UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):June 23, 2024
(Exact name of registrant as specified in its charter)
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Emerging growth company ☒
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)
On June 23, 2024, the board of directors (the “Board”) of ThredUp Inc. (the “Company”) appointed Noam Paransky to the Board as a Class III director, effective as of June 23, 2024. Concurrent with his appointment as a director of the Company, Mr. Paransky was appointed to the Audit Committee of the Board.
As a non-employee director, Mr. Paransky will be compensated for his services in the manner described in the Company’s current Non-Employee Director Compensation Policy, as described under “Corporate-Governance—Non-Employee Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the “SEC”) on April 5, 2024 (the “Proxy Statement”) and filed as Exhibit 10.7 to the Company’s Registration Statement on Form S-1 (File No. 333-253834), filed with the SEC on March 3, 2021 (the “Registration Statement”). The Company has also entered into its standard form of Indemnification Agreement as described under “Certain Relationships and Related Party Transactions—Liability and Indemnification of Officers and Directors” in the Proxy Statement and, filed as Exhibit 10.1 to the Registration Statement, with Mr. Paransky in connection with his appointment to the Board.
There are no arrangements or understandings between Mr. Paransky, on the one hand, and any other persons, on the other hand, pursuant to which Mr. Paransky was selected as a director. Mr. Paransky has no family relationship with any director or executive officer of the Company. Furthermore, there are no transactions between Mr. Paransky and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
On June 25, 2024, the Company issued a press release announcing the appointment of Mr. Paransky to the Board. A copy of this press release is furnished as Exhibit 99.1 to this report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 25, 2024 | THREDUP INC. | ||||||||||
| By: | /s/ Sean Sobers | ||||||||||
Sean Sobers | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
Exhibit 99.1
Noam Paransky, Chief Omni and Innovation Officer at Tapestry, Joins ThredUp’s Board
Retail and technology executive brings 25+ years of experience to ThredUp’s Board of Directors to enhance the secondhand shopping experience
June 25, 2024 (OAKLAND, Calif.) – ThredUp (NASDAQ: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, today announced that Noam Paransky has been appointed to the company’s Board of Directors. With more than 25 years of experience in digital retail innovation and omnichannel strategy, Paransky will advise ThredUp as the company transforms its business from a legacy resale marketplace to an AI-powered resale marketplace.
“In today’s rapidly evolving technological landscape, prioritizing digital innovation to enhance the customer experience is critical to ThredUp’s ability to transform the future of resale and further our mission to inspire the world to think secondhand first,” said James Reinhart, Cofounder and CEO of ThredUp. “Noam’s extensive experience in omnichannel strategy and innovation aligns with this focus, and his appointment comes at a pivotal time where we’re leveraging breakthroughs in technology to improve the shopping experience on ThredUp and redefine how people interact with secondhand apparel online.”
Paransky currently serves as the Chief Omni and Innovation Officer at Tapestry (NYSE: TPR), where he’s responsible for leading the company-wide digital innovation agenda and delivering an innovative omni-channel experience for all customer digital touchpoints. Prior to joining Tapestry, he served as the SVP of Digital at Gap, Inc. where he led the digital sales and engagement channels for all Gap, Inc. brands. Prior to Gap, Inc., Paransky spent nearly two decades as a retail, digital and marketing expert working directly with several retail and fashion brands.
"I'm delighted to be joining ThredUp's Board as they continue to revolutionize the resale industry and bring circularity to the forefront of fashion,” said Paranksy.
Paransky joins Patricia Nakache (Chair), Ian Friedman, Mandy Ginsberg, Tim Haley, Jack Lazar, Dan Nova, Coretha Rushing, and CEO James Reinhart on ThredUp’s Board of Directors. He holds a Bachelor’s Degree in Economics from Emory University.
About ThredUp
ThredUp is transforming resale with technology and a mission to inspire the world to think secondhand first. By making it easy to buy and sell secondhand, ThredUp has become one of the world's largest online resale platforms for apparel, shoes and accessories. Sellers love ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our
proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With ThredUp’s Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. ThredUp has processed over 172 million unique secondhand items from 55,000 brands across 100 categories. By extending the life cycle of clothing, ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.
Contact
Laura Hogya
ThredUp
media@thredup.com