Les Lehner
Dave & Buster's EntertainmentAbout Les Lehner
Les Lehner, age 53, joined Dave & Buster’s in 2022 and was promoted to Chief Development Officer on June 13, 2025 after serving as Chief Procurement Officer and Head of Main Event Development since July 2022 . He previously led development and procurement at Main Event (2018–2022), Red Robin (2015–2018), and held senior development/procurement roles at CEC Entertainment (2000–2015) . Education: BAA Finance (Angelo State University) and MBA Finance (University of North Texas) . Company performance context during his tenure: FY2024 revenue $2.1B (-3.3% y/y), net income $58.3M (vs. $126.9M in FY2023), and Adjusted EBITDA $506.2M (vs. $555.6M in FY2023); comparable store sales decreased 7.2% y/y .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Main Event Entertainment | EVP, Chief Development & Procurement Officer | 2018–2022 | Led venue development and supply chain; prepared Main Event growth pipeline |
| Red Robin Gourmet Burgers | SVP, Chief Development & Procurement Officer | 2015–2018 | Oversaw new unit development and cost optimization in casual dining |
| CEC Entertainment (Chuck E. Cheese) | SVP, Development & Procurement (various roles) | 2000–2015 | Directed national rollouts and procurement leverage in LBE footprint |
External Roles
None disclosed in company filings specific to board or external appointments for Lehner. (No disclosure found in 2024/2025 proxies) .
Fixed Compensation
Not disclosed for Lehner in 2024 or 2025 proxy NEO tables (he was not a named executive officer in those years) .
Performance Compensation
Company Executive Incentive Plan (EIP) structure applicable to key executives (including NEOs) emphasizes pay-for-performance; while Lehner’s specific EIP participation and targets are not disclosed, the plan metrics and FY2024 outcomes were:
| Metric | Weighting | FY2024 Target | FY2024 Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Incentive Adjusted EBITDA ($MM) | 60% | $609.0 | $524.9 | 0% | Annual cash bonus (none paid) |
| Total Revenue ($MM) | 15% | $2,330.0 | $2,132.7 | 0% | Annual cash bonus (none paid) |
| Comparable Store Sales Growth (%) | 25% | 3.3% | (7.2)% | 0% | Annual cash bonus (none paid) |
Long-term equity program design (company-wide):
- RSUs: vest in equal installments over three years; annual grant cadence .
- Stock options: service-based, three-year ratable vesting; 10-year term; strike = grant-date close .
- PSUs: 3-year performance based on Adjusted EBITDA CAGR; payout 0–200% of target (Threshold 4.5%, Target 9.0%, Max 13.5%) .
- 5-year stock-price PSUs (officer/CEO grants) had vesting timing modified in Oct 2024 to support retention/competitiveness; vesting may accelerate contingent on stock price thresholds and anniversary conditions .
Conditional retention awards (Dec 2024; contingent on approval of 2025 Plan) were broadly granted to employees (including executives) as RSUs, PSUs, and options; specific Lehner award amounts were not disclosed .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Lehner in 2024/2025 beneficial ownership tables . |
| Section 16 reporting | Company noted a Dec 15, 2023 Form 4/A correction including Lehner (options grant amount corrections) . |
| Hedging/pledging | Prohibited by insider trading policy (no hedging or pledging by executives/directors) . |
| Stock ownership guidelines | CEO 6x salary; CFO/COO 3x; Other Senior VPs 2x; five years to comply; options excluded from count since 2022 . |
| Ownership guideline compliance (Lehner) | Not disclosed. |
| Vested vs unvested breakdown | Not disclosed for Lehner; program-level schedules as above . |
Employment Terms
- Promotion: Appointed Chief Development Officer as part of planned succession (Mulleady retiring Oct 23, 2025; advisory/consulting through Jan 31, 2026) .
- Employment agreement: Not specifically disclosed for Lehner. Company maintains employment agreements with certain executives (Harper, Bautista, Mulleady, Wehner) including severance and restrictive covenants; terms below represent company practice for those executives and may not apply to Lehner unless separately disclosed .
- Company-standard restrictive covenants (for certain execs): 1-year non-compete; 2-year non-solicit/non-hire; auto-renewing one-year terms .
- Severance (for certain execs): 12 months base salary, pro rata current-year bonus eligibility, and 12 months COBRA premiums upon involuntary termination without cause or good reason resignation; CEO terms differ .
- Equity treatment on termination/change-of-control (plan terms):
- Options (FY2021+ grants): double-trigger—immediate vesting upon termination in connection with change of control; otherwise standard post-termination exercise windows .
- RSUs/PSUs: convert to time-based units at target or actual performance under specified events (death/disability/CoC), with prorated settlement on certain terminations .
Compensation Structure Analysis
- Year-over-year cash vs equity: Company-wide focus remains on equity-heavy LTIs (RSUs/PSUs/options) for executives; no FY2024 annual bonus paid to NEOs due to performance shortfalls, reinforcing risk-sharing alignment .
- Option-to-RSU mix: Continued three-vehicle design (RSUs/PSUs/options) for balance of retention, performance, and shareholder return .
- Plan modifications/repricing: 2025 Plan prohibits option repricing/cash buyouts without shareholder approval; 2014/2025 Plans do not include evergreen; dividends on unvested awards prohibited; strong governance features .
- PSU modification (Oct 2024): Adjusted vesting timing of 5-year stock-price PSUs to bolster retention, contingent on price hurdles—important disclosure for pay risk assessment .
Compensation Peer Group & Say‑on‑Pay
- Peer group: Expanded/updated in FY2024 to include Bally’s, Red Rock Resorts, Topgolf Callaway, United Parks & Resorts, Vail Resorts; removed Jack in the Box, Shake Shack; merger noted for Six Flags/Cedar Fair; Bowlero rebranded to Lucky Strike .
- Say‑on‑Pay approval: 95% support at 2024 meeting; prior year 91% support at 2023 meeting—indicates strong shareholder endorsement of executive pay practices .
Risk Indicators & Red Flags
- Hedging/pledging ban reduces misalignment risk .
- Clawback policy (SEC/NASDAQ compliant) enhances accountability across three fiscal years preceding any restatement .
- Plan governance: No single-trigger vesting; no excise tax gross‑ups; no liberal share counting; independent compensation oversight .
- PSU vesting timing adjustments (Oct 2024) merit monitoring for future award outcomes and potential pay-performance alignment impacts .
- Related party transactions: None reported in FY2024 .
Performance & Track Record
| Period | Company TSR (Value of $100 from 2020 base) | Net Income ($MM) | Adjusted EBITDA ($MM) |
|---|---|---|---|
| FY2024 | $62.22 | $58.3 | $506.2 |
| FY2023 | $124.98 | $126.9 | $555.6 |
Management highlights (development): Board Chair cited ~40-store pipeline over next three years and confidence in Lehner leading ongoing growth .
Equity Ownership & Insider Selling Pressure (Additional Notes)
- Section 16 compliance: The company noted late Form 4/A corrections (including for Lehner) in Dec 2023 concerning option grant amounts—administrative correction rather than selling pressure signal .
- Overhang/run-rate: Company emphasized conservative share usage; 2024 overhang 4.3% (peer median 13.2%); two-year average run rate ~0.7% vs peer median 1.3% .
Investment Implications
- Alignment: Zero FY2024 bonus payouts under EIP metrics demonstrate adherence to pay-for-performance; equity-heavy LTIs and clawback/anti-pledging policies improve long-term alignment .
- Retention and growth: Lehner’s promotion to CDO with a stated three-year ~40-store pipeline suggests continuity in development execution despite leadership transition; monitor post-transition unit economics and capital efficiency .
- Governance strength: 2025 Plan governance features, updated peer group methodology, and robust Say‑on‑Pay support reduce compensation-related risk; PSU timing changes warrant follow-up for future realized pay .
- Data gaps: Specific compensation and ownership figures for Lehner are not disclosed; investors should track future proxies (DEF 14A) and Form 4 filings for award grants, ownership changes, and any 10b5-1 plans (company prohibits speculative trading) .