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HIMS

Chief accounting officer replaced, new CAO Jonathan Franklin starts on 9 Oct

Sources (1)

A first-hand company filing: HIMS is replacing its principal accounting officer during a sensitive period, with the FTC suit and the securities class action both filed. In an 8-K, Item 5.02, filed on 7 Oct (accession 0001773751-26-000220), Jonathan M.

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Franklin joined as CAO on 5 Oct and was appointed principal accounting officer by the board on 7 Oct, effective 9 Oct, in a handover that coincides with Irene Becklund's resignation. Becklund becomes an adviser until 10 Jul 2027. The new CAO has 13 years of audit experience at PwC and a background as corporate controller and vice president of accounting at Rivian. His $3 million of RSUs vest over four years, a lock-in that covers the Q3 report (due in November) and the key Q4 proof point.

Key evidence

  • SEC 8-K, Item 5.02, 7 Oct (accession 0001773751-26-000220): Jonathan M. Franklin (aged 43) joined as CAO on 5 Oct.
  • On 7 Oct the board appointed Franklin principal accounting officer, effective 9 Oct.
  • Irene Becklund resigns as principal accounting officer in a coordinated handover and becomes an adviser (agreement effective 10 Oct, with support until 10 Jul 2027).
  • Franklin's background: corporate controller and vice president of accounting at Rivian (2022-2026); before that 13 years in audit at PwC, ending as audit director; a Michigan CPA; bachelor's and master's degrees in accounting from the University of Michigan.
  • Pay package: base salary of $425,000, a sign-on payment of $150,000 (paid in instalments, requiring 9 months of service), RSUs worth $3 million (25% vests after one year, the remaining 75% quarterly over three years) and a target annual bonus of 50%.
  • Regulatory and litigation background: the FTC suit (29 Jul) and the securities class action filed on 3 Sep (class period 4 Aug 2025 to 29 Jul, lead plaintiff deadline 2 Nov). The core allegations concern disclosure, accounting and privacy compliance.
  • The core tension is unchanged: revenue up 38% year on year against gross margin compressed to 64%, a swing to a loss of $86.3 million, a provision of about $62.5 million for the FTC matter, Visa acquirer monitoring, the NAD advertising remediation, the securities class action, competition from Amazon One Medical and squeezed channel pricing from Novo Nordisk.

Catalysts to watch

  • Q3 results (November): the first reporting cycle after the new CAO takes office
  • Q4 profit jump, the key proof point
  • 2 Nov deadline for lead plaintiff applications in the securities class action
  • Developments in the FTC suit
  • Whether the new CAO strengthens internal controls and compliance

Risks

  • The turnover of finance executives falls in a compliance-sensitive period and exposes an underlying thread: doubts about the quality of earlier financial disclosure
  • The change of person, layered on the compliance undercurrent, can be read either way by bulls and bears
  • Erosion from both earnings quality and compliance costs remains unresolved
  • The risk-reward remains cautious, and the next proof point is still the jump in Q4 profit

Sources 1

  1. SEC 8-K accession 0001773751-26-000220 (filed 7 Oct, Item 5.02)

A brief is a lead for our research, not a verified conclusion or advice.