Nicolas Jammet
About Nicolas Jammet
Nicolas Jammet, age 40, is a co-founder of Sweetgreen and has served on the board since October 2009; he is Chief Concept Officer (culinary leadership) since December 2017 and Secretary since December 2020. He holds a B.S. from Georgetown University’s McDonough School of Business . Company performance context during his executive tenure: FY2024 revenue was $676.8M vs $584.0M in FY2023 (+16% YoY), and Adjusted EBITDA improved to $18.7M from a $(2.8)M loss; FY2024 net loss was $(90.4)M; Sweetgreen’s TSR (value of $100 from IPO to year-end) was 116 in 2024 and 40 in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sweetgreen, Inc. | President | Oct 2009 – Jun 2014 | Early-stage leadership across growth and operations |
| Sweetgreen, Inc. | Co‑Chief Executive Officer | Jun 2014 – Dec 2017 | Scaling and brand development; transition to CEO leadership model |
| Sweetgreen, Inc. | Chief Concept Officer | Dec 2017 – Present | Culinary oversight; menu innovation supporting revenue growth and margin expansion |
| Sweetgreen, Inc. | Secretary | Dec 2020 – Present | Corporate secretary duties |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed in proxy statements for Nicolas Jammet |
Board Governance and Director Service
- Board service: Director since Oct 2009; not independent due to employment; Board is chaired by CEO Jonathan Neman with a lead independent director (Cliff Burrows) .
- Committee memberships: None; Audit (Bornstein, Burrows, Singer), Compensation (Blumenthal, Burrows, Moon), NESG (Bornstein, Jarrett, Moon) .
- Meeting attendance: All directors attended ≥75% of Board/committee meetings in FY2024 .
- Director pay: Employee-directors (Neman, Jammet, Ru) receive no additional board compensation .
- Independence and dual-role considerations: CEO serves as Chair; lead independent director structure seeks to balance governance and mitigate independence concerns .
Fixed Compensation
- Disclosure status: Nicolas Jammet was not a “named executive officer” (NEO) in FY2024 or FY2023; his base salary, target bonus %, and actual bonus are not itemized in the Summary Compensation Tables .
- Governance mechanics: Compensation for founders (including Jammet) is reviewed by the Compensation Committee and approved by independent directors; pay design emphasizes market benchmarking and performance linkage .
Performance Compensation
Company bonus plan design in FY2024 (applies to NEOs and was approved for founders, including CEO; independent directors approved plan for founders) :
| Metric | Weighting | Threshold | Target | Maximum | Actual FY2024 | Payout Determination | Settlement |
|---|---|---|---|---|---|---|---|
| Revenue ($) | 50% | $637.9M | $668.0M | $701.4M | $676.8M (110% achievement) | Contributed to 107.5% combined achievement; Committee exercised discretion to reduce cash portion; only RSU portion paid | Fully vested RSUs; 67.5% of target bonus paid entirely in RSUs |
| SGSC Bonus Adjusted EBITDA ($) | 50% | $10.4M | $22.4M | $35.7M | $25.0M (105% achievement) | Contributed to 107.5% combined achievement; cash portion forgone | Fully vested RSUs; 67.5% of target bonus paid entirely in RSUs |
Notes:
- Founders’ participation was explicitly approved; individual founder payouts for Jammet are not disclosed (NEO tables exclude him) .
Equity Ownership & Alignment
- Stock ownership guidelines (amended Mar 2025): CEO must hold 6× salary; directors who are Company employees must hold 5× salary; other executive officers 2× salary; compliance by later of Dec 31, 2030 or 5-year anniversary of becoming director/executive officer .
- Insider trading and pledging policy: Hedging and margin accounts prohibited; pledging permitted for founders with Board approval and cap; one founder had pledged shares as of Apr 1, 2025 .
Beneficial ownership for Nicolas H. Jammet (company count date):
| Metric | FY2024 (as of Apr 1, 2024) | FY2025 (as of Apr 1, 2025) |
|---|---|---|
| Class A Shares | 2,629,617 | 2,756,154 |
| Class B Shares | 4,127,004 (32.1% of Class B) | 3,819,181 (32.1% of Class B) |
| % Total Voting Power | 18.9% | 18.0% |
| Options exercisable within 60 days | 2,629,617 | 2,492,951 |
| Pledged Shares | 3,000,000 Class B pledged (founder policy cap in place) | No pledge disclosed for Jammet; one founder (Neman) had 1,000,000 Class B pledged |
Alignment and pressure signals:
- Large beneficial and option positions indicate high ownership “skin-in-the-game” and potential supply overhang on future exercises; pledging risk for Jammet decreased materially between 2024 and 2025 (no pledge disclosed for Jammet in 2025) .
Employment Terms
- Executive employment agreements with severance and change-in-control (CoC) economics are disclosed for NEOs (CEO and other listed officers); Jammet’s specific agreement terms are not disclosed in proxy tables .
- Company severance framework (for NEOs): non‑CoC separation—CEO 12 months salary + pro‑rated target bonus; others 6 months salary + pro‑rated target bonus; CoC separation—CEO 18 months salary + pro‑rated target bonus; others 12 months salary + pro‑rated target bonus; certain equity acceleration terms apply under plan definitions .
- Clawbacks: Dodd‑Frank compliant clawback policy implemented; Sarbanes‑Oxley §304 reimbursement provisions acknowledged .
Compensation Benchmarking and Say‑on‑Pay
- Peer group (2024 focus): high‑growth restaurants/lifestyle/disruptive consumer brands (e.g., CAVA, Portillo’s, BJ’s, Denny’s, Jack in the Box, Shake Shack, Wingstop, Yeti, FIGS, Dutch Bros, First Watch, Canada Goose, Sonos, Celsius) .
- Pay positioning: Committee does not target a fixed percentile; uses peer and survey data as reference points .
- Say‑on‑pay: Over 99% approval at 2024 annual meeting; annual say‑on‑pay cadence maintained .
Company Performance Context
| Measure | FY2023 | FY2024 |
|---|---|---|
| Revenue ($) | $584.0M | $676.8M |
| Adjusted EBITDA ($) | $(2.8)M | $18.7M |
| Net Income (Loss) ($) | $(113.4)M | $(90.4)M |
| TSR (value of $100) | 40 | 116 |
Risk Indicators & Red Flags
- Hedging prohibited; pledging permitted for founders with caps and Board approval; policy disclosed and monitored—Jammet’s prior pledging (2024) no longer indicated in 2025 filings (reduces forced‑sale risk) .
- Employee‑director status (not independent) may raise governance alignment questions; mitigated through lead independent director and independent committees (Jammet not on Audit/Comp/NESG) .
- RSU‑settled bonus in FY2024 reduces cash expense but increases share issuance; founder‑level RSU payments are not itemized for Jammet (limiting visibility into near‑term selling pressure) .
Investment Implications
- Alignment: Founder equity and options (18.0% voting power; material options exercisable) align incentives with long‑term value creation; 2025 proxy shows no pledging for Jammet, decreasing leverage‑related sell pressure risk .
- Pay‑for‑performance: FY2024 plan tied to revenue and Adjusted EBITDA, with discretionary reduction eliminating cash payouts—signals prudence and equity alignment; Jammet participates in the plan framework though specific payout amounts are not disclosed .
- Governance: Employee‑director status and combined CEO/Chair structure persist; lead independent director and fully independent committees provide oversight; Jammet holds no committee roles, limiting potential conflicts in compensation/governance decisions .
- Execution risk vs value creation: Company delivered revenue growth and first full year of positive Adjusted EBITDA in 2024, supporting incentive credibility; continued net losses and founder control warrant monitoring of dilution from RSU grants and option exercises .
Note: Where Jammet-specific compensation amounts are absent, conclusions rely on governance disclosures and company-level performance mechanics rather than individual pay outcomes .