Joy Malivuk
About Joy Malivuk
Joy Malivuk is Trulieve Cannabis Corp.’s Chief Accounting Officer (CAO), appointed April 26, 2023; she was age 50 as of April 11, 2025 and has 25+ years of accounting and finance experience, with prior roles at HSN (a QVC subsidiary) and PricewaterhouseCoopers; she holds a BS in Accounting and a Master of Accounting (Taxation) from the University of Florida . During her tenure, Trulieve reported FY2024 revenue of ~$1.2B, adjusted EBITDA of ~$420M, and cash from operations of ~$271M; the company also opened 33 dispensaries in 2024, reaching 225 retail locations at year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HSN, Inc. (QVC subsidiary) | Director of Accounting | 2008–2023 | Oversaw accounting; responsible for financial reporting, general accounting, and SOX compliance . |
| HSN, Inc. | Operational VP, Financial Reporting & SEC Compliance | Not disclosed | Led SEC compliance and financial reporting operations . |
| PricewaterhouseCoopers LLP | Early career in public accounting | Not disclosed | Audit and financial reporting foundation . |
External Roles
Skip – no external public company directorships disclosed for Malivuk in company filings.
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base salary | $250,000 | April 23, 2023 | Per employment agreement dated January 3, 2023 . |
| Target annual bonus | $90,000 | April 23, 2023 | Based on Company and individual goals set by the Compensation & HR Committee; no bonus if targets are not achieved . |
Performance Compensation
- Annual bonus eligibility: Target $90,000; driven by Company and individual goals set by the Compensation & HR Committee; bonus is zero if target performance is not achieved .
- Company bonus framework (context for executive incentives): In 2024, NEO bonus metrics and weights were 50% revenue, 25% adjusted EBITDA, 25% cash from operations; threshold/target/maximum goals were $1.0B/$1.1B/$1.15B (revenue), $270M/$300M/$330M (adjusted EBITDA), and $180M/$200M/$220M (cash from operations); actual results exceeded maximum in each category and NEOs received 200% of target .
| Metric (Bonus) | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Revenue ($USD) | 50% | 1,000,000,000 | 1,100,000,000 | 1,150,000,000 | Exceeded Max | 200% of target |
| Adjusted EBITDA ($USD) | 25% | 270,000,000 | 300,000,000 | 330,000,000 | Exceeded Max | 200% of target |
| Cash from Operations ($USD) | 25% | 180,000,000 | 200,000,000 | 220,000,000 | Exceeded Max | 200% of target |
- Equity awards and vesting mechanics (plan-level): Under the Amended 2021 Plan, options generally vest in equal amounts over three years; RSUs vest 50% at year two and 50% at year three .
- Reported Form 4 equity activity for Joy Malivuk:
- 2023-07-25: Award (A) of Subordinate Voting Shares (RSUs), 24,156; SEC filing link .
- 2024-03-08: Award (A) of Subordinate Voting Shares (RSUs), 17,500; and option-related securities reported; SEC filing link (aggregated counts reported by third-party trackers) .
- 2024-12-03: “F – Taxes” withholding (uninformative sell), value ~$17.73K at $6.03 (aggregator summary of SEC Form 4; holdings context below) .
- 2025-08-12: Acquisition (non-open market), 43,424 shares (Nasdaq insider summary) .
Note: Company award mix for NEOs in 2024 was 50% options and 50% RSUs; options were granted at fair market value and only have value if stock price rises .
Equity Ownership & Alignment
- Known direct holdings reported by third-party aggregator (reflecting SEC filings): 38,715 shares (as referenced by Fintel; see SEC links above) . TipRanks estimates 82.14K shares (aggregator estimate with SEC links) .
- Plan-level restrictions: No hedging or short sales of company shares; no discounting or re-pricing of stock options without shareholder approval . Clawback policy updates planned in line with SEC/Exchange rulemaking; company intends to adopt updated provisions when applicable .
- Ownership guidelines and pledging: No specific executive ownership guideline or pledging disclosure identified for Malivuk in the company’s proxy; no pledging observed in reviewed filings .
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement | Dated January 3, 2023; CAO appointment effective April 26, 2023 . |
| Annual bonus | Target $90,000; based on Company and individual goals set by Compensation & HR Committee; if targets not achieved, no bonus . |
| Severance (no Cause / Good Reason) | 1.0x base salary + greater of current-year target bonus or prior-year actual bonus + prorated current-year bonus; COBRA premiums for 12 months; immediate vesting of unvested equity (performance-based awards vest only upon certification of goal attainment) . |
| Change-of-control (double trigger within 24 months) | 1.5x base salary + greater of current-year target bonus or prior-year actual bonus + prorated current-year bonus; COBRA premiums for 18 months; 280G best-net cutback (no excise tax gross-up) . |
| Related party / conflicts | No arrangements leading to appointment; no family relationships; no direct or indirect material interest in transactions requiring Item 404(a) disclosure . |
Performance & Track Record
Company performance during Malivuk’s tenure (context for pay-for-performance alignment):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | 1,218,229,000* | 1,129,193,000 | 1,186,490,000 |
| EBITDA ($USD) | 300,229,000* | 263,298,000* | 258,857,000* |
| Cash from Operations ($USD) | 21,409,000* | 207,242,000 | 271,785,000* |
Values with asterisk retrieved from S&P Global.
- FY2024 operational highlights: revenue ~$1.2B, adjusted EBITDA ~$420M, cash from operations ~$271M; 33 new dispensaries opened in 2024; 225 retail locations at year-end .
- Pay-versus-performance context: Cumulative TSR value of an initial $100 investment as of FY2024 was $16.39; FY2024 net loss attributable to common shareholders was ~$155.1M and adjusted EBITDA ~$420.2M .
- Executive roster: Malivuk listed among executive officers as CAO in 2023, 2024, and 2025 .
Investment Implications
- Compensation alignment: Malivuk’s structure is performance-based, with a target bonus contingent on Company/individual goals and no payout if targets are missed; equity awards vest over multi-year periods, strengthening retention and alignment .
- Change-of-control economics: Double-trigger severance at 1.5x salary plus bonus with extended COBRA and equity acceleration, but subject to 280G best-net cutback; absence of tax gross-ups is shareholder-friendly .
- Insider selling pressure: Form 4 tax-withholding events (F – Taxes) indicate non-discretionary share disposals tied to vesting, not open-market selling; awards and vesting schedules could create periodic withholding-related activity .
- Governance and risk: No related-party transaction interests disclosed for Malivuk; company prohibits hedging and plans clawback policy updates, supporting controls and accountability in the finance function .
- Performance context: Despite strong cash generation and adjusted EBITDA in 2024, cumulative TSR is low, highlighting macro and sector-specific headwinds; continued discipline in accounting oversight and cost controls remains critical under the CAO’s purview .