Tom Dowd, the newly appointed president and CEO of F45 Training, Austin, Texas, will receive a base salary of $1 million per year while actor, producer and entrepreneur Mark Wahlberg, who was recently named F45 Training chief brand officer, will make $1 per year and will report to Dowd, according to filings the public company submitted to the Securities and Exchange Commission.
Dowd and Wahlberg were named to their roles on March 30. Dowd was an early investor in F45 Training. Wahlberg has been an F45 investor, brand ambassador and board member since March 2019.
In addition to his salary, Dowd will be eligible for an annual bonus of $750,000 and an annual equity-based incentive award with an aggregate grand date fair value of $750,000.
Wahlberg’s agreement does not state any bonus opportunities, but it does state that he is still bound to the promotional agreement that he entered into with the company in March 2019 to be a brand ambassador.
It also states: “Outside work that creates a conflict of interest, that interferes with your ability to perform your duties, or that conflicts with your obligations to the Company is not permitted. However, it is understood that you will continue your outside business and professional activities.”
Wahlberg has multiple other businesses, including restaurant chain Wahlburgers, Municipal Apparel, Unrealistic Ideas LLC and car dealerships.
His production company Unrealistic Ideas LLC is reportedly working on a documentary film and a scripted movie about fitness legend Jack Lalanne, according to the Hollywood Reporter.
Dowd and Wahlberg have been business partners for 12 years. They co-founded investment group MW/TD Inspired and active lifestyle nutrition company Performance Inspired Nutrition.
The company is promoting Wahlberg’s affiliation with the brand by hosting Wahlberg Week April 17-23 at participating F45 Studios.
During the week, members can participate in seven new classes designed by Wahlberg and celebrity trainer Gunnar Peterson, who is the company’s chief of athletics. Members and new participants will be able to track their stats and points by downloading the F45 Challenge app.