Alex Bunch
About Alex Bunch
Charles Alexander (“Alex”) Bunch is Chief Marketing Officer of TWFG, serving since 2015; he is 54 years old as of April 1, 2025 . His background spans over 20 years in marketing and advertising with senior creative and global branding leadership roles prior to TWFG . During his tenure, TWFG delivered strong operating performance in 2024: revenue grew 18.4% to $203.8 million, Adjusted EBITDA increased 44.7% to $45.3 million, and Total Written Premium reached $1.5 billion (+18.3% YoY) . Following the July 2024 IPO at $17 per share, the stock rose 81.2% from offering to year-end (WSJ ranking 20th best-performing US-listed IPO in 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TWFG, Inc. | Chief Marketing Officer | 2015–Present | Leads company marketing; 20+ years marketing/advertising experience |
| EF Education First International | Executive Vice President Global Branding Director | 2009–2015 | Global branding leadership |
| The Martin Agency – Advertising | Senior Vice President Creative Director | 2006–2009 | Senior creative leadership |
| Slingshot Advertising | Chief Creative Officer | 2000–2006 | Creative leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or board roles disclosed in filings |
Fixed Compensation
| Item | Amount | Period/Effective Date | Notes |
|---|---|---|---|
| Base salary (paid) | $312,500 | 2024 | As disclosed in related-party section |
| Base salary (annualized) | $325,000 | Effective July 25, 2024 | Annualized base increased from $300,000 to $325,000 |
| Actual cash bonus paid | $99,038 | 2024 (paid March 2025) | Bonus paid under annual bonus plan |
| Target bonus % | Not disclosed | — | Company disclosed target bonus % for NEOs only; not for CMO |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting/Payment |
|---|---|---|---|---|
| Adjusted EBITDA (Company) | 50% | Preset 2024 goal | Executives earned 121.9% of target (NEOs); Mr. Bunch’s actual bonus $99,038 | Annual cash bonus, paid March 2025 |
| Organic Revenue (Company) | 50% | Preset 2024 goal | Executives earned 121.9% of target (NEOs); Mr. Bunch’s actual bonus $99,038 | Annual cash bonus, paid March 2025 |
Notes:
- The annual bonus plan applies to salaried non‑producer employees, including NEOs; the company disclosed plan weights and payout level for NEOs (121.9% of target), and Mr. Bunch’s actual bonus amount, but did not disclose his individual target % .
Equity Ownership & Alignment
| Item | Status/Detail |
|---|---|
| 2024 equity grant | RSUs under the 2024 Omnibus Incentive Plan; grant date fair value $800,000 (subject to substantially the same terms as IPO equity grants) |
| Vesting schedule reference | IPO RSUs for NEOs vest in three substantially equal installments on Jan 17, 2025; Jul 17, 2025; Jul 17, 2026, subject to continuous employment; Mr. Bunch’s RSUs were subject to substantially similar terms per filing |
| Change-of-control treatment | IPO RSUs fully vest immediately prior to a Change in Control, contingent on continued employment (plan terms referenced for NEOs; Mr. Bunch’s RSUs subject to substantially similar terms) |
| Beneficial ownership | Not disclosed for Mr. Bunch in the beneficial ownership table; table covers selected officers/directors as of Apr 1, 2025 |
| Hedging/short sales | Prohibited for designated directors/officers; policy bans hedging, short sales, and derivatives on company stock |
| Pledging | Requires General Counsel pre‑approval; as of record date there were no pledges by officers and directors |
| Trading controls | Pre‑clearance required; trading windows open only after earnings releases; blackout periods may apply |
| Stock ownership guidelines | In place for directors and executive officers (amounts not disclosed) |
| Clawback | Company-wide Clawback Policy (effective Jul 17, 2024) covering incentive-based compensation aligned to financial reporting measures; recovery upon accounting restatement |
Employment Terms
| Item | Detail |
|---|---|
| Employment agreement | None disclosed for Mr. Bunch; company disclosed no employment agreements for NEOs |
| Severance | Not disclosed; no severance agreements disclosed for NEOs aside from equity acceleration terms |
| Change-of-control economics | Equity acceleration per Plan (see above); other cash severance terms not disclosed |
| Non‑compete / non‑solicit | Not disclosed |
| Clawback policy | Applies to incentive-based compensation; Board/Comp Committee administers recovery |
Company Performance Context (for alignment assessment)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Revenue ($USD Thousands) | $172,043 | $203,760 |
| Adjusted EBITDA ($USD Thousands) | $31,348 | $45,349 |
| Adjusted EBITDA Margin (%) | 18.2% | 22.3% |
| Organic Revenue Growth Rate (%) | 11.2% (2023 vs 2022) | 14.5% (2024 vs 2023) |
Additional context:
- Q4 2024 highlights: Total revenue growth 30.8% YoY; Organic Revenue Growth 20.5%; Adjusted EBITDA Margin 26.8% (benefiting from contingent commissions and timing of certain public company expenses) .
- IPO priced at $17 (Jul 17, 2024); +81.2% increase by year-end; ranked 20th best-performing US-listed IPO in 2024 by WSJ .
Related Party & Governance Considerations
- Family relationship: Alex Bunch (CMO) is the brother of CEO/Chairman Richard F. (“Gordy”) Bunch III; his 2024 compensation totaled ~$1,211,538 (base $312,500, cash bonus $99,038, RSUs fair value $800,000); annualized salary increased to $325,000 effective Jul 25, 2024 .
- Controlled company: Bunch Family Holdings holds >50% voting power; TWFG relies on certain Nasdaq “controlled company” governance exemptions .
- No pledges: As of the record date, no pledges by officers/directors; hedging prohibited; strict preclearance and trading window controls .
- Related-party transactions (context): EVO management and enterprise license agreements, and HQ lease with Parkwood 2 LLC (pre-IPO members); TWFG paid $1.8M to EVO for licenses and $2.524M under the lease in 2024 .
Investment Implications
- Pay-for-performance alignment: His cash incentive ties to company-level Adjusted EBITDA and Organic Revenue (50/50 weighting), with 2024 payouts at 121.9% of target at the NEO plan level and his actual bonus disclosed; equity grants vest over 18 months–two years with change‑of‑control acceleration and are subject to clawback—supporting alignment and downside safeguards .
- Selling pressure: Upcoming vest milestones (Jan 17, 2025; Jul 17, 2025; Jul 17, 2026 per IPO RSU reference) could create episodic liquidity, but strict preclearance/trading windows and a no‑hedging/no‑pledging framework temper near‑term selling risk; no pledges outstanding as of record date .
- Retention risk: Absence of disclosed employment/severance agreements reduces guaranteed cash protection; equity-based compensation with accelerated vesting upon change‑of‑control provides retention and transaction alignment, but limited disclosure on additional protections warrants monitoring .
- Governance risk: Familial relationship with the CEO within a controlled company framework elevates potential related-party and nepotism concerns; oversight is partially mitigated by independent directors, a functioning Compensation Committee, and formal policies (clawback, insider trading) .