Alec Davidian
About Alec Davidian
Alec Davidian is Chief Financial Officer of Wag! Group Co. and has served as CFO since January 2021; he joined Wag! as Corporate Controller in November 2018 and was promoted to VP of Finance & Accounting in December 2019. He previously was a Senior Manager at Ernst & Young from 2012 to November 2018, assisting high-growth companies with accounting matters, SEC filings, process improvements, and business scaling; he holds a B.A. from Newcastle University, is a California CPA, a certified Fellow member of ACCA, and a member of the AICPA . As context for performance during his tenure, Wag!’s 2024 revenues were $70.5M vs. $83.9M in 2023, with adjusted EBITDA moving from $0.7M in 2023 to a loss of $1.1M in 2024, and a net loss of $17.6M in 2024 vs. $13.3M in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wag! Group Co. | Chief Financial Officer | Jan 2021 – present | Principal financial and accounting officer; signatory on SEC filings, financing amendments, and strategic transaction disclosures |
| Wag! Group Co. | VP Finance & Accounting | Dec 2019 – Jan 2021 | Led finance and accounting prior to promotion to CFO |
| Wag! Group Co. | Corporate Controller | Nov 2018 – Dec 2019 | Established controls and reporting processes during growth and pre-SPAC period |
| Ernst & Young | Senior Manager | 2012 – Nov 2018 | Advised high-growth companies on accounting, SEC filings, process improvements, and scaling |
External Roles
| Organization | Role/Status | Years | Notes |
|---|---|---|---|
| ACCA | Fellow Member | Not disclosed | Professional credential |
| AICPA | Member | Not disclosed | Professional membership |
| California Board of Accountancy | Certified Public Accountant | Not disclosed | Licensure |
Fixed Compensation
- Wag! is an “emerging growth company” and a “smaller reporting company” and discloses compensation for its principal executive officer and two other most highly compensated executive officers; the CFO was not included among NEOs in the 2024 disclosures, and his base salary or bonus details were not provided .
Performance Compensation
- Company-wide equity philosophy shifted from stock options to service-vest RSUs after the SPAC merger; awards for NEOs in 2024 included RSUs with potential vesting acceleration tied to revenue and adjusted EBITDA targets (targets were not met, so no acceleration) .
- For the CFO specifically, RSU grant sizes, performance metrics, and vesting schedules were not disclosed in the proxies; however, Form 4 filings in 2025 indicate RSU net settlements for tax withholding, evidencing ongoing RSU vesting activity .
Company Performance (FY)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Millions) | $83.9 | $70.5 |
| Net Loss ($USD Millions) | $(13.3) | $(17.6) |
| Adjusted EBITDA ($USD Millions) | $0.7 | $(1.1) |
Equity Ownership & Alignment
- Beneficial ownership tables in the 2025 proxy enumerate NEOs and directors; the CFO is not listed, and his total beneficial ownership, exercisable options, and RSU quantities are not disclosed there .
- Insider trading and alignment policies prohibit hedging transactions, short sales, and, for Section 16 insiders (which includes the CFO), pledging of company stock as collateral, reinforcing alignment and reducing leverage-related risk .
- Equity plan context: as of 12/31/2024, 7.22M RSUs and ~4.99M options outstanding under Wag!’s plans; no new option grants are currently made, consistent with the RSU-focused approach .
Employment Terms
- CFO-specific employment agreement, severance, non-compete, and change-in-control terms were not disclosed in the 2024–2025 proxies.
- For reference, NEO severance letters provide six months of base salary continuation and up to six months employer-paid COBRA upon termination without cause, subject to release and covenants; acceleration terms apply under change-in-control if awards are not assumed, but these disclosures pertain to NEOs and not to the CFO specifically .
Investment Implications
- Compensation alignment: RSU-centric equity with prohibitions on hedging/pledging points to long-term equity alignment; CFO RSU net settlements suggest ongoing vesting rather than discretionary selling, limiting near-term selling pressure from tax-withholdings vs. open-market sales .
- Retention risk: Lack of disclosed CFO-specific severance/change-in-control economics creates uncertainty versus NEOs’ defined terms; equity-based incentives and executive ownership policies may aid retention, but exact CFO award size/vesting is undisclosed .
- Trading signals: Multiple 8-Ks signed by the CFO covering earnings releases and debt amendments/DIP financing (July 2025) indicate active capital structure management amid listing compliance challenges and reverse split preparations, which can drive volatility around corporate events .
- Governance safeguards: Existence of a clawback policy adopted October 2, 2023 and strong insider trading restrictions provide downside protection and signal governance maturity for incentive compensation .