Jennifer Fall Jung
SPORTSMAN'S WAREHOUSE HOLDINGSAbout Jennifer Fall Jung
Jennifer Fall Jung, age 55, is Chief Financial Officer and Secretary of Sportsman’s Warehouse, effective August 18, 2025, following Jeff White’s transition to a consulting role through September 9, 2025 . She holds an MBA and a BS in Business Administration from San Diego State University and has more than two decades of corporate finance and investor-focused public company experience, including CFO roles at The Duckhorn Portfolio (June 2023–April 2025) and Funko (August 2019–February 2023), and senior finance leadership at Gap Inc./Old Navy (2012–2018) . Performance metrics such as TSR, revenue growth, and EBITDA growth for her tenure are not yet disclosed given her recent appointment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Duckhorn Portfolio, Inc. | EVP & CFO | Jun 2023–Apr 2025 | Led finance at a formerly publicly traded luxury wine company . |
| Funko, Inc. | CFO | Aug 2019–Feb 2023 | Finance leadership in consumer goods, licensed collectibles, accessories, apparel . |
| Gap Inc. (Corporate) | SVP, Corporate Finance & IR | Jan 2017–Mar 2018 | Corporate finance and investor relations leadership . |
| Old Navy (Gap Inc. division) | CFO & SVP, Global Stores & Online; Head of International | Nov 2012–Jan 2017 | Division-level CFO; international and omnichannel leadership . |
External Roles
- No public company directorships or committee roles disclosed; company states no related party arrangements or family relationships tied to her selection .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base Salary | $600,000 | Annual base; subject to review/increases at company discretion . |
| Target Annual Bonus % | 75% of base | Discretionary; prorated for fiscal 2025 based on employment days; payout contingent on company-set goals . |
| Signing Bonus | $75,000 | Payable in three equal installments: first payroll after Start Date; 6 months after Start Date; 1-year anniversary; each contingent on continued employment through payment date . |
Performance Compensation
| Instrument | Target/Size | Performance Metric(s) | Measurement/Certification | Vesting |
|---|---|---|---|---|
| Cash LTIP Award | $500,000 target | Company performance goals to be set by Board/Committee | Goals to be determined; paid per award terms | Vests April 30, 2028, subject to continued employment . |
| Performance RSUs (PSUs) | Up to 125,000 shares | Company performance goals to be set by Board/Committee | Goals to be determined; eligibility based on certified performance | Cliff vest April 30, 2027, subject to continued employment . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Time-based RSUs | 125,000 RSUs vest in three equal installments on the first, second, and third anniversaries of Start Date (i.e., ~Aug 18, 2026/2027/2028), subject to continued employment . |
| Performance RSUs | Up to 125,000 PSUs eligible to vest based on Board-set goals; cliff vest April 30, 2027, subject to continued employment . |
| Beneficial Ownership | Not disclosed as of the April 3, 2025 record date; she was not an executive officer at that time . |
| Hedging/Pledging | Company prohibits hedging transactions and pledging of company stock or equity awards for all directors, officers, and employees . |
| Stock Ownership Guidelines (Execs) | CFOs and other executive officers are expected to own stock equal to at least 1× current annualized base salary; compliance measured on Dec 31 each year; executives have until the first Dec 31 on or after five years from becoming subject to the guideline (for Jung, first compliance measurement deadline would be December 31, 2030, based on Aug 18, 2025 appointment) . |
Employment Terms
| Term | Provision |
|---|---|
| Employment Agreement | At-will; effective August 18, 2025; reporting to CEO; primarily home office in Lafayette, CA; expected to work two weeks per month from Salt Lake City offices . |
| Severance (No CoC) | If terminated by Company other than for “Gross Misconduct” or by Jung for “Good Reason”: lump sum equal to 12 months base salary; up to 12 months COBRA premiums; any earned but unpaid prior-year bonus; pro‑rated target annual bonus for year of termination; contingent on release and other conditions . |
| Change-in-Control Treatment | If termination without “Gross Misconduct” or for “Good Reason” within 12 months after a Change in Control: same severance benefits plus full acceleration of time‑based equity awards; performance-based vesting treated per applicable award agreements; contingent on release . |
| Restrictive Covenants | Employee Confidential Information and Inventions Assignment Agreement includes confidentiality and 12‑month post‑termination non‑solicitation of employees/contractors; duty of loyalty during employment; no explicit post‑termination non‑compete is disclosed in the agreement text . |
| Arbitration/Governing Law | JAMS arbitration under FAA; choice of law—California; class/representative action waivers subject to carve‑outs for Excluded Claims . |
| 280G Cutback | Parachute payment cutback to maximize net after‑tax benefit and preserve Company deduction; ordering rules specified . |
| Clawback Policy | Company maintains a clawback policy compliant with Exchange Act §10D and Nasdaq Rule 5608; additional clawback applies to cash/equity incentive awards received by Section 16 officers and certain executives within 36 months prior to a required restatement . |
| Related Party / Conflicts | No arrangements/understandings led to her selection; no family relationships; no related party transactions requiring disclosure . |
Compensation Governance Context
- Compensation Consultant: FW Cook engaged; Compensation Committee concluded independence and no conflicts; FW Cook advised on executive and director compensation and peer group selection .
- Peer Group (FY2024): Academy Sports & Outdoors; Big 5 Sporting Goods; Boot Barn; The Buckle; Caleres; Citi Trends; The Container Store; Designer Brands; Genesco; Haverty Furniture; Hibbett Sports; LL Flooring; Sally Beauty; Shoe Carnival; Zumiez .
- Say‑on‑Pay: 83% approval at 2024 annual meeting; program changes included three-year cliff vesting for performance awards and CFO awards emphasizing performance-based equity and cash incentives .
Investment Implications
- Alignment signals: Prohibition on hedging/pledging and executive ownership guidelines requiring 1× salary for CFOs support long-term alignment; Jung’s equity mix includes both time‑based RSUs and performance‑based PSUs, with additional long-term cash LTIP tied to future Board‑set performance goals .
- Retention and potential selling pressure: RSU vesting on the first three anniversaries of her Start Date creates scheduled vest events (subject to continued employment) that may lead to Form 4 activity; cliff vest dates for PSUs (April 30, 2027) and cash LTIP (April 30, 2028) concentrate retention incentives and defer realized pay until certified performance or time‑based vesting milestones .
- Downsides/risks: Performance goals for PSUs and LTIP are “to be determined,” limiting near‑term transparency into payout curves and hurdle stringency; severance is single‑trigger time‑based acceleration upon termination within 12 months post CoC, which can modestly increase change‑of‑control costs if separation occurs in that window .
- Governance quality: Independent consultant with no conflicts, robust clawback framework, and formal prohibitions on hedging/pledging indicate standard-to-strong governance posture around incentive risk and alignment .