Marie Zhang
About Marie Zhang
Marie Zhang, age 57, has served as Trulieve’s Chief Operating Officer since January 29, 2024, bringing over 25 years of operations and supply chain leadership across CPG, restaurant, and retail sectors. She holds a B.S. in Chemistry from Jilin University and a Master’s in Food Science and Technology from Iowa State University . Under her tenure in 2024, Trulieve delivered $1.2B in revenue, $420M in adjusted EBITDA, and $271M cash from operations, while reporting a net loss attributable to common shareholders of $155.1M; the company’s cumulative TSR value on a $100 investment (measured from 12/31/2020 baseline) stood at 16.39 versus a peer group at 21.50 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blaze Pizza, LLC | Chief Supply Chain Officer | Mar 2020 – Jan 2024 | Led network/logistics through growth; multi-unit operations in franchised QSR |
| GoTo Foods (FOCUS Brands LLC) | Global VP, Supply Chain | Jul 2015 – Mar 2020 | Global supply chain for multi-brand portfolio; vendor and network optimization |
| Yum! Brands (NYSE: YUM) | Chief Supply Chain Officer | Feb 2013 – Jul 2015 | Enterprise supply chain leadership for global QSR; compliance and scale |
| The Honey Baked Ham Co., LLC | VP, Supply Chain | Feb 2004 – Feb 2013 | Cold-chain and seasonal ops; procurement and distribution |
| Conagra Brands (NYSE: CAG) | Director, R&D, Food Safety & QA | Jan 1997 – Feb 2004 | Food science, safety, and quality oversight for large-scale CPG |
External Roles
Not disclosed in reviewed filings for public company directorships or external committee roles .
Fixed Compensation
| Component | Amount | Effective/Grant Timing | Notes |
|---|---|---|---|
| Base Salary | $460,000 | Effective Jan 29, 2024 | Per Zhang Employment Agreement |
| Target Annual Bonus | $400,000 | Ongoing (annual) | Based on Company/individual goals set by Compensation Committee |
| Signing Bonus | $100,000 | Following effective date | Paid via standard payroll practices |
| Annual Equity Award Eligibility | $750,000 | Ongoing (annual) | In line with senior management practices |
Performance Compensation
| Metric | Weighting | Target (High-End Guidance) | Actual (FY 2024) | Payout Determination | Vesting |
|---|---|---|---|---|---|
| Revenue | 50% | $1,100,000,000 | $1,200,000,000 | Committee determined 200% of target bonuses for 2024 based on exceeding stretch goals | Cash incentive (N/A) |
| Adjusted EBITDA | 25% | $300,000,000 | $420,000,000 | 200% of target for NEOs; Marie’s specific payout not disclosed | Cash incentive (N/A) |
| Cash Flow from Operations | 25% | $200,000,000 | $271,000,000 | 200% of target for NEOs; Marie’s specific payout not disclosed | Cash incentive (N/A) |
Additional equity program structure (company practice for NEOs):
- Annual long-term incentive mix: 50% stock options, 50% RSUs; options vest ratably over 3 years; RSUs vest 50% in year two and 50% in year three .
- Marie is eligible for $750,000 annual equity awards under the plan; specific grant amounts/terms to her are not disclosed in 2024 proxy tables .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | Not individually disclosed for Marie in the Security Ownership table (table covers NEOs and directors; Marie is an executive officer but not a named executive) |
| Vested vs Unvested Breakdown | Not disclosed for Marie; plan-level vesting and acceleration terms provided for NEOs |
| Hedging/Pledging | Hedging transactions are prohibited by policy; pledging not disclosed |
| Stock Ownership Guidelines | Not disclosed for executives in reviewed sections – |
| Change-of-Control Treatment | Under the Omnibus Plan, outstanding awards accelerate to the extent not replaced with equivalent replacement awards upon change-in-control; Marie’s agreement also provides termination-related acceleration as described below |
Employment Terms
| Provision | Terms |
|---|---|
| Start Date / Role | Appointed COO, effective Jan 29, 2024 |
| Contract Provisions | Standard confidentiality, non-compete, non-solicitation, non-disparagement, and IP assignment |
| Severance (no CoC) | If terminated without Cause or for Good Reason: 1.5× (base salary + greater of target bonus or prior-year actual) plus prorated current-year bonus; payable over 18 months; COBRA premiums up to 18 months; unvested equity awards immediately vest (performance awards vest only upon certification) |
| Severance (with CoC, within 24 months) | 2.0× (base salary + greater of target bonus or prior-year actual) plus prorated bonus; lump-sum payment; COBRA premiums for 24 months |
| Bonus/Equity Eligibility | Annual bonus targeted at $400,000 and annual equity award eligibility at $750,000, per Compensation Committee-established performance goals and equity plan |
| Plan Framework | Third Amended and Restated 2021 Omnibus Incentive Plan (effective upon shareholder approval 4/24/2025); includes change-in-control provisions and minimum vesting standards |
Investment Implications
- Pay-for-performance alignment: Marie’s cash incentive is tied to revenue, adjusted EBITDA, and cash flow metrics; 2024 actuals exceeded stretch goals, and the Committee set payouts at 200% of target for NEOs—indicative of strong operating execution during her first year, though her specific payout is not disclosed .
- Retention risk and selling pressure: Her agreement provides immediate vesting of unvested equity on qualifying terminations (performance awards vest only upon certification), and enhanced lump-sum severance/COBRA under change-of-control—reducing voluntary attrition risk but potentially increasing insider selling pressure if equity accelerates .
- Ownership transparency: No beneficial ownership or exercisable/unexercisable option detail is disclosed for Marie; this limits skin-in-the-game analysis versus NEOs and directors covered in the proxy’s ownership table .
- Governance and shareholder feedback: The executive compensation program received 86.6% say‑on‑pay support in 2024; hedging is prohibited, and clawback policy updates are planned in line with SEC rules—supportive of alignment and governance controls .
- Performance context: 2024 delivered $1.2B revenue and $420M adjusted EBITDA with $271M operating cash flow, but a $155.1M net loss and low cumulative TSR since 2020 baseline; continued execution on margin mix and cash generation is key to translating operational gains into shareholder returns .