Hoby Darling
About Hoby Darling
S. Hoby Darling (age 49) has served as an independent director of Purple Innovation since April 27, 2023; he is currently President of Riot Games (since March 2025) and brings deep operating experience from Logitech, Skullcandy (CEO/director 2013–2016), Nike, Volcom, and Latham & Watkins . He holds a joint MBA from UC Berkeley Haas and Columbia, a JD from Northwestern, and a BA from Western Washington University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skullcandy, Inc. (NASDAQ: SKUL) | Chief Executive Officer and Director | 2013–2016 | Led company through sale; consumer tech operating leadership |
| Logitech International S.A. | Global leadership team; Head, Sports & Human Performance; Co-founder/Managing Partner of Liminal Collective | 2017–most recent | Built human performance businesses; global consumer hardware/software experience |
| Nike, Inc. | Global GM, Nike+ Digital Sport; Head of Strategy & Planning for Nike affiliates | Pre-2013 | Digital products, strategy, planning in global consumer brand |
| Volcom, Inc. | SVP Strategic Development and General Counsel | Pre-IPO through sale/integration with Kering | Legal and strategic roles across growth and M&A integration |
| Latham & Watkins LLP | Corporate Attorney | Early career | Corporate legal foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Riot Games, Inc. | President | Since Mar 2025 | Global game development/publishing and esports leadership |
| Youth Enrichment Brands | Director | Since 2020 | Private sports/activities company board |
| Pedego Electric Bikes | Director | 2022–2024 | Private e-bike manufacturer/retailer board |
| HD Performance, Inc. | Founder & CEO | 2023–2024 | Boutique human performance/business advisory |
Board Governance
- Independence: The Board determined Darling is an “independent director” under Nasdaq/SEC rules .
- Committee assignments: Member, Audit Committee (Chair: R. Carter Pate; other member: Gary DiCamillo) — 8 meetings in 2024 ; Member, Human Capital & Compensation Committee (Chair: Claudia Hollingsworth; other members: Pate, Serow) — 7 meetings in 2024 .
- Attendance: The Board met 12 times in 2024; each current director attended at least 87.5% of Board and committee meetings while in office .
- Board context: Darling, Pate, and Serow were appointed pursuant to a Cooperation Agreement; Adam Gray is Chair and DiCamillo serves as Lead Independent Director .
Fixed Compensation
- Non-employee director retainers are paid 100% in cash: Board Chair $225,000; Lead Independent Director $195,000; other non-employee directors $175,000; committee chair premiums: Audit $15,000, Human Capital & Compensation $15,000, Nominating & Governance $10,000; special committee monthly fees (chair $20,000, members $15,000) .
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Board Retainer (Darling) | $175,000 | Paid 100% in cash; quarterly in advance |
| Committee Chair Fees | $0 | Darling is not a committee chair; chairs receive Audit $15k, HCCC $15k, N&G $10k |
| Special Committee Fees | $0 | Special committee members: DiCamillo (chair), Hollingsworth, Peterson; Darling not a member |
| 2024 Total Director Compensation (Darling) | $175,000 | Fees earned/paid in cash; no stock/options in 2024 |
Performance Compensation
- Non-employee directors at Purple did not receive equity awards in 2024; Darling’s 2024 director compensation consisted entirely of cash .
| Metric | Structure | Thresholds/Targets | 2024 Outcome |
|---|---|---|---|
| Director equity grants | Not granted in 2024 | N/A | $0 stock awards; $0 option awards for Darling |
| Performance-based director pay | None disclosed | N/A | None |
Note: Performance metrics (Net Revenue, Adjusted EBITDA, Stock Price, Gross Margin) govern executive pay; they do not apply to director pay. The company’s pay-for-performance framework and clawback policy apply to incentive-paid employees, not to non-employee directors .
Other Directorships & Interlocks
| Company | Type | Current/Prior | Interlocks |
|---|---|---|---|
| Skullcandy, Inc. | Public (NASDAQ) | Prior (CEO/director 2013–2016) | No PRPL interlock disclosed |
| Youth Enrichment Brands | Private | Current | None disclosed |
| Pedego Electric Bikes | Private | Prior (2022–2024) | None disclosed |
| Riot Games | Private | Current (President) | No PRPL-related transactions disclosed |
- Interlock/related party exposure: No related-party transactions involving Darling are disclosed; related-party items primarily involve Coliseum Capital (Adam Gray) financing, warrants, and registration rights .
Expertise & Qualifications
- Board skills: Public company board and executive leadership; operations; consumer marketing/brand; digital/e-commerce; sales & retail management; manufacturing/supply chain/logistics; product development; finance/P&L; international; M&A/integration; human capital/culture; risk/crisis management — consistent with the Board’s skills matrix and Darling’s biography .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| S. Hoby Darling | 48,765 | <1.0% |
- Stock ownership guidelines: Non-employee directors are expected to hold equity valued at 3x the annual cash retainer; value measured on a 20-day VWAP; compensatory equity must be retained until guideline met; discretion to adjust exists — compliance status for individual directors not disclosed .
- Anti-hedging/pledging: Directors are prohibited from short sales, options trading, margin accounts, and pledges; hedging discouraged and requires pre-clearance by the Board .
Insider Trades
| Item | Status |
|---|---|
| Section 16(a) compliance for Darling | No late filings disclosed; one late report noted for Scott Peterson (not Darling) due to administrative oversight |
Governance Assessment
- Board effectiveness: Darling strengthens Audit and Compensation oversight through committee service; the Audit Committee had eight meetings and oversees ERM and cybersecurity; Compensation uses independent consultant LB&Co and a peer group with clear pay-for-performance design .
- Independence and engagement: Confirmed independent; at least 87.5% meeting attendance alongside peers; regular independent director sessions; Lead Independent Director framework in place .
- Alignment signals: Director pay is fully in cash with no 2024 equity grants, which may limit direct equity alignment versus guidelines; however, stock ownership guidelines (3x retainer) and anti-hedging/pledging policy mitigate misalignment risks .
- Board environment and potential conflicts: Darling’s appointment was part of a Cooperation Agreement resolving disputes with Coliseum; Coliseum holds significant ownership and financing/warrant rights, creating a concentrated holder dynamic; no specific conflicts tied to Darling are disclosed, but overall governance requires robust independent oversight, which Darling contributes via Audit/HCCC roles .
- Shareholder feedback: Say-on-pay approval exceeded 98% in 2024, indicating strong support for compensation governance (executive program) .
RED FLAGS
- Concentrated shareholder influence: Coliseum’s ~49.6% beneficial ownership and extensive warrant/credit rights; while not a Darling-specific conflict, it raises governance vigilance needs for independent directors .
- Director equity alignment: No director equity grants in 2024; reliance on cash retainers may reduce equity “skin-in-the-game” unless ownership guideline progress is met (individual compliance not disclosed) .
Positive Indicators
- Independent committee membership and attendance (≥87.5%) .
- Robust governance policies: Insider trading/anti-hedging/pledging; stock ownership guidelines; clawback policy (for incentive-paid employees) .
- Use of independent compensation consultant and periodic peer group refresh aligned to size/industry .