Steve Klohn
Dave & Buster's EntertainmentAbout Steve Klohn
Steve Klohn is Chief Information Officer (CIO) of Dave & Buster’s (PLAY), serving July 2022–September 2024 and rejoining in December 2024 to present; age 51; BAAS in Public Affairs & Community Service from the University of North Texas . Prior roles include Legends CTO (Sept–Dec 2024), Main Event CIO (Sept 2016–July 2022), and technology leadership at Brinker, RealPage, and J.C. Penney . Operationally, he led technology integration through the Main Event acquisition, supported Main Event center expansion from 16 to 60, and drove enterprise technology initiatives with a disciplined 20% ROI threshold focus . Company performance during his tenure is below.
Company performance during Klohn’s tenure
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue ($USD) | $1,964.4M* | $2,205.3M* | $2,132.7M* |
| EBITDA ($USD) | $430.9M* | $526.3M* | $478.4M* |
| Net Income ($USD) | $137.1M* | $126.9M* | $58.3M* |
Values retrieved from S&P Global.*
Company TSR (per “Pay vs. Performance” disclosure):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Company TSR ($ value of $100 initial investment) | $94.20 | $124.98 | $62.22 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dave & Buster’s Entertainment | Chief Information Officer | Jul 2022–Sep 2024; Dec 2024–present | Led technology enablement for enterprise systems; resumed CIO role after brief departure |
| Legends | Chief Technology Officer | Sep–Dec 2024 | Short CTO stint prior to rejoining PLAY |
| Main Event Entertainment | Chief Information Officer | Sep 2016–Jul 2022 | Supported center expansion from 16 to 60 locations; led integration for PLAY acquisition |
| Intelemedia Communications | CIO Consultant | 2012–2016 | Technology consulting leadership |
| Brinker International | Chief Technology Officer (various roles) | 2014–2016 | Technology leadership in casual dining |
| RealPage | Senior Vice President | 2011–2014 | Property management tech solutions |
| J.C. Penney | Various technology roles | 2000–2011 | Retail technology operations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Legends | Chief Technology Officer | Sep–Dec 2024 | External to PLAY; returned to PLAY thereafter |
Fixed Compensation
- Not individually disclosed for Klohn in PLAY’s proxies; he is not listed as a named executive officer (NEO) in 2024–2025 filings . Program-level practices are below.
Performance Compensation
PLAY’s Executive Incentive Plan (EIP) for executive officers (including NEOs) links annual bonuses to company metrics; individual target bonus % for Klohn is not disclosed . Fiscal 2024 EIP metrics, targets, actuals, and payout were:
| Component | Weighting | Threshold | Target | Maximum | FY2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Incentive Adjusted EBITDA ($M) | 60% | $577.0 | $609.0 | $625.0 | $524.9 | 0.0% |
| Total Revenue ($M) | 15% | $2,210.0 | $2,330.0 | $2,450.0 | $2,132.7 | 0.0% |
| Comparable Store Sales Growth | 25% | 1.1% | 3.3% | 4.8% | -7.2% | 0.0% |
- Historical metric design: 2023 EIP used 60% Incentive Adjusted EBITDA, 15% Total Revenue, 25% Same Store Sales .
Equity Ownership & Alignment
- Stock Ownership Guidelines for Officers (Klohn is “SVP and CIO,” categorized under “Other Senior Vice Presidents”): executives must hold equity equal to a multiple of base salary; options excluded from compliance counting since 2022 .
| Position | Ownership Requirement (multiple of base salary) |
|---|---|
| CEO | 6x |
| CFO, COO | 3x |
| Other Senior Vice Presidents (incl. SVP & CIO) | 2x |
- Insider trading policy prohibits short-term trading, hedging, and pledging of company stock by executives .
- Section 16 compliance: a late Form 3 was reported for Steve Klohn for FY2024; earlier, Form 4/A corrections (including for Klohn) were filed on Dec 15, 2023 to fix option grant amounts on April 24, 2023 .
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Initial term & renewal | Employment agreements for NEOs provide a 1-year initial term with automatic 1-year renewals; Klohn’s specific agreement not disclosed | |
| Non-compete | 1-year non-competition provision | |
| Non-solicit/non-hire | 2-year non-solicitation and non-hire provision | |
| Severance | Severance payments and continuation of benefits upon termination without Cause, subject to release; details of multiples not disclosed for Klohn | |
| Change-in-control (options) | Fiscal 2020 & prior grants: continued vesting per grant terms; Fiscal 2021 & later grants: immediate vesting upon termination in connection with a change in control (double-trigger) | |
| Clawback | SEC/NASDAQ-compliant clawback policy adopted Oct 2023; recovery of erroneously awarded incentive compensation for 3 fiscal years preceding restatement |
Typical equity vesting constructs used by PLAY
| Instrument | Typical Vesting | Notes |
|---|---|---|
| RSUs | Equal annual installments over 3 years | |
| Stock Options | Equal annual installments over 3 years (some 5-year schedules); 10-year max term; strike at grant-date close | |
| PSUs (3-year) | 100% vest after 3-year performance period; payout 0–200% vs Adjusted EBITDA CAGR targets (4.5% threshold, 9.0% target, 13.5% max) | |
| PSUs (5-year price) | Two tranches (200% and 300% stock price increase); amended vesting timing Oct 5, 2024 to improve retention, with staged vesting and price continuity safeguards |
Performance & Track Record
- Rejoined as CIO in Dec 2024; praised for driving tech progress across stores and enterprise systems; led integration post-Main Event acquisition and scaled centers from 16 to 60 .
- Articulated technology enablement with four pillars: optimized service model, enterprise gaming ecosystem (dynamic pricing, promotions, data collection), store IT infrastructure upgrades (payments/WiFi), and improved data/analytics. Emphasized AI/ML predictive analytics and ROI discipline (>20% threshold) .
- Company performance context FY2024: revenue $2.1B (-3.3% YoY), Adjusted EBITDA $506.2M, net income $58.3M; 14 new venues opened; first franchise in India .
Compensation Peer Group (Program Design Context)
PLAY benchmarks compensation against a peer set spanning experiential dining, entertainment, gaming, leisure facilities, hotels/resorts/cruise lines; examples include Cheesecake Factory, Texas Roadhouse, Cinemark, Dine Brands, Red Rock Resorts, Topgolf Callaway, United Parks & Resorts, Vail Resorts; FW Cook advises the Compensation Committee .
Risk Indicators & Red Flags
- Hedging/pledging prohibited by insider trading policy (alignment positive) .
- Clawback policy in place (shareholder-friendly risk mitigation) .
- Filing quality issues: late Form 3 (FY2024) and prior Form 4/A corrections including Klohn (Dec 15, 2023) .
Investment Implications
- Alignment: Ownership guidelines require Klohn (SVP & CIO) to hold 2x salary in company equity; options excluded from compliance, improving true ownership alignment .
- Incentives tied to hard operating metrics (Incentive Adjusted EBITDA, revenue, SSS) with transparent thresholds and zero payout in FY2024—comp indicates strict pay-for-performance discipline .
- Retention: Board authorized broad contingent retention awards to employees including executive officers under the proposed 2025 Omnibus Incentive Plan; individual disclosure for Klohn not provided, but program intent is retention of key talent amid market competition .
- Execution leverage: Klohn’s ROI-focused tech enablement (service model, gaming ecosystem, data/AI) is a lever for margin and traffic; effectiveness will be visible in EBITDA trajectory and SSS recovery metrics going forward .