'You Did Too Well': Former Salad Chain CFO Sues After Being Denied £918k Bonus for 'Overperforming'
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When exceeding expectations leads to unexpected consequences, one former top executive is fighting back. The ex-CFO of a well-known salad restaurant chain claims he was unfairly denied a substantial £918,000 bonus despite delivering exceptional results. Now, he has taken legal action, alleging that his success was the very reason his payment was withheld.
Stefan Boyd, the former Chief Financial Officer of Just Salad, claims in a recent lawsuit that he is being 'cheated' out of at least £918,000 ($1.2 million) for performing 'too well.' Boyd joined the company in 2019 to overhaul its operations, with a significant portion of his earnings tied to a stock-based compensation plan.
However, now that his strategies for securing investment significantly outperformed expectations—Just Salad surpassed its projected worth and hit a 'jaw-dropping' £0.77 billion ($1 billion) valuation last autumn—the firm is reportedly trying to avoid giving him his due compensation, which totals about £0.92 million ($1.2 million), 'due to a pure technicality,' according to the legal documents.
.@justsalad lead by Nick Kenner as CEO, raised $200M in a round led by #WellingtonManagement reaching a $1B valuation.
— Elevn (@Elevn_lab) March 7, 2025
#FoodRetail#FoodServicepic.twitter.com/9sisFOakG0
Boyd is taking legal action to get the compensation he's owed, along with over £3.83 million ($5 million) in additional compensation. The legal filing, submitted to the Manhattan Supreme Court, asserts, 'Just Salad has adopted an absurd position.'
Just Salad Denied Payout for 'Overperforming' Ex-Exec
'Boyd should be deprived of the intended reward for his work ... because the value he created was too great; he did his job too well; the foundation he built was too strong; the Company grew too much and raised too much money (all while parting with too little of its equity).'
His legal representative, David M. Pohl, expressed strong belief in Boyd's case, stating, 'It never could have occurred to him that, if his work proved far more valuable than anyone ever dreamed, the Company would claim a right to stiff him based on a mistaken contractual definition that, they argue, does not require a payment when the growth is this strong.'
A spokesperson for Just Salad informed The Post that when Boyd departed the company in 2023, it was 'with a clear separation agreement that he helped craft and negotiate,' and because the conditions were not satisfied, it 'therefore did not stipulate a payment.'
'The accusations and purported statements made are categorically false, and we look forward to vigorously defending these allegations,' Just Salad said. According to the legal documents, Boyd's initial role at the business involved a 'mandate for growth' to 'secure a substantial capital raise.'
Ex-CFO Says Just Salad Violated Bonus Terms
According to his legal claim, much of his compensation was allocated to a company Equity Appreciation Unit scheme, ensuring later payments for his held-back earnings. As the pandemic unfolded, Boyd accepted a 30% reduction in his earnings in return for an even more significant number of shares in the scheme.
Furthermore, in 2022, he received a substantial boost in share units, valued at over ££0.77 million ($1 million), instead of a salary increase in cash. Those shares were scheduled for distribution after a new valuation, which Boyd anticipated would be "substantial," especially since the company had doubled the size of its staff in 2022.
However, by March 2023, Boyd stated that his professional connection with Just Salad's creator, Nick Kenner, had 'strained,' as per the legal filing, leading to his departure from the company. The lawsuit further explains that both parties created a departure agreement to ensure Boyd's held-back compensation was not 'subject to company discretion.'
Company Argues Ex-CFO Not Entitled To Bonus
At this juncture, Kenner reportedly informed Boyd that he had 'earned a right to payment upon the planned capital raise.' So, when Boyd discovered last September that Just Salad had finalised their capital raise by selling just 20% for £153.13 million ($200 million), indicating a 'staggering valuation of nearly £0.77 billion ($1 billion),' his complaint states he 'felt immense pride and validation.'
Although others involved in the EAU plan received their payments, Boyd received a communication informing him that he was only entitled to £114846 ($150,000)—not the £0.92 million ($1.2 million) outlined in his arrangement.
Growth Didn't Trigger Full Bonus Payment
This discrepancy arose because the company only needed to sell 20% of its stake for the capital raise instead of the expected 30% detailed in his departure agreement as a condition that would 'trigger' his payout.
According to the court documents, Kenner informed Boyd that the company, in fact, owes him nothing—not even the £114846 ($150,000) mentioned in the letter—but acknowledged that 'depriving Boyd of the substantial payment 'doesn't feel good from a spirit of intent.'
Kenner reportedly stated that Just Salad could not 'justify' the payment. Instead, the legal claim asserts that Kenner suggested to Boyd that he should find contentment in his efforts alone. 'You should wear it on your sleeve professionally for the rest of your life. It is what it is,' the complaint claims Kenner said.
