Erika Serow
About Erika Serow
Erika Serow (age 51) is an independent director of Purple Innovation (PRPL), appointed April 27, 2023 pursuant to a Cooperation Agreement. She is Chief Marketing Officer at Bain & Company (since 2019) and previously served as Global President & US CEO at Sweaty Betty; she holds an MBA from Stanford and a BA from Duke .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bain & Company | Chief Marketing Officer; member of global operating council; serves on investment and risk committees | 2019–present | Executive leadership and governance responsibilities |
| Sweaty Betty | Global President & US CEO | 2016–2017 | Led premium athletic apparel operations |
| Bain & Company | Consultant; led Retail Practice in the Americas | 20 years (dates not disclosed) | Sector expertise and client leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lazydays Holdings, Inc. (NASDAQ: LAZY) | Director | 2018–2023 | Committee roles not disclosed |
Board Governance
- Independence: Board determined Serow is independent under Nasdaq and SEC rules .
- Appointment context: Added to the Board April 27, 2023 under the Coliseum Cooperation Agreement, part of an activist settlement and board refresh .
- Attendance: Board met 12 times in 2024; each current director attended ≥87.5% of Board/committee meetings; all eight current directors attended both the 2024 annual and special meetings .
- Executive sessions: Independent directors hold regularly scheduled meetings; Lead Independent Director is Gary T. DiCamillo .
| Committee | Role | Key Responsibilities | 2024 Meetings |
|---|---|---|---|
| Human Capital & Compensation | Member | Oversees human capital policies; sets CEO/NEO goals and pay; succession planning; administers incentive/equity plans | 7 |
| Nomination & Governance | Member | Director qualifications and nominations; board/committee evaluations; governance and sustainability oversight; CEO succession planning | 3 |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $175,000 | Non-employee director retainer paid 100% in cash |
| Committee chair fees | $0 | Chairs receive $10–$15K increments; Serow is not a chair |
| Special committee fees | $0 | Special committee members listed (DiCamillo, Hollingsworth, Peterson); Serow not a member |
| Total 2024 fees earned | $175,000 | No stock/option awards |
Performance Compensation
- Director equity grants: Not awarded; 2024 non-employee director comp was cash-only, and Serow had $0 stock awards .
- Company performance metrics overseen by the Human Capital & Compensation Committee (context for Serow’s oversight role):
| Metric | Threshold | Target | Stretch | Maximum | 2024 Actual | STIP Payout Rule |
|---|---|---|---|---|---|---|
| Net Revenue ($mm) | $550.0 | $600.0 | $700.0 | $800.0 | $487.9 | 50–200% of target; interpolation; 0% paid in 2024 |
| Bonus Adjusted EBITDA ($mm) | $5.1 | $8.5 | $24.6 | $43.5 | $(19.6) | Threshold must be met for any payout; 0% paid in 2024 |
| LTIP Performance Cash Price Triggers | <$2.50 | $2.50 | $3.45 | $3.97 | $4.56 | $5.25 | $6.56 | $8.20 |
|---|---|---|---|---|---|---|---|---|
| Vesting (% of award) | 0% | 10% | 25% | 50% | 75% | 100% | 150% | 200% |
Say‑on‑pay signal: 2024 advisory vote passed with over 98% approval, indicating strong shareholder support for the compensation framework overseen by HCCC .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Compensation committee interlocks | None disclosed; no member was an officer/employee, and no interlocking relationships reported |
| Shared directorships/conflicts | Not disclosed for Serow; appointment under Cooperation Agreement noted |
| Related-party transactions | Major related-party financing with Coliseum; Audit Committee reviews related-party transactions; no Serow‑specific related-party transactions disclosed – |
Expertise & Qualifications
- Education: MBA (Stanford); BA (Duke) .
- Domain expertise per Board skills matrix: public company board, consumer marketing/brand, digital/e‑commerce, sales & retail management, product development, finance/P&L, international, M&A/integration, human capital/culture, risk/crisis management .
Equity Ownership
| Item | Value |
|---|---|
| Total beneficial ownership (shares) | 31,765 |
| Ownership as % of outstanding | <1% |
| Vested vs unvested | Not disclosed |
| Pledged shares | Prohibited by Insider Trading Policy (pledging not allowed) |
| Hedging policy | Hedging discouraged; requires Board pre‑clearance |
| Director stock ownership guideline | 3× annual cash retainer, valued at 20‑day VWAP |
| Guideline compliance status | Not disclosed |
Governance Assessment
- Independence and oversight: Serow is independent and actively engaged on HCCC and Nom/Gov, aligning with investor expectations for board oversight of pay, human capital, governance, and sustainability .
- Attendance and engagement: Board/committee attendance at least 87.5%; all current directors (including Serow) attended both 2024 shareholder meetings—supports board effectiveness .
- Compensation alignment: Director pay is entirely cash, with no 2024 equity—alignment relies on stock ownership guidelines (3× retainer) and personal holdings; oversight of a performance‑driven STIP/LTIP framework with zero STIP payout in 2024 due to missed thresholds, a shareholder‑friendly signal .
- Conflicts and related‑party exposure: Appointment via the Coliseum Cooperation Agreement and Coliseum’s financing presence heighten governance sensitivity; the Audit Committee reviews related‑party transactions and independence was affirmed; no Serow‑specific conflicts disclosed .
- Policies and safeguards: Anti‑hedging/pledging policy, clawback policy, stock ownership guidelines, and independent compensation consultant (LB&Co.) reinforce pay‑for‑performance and governance quality –.
- Shareholder feedback: 2024 say‑on‑pay approval >98% indicates investor confidence in compensation oversight (under HCCC where Serow serves) .
RED FLAGS to monitor: Continuing Coliseum influence (large ownership and warrants) and Board appointments via the Cooperation Agreement require ongoing scrutiny of independence and potential conflicts; however, Serow is classified as independent and no specific related‑party dealings involving her are disclosed – .