If you’re familiar with Tilly’s, chances are you have a teenager in your life. There’s a store near me that I’ve been in a few times with my own teenaged son. For my fellow Gen Xers out there, think California beach clothes, like Ocean Pacific and Vans.

Given its market cap of only $55 million, this isn’t a company that I’d normally write about. The stock is trading at under $2 a share and has been declining for years. But this press release earlier this week announcing a new CEO for the company caught my attention. Nate Smith, a former Navy Seal, has been named CEO, replacing co-founder Hezy Shaked on Aug. 18. Shaked had been serving as CEO since Jan. 2024 when the former CEO, Ed Thomas, abruptly quit after disappointing numbers.

Smith, who apparently has a good reputation according to this publication, isn’t coming cheaply. According to his agreement attached to the 8-K, he will be paid $1 million in base salary, be eligible for up to $2 million in bonus pay, get $400K for a signing bonus, and (here’s the real money) 1.8 million options. That seems like a lot of money given the size of the company and an unusually generous options package.

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