Jason Cochran
Chief Operating Officer at SG
Executive
About Jason Cochran
Jason Cochran, age 57, was appointed Chief Operating Officer of Sweetgreen effective May 5, 2025; he oversees Field Operations as well as Operations Services & Innovation, reporting directly to CEO Jonathan Neman . He brings 25+ years of operational leadership across restaurants and retail, including CEO of American West Restaurant Group (AWRG), VP Operations Services at Chipotle, and senior roles at GameStop . Sweetgreen’s 2024 performance context: revenue grew 16% to $676.8M, Adjusted EBITDA turned positive at $18.7M, Restaurant-Level Profit Margin rose to 20%, and company TSR since IPO reflected $100 → $116 by FY2024; FY2024 net loss was $(90.4)M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American West Restaurant Group (3rd-largest Pizza Hut franchisee) | Chief Executive Officer; Board Member | Sep 2022–Apr 2025 | Led transformational growth and operational improvements across hundreds of locations |
| Chipotle Mexican Grill | Vice President, Operations Services | Oct 2018–Aug 2022 | Supported >3,000 restaurants and ~$8.6B revenue; drove process improvement, menu/equipment innovation, new store development, and field training |
| GameStop | Senior leadership incl. SVP U.S. Stores; SVP Pre-Owned Merchandising & Marketing | 2003–2018 | Responsible for ~4,400 locations and >$7.5B in sales |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American West Restaurant Group | Board Member | Sep 2022–Apr 2025 | Served on board while CEO |
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base Salary | $500,000 per year | Set in employment agreement |
| Target Annual Bonus | 75% of base salary | Based on corporate and/or individual objectives set by Board/Comp Committee |
| Signing Bonus | $50,000 (one-time; paid within 30 days of Effective Date) | Upfront cash payment |
Performance Compensation
| Element | Metric | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|---|
| Annual Bonus – Design (Company framework FY2024) | Revenue | 50% | $668.0M | $676.8M achieved (110%) | FY2024 plan used revenue and SGSC Bonus Adjusted EBITDA; executives’ payouts were discretionarily reduced to 67.5% of target, paid entirely in fully vested RSUs |
| Annual Bonus – Design (Company framework FY2024) | SGSC Bonus Adjusted EBITDA | 50% | $22.4M | $25.0M achieved (105%) | As above |
| Jason Cochran Bonus Basis | Corporate/individual objectives | n/a | Target = 75% of salary | Not yet disclosed | Offer specifies objectives-based bonus; FY2025 plan specifics not disclosed |
Equity Awards (New Hire)
| Award Type | Quantity | Vesting Schedule | Key Dates/Amounts |
|---|---|---|---|
| Stock Options (Class A) | 250,000 shares | 4 years: 25% on first anniversary of vesting commencement date; remainder in 12 equal quarterly installments | First-anniversary tranche: 62,500 options; thereafter ~15,625 options per quarter over 12 quarters, subject to continuous service |
| Restricted Stock Units (RSUs) | 100,000 shares | 4 years: 25% on first anniversary of vesting commencement date; remainder in 12 equal quarterly installments | First-anniversary tranche: 25,000 RSUs; thereafter ~6,250 RSUs per quarter over 12 quarters, subject to continuous service |
Equity Ownership & Alignment
- Stock ownership guidelines: executive officers must own company stock equal to 2× base salary; compliance due by the later of December 31, 2030 or the fifth anniversary of becoming an executive officer .
- Hedging/pledging policy: hedging (derivatives, options) prohibited; pledging requires prior Board approval and Chief Legal Officer pre-clearance. Founders have a limited pledging exception; no pledging disclosure for Cochran .
- Beneficial ownership: the April 1, 2025 table lists directors and named executive officers, but does not include Cochran (appointed April 29, 2025); thus his beneficial ownership was not disclosed in the 2025 proxy table .
Employment Terms
- Appointment: COO effective May 5, 2025; oversees Field Operations and Operations Services & Innovation; reports to CEO .
- Severance: entitled to “certain severance benefits” if terminated without cause or resigns for good reason, contingent on signing and not revoking a separation agreement and continued compliance; specific multiples not disclosed in the 8-K .
- Indemnification: expected to enter into Sweetgreen’s standard indemnification agreement for directors and executive officers .
- Related parties: no arrangements/understandings leading to selection; no family relationships; no transactions requiring Item 404(a) disclosure .
Performance & Track Record
- AWRG: led transformational growth and operational improvements across hundreds of locations .
- Chipotle: supported >3,000 restaurants and ~$8.6B revenue; led cross-functional process and innovation initiatives .
- GameStop: responsibility for ~4,400 locations and >$7.5B in sales .
- Sweetgreen context (FY2024): revenue $676.8M (+16% YoY), Same-Store Sales +6%, Restaurant-Level Profit $132.9M (margin 20%), AUV $2.9M, Adjusted EBITDA $18.7M; TSR since IPO reflected $100 → $116 by FY2024; net loss $(90.4)M .
Compensation Governance & Shareholder Signals
- Peer group for benchmarking: restaurant and disruptive consumer brands (e.g., CAVA, Wingstop, Shake Shack, First Watch, Dutch Bros, Portillo’s, BJ’s, Jack in the Box, Dine Brands, etc.) set for FY2024 and maintained for FY2025 .
- Say-on-pay: over 99% approval at 2024 annual meeting .
- Clawbacks: Dodd-Frank-compliant clawback policy implemented; SOX 304 reimbursement applies to CEO/CFO upon misconduct-related restatements .
Vesting Schedules and Insider Selling Pressure
- First major vest event occurs on the first anniversary of the vesting commencement date (25% of options and RSUs); thereafter, equal quarterly vesting for 12 quarters (potential recurring supply) .
- Hedging prohibited; pledging restricted—reduces risk of hedged positions driving sales; no Form 8-K indications of pledging for Cochran .
Investment Implications
- Alignment: significant new-hire equity (options + RSUs) and objectives-based bonus tie compensation to company performance and tenure; executive stock ownership guidelines reinforce skin-in-the-game .
- Supply overhang cadence: 25% vest at first anniversary followed by 12 quarterly tranches can create periodic selling pressure, particularly at RSU delivery dates; monitoring Form 4s around vest dates is prudent .
- Execution lever: COO remit (Field Operations; Services & Innovation) aligns with Sweetgreen’s efficiency agenda (Infinite Kitchen, workforce optimization) that supported margin expansion in FY2024—his prior large-scale operations experience is directly relevant .
- Governance risk low: no related-party transactions or family ties; clawbacks and hedging prohibitions in place; say-on-pay support robust .