Nicole Thaung
ONE Group HospitalityAbout Nicole Thaung
Nicole Thaung, age 46, was appointed Chief Financial Officer of The ONE Group Hospitality, Inc. (STKS) effective September 8, 2025, after serving as CFO of Benihana (acquired May 1, 2024) and previously holding VP Finance and Controller roles; she earlier spent nearly eight years at Ernst & Young LLP (final role: Audit Manager) and holds bachelor’s and master’s degrees in accounting from the University of Florida . Management credited her leadership with a seamless Benihana integration and emphasized her role in realizing $20 million in expected synergies by end-2026, with Benihana now representing over 55% of total revenues . Pre-appointment context: in FY2024, Company revenue rose 102% to $673.3M, Adjusted EBITDA rose 129% to $75.2M, while net income was a loss due to transaction and integration costs; TSR fell to 46 (value of $100 initial investment) in 2024 vs 97 in 2023 .
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($USD Millions) | $332.8 | $673.3 |
| Net (Loss) Income ($USD) | $4,718,000 | $(15,824,000) |
| Adjusted EBITDA ($USD) | $32,785,000 | $75,189,000 |
| TSR – Value of $100 Investment | 97 | 46 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Benihana (subsidiary of STKS) | Chief Financial Officer | Aug 2018–Sep 2025 | Led finance; instrumental in integration of Benihana into STKS and synergy realization |
| Benihana | VP Finance; Controller | 2009–2018 (progressive roles) | Built finance processes and controls; progressed to CFO |
| Ernst & Young LLP | Audit Manager (prior roles over ~8 years) | ~8 years ending 2009 | Audit leadership; technical accounting rigor |
External Roles
- None disclosed in company filings for Nicole Thaung .
Fixed Compensation
| Component | Amount/Detail |
|---|---|
| Base Salary | $500,000 (effective upon appointment) |
| Target Annual Bonus | 75% of base salary |
| Long-Term Incentive Target | 100% of base salary, based on corporate performance objectives |
| Initial Equity Grant | 30,000 RSUs granted on Sep 8, 2025 |
| RSU Vesting | One-third annually on each anniversary date over three years |
RSU Vesting Schedule
| Vest Date | Shares |
|---|---|
| Sep 8, 2026 | 10,000 |
| Sep 8, 2027 | 10,000 |
| Sep 8, 2028 | 10,000 |
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|---|
| Annual Bonus (2025 program design) | Adjusted EBITDA (Company) | 75% | Not disclosed | Not disclosed | Not disclosed | Company’s NEO framework allocates 75% to financial performance (Adjusted EBITDA) |
| Annual Bonus (2025 program design) | Individual strategic goals (integration, sales, profitability) | 25% | Not disclosed | Not disclosed | Not disclosed | Company lists specific leadership goals; CFO eligible per company program |
| Long-Term Incentive (program design) | PSUs tied to stock price CAGR (VWAP) | N/A | Earned upon 15% YoY CAGR VWAP within 3 years (for 2024 grants) | N/A | N/A | Company program includes PSUs with market condition and time element; CFO eligible to participate |
| Long-Term Incentive | RSUs | N/A | Time-based | N/A | N/A | 30,000 RSUs vest 1/3 annually over 3 years |
Notes: The company’s incentive framework includes significant at-risk pay, clawback policy, prohibition on hedging/pledging, and independent compensation consultant (FW Cook) supporting market benchmarking .
Equity Ownership & Alignment
- Initial ownership filings: Form 3 filed Sept 22, 2025; Form 4 reported 30,000 RSUs granted on Sep 8, 2025; vesting one-third annually; no insider sales reported through Nov 19, 2025 .
- Vested vs unvested: 30,000 unvested RSUs at grant; scheduled 10,000 per year in 2026–2028 .
- Options: None disclosed for Nicole in appointment or filings reviewed .
- Hedging/pledging: Prohibited by company Insider Trading Policy; clawback policy in place .
- Shares outstanding context: 31,026,865 shares as of March 24, 2025 (record date) .
Employment Terms
| Term | Detail |
|---|---|
| Appointment Date | September 8, 2025 |
| Role | Chief Financial Officer |
| Base Salary | $500,000 |
| Target Annual Bonus | 75% of base |
| Long-Term Incentive Target | 100% of base, based on corporate performance |
| Initial Equity Grant | 30,000 RSUs (vest ratably over 3 years) |
| Severance / Change-of-Control | Not disclosed for CFO in appointment 8-K; company-level policies detailed for other NEOs in proxy (not specific to Nicole) |
| Clawback / Hedging/Pledging | Clawback policy; hedging/pledging prohibited |
| Related Party / Conflicts | No family relationships or related party transactions reportable under Item 404(a) |
Investment Implications
- Compensation alignment: Base $500k with 75% bonus target and 100% LTIP target ties pay to Company financial and strategic milestones; initial RSU grant is time-based, while the broader program includes performance-based PSUs linked to stock price CAGR, supporting long-term alignment .
- Retention and selling pressure: The three-year RSU vesting cadence (10k shares annually on Sep 8, 2026–2028) creates predictable potential Form 4 events; hedging/pledging prohibitions reduce misalignment risk .
- Execution focus: Management emphasizes capturing $20M synergy by end-2026 and Benihana representing >55% of revenue; monitoring Adjusted EBITDA progress and integration milestones is key for pay-for-performance outcomes .
- Governance and shareholder context: Strong governance features (independent committees; clawback; no hedging/pledging) and prior high say-on-pay support (94% approval at 2024 meeting) indicate investor acceptance of the compensation framework that Nicole enters .