David Lee
About David J. Lee
David J. Lee, age 53, is an independent Class II director of Zevia PBC, serving since July 2022, and currently chairs the Nominating and Enterprise Risk Management Committee while also serving on the Audit Committee; his term expires in 2026 . He is COO and CFO of Webtoon (a Naver Corp. subsidiary) since November 2023; previously President of AppHarvest (Jan 2021–Nov 2022; board through Nov 2023) and COO/CFO of Impossible Foods (Dec 2015–Jan 2021); earlier roles include CFO of Zynga, SVP Corporate Finance at Best Buy, SVP roles at Del Monte Foods, and strategy/finance roles at PG&E, McKinsey, EPVC and Leo Burnett . He holds an MBA from the University of Chicago and a BA from Harvard College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Webtoon (Naver Corp.) | Chief Operating Officer & Chief Financial Officer | Nov 2023 – Present | Senior leadership in digital media; finance and operations |
| AppHarvest | President; Director | Jan 2021 – Nov 2022; Board through Nov 2023 | Led sustainable AgTech operations; board oversight |
| Impossible Foods | Chief Operating Officer & Chief Financial Officer | Dec 2015 – Jan 2021 | Scaled from pre-revenue to global sales; built manufacturing/supply chain |
| Zynga | Chief Financial Officer | Apr 2014 – Dec 2015 | Led finance and corporate development |
| Best Buy | SVP, Corporate Finance & Strategy | 2012 – 2014 | Led corporate finance during turnaround |
| Del Monte Foods | SVP Consumer Products; other roles | 2004 – 2012 | Ran global food business (2008–2010) |
| PG&E | Director, Strategic Planning | During CA Energy Crisis (early 2000s) | Turnaround planning |
| McKinsey; EPVC; Leo Burnett | Consultant; Investor; Advertising | Early career | Strategy, venture investing, marketing |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Benson Hill (public) | Director | Prior service (dates not specified) | Served on Audit Committee |
| Inevitable Tech (private) | Founder & Chair | Ongoing | Ag/food tech focus |
| Council of Korean Americans; USC Network of Korean American Leaders | Fellow | Ongoing | Civic leadership |
Board Governance
- Committee assignments: Chair, Nominating & Enterprise Risk Management; Member, Audit .
- Independence: Board affirmatively determined Lee is independent; all Audit, Compensation, and Nominating members are independent under NYSE/SEC rules .
- Attendance: Board met seven times in 2024; each director attended at least 75% of Board and committee meetings where they served; seven executive sessions were held; all directors attended the 2024 annual meeting .
- Committee activity: 2024 meetings—Audit (9), Compensation (6), Nominating & ERM (5) .
- Lead Independent Director: Andy Ruben (not Lee); Board operating under a separated Chair/CEO structure; classified board sunsets beginning in 2027 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board cash retainer | $60,000 | Director Compensation Policy (2024) |
| Additional retainer (Chair of Board; Lead Independent) | $20,000 | Not applicable to Lee (he is neither Chair nor Lead Independent) |
| Audit Committee (Chair / Member) | $20,000 / $10,000 | Lee is a member ($10,000) |
| Compensation Committee (Chair / Member) | $15,000 / $7,500 | Not applicable to Lee (not a member) |
| Nominating & ERM Committee (Chair / Member) | $10,000 / $5,000 | Lee is Chair ($10,000) |
| ESG Committee (Chair / Member) | $10,000 / $5,000 | Not applicable to Lee |
| 2024 Director Cash Fees (Lee) | Amount |
|---|---|
| Fees Earned or Paid in Cash | $78,152 |
Performance Compensation
| Equity Award | Grant Date | Units/Value | Vesting | Valuation Basis |
|---|---|---|---|---|
| Annual RSU grant (standard) | Jun 12, 2024 | $100,000 | Vests on earlier of first anniversary or next annual meeting | Closing price $0.8442 for June 12, 2024 RSUs |
| RSUs granted to Lee | Jun 12, 2024 | 118,455 RSUs | Vests by Jun 12, 2025 or 2025 annual meeting | Policy terms as above |
- Director equity grants are time-based restricted stock units; no performance metrics apply to non-employee director equity awards .
Other Directorships & Interlocks
| Company | Public/Private | Role | Committee/Notes |
|---|---|---|---|
| Benson Hill | Public | Director (prior) | Audit Committee member |
| AppHarvest | Public (at the time) | Director (through Nov 2023) | Board service following President role |
- Compensation Committee interlocks: None among Zevia’s Compensation Committee members in prior three years; no reciprocal board/service interlocks with Zevia executives disclosed .
Expertise & Qualifications
- Finance and operations expertise: Multiple CFO/COO roles (Impossible Foods, Zynga, Best Buy, Webtoon) and corporate transformations .
- Supply chain and manufacturing: Built commercial manufacturing and supply chains at Impossible Foods; operations leadership across consumer goods .
- ESG and ag/food tech exposure: Led sustainable AgTech operations at AppHarvest; governance experience on food tech boards .
- Governance experience: Prior public board service and audit committee experience; chairs Zevia’s Nominating & ERM Committee .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Class A shares held (direct) | 54,320.547 | As of Apr 16, 2025 |
| RSUs vesting within 60 days | 118,455 | Counted in beneficial ownership |
| Total beneficial ownership | 172,775.547 | Less than 1% of outstanding |
| Vested vs Unvested | Unvested RSUs: 118,455 | Outstanding at Dec 31, 2024; vest by Jun 12, 2025 |
| Pledging/Hedging | Prohibited | Company policy prohibits director hedging and pledging |
| Ownership guidelines | 3x annual Board cash retainer | All non-employee directors have achieved or are compliant/on track per holding requirements |
Governance Assessment
- Strengths: Independent status; chairs Nominating & ERM (risk oversight, cybersecurity); Audit Committee membership (financial oversight); solid attendance; structured director pay reviewed by independent consultant (Pearl Meyer); strong alignment via stock ownership guidelines and annual RSU grants .
- Compensation mix: 2024 cash fees of $78,152 and RSUs with $100,000 grant-date value indicate a balanced cash/equity approach with meaningful at-risk, time-based equity; no change to director compensation policy in 2024, suggesting stability and market alignment .
- Conflicts/related party exposure: No related person transactions since January 1, 2023; Audit Committee oversees related party policy; insider policy prohibits hedging/pledging, reducing misalignment risk .
- Risk indicators: No disclosed legal proceedings, option repricing, tax gross-ups, or compensation interlocks; Board uses majority vote standard and director resignation policy, enhancing accountability .