Molly Beerman
AlcoaAbout Molly Beerman
Alcoa’s EVP & CFO since February 2023 (previously SVP & Controller 2019–2023; VP & Controller 2016–2019), Beerman oversees finance, tax, treasury, IR, risk, and IT, and helped deliver a $645M profitability improvement program ahead of schedule, lead the first $737M green bond, and de-lever post Alumina Limited acquisition . Company performance during her tenure includes 2024 revenue of $11.9B and Adjusted EBITDA excluding special items up 196% YoY; 2022–2024 PRSU cycle paid at 52% of target due to below-target ROE and relative TSR performance (rank 25/34) . Alcoa’s pay program targets median of peers with heavy equity/at‑risk pay, strong shareholder support (96% Say‑on‑Pay in 2024) and robust governance (clawback; anti‑hedging/pledging) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alcoa Corporation | EVP & CFO | 2023–present | Led $645M profitability program; executed first $737M green bond; supported Alumina Limited acquisition integration and de‑leveraging . |
| Alcoa Corporation | SVP & Controller | 2019–2023 | Senior finance leadership preceding CFO appointment . |
| Alcoa Corporation | VP & Controller | 2016–2019 | Finance/controls leadership following Alcoa separation . |
External Roles
- None disclosed in proxy for Beerman .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Earnings ($) | 618,864 | 660,211 |
| Target Annual Incentive (% of salary) | — | 100% |
| Actual Annual Incentive Payout ($) | 516,690 | 1,077,002 |
| Transaction/Recognition Bonus ($) | — | 135,000 (Alumina Limited acquisition) |
Performance Compensation
2024 Annual Incentive Plan – Company Metrics and Results
| Metric | Weight | Target | Result | Achievement % | Weighted Result |
|---|---|---|---|---|---|
| Adjusted EBITDA excl. special items ($M) | 20% | 1,107 | 1,554 | 200% | 40.0% |
| Free Cash Flow – Normalized ($M) | 20% | (677) | (174) | 184% | 36.8% |
| Alumina digester production (tpd) | 6% | 30,285 | 29,870 | 77% | 4.6% |
| Aluminum pot room production (kmt) | 9% | 2,256 | 2,219 | 73% | 6.6% |
| Alumina Cash Net Conversion Cost ($/mt) | 6% | 102 | 110 | 0% | 0.0% |
| Aluminum Cash Net Conversion Cost ($/mt) | 9% | 591 | 600 | 70% | 6.3% |
| Safety – Zero fatalities (count) | 10% | 0 | 0 | 200% | 20.0% |
| FSI – Actual (count) | 10% | 3 | 0 | 200% | 20.0% |
| Inclusive culture – Global women (%) | 5% | 20.5% | 20.1% | 81% | 4.0% |
| Underrepresented employee hires (%) | 5% | 33.0% | 38.5% | 200% | 10.0% |
| Total | 100% | — | — | — | 148.3% total result |
Beerman’s IC payout reflects company performance and an individual contribution factor of 110%, yielding $1,077,002 on a 100% target (148.3% company result x 110% individual) .
Long-Term Incentives – Structure and 2024 Grants
- Mix: 60% PRSUs (target), 40% RSUs; PRSUs measured over 2024–2026 on Relative TSR (35%), Average ROE (35%), Carbon Intensity (30%); max 200% of target .
- 2024 Grants to Beerman: 45,070 PRSUs (target) and 28,230 RSUs; fair values $1,454,409 and $840,125, respectively .
| PRSU Metric (2024–2026) | Weight | Notes |
|---|---|---|
| Relative TSR (vs. S&P Metals & Mining Select Industry Index) | 35% | Earn-out via percentile rank . |
| Average ROE (3-yr) | 35% | Cumulative performance . |
| Carbon Intensity | 30% | ESG operational decarbonization metric . |
| Completed PRSU Cycle | Payout | Drivers |
|---|---|---|
| 2022–2024 PRSUs | 52.0% | ROE below target; Relative TSR rank 25/34; carbon metrics achieved at high levels . |
Equity Ownership & Alignment
| Ownership Snapshot (as of 3/1/2025) | Value |
|---|---|
| Total Beneficial Ownership (shares) | 52,366; <1% of shares outstanding |
| Additional Underlying Stock Units (deferred/RSUs not delivering within 60 days) | 59,950 |
| Executive Stock Ownership Guideline | CFO: 3x base salary |
| Guideline Compliance (12/31/2024) | All NEOs except two newer execs (Reed, Hastings) met guidelines; implies Beerman in compliance |
| Hedging/Pledging | Prohibited for directors/officers/employees |
Program features: strong clawback (restatement-based recovery), double-trigger CIC vesting where awards are assumed, no option repricing, no excise tax gross-ups, and a 2.99x severance cap policy without shareholder ratification .
Outstanding Equity and Vesting (12/31/2024)
| Award | Grant Date | Unvested/Earned-but-not-vested (#) | Unearned (target) (#) | Vesting / Performance Period |
|---|---|---|---|---|
| RSU | 1/26/2022 | 2,310 | — | 1/26/2025 |
| RSU | 1/25/2023 | 13,800 | — | 1/25/2026 |
| RSU | 1/24/2024 | 28,230 | — | 1/24/2025, 1/24/2026, 1/24/2027 (ratable) |
| PRSU (2022–2024) | 1/26/2022 | 1,800 (earned) | — | Earned; vests 1/26/2025 |
| PRSU (2023–2025) | 2/22/2023 | — | 22,050 | Performance through 12/31/2025; committee cert. 2026; vests 2/22/2026 |
| PRSU (2024–2026) | 2/21/2024 | — | 45,070 | Performance through 12/31/2026; vests 2/21/2027 |
Totals at 12/31/2024: 46,140 unvested RSUs/earned PRSUs; 67,120 unearned PRSUs (target) .
Options
- No stock options granted since 2019; Beerman holds no options outstanding .
Deferred Compensation
| Metric (2024) | Amount |
|---|---|
| Executive contributions | $144,353 |
| Company contributions | $47,920 |
| Aggregate earnings (not above-market) | $64,310 |
| Aggregate balance (12/31/2024) | $924,726 |
Employment Terms
Severance (Non‑CIC) – CEO/CFO Form Agreement
- If terminated without cause: greater of company policy or 2x base salary (lump sum), pro‑rated annual bonus (based on actual goal achievement), up to 12 months outplacement, 2 years of health benefits, lump sum for 2 years of ERIC (3% DC contributions), and $50,000 upon execution of release; 2‑year non‑compete and non‑solicit; 2.99x cash cap policy applies .
Change‑in‑Control (CIC) – Tier I (CEO/CFO/GC)
- Double trigger: 3x (base + target bonus), pro‑rated target bonus, up to 3 years of life/accident/health benefits, 3 years ERIC cash equivalent, and reasonable outplacement; equity accelerates only if not assumed or upon qualifying termination post‑CIC; no excise tax gross‑ups .
Potential Payments to Beerman (as of 12/31/2024, $37.78/share)
| Scenario | Cash Severance | Pro‑Rata Bonus | RSUs (Unvested) | PRSUs (Unvested) | Health/Life/Other | Defined Contribution Add‑on | Total |
|---|---|---|---|---|---|---|---|
| Termination w/o Cause | 1,377,906 | 1,077,002 | 489,048 | 555,366 | 38,757 | 79,225 | 3,617,304 |
| CIC Termination | 3,972,492 | 660,211 | 1,743,169 | 2,535,794 | 57,241 | 118,838 | 9,087,745 |
| Death | — | 1,077,002 | 1,743,169 | 2,535,794 | — | — | 5,355,965 |
| Disability | — | — | 1,743,169 | 2,535,794 | — | — | 4,278,963 |
| Retirement (not eligible at YE24) | — | — | — | — | — | — | 0 |
Notes: CIC uses target bonus and assumes equity acceleration if not assumed or if terminated for good reason/without cause; PRSU 2022–2024 cycle at 52% actual; 2023/2024 PRSUs at target for valuation .
Clawback and Award Forfeiture
- NYSE‑compliant clawback for restatements; post‑2024 awards forfeitable upon termination for cause; board may require repayment of previously delivered shares/cash under award terms .
Pensions and Other Perquisites
- Not a participant in Alcoa defined benefit plans; retirement accruals ceased company‑wide for salaried employees effective 12/31/2020; no above‑market deferred comp earnings; limited perquisites; no excise tax gross‑ups under CIC plan .
Investment Implications
- Pay-for-performance alignment: Heavy LTI weighting (60% PRSU/40% RSU) and 2024 IC outcomes driven by measurable EBITDA/FCF/safety/culture metrics; 2022–2024 PRSUs paid 52%, aligning realized pay with below‑target ROE/TSR performance .
- Retention and potential selling pressure: Significant unvested RSUs and in‑flight PRSUs with scheduled vest dates in January/February 2025–2027 support retention but may create periodic liquidity events around vesting (subject to policy/10b5‑1); anti‑hedging/pledging policy reduces alignment risk .
- Ownership alignment: Beneficial ownership 52,366 shares plus 59,950 underlying units with CFO guideline of 3x salary and explicit confirmation that, as of YE24, NEOs (other than two newer hires) satisfied ownership requirements—supportive of alignment; Beerman indicated as compliant .
- Downside protection bounded by policy: Non‑CIC severance is 2x base with pro‑rated bonus and benefits; CIC protection (3x cash, benefits, ERIC) is double‑trigger and within market norms; company‑wide 2.99x cap and clawback reduce shareholder risk .
- Execution record: As CFO, Beerman supported major capital markets and M&A actions (green bond, Alumina Limited acquisition) and helped deliver $645M profit improvement ahead of schedule amid 2024 operational stability and improved pricing—positive for perceived execution and value creation .
Appendices (selected data)
2024 LTI Grants to Beerman
| Type | Grant Date | Shares/Units | Grant‑date Fair Value ($) |
|---|---|---|---|
| RSU | 1/24/2024 | 28,230 | 840,125 |
| PRSU (target) | 2/21/2024 | 45,070 | 1,454,409 |
Beneficial Ownership (snapshot)
| Holder | Beneficial Shares | Additional Underlying Units | % Outstanding |
|---|---|---|---|
| Molly S. Beerman | 52,366 | 59,950 | <1% |
Company Performance Context (FY2024)
| Metric | FY2024 |
|---|---|
| Revenue | $11.9B |
| Adj. EBITDA excl. special items (YoY) | +196% |
Note: Proxy materials do not disclose Beerman’s age or educational background; no pledging/hedging is permitted and no pledges are disclosed for Beerman . Form 4 insider transaction details are not contained in the proxy; no insider selling analysis was disclosed in these documents.