Anthony Bacos
Stitch FixAbout Anthony Bacos
Anthony Bacos is Stitch Fix’s Chief Product & Technology Officer (CTO), age 55, serving since November 2023. He previously was SVP & Chief Digital Officer at Frontdoor, Inc. (2021–2023) and VP & CTO of Amazon Fashion (2018–2021). He holds an M.S. in Computer Science (Azusa Pacific University) and an MBA at MIT . During FY2025, Stitch Fix delivered $1,267.2M in net revenue, $49.1M in Adjusted EBITDA, and 2,309K active clients; company TSR index values reported were 18.47 (FY2024) and 20.27 (FY2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Frontdoor, Inc. | SVP & Chief Digital Officer | Jun 2021 – Jan 2023 | Led digital strategy at an online appliance repair and home maintenance company |
| Amazon.com, Inc. (Amazon Fashion) | VP & Chief Technology Officer | Mar 2018 – Jun 2021 | Technology leadership for Amazon’s Fashion business |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $427,243 | $600,000 |
| Target Bonus (% of Base) | 50% | 50% |
| Actual Annual Bonus Paid ($) | $139,182 | $509,424 |
Performance Compensation
Annual Cash Bonus – FY 2025 Plan Outcomes
| Metric | Weighting (%) | Threshold | Target | Stretch | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|---|
| Net Revenue ($MM) | 40.0% | $1,117 | $1,167 | $1,217 | $1,316 | $1,267.2 | 175.4% |
| Adjusted EBITDA ($MM) | 40.0% | $9 | $25 | $40 | $61 | $49.1 | 171.7% |
| Active Clients (000s) | 20.0% | 2,177 | 2,237 | 2,297 | 2,417 | 2,309 | 155.0% |
| Total Bonus Multiplier | — | — | — | — | — | — | 169.8% |
Performance Stock Units (PSUs) – FY 2025 Plan Outcomes and Structure
| Metric | Weighting (%) | Threshold | Target | Stretch | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|---|
| Net Revenue ($MM) | 40.0% | $1,117 | $1,167 | $1,217 | $1,316 | $1,267.2 | 137.7% |
| Adjusted EBITDA ($MM) | 40.0% | $9 | $25 | $40 | $61 | $49.1 | 135.8% |
| Active Clients (000s) | 20.0% | 2,177 | 2,237 | 2,297 | 2,417 | 2,309 | 127.5% |
| Total PSU Achievement | — | — | — | — | — | — | 134.9% |
Notes:
- Annual RSUs and PSUs for executives vest over three years with quarterly installments; FY2025 PSUs earned vest 41.67% on Dec 17, 2025 and the remainder 8.33% quarterly thereafter (for eight quarters) subject to service .
- Company also uses price-hurdle PSUs for CEO, not applicable to Bacos .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Class A) | 1,251,270 shares; 1.05% of Class A outstanding (as of Oct 17, 2025) |
| Options – Exercisable | 420,491 at $3.99 (exp. 12/07/2033); 480,491 at $2.48 (exp. 04/01/2034) |
| Options – Unexercisable | 242,052 at $3.99 (exp. 12/07/2033); 242,052 at $2.48 (exp. 04/01/2034) |
| RSUs – Unvested | 121,027 (award 1); 121,027 (award 2); 325,522 (2024 annual grant) |
| PSUs – Unvested | 390,625 (FY2025 annual PSU tranche at threshold structure) |
| Market Value Basis | RSU/PSU value references use $4.49 close on Aug 1, 2025 (proxy methodology) |
| Stock Ownership Guidelines | Executive officers must hold the lesser of 2x base salary or 220,000 shares; compliance measured over 5 years; all covered individuals are compliant or within the window |
| Hedging/Pledging | Prohibited by Insider Trading Policy; short selling, derivatives, margin/pledging not permitted |
| Clawback | SEC/Nasdaq-compliant recoupment of incentive compensation upon restatement; 3-year lookback; recovery regardless of fault |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Start | Nov 6, 2023 |
| Offer Letter Date | Oct 20, 2023 (CTO) |
| Base Salary | $600,000 |
| Target Bonus | 50% of base salary |
| Inducement Equity (2019 Plan) | RSUs grant-date FV $1,250,000; options grant-date FV $1,250,000; vesting: 25% at first quarterly vest ~6 months post-start, then 25% over next two quarters, 33⅓% over next four quarters, 16⅔% over final four quarters |
| Annual Equity FY2025 | RSUs and PSUs granted (50%/50%) under annual program; for Bacos, grant-date FV $2,500,000 (executive officer section) |
| Severance (No CIC) | 6 months base salary + up to 6 months COBRA premium reimbursement upon termination without cause or for good reason |
| Severance (Double-Trigger CIC) | 12 months base + up to 12 months COBRA premium reimbursement + full acceleration of unvested equity upon qualifying termination within 1 month before or 12 months after CIC |
| Restrictive Covenants | Standard confidentiality and proprietary information/inventions agreements; at-will employment |
| Late Section 16 filings | Administrative delays: Form 4s for Bacos dated Dec 19, 2024 and Mar 17, 2025 were filed late |
Compensation Tables (Multi-Year)
Summary Compensation (Bacos)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary ($) | $427,243 | $600,000 |
| Stock Awards ($) | $2,337,430 | $2,865,277 |
| Option Awards ($) | $2,811,632 | — |
| Non-Equity Incentive ($) | $139,182 | $509,424 |
| All Other Compensation ($) | — | $12,923 (401k match) |
| Total ($) | $5,715,486 | $3,987,624 |
FY2025 Grants of Plan-Based Awards (Bacos)
| Grant Type | Grant Date | RSUs (#) | PSUs Target (#) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| Annual RSU | 10/28/2024 | 390,625 | — | $1,218,750 |
| Annual PSU | 10/28/2024 | — | 390,625 | $1,646,527 |
Additional Governance, Peer Group, and Pay Signals
- Say-on-Pay support: 98% approval at the 2024 annual meeting .
- Compensation peer group: a.k.a. Brands, BARK, Bumble, Chegg, Designer Brands, Funko, Genesco, G-III, GoPro, Groupon, Guess?, Lands’ End, Peloton, Revolve, Shutterstock, The Honest Company, The RealReal, ThredUp, Torrid, Warby Parker .
- Program design: Pay-for-performance with base, annual bonus, and long-term PSUs/RSUs; no executive-specific pensions, perquisites, or tax gross-ups; double-trigger CIC acceleration; no hedging/pledging .
Investment Implications
- Alignment: High proportion of at-risk pay via PSUs (revenue, Adjusted EBITDA, active clients) and RSUs; FY2025 outcomes yielded 169.8% bonus and 134.9% PSU achievement, indicating pay tracking to multi-metric operating performance .
- Retention vs. Mobility: Double-trigger CIC protection with full equity acceleration supports retention but could reduce post-transaction lock-in; standard at-will terms and no enhanced perqs/gross-ups suggest disciplined governance .
- Ownership and Supply Overhang: Material scheduled vesting (RSUs quarterly; PSUs initial 41.67% on Dec 17, 2025) could create episodic selling pressure, though hedging/pledging bans and ownership guidelines mitigate misalignment risks .
- Execution Risk: Company remains in transformation; core metrics improved in FY2025 (net revenue and Adjusted EBITDA beats vs targets), but active client growth is a monitored lever in both incentive design and strategy .