Niki Leondakis
TheRealRealAbout Niki Leondakis
Independent director of The RealReal (REAL) since April 2019; age 64. Currently CEO of CorePower Yoga (January 2020–present); prior leadership includes President of The Wolff Company (2019–2020), CEO of Equinox Fitness Clubs (2017–2018), CEO of Commune Hotels/Two Roads Hospitality (2012–2017), and President/COO of Kimpton Hotels & Restaurants (nearly a decade). Studied Hotel and Restaurant Management at the University of Massachusetts, Amherst. The Board deems her independent under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CorePower Yoga | Chief Executive Officer | Jan 2020–present | Operating CEO experience in consumer/retail services cited as rationale for board service |
| The Wolff Company | President | Feb 2019–Jan 2020 | Private equity operating leadership |
| Equinox Fitness Clubs (Equinox Holdings) | Chief Executive Officer | Mar 2017–Jul 2018 | Luxury fitness operations leadership |
| Commune Hotels & Resorts / Two Roads Hospitality | Chief Executive Officer | Nov 2012–Mar 2017 | Lifestyle hospitality CEO |
| Kimpton Hotels & Restaurants | President & COO | ~10 years (prior to 2012) | Customer experience and operations track record |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| CorePower Yoga | Chief Executive Officer | Private | Current role; largest U.S. yoga studio chain |
No other public company directorships disclosed for Ms. Leondakis.
Board Governance
| Item | Detail |
|---|---|
| Independence | Independent director; all directors except the CEO are independent |
| Board Tenure | Director since April 2019 |
| Committee Memberships (2024) | Compensation, Diversity & Inclusion Committee; Corporate Governance & Nominating Committee (member; not chair) |
| Committee Chairs | Compensation Chair: Caretha Coleman; Governance Chair: Chip Baird (Leondakis is member) |
| 2024 Committee Meetings | Audit 7; Compensation 6; Governance 4 |
| Attendance (2024) | Each current director attended ≥75% of aggregate board/committee meetings, except Carol Melton (70%). Implies Ms. Leondakis ≥75% |
| Board Structure | Independent Board Chair (Karen Katz) since Feb 20, 2024; CEO also a director |
| Executive Sessions | Independent director executive sessions held |
Fixed Compensation (Director)
| Component | 2024 Amount | Detail |
|---|---|---|
| Annual Board Cash Retainer | $35,000 | Standard non-employee director retainer |
| Committee/Chair Fees | $0 | Not a chair; chair retainers: Board Chair $30k; Audit $20k; Comp $14k; Gov $8k |
| Annual Equity (RSUs) | $165,000 | Granted at ~$3.24; 50,925 RSUs; vests at earlier of 1 year or prior to next annual meeting |
| Total 2024 Director Compensation | $200,000 | Fees $35,000; Stock awards $165,000 |
Additional program design:
- No performance-based equity for directors (to discourage excessive risk-taking) .
- RSU deferral program active from 2024; cash-to-RSU deferral from 2025 (no election disclosed for Leondakis) .
Performance Compensation
| Item | Status | Notes |
|---|---|---|
| Performance-based Equity | Not used for non-employee directors | Design emphasizes fixed-value time-vested RSUs; no PSU/option performance metrics for directors |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Ms. Leondakis |
| Committee interlocks | None: no executive served on boards/committees where TRR executives served, and vice versa (2024) |
| Related-party transactions | None involving Ms. Leondakis disclosed; Audit Committee oversees related-party transactions under policy |
Expertise & Qualifications
- Senior operating experience as CEO across consumer, hospitality, and fitness verticals; recognized for customer experience orientation (board selection rationale) .
- Governance experience via service on Compensation and Corporate Governance committees .
- Education in hospitality management (UMass Amherst) .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Beneficial Ownership (as of Apr 14, 2025) | 196,638 shares; <1% of outstanding | Aggregate beneficial ownership table shows “*” for <1% |
| Direct/Common Shares Held | 125,713 shares | |
| Stock Options | 20,000 options (vested/exercisable or within 60 days) | |
| RSUs (vesting within 60 days) | 50,925 RSUs | |
| Director RSU outstanding total | 50,925 RSUs (as of Dec 31, 2024) | From non-employee director table |
| Hedging/Pledging | Prohibited by company policy | Applies to officers and non-employee directors |
| Stock Ownership Guidelines | 5x annual cash retainer; 5-year compliance window | For non-employee directors; RSUs count toward guideline |
Governance Assessment
- Board effectiveness: Independent, multi-committee contributor with ≥75% attendance; participates on Compensation and Corporate Governance committees—key levers for pay and board composition oversight .
- Alignment: Standard director pay mix (cash retainer + fixed-value time-vested RSUs), robust 5x retainer ownership guideline, and anti-hedging/pledging policy support shareholder alignment without incentivizing risk-taking at the board level .
- Conflicts: No related-party transactions disclosed for Ms. Leondakis; committee interlocks not present in 2024; her external CEO role (CorePower Yoga) is outside TRR’s marketplace business and no business dealings disclosed between entities .
- Board governance trajectory: The company is pursuing declassification (resubmitted following strong support) and maintains an independent chair, both positive governance signals for investors .
RED FLAGS
- None identified for Ms. Leondakis: no related-party transactions; attendance threshold met; no pledging/hedging; director equity is time-based (no option repricing or performance re-targeting for directors) .