Marc Crossman
About Marc Crossman
Marc Crossman, 53, is PLBY’s Chief Financial Officer and Chief Operating Officer since March 22, 2023; he holds a B.S. in Mathematics from Vanderbilt University and previously served as CEO of Joe’s Jeans and RealD Me and as a Partner at Rizvi Traverse Management . Under his tenure, company TSR improved year-over-year (value of initial $100 investment rose from $10.10 in 2023 to $14.75 in 2024) and net loss narrowed from $(180.4)M in 2023 to $(79.4)M in 2024, while operations emphasized licensing growth (14 deals YTD in Q3 2025) and Honey Birdette retail comps and margin gains . He signs SOX certifications and key financing documents, reflecting accountability for controls and capital structure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rizvi Traverse Management | Partner | 2021–2023 | Sourcing/evaluating tech VC investments; PLBY’s largest shareholder affiliate |
| RealD Me (now Rain Technology) | Chief Executive Officer | 2019–2021 | Led consumer electronics initiatives |
| Independent | Consultant & personal investor | 2015–2019 | Advisory/investing; operational flexibility |
| Joe’s Jeans Inc. | CFO; then CEO | 2003–2015 | Built premium denim brand with global distribution and retail footprint |
| J.P. Morgan Securities Inc. | VP & Equity Analyst | 1999–2003 | Sell-side equity analysis experience |
| CIBC Oppenheimer Corporation | VP & Equity Analyst | 1997–1999 | Sell-side equity analysis experience |
External Roles
| Organization | Role | Status |
|---|---|---|
| None disclosed | — | No current public company directorships disclosed |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $305,848 | $401,686 |
| Target Bonus (% of Base) | 80% | 80% |
| Performance-Based Annual Bonus Paid ($) | $0 (no annual performance bonus) | $0 (no annual performance bonus) |
| Transaction Bonus ($) | $0 | $320,000 (paid Mar 2025 for 2024 transactions) |
| Non-Equity Incentive/Retention ($) | $0 | $50,000 (retention paid Jan 2025) |
Performance Compensation
| Instrument / Metric | Weighting | Target | Actual | Payout / Fair Value | Vesting |
|---|---|---|---|---|---|
| Annual performance cash bonus (2024) | N/A | Not set | Not applicable | $0 | N/A |
| Transaction bonus (2024) | Discretionary tied to deal completion | N/A | Completed 2024 financings/licensing | $320,000 | Paid Mar 2025 |
| RSUs granted 7/30/2024 | N/A | 274,187 units | Granted | $228,261 grant-date fair value | Vests 100% on June 30, 2025 |
| RSUs granted at hire (Initial RSUs) | N/A | 400,000 units | Granted | Time-based; sell-to-cover permitted | Vests 1/3 on each of first 3 anniversaries of Mar 22, 2023 |
| Future RSU intents per 2024 Retention Agreements | N/A | 274,187 (2025), 274,187 (2026) | Subject to Comp Committee approval | Cash conversion possible under formulas | Vests June 30, 2026 & June 30, 2027 (if granted) |
Note: Company did not set 2024 annual performance targets; Compensation Committee awarded transaction/retention bonuses instead, indicating limited pay-for-performance linkage in 2024 .
Equity Ownership & Alignment
| Ownership Detail (Record Date: Apr 21, 2025) | Amount | % of Shares Outstanding |
|---|---|---|
| Total beneficial ownership (incl. spouse + RSUs deliverable ≤60 days) | 152,941 shares | <1% |
| Direct/indirect breakdown | 19,608 shares held by spouse; 133,333 RSUs deliverable within 60 days | — |
| Unvested RSUs outstanding (as of 12/31/2024) | 266,667 (2023 grant) + 274,187 (2024 grant) | — |
| Options (exercisable/unexercisable) | None disclosed for Crossman | — |
| Pledging / Hedging | Company prohibits hedging; pledging requires pre-approval; no officer/director pledges as of Record Date | — |
| Ownership guidelines (officers) | Not disclosed; director guidelines exist | — |
Potential selling pressure: Settlement of vested RSUs and permitted “sell-to-cover” for taxes on Initial RSUs may lead to market sales around vesting dates (June 30, 2025–2027) .
Employment Terms
| Provision | Key Terms |
|---|---|
| Role & start date | CFO & COO; employment commenced March 22, 2023 |
| Base salary | $400,000 |
| Target annual bonus | 80% of base salary |
| Annual equity awards | Target grant-date fair value $700,000 per year (from 2024 onward) |
| Initial grant | 400,000 time-based RSUs; vests in 3 annual installments; 12-month transfer restriction post-settlement; “sell-to-cover” allowed |
| Severance (without cause / good reason) | Cash: 1.0x (base + target bonus) paid over 12 months; pro‑rated bonus; 18 months COBRA; accelerated vesting of non‑performance annual equity; 1/3 of Initial RSUs if termination within 12 months of start |
| Change in control + termination (double trigger) | Cash: 1.25x (base + target bonus) over 15 months; pro‑rated bonus; 18 months COBRA; accelerated vesting of non‑performance annual equity; Special Equity Treatment applies (no single-trigger acceleration disclosed) |
| Restrictive covenants | 12-month non-solicitation; confidentiality; IP assignment; permitted outside activities (subject to conflicts) |
| Clawback policy | Mandatory recoupment of incentive-based comp upon any required restatement (SEC/Nasdaq rules), 3-year lookback from restatement date |
| 280G cutback | Payments reduced to avoid excise tax if it yields greater after-tax benefit; no tax gross-ups |
Employment & Tenure Markers
- SOX 302/906 certifications signed as CFO for Q2/Q3 2025, affirming controls and fair presentation .
- Executed financing and guaranty documents across PLBY entities as CFO, reflecting central role in capital structure management .
Performance & Track Record Highlights
- Licensing pipeline expansion: 14 deals signed YTD by Q3 2025; LBE plans in Miami; emphasis on larger, fewer deals to simplify operations .
- Honey Birdette: focus on rationalizing lower-performing stores; top 20 stores near ~40% four-wall margins; same-store sales growth and margin expansion discussed .
- Operational initiatives: cost discipline, margin enhancement, and selective capital deployment; management acknowledges past missteps and emphasizes improved execution cadence .
Investment Implications
- Alignment: Base pay modest ($400k) with significant equity via RSUs and annual equity targets; hedging and pledging prohibited; double-trigger CIC on equity suggests retention through change events .
- Pay-for-performance: 2024 lacked formulaic performance bonuses; transaction/retention cash awards ($370k total) signal near-term deal execution priority over annual KPI frameworks — monitor reinstatement of explicit financial/operational metrics in 2025–2026 .
- Selling pressure: Large time-based RSU cliffs (June 30, 2025–2027) and “sell‑to‑cover” mechanics can create episodic supply; track Form 4s around vest dates .
- Skin-in-the-game: Beneficial ownership <1%; while RSU holdings are material, low outright ownership may temper alignment vs. larger equity owners (Byborg/RT/Fortress). Watch for future equity grants versus cash conversions under Retention Agreements .
- Execution risk: Ongoing store rationalization and licensing growth require disciplined capital allocation; Crossman’s prior operator/CEO experience is a positive, but macro and financing constraints remain salient .