Ian Friedman
About Ian Friedman
Ian Friedman (age 42 as of April 7, 2025) is an independent, non-employee director of ThredUp and has served on the Board since August 2015, bringing venture capital and technology investing expertise; he holds an MBA from Stanford GSB and an HBA from Ivey Business School at Western University . He is currently Partner & Managing Director, Co-Head of Technology Investments at L Catterton (since September 2022) and previously was CEO and a director of Highland Transcend Partners I Corp., a publicly traded SPAC (October 2020–December 2022) . ThredUp’s Board has determined Mr. Friedman is independent under Nasdaq and LTSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| L Catterton | Partner & Managing Director, Co-Head of Technology Investments | Sep 2022–Present | Consumer-focused PE investor; technology deal leadership |
| Highland Transcend Partners I Corp. (public SPAC) | Chief Executive Officer and Director | Oct 2020–Dec 2022 | Led a publicly traded SPAC platform; capital markets experience |
| Goldman Sachs Investment Partners (VC & Growth Equity) | Co-Head, Venture Capital & Growth Equity | Sep 2012–Oct 2019 | Growth-stage investing, portfolio oversight |
| Bain Capital | Private Equity Investor | Sep 2008–Jul 2010 | PE transaction execution |
| Boston Consulting Group | Consultant | Sep 2006–Jul 2008 | Strategy and operations advisory |
External Roles
| Company/Institution | Role | Public/Private | Tenure | Notes |
|---|---|---|---|---|
| L Catterton | Partner & Managing Director, Co-Head of Technology Investments | Private | Sep 2022–Present | Consumer-focused private equity |
| Highland Transcend Partners I Corp. | CEO & Director | Public | Oct 2020–Dec 2022 | SPAC leadership/directorship experience |
Board Governance
- Board class and tenure: Class I director; nominated for re-election to 2028; on Board since Aug 2015 .
- Independence: Board has determined Friedman is independent under SEC/Nasdaq/LTSE standards .
- Committee assignments: Audit Committee member (Jack Lazar, Chair; Lazar designated Audit Committee Financial Expert) .
- Attendance: Board met 4 times in 2024; except for a newly appointed director (Paransky), each director attended at least 75% of Board and committee meetings (implies Friedman ≥75%) .
- Audit Committee activity: Audit Committee met 4 times in 2024; oversees financial reporting, internal controls, ERM and cybersecurity .
- Board leadership: Independent Chair (Patricia Nakache); CEO/Chair roles separated .
Fixed Compensation
| Component (FY2024) | Amount | Notes |
|---|---|---|
| Board annual cash retainer | $40,000 | Standard non-employee director retainer |
| Audit Committee member fee | $10,000 | Member (non-chair) |
| Total fees earned/paid in cash (reported) | $50,000 | 2024 director comp disclosure |
| Election form for cash retainers | RSU alternative available | Directors could elect to receive quarterly cash retainers in fully vested RSUs; in 2024, Friedman elected RSUs for Q1–Q3 and cash in Q4 per aggregate election disclosure |
Performance Compensation
| Equity Element | 2024 Grant/Value | Vesting | Change-in-Control | Notes |
|---|---|---|---|---|
| Annual RSU Award (policy) | Target $150,000 | Vests in full on earlier of 1-year or next annual meeting, subject to service | Full acceleration upon sale of the Company | Standard for all non-employee directors (excludes <6 months’ tenure) |
| Reported Stock Awards Value (FY2024) | $119,913 | Per 2024 director comp table | As above | ASC 718 grant-date fair value; not necessarily equal to policy target |
| Outstanding RSUs at 12/31/2024 | 77,363 units | Time-based | — | Friedman’s outstanding director RSUs; class A underlying |
No director performance metrics (TSR, revenue/EBITDA hurdles) are disclosed for director equity; awards are time-based RSUs aligned with service .
Other Directorships & Interlocks
| Company | Role | Timeframe | Interlock/Notes |
|---|---|---|---|
| Highland Transcend Partners I Corp. | CEO & Director | 2020–2022 | Historical affiliation with Highland platform; Board colleague Dan Nova also served as CIO of the same SPAC (2020–2022) |
- Compensation Committee interlocks: None—Friedman is not on the Compensation Committee; committee members (Haley, Nova, Ginsberg, Rushing) had no interlocking relationships requiring disclosure .
Expertise & Qualifications
- Venture and growth equity investor with leadership roles across L Catterton and GS Investment Partners; prior PE (Bain Capital) and strategy experience (BCG) .
- MBA (Stanford GSB); HBA (Ivey Business School) .
- Financial oversight experience via Audit Committee service; Audit Chair/Financial Expert role held by Lazar, not Friedman .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Total Ownership % | Voting Power % | Notes |
|---|---|---|---|---|---|
| Ian Friedman | 275,698 | — | <1% | <1% | As of March 19, 2025, per beneficial ownership table |
| Outstanding RSUs (12/31/2024) | 77,363 (RSUs) | — | — | — | Director RSUs outstanding; time-based |
- Hedging/pledging: Company policy prohibits directors from hedging and from pledging Company stock; also prohibits use as margin collateral .
- Ownership guidelines for directors: Not disclosed in the proxy .
Governance Assessment
- Alignment and pay mix: 2024 compensation was majority equity-based (approx. 71% stock awards vs. 29% cash using $119,913 equity and $50,000 cash), consistent with long-term alignment; policy allows cash-to-RSU elections, which Friedman used for first three quarters of 2024 .
- Independence and effectiveness: Independent director with ≥75% attendance and active Audit Committee service; Audit Committee met four times and is chaired by a designated financial expert, supporting financial oversight .
- Potential conflicts and related-party exposure: No Friedman-specific related-party transactions disclosed; related-party oversight resides with the Audit Committee under a formal policy; broader investor-related agreements (e.g., investors’ rights) exist but no director-specific transactions for Friedman are identified .
- Network/interlocks: Historical overlap with Highland Transcend (with fellow director Dan Nova) should be monitored for potential information flow dynamics, though independence is affirmed and committee independence requirements are met .
- Policies and safeguards: Anti-hedging/pledging policy, code of conduct, and change-in-control acceleration terms for director RSUs are standard for emerging-growth/smaller-reporting issuers; Board has independent Chair and a majority of independent directors, enhancing oversight .
RED FLAGS: None specifically identified for Friedman in the 2025 proxy; no attendance shortfalls, no disclosed related-party transactions, and compensation structure is standard (time-based RSUs). Continue monitoring any L Catterton portfolio interactions with ThredUp’s RaaS ecosystem and any evolving interlocks, although none are disclosed in the proxy .