committee membership fees (joined Nominating & Governance 1/15/24) . |
| RSU grant (grant‑date fair value) | $150,000 | FY2024 annual director grant | Time‑based; RSUs vest in full on July 16, 2025, subject to service . |
| Total | $259,611 | FY2024 | Sum of cash and equity grant value . |
| RSUs outstanding (12/31/24) | 76,142 units | Vests 7/16/2025 | Subject to continued service . |
| Options outstanding (12/31/24) | — | — | No options listed for Michael White among director option holders . |
Policy reference (for context on fee structure): Standard non‑employee director retainers are $100,000 Board; Audit +$15,000 (Chair $30,000); Compensation +$10,000 (Chair $20,000); Nominating & Governance +$10,000 (Chair $15,000); Lead Director $120,000; Chair of Board $150,000; annual director RSUs ~$150,000 (Chair $250,000), vesting one year after grant .
Performance Compensation (Director)
| Performance Element | FY2024 Design | Payout/Status |
|---|---|---|
| Performance‑based metrics for director pay | None disclosed; director equity is time‑based RSUs (no performance conditions) | Not applicable . |
Directors do not receive performance‑conditioned pay; all director equity awards are service‑based RSUs that vest after one year .
Other Directorships & Interlocks
| Link | Nature | Governance/Conflict Implication |
|---|---|---|
| Advent affiliation | Michael White is an Advent Principal; Advent Funds beneficially own ~75.0% of OLPX (controlled company) | Potential influence on nominations and compensation processes given controlled company exemptions; committees need not be fully independent . |
| Advent colleagues on OLPX Board | David Mussafer (Advent Managing Partner) and Tricia Glynn (Advent Managing Partner) also serve as OLPX directors | Concentrated sponsor representation on the Board; Compensation Committee includes Advent‑affiliated directors (Glynn Chair; Mussafer member) . |
| Related‑party with Advent affiliate | OLPX paid $0.3M in 2024 to Pacvue Corporation, where Advent‑affiliated funds hold >10% equity | Arm’s length terms stated; oversight under related‑party policy rests with Audit Committee . |
Expertise & Qualifications
- Skill matrix flags Michael White for: Retail industry, service on other public company boards, international markets, strategy, senior leadership, and finance/accounting .
- Investor/operator lens from PE roles at Advent and TPG; consulting foundation from Bain .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Michael White | 62,257 | <1% | Employee of Advent; does not have beneficial ownership of Advent Funds’ OLPX shares . |
| RSUs (unvested) | 76,142 units | — | Annual director grant; vests 7/16/2025 (service‑based) . |
Ownership alignment policies:
- Stock ownership guidelines apply to “Outside Directors,” excluding those affiliated with Advent or restricted by third‑party arrangements; thus Advent‑affiliated directors like Michael White are exempt from the 5× retainer guideline. Until met, covered directors must retain 67% of net shares from vesting; once in compliance, maintenance rules apply .
- Anti‑hedging and anti‑pledging policy: hedging and pledging of OLPX stock are prohibited .
Governance Assessment
Key findings for investors:
- Sponsor influence and controlled company status: Advent’s ~75% ownership and multiple Advent‑affiliated directors (including Michael White) combined with reliance on Nasdaq controlled company exemptions reduce the proportion of independent oversight on Compensation and Nominating/Governance Committees; Michael serves on Nominating/Governance (non‑chair) under this framework. Minority shareholder influence over board refreshment and pay structures may be constrained .
- Attendance/engagement: Board held 4 meetings in 2024; no director fell below 75% attendance; Nominating/Governance met 4 times, indicating routine committee activity during the year Michael served as a member .
- Director pay and alignment: Compensation mix is standard (cash retainer + time‑vested RSUs). Michael held 76,142 RSUs (vesting July 16, 2025) and 62,257 shares beneficially owned at year‑end; however, Advent‑affiliated directors are exempt from stock ownership guidelines, modestly weakening formal ownership alignment requirements for him relative to outside directors .
- Related‑party oversight: A disclosed transaction with an Advent‑affiliated portfolio company (Pacvue, $0.3M) underscores the need for vigilant related‑party review by the Audit Committee; company policy assigns such reviews to the Audit Committee and states arm’s‑length terms .
- Governance mitigants: Clawback policies (mandatory and discretionary), anti‑hedging/pledging, and standing Audit Committee independence and financial expertise requirements are in place, supporting baseline governance controls .
RED FLAGS
- Concentrated sponsor representation and controlled company exemptions (Compensation and Nominating/Governance not fully independent); Michael White’s Advent employment alongside Advent colleagues on key committees elevates perceived conflicts and limits minority shareholder checks and balances .
- Ongoing related‑party ecosystem (Pacvue payment; registration rights; significant Tax Receivable Agreement obligations to pre‑IPO holders) increases the importance of rigorous committee oversight and clear disclosure to maintain investor confidence .
POSITIVE SIGNALS
- No Section 16(a) filing delinquencies for directors disclosed; company‑wide say‑on‑pay support was >91% in 2023, suggesting broad investor acceptance of compensation practices (company‑level) .
- Anti‑hedging/pledging and clawback policies reduce misalignment and misconduct risk; Audit Committee independence maintained despite controlled status .