Emily Dreyer
TRUPANIONAbout Emily Dreyer
Emily Dreyer is Trupanion’s Chief Revenue Officer (as of September 2025) and previously Senior Vice President, Channel Growth; she has been with Trupanion for almost thirteen years and is 37 years old, with a B.A. from Trinity College . Her tenure spans roles across customer acquisition and marketing since January 2013, positioning her to drive the company’s “leads-convert-keep” growth flywheel and step up disciplined acquisition and brand spend . Company performance metrics linked to executive pay include Adjusted Operating Income and Margin for short-term incentives, and growth in intrinsic value per share for long-term incentives; pay-versus-performance disclosure shows cumulative TSR for 2024 of $131.12 on a $100 base (company), alongside revenue growth of 16% in 2024 and improved free cash flow to $38.6 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trupanion | Chief Revenue Officer | 2025 (role held “a couple of months” as of Sep 17, 2025) | Leads brand and acquisition spend, digital conversion optimization and test-and-learn programs across the funnel . |
| Trupanion | SVP, Channel Growth | Jun 2022 – 2025 | Oversaw vet/B2B channels driving lead generation and conversion . |
| Trupanion | VP, Customer Marketing | Jan 2021 – Jun 2022 | Led customer marketing strategy . |
| Trupanion | Head of Customer Marketing | May 2017 – Jan 2021 | Advanced lifecycle marketing and retention programs . |
| Trupanion | Senior Marketing Manager | Sep 2016 – May 2017 | Managed marketing programs . |
| Trupanion | Customer Acquisition Manager | Sep 2014 – Sep 2016 | Led acquisition campaigns and performance testing . |
| Trupanion | Acquisition Specialist | Jan 2014 – Sep 2014 | Supported acquisition operations . |
| Trupanion | Marketing Specialist | Jan 2013 – Jan 2014 | Early-career marketing execution . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external public company board roles or committee positions disclosed in proxy materials . |
Fixed Compensation
| Metric | FY 2022 |
|---|---|
| Base Salary (USD) | $220,000 |
| Target Short-Term Incentive (USD) | $88,000 (approved target for 2022 performance year) |
| Actual Short-Term Incentive Paid (USD) | $41,868 (paid in 2023 for 2022 performance) |
Notes:
- 2024 named executive officer disclosures do not include Dreyer; 2022 disclosures reflect her as an NEO with the above salary/bonus figures .
Performance Compensation
Short-Term Incentives (Design and Metrics)
- 2022 program emphasized Adjusted Operating Income and Adjusted Operating Margin in short-term awards; long-term incentives linked to intrinsic value per share growth .
- In 2024, Trupanion adopted the Management Incentive Plan (MIP) with 100% corporate metrics: Adjusted Operating Income (AOI), Lifetime Value per Pet (LVP), and Internal Rate of Return (IRR); total earned incentive was approved at 106% of target for eligible NEOs based on company performance (200% LVP achievement, 92% IRR, 65% AOI) .
Long-Term Equity Awards (RSUs)
| Award Type | Grant Date | Shares | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|---|
| RSU (2021 performance-year LTI, granted in 2022) | Feb 28, 2022 | 23,707 | $2,124,858 | 25% on ~1-year anniversary, then 1/16 quarterly thereafter (total four-year vest) . |
Additional context:
- Company policy in 2024–2025 delivered annual performance RSUs that vest over two years based on continued service, with allocations informed by intrinsic value per share growth (no Dreyer-specific 2024/2025 grant amounts disclosed) .
Equity Ownership & Alignment
| Component | As of/Date | Quantity/Detail |
|---|---|---|
| Common shares owned | Apr 10, 2023 | 15,204 shares . |
| Options exercisable ≤60 days | Apr 10, 2023 | 10,654 shares underlying options . |
| RSUs vesting ≤60 days | Apr 10, 2023 | 2,407 shares issuable upon RSU settlement . |
| RSU vest/realization (historical) | 2018–2021 grants | Multiple RSU vest events recorded (e.g., 5,758 shares vested on 2/22/2021; prior smaller tranches 2018–2020) . |
| Hedging/Pledging | Policy | Hedging prohibited; pledging discouraged and requires pre-approval; committee oversight on any pledges . |
| Ownership Guidelines | Policy | 3x annual base compensation for executive officers; compliance affirmed for NEOs/directors in role ≥5 years as of Dec 31, 2024 (no Dreyer-specific status disclosed) . |
Insider filings indicator:
- Dreyer filed one late Form 4 in June 2024 (grant and vest of RSUs in May 2024) and two late Forms 4 in November 2024 (grant, sale, and vesting of RSUs in November 2024), indicating RSU activity and at least some sales in November 2024 .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance Plan (general) | Termination without cause: lump-sum of salary minimum 2 weeks + 2 weeks per year up to 26 weeks, plus earned/unpaid bonuses; Change-in-control window (three months before to one year after) with termination without cause: six months salary + unpaid prior bonuses; immediate vesting of all unvested equity; potential 280G cutback to maximize net after-tax . |
| Individual scenario values (as of Dec 31, 2022) | Termination without cause: $126,483 cash + $1,016 benefits; After change of control, termination without cause: $151,867 cash + $1,512,975 accelerated RSUs; $1,016 benefits . |
| Clawback | Recovery of incentive compensation upon restatement, recalculation of performance measures, or misconduct for awards paid on/after Oct 2, 2023 within the prior three fiscal years . |
| Insider Trading Policy | Trading windows, 10b5-1 plan procedures; hedging prohibited; pledging discouraged and pre-approved with oversight . |
Performance & Track Record
- Execution leadership: Dreyer leads scaled brand and acquisition spend, reintroduced disciplined “test spend” to optimize conversion across vet/B2B and online journeys; focus on pricing narrative and personalized web experiences to mimic high-conversion phone sales .
- Retention/quality growth: Emphasis on 98% retention and cohort management (first-year, <20% rate-change, tenured) to support IRR/LVP and future growth; attention to conversion rate improvements especially online .
- Company outcomes linked to pay-for-performance: 2024 total revenue +16% to $1,285.7m, subscription revenue +20% to $856.5m, net loss narrowed to $(9.6)m, operating cash flow $48.3m, free cash flow $38.6m, intrinsic value estimated +$879m to ~$2.01b—supporting higher short-term and long-term incentive funding pools (company-wide) .
Compensation Structure Analysis
- Equity-heavy, performance-tilted: Executive pay emphasizes performance-based incentives, RSUs over cash, and long-term awards tied to intrinsic value per share growth; payout opportunities capped at 200% of target .
- Metric evolution: 2024 migration to MIP removed individual modifiers and aligned all payouts to AOI, LVP, IRR—tightening linkage between incentives and profitable growth/retention quality .
- Ownership alignment: 3x salary stock ownership guideline for executives; hedging prohibited and pledging tightly controlled; clawback policy exceeds baseline requirements .
Equity Ownership & Alignment (Detailed Table)
| Item | Details |
|---|---|
| Stock Ownership Guideline | 3x base salary for executive officers; 5-year compliance window . |
| Compliance status (company statement) | NEOs and directors in role ≥5 years in compliance as of Dec 31, 2024 (individual status for Dreyer not specified) . |
| Hedging/Pledging policy | Hedging prohibited; pledging discouraged and requires committee pre-approval; ongoing oversight of any pledges . |
| Insider activity signal | Late Form 4s in 2024 include RSU grant/vests and November 2024 sale; potential periodic selling pressure around vest events . |
Employment Terms (Severance & CoC Economics – Detailed Table)
| Scenario (Dec 31, 2022 basis) | Cash Severance | Equity Acceleration | Benefits |
|---|---|---|---|
| Termination without cause | $126,483 | — | $1,016 |
| Termination without cause after Change of Control | $151,867 | $1,512,975 | — / $0 |
Company policy overlay:
- Change-in-control policy provides six months salary, unpaid bonuses, and immediate vesting of all unvested equity for terminations without cause in specified CoC windows; potential 280G cutback applies .
Investment Implications
- Alignment and retention: Dreyer’s large 2022 RSU grant (23,707 shares) with multi-year vesting and company policies (ownership guidelines, hedging ban, pledging controls, clawbacks) create strong long-term alignment, while vesting cadence may periodically introduce selling pressure, as seen with her reported November 2024 sale activity .
- Performance linkage: Current incentive design (AOI/LVP/IRR) ties Dreyer’s compensation outcomes to conversion, retention quality, and disciplined acquisition economics—supporting value creation if digital conversion gains materialize and cohort mix improves .
- Change-of-control protections: Immediate RSU acceleration and six months salary under CoC termination without cause (plus unpaid bonuses) may raise payout sensitivity in strategic events, but cutback provision mitigates 280G risks .
- Trading signals: Disclosure of late Forms 4 (including RSU sales in November 2024) is a watchpoint for near-term supply; monitoring future Form 4s and RSU vest schedules can help gauge incremental selling pressure around windows .