Posted: 05/10/2025 03:37 am
FIGS, Inc., a trailblazer in the healthcare apparel industry, has captured attention not just for its innovative scrubs but also for its unique approach to executive compensation. Known for redefining medical wear, FIGS' executive remuneration strategy has taken an intriguing direction as evidenced by recent SEC filings.
In 2024, Heather Hasson, the Executive Chair at FIGS, recorded a total compensation of merely $42. This compensation package starkly contrasts the lavish compensations typically associated with corporate leadership in the apparel sector. Traditionally, executive compensation comprises various forms of incentives, including stocks, bonuses, and salaries; however, Hasson’s compensation was limited to the category of "all other compensation." This minimalist remuneration approach can be seen as aligning with a potentially new, value-driven compass at FIGS that prioritizes company growth and stakeholder interests over personal gains.1
Contrarily, earlier data from 2021 reveal a different compensation landscape at FIGS. During this period, the Co-CEO Trina Spear and CFO Daniella Turenshine received compensation packages featuring substantial stock and option awards coupled with generous salaries and bonuses. For instance, Turenshine's total compensation amounted to over $21 million, primarily driven by a significant allocation in stock awards.2 Spear, then another Co-CEO, was remunerated similarly, reflecting a strategy focused on leveraging stock options to attract and retain top-tier executive talent.3 The 2021 compensation not only underscored FIGS' growth ambitions but also recognized the achievements made in cementing its market position.4
Despite the evident shift in executive compensation strategy over time, FIGS remains committed to executing its business strategy effectively. An open letter from Applied Fundamental Research praised FIGS’ transformative impact on the healthcare apparel market.5 This vote of confidence from a long-term shareholder signifies a broad endorsement of FIGS' operational and strategic initiatives, even as it navigates compensation policies.
FIGS' financial performance continues to be scrutinized as the company strives to maintain its market momentum. Recent earnings reports revealed that FIGS achieved break-even earnings for Q1 2025, surpassing expectations of a minor loss.6 The announcement followed a rejected acquisition offer from Story3 Capital Partners, illustrating FIGS' determination to remain independent and strategic in its growth endeavors.7 Despite the divided market opinions and a modest stock price decline, FIGS' shares continue to reflect broader market trust with a strong average trading volume.8
Such executive compensation frameworks echo broader narratives within corporate governance, where alignment with shareholder interests and strategic priorities takes center stage. FIGS' evolving compensation strategy mirrors an institutional commitment to navigate market challenges while preserving innovative zeal and shareholder value.
1. SEC Filing, Heather Hasson Executive Compensation, 2024. [Source](https://www.sec.gov/Archives/edgar/data/1846576/000162828025019713/0001628280-25-019713-index.htm).
2. SEC Filing, Daniella Turenshine Compensation, 2021. [Source](https://www.sec.gov/Archives/edgar/data/1846576/000162828023012951/0001628280-23-012951-index.htm).
3. SEC Filing, Catherine Spear Compensation, 2021. [Source](https://www.sec.gov/Archives/edgar/data/1846576/000162828024017664/0001628280-24-017664-index.htm).
4. SEC Filing, Heather Hasson Co-CEO Compensation, 2021. [Source](https://www.sec.gov/Archives/edgar/data/1846576/000095017022006228/0000950170-22-006228-index.htm).
5. Applied Fundamental Research Open Letter to FIGS, 2024. [Source](https://businesswire.com).
6. Zacks, FIGS Reports Break-Even Earnings for Q1 2025, May 8, 2025. [Source](https://www.zacks.com/stock/news/2465543).
7. Reuters, FIGS Rebuffs Capital's Take-Private Offer, January 16, 2025. [Source](https://www.reuters.com/markets/deals/scrubs-maker-figs-rebuffs-story3-capitals-take-private-offer-2025-01-16/).
8. Current Stock Price Data, FIGS, Inc., as of May 2025. [Source](https://www.nyse.com).
