Joshua Hug
About Joshua Hug
Joshua Hug (age 46) is Remitly’s co-founder and long-time director (since November 2011). He served as Chief Product Officer (2011–2016), Chief Operating Officer (2016–May 2024), and Vice Chair from May 2024 through May 2025, after which he is expected to transition to a non-employee director role. He holds a B.S. in Computer Science and a B.A. in Mathematics from Whitworth University and previously led Shelfari at Amazon following Shelfari’s acquisition by Amazon. Core credentials center on product leadership, operations, and fintech scaling.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Remitly Global, Inc. | Co-Founder; Director (Class III) | Director since 2011; current term expires 2027 | Product and operations leadership; co-founder continuity |
| Remitly Global, Inc. | Chief Product Officer | Nov 2011 – Oct 2016 | Built product function at scale |
| Remitly Global, Inc. | Chief Operating Officer | Oct 2016 – May 2024 | Oversaw operations during rapid customer and revenue growth |
| Remitly Global, Inc. | Vice Chair | May 2024 – May 2025 (expected transition) | Non-CEO executive role ahead of transition to non-employee director |
| Shelfari (acquired by Amazon) | Co-Founder & CEO | May 2006 – Aug 2008 | Founded and led social cataloging platform |
| Amazon.com, Inc. | Led Shelfari | Aug 2008 – Oct 2011 | Post-acquisition leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed for Hug in the proxy |
Board Governance
- Classification and Tenure: Class III director; term expires 2027; director since 2011.
- Independence: The board determined all non-employee directors are independent except Matthew Oppenheimer and Joshua Hug; Hug is expected to transition into a non-employee director role in May 2025 (independence to be reevaluated thereafter).
- Committee Assignments: None (not listed on Audit & Risk, Talent & Compensation, or Nominating & Corporate Governance committees).
- Attendance: Each director attended at least 75% of 2024 board and applicable committee meetings; seven of nine directors attended the 2024 annual meeting.
- Board leadership: CEO Matthew Oppenheimer serves as Chair; Phillip Riese is Lead Independent Director.
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 0 | 0 | 0 | 0 |
Director compensation policy (effective May 9, 2024):
- Annual cash retainer: $40,000; committee fees: Audit ($20,000 chair; $10,000 member), Compensation ($15,000 chair; $7,500 member), Nominating ($10,000 chair; $4,000 member); Lead Independent Director: +$20,000; Non-executive Chair (if applicable): +$60,000 (in lieu of LID). Directors may elect RSUs in lieu of cash (Fee RSUs) vesting quarterly.
- Annual director RSUs: Valued at $200,000 × years in term (max $600,000), vesting in three equal annual installments; acceleration on service end for next tranche and on corporate transactions. Plan cap: $750,000 per year, $1,000,000 in initial service year.
Performance Compensation
| Performance Metric | Applies to Director Pay? | Details |
|---|---|---|
| Financial/ESG metrics (e.g., revenue, EBITDA, TSR) | No | Non-employee director RSUs are time-based; proxy does not disclose performance-conditioned director equity. |
Other Directorships & Interlocks
| Company | Role | Interlock/Relationship | Notes |
|---|---|---|---|
| — | — | — | No other public boards or disclosed interlocks for Hug. |
Expertise & Qualifications
- Product and technology leadership at Remitly; scale-up operations experience as COO and Vice Chair.
- Entrepreneurial founder background; Amazon acquisition integration experience.
- Technical education in Computer Science and Mathematics.
Equity Ownership
| Category | Amount | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 4,704,588 | 2.3% of outstanding shares as of March 31, 2025. |
| Direct/common shares | 4,133,811 | Includes 300,000 shares held by a family trust; spouse is trustee. |
| Options exercisable within 60 days | 530,000 | Included in beneficial ownership. |
| RSUs vesting within 60 days | 40,777 | Included in beneficial ownership. |
| Shares pledged as collateral | 2,000,000 | Pledged to secure a personal line of credit; pledging permitted under policy with CL&CAA pre-approval. |
Company policies relevant to alignment:
- Prohibition on hedging; pledging allowed only with written pre-approval, subject to guidelines overseen by Talent & Compensation and CL&CAA.
Board Governance
- Committees: Hug is not a member of any board committees; committee compositions: Audit & Risk (Smyth—Chair; Blignaut; Campbell), Talent & Compensation (Chung—Chair; Le Moal), Nominating & Corporate Governance (Campbell—Chair; Morris; Riese).
- Risk oversight: Audit & Risk oversees enterprise risk; T&C oversees compensation and succession; Nominating oversees independence, conflicts, board composition, and ESG/global impact.
- Board and committee self-assessments occur annually; education program active with internal/external experts.
Insider Filings Compliance
| Filing | Date | Note |
|---|---|---|
| Form 4 (late) | April 1, 2024 | One late Form 4 filing by Joshua Hug noted under Section 16(a) compliance. |
Governance Assessment
- Independence and Committees: Not independent as of the proxy due to recent executive role; no committee assignments—committee independence and composition are met by other directors. Transition to non-employee director is expected in May 2025.
- Ownership Alignment: Significant ownership (2.3%), but 2,000,000 shares pledged as collateral is a notable risk indicator; pledging is permitted under policy with pre-approval and oversight. RED FLAG: pledged shares.
- Attendance and Engagement: Board-wide disclosure indicates at least 75% attendance for all directors and majority attendance at annual meeting; individual committee participation not applicable for Hug.
- Compliance: One late Form 4 filing in 2024.
- Related Party Transactions: None reported involving Hug since Jan 1, 2024 (other than compensation arrangements).
Implications for investor confidence: Hug brings durable founder-driven product expertise and continuity; however, current non-independence, absence from committees, and the large pledge of shares introduce alignment and governance optics to monitor post-transition.