Robert J. Neal
Allegiant TravelAbout Robert J. Neal
Robert “BJ” Neal is President and Chief Financial Officer of Allegiant Travel Company, appointed President on November 5, 2025 while retaining CFO duties; he has been with Allegiant since 2007, progressing through corporate finance and fleet planning roles, and became CFO in January 2023 and Executive Vice President in April 2025 . He holds a Bachelor of Science degree from the University of Nevada, Las Vegas . Age 41 as of April 30, 2025, Neal’s mandate spans finance, strategic planning, and oversight of People Services, Technology, and corporate administration . Company pay-versus-performance disclosures emphasize airline-only operating margin and TSR as key metrics; Allegiant’s 2024 “Compensation Actually Paid” analysis anchors executive pay to these performance measures and shows alignment with airline operating margin and TSR trends .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Allegiant Travel Company | President & CFO | 2025–present | Expanded remit across finance, operational and administrative departments; alignment of operational excellence with shareholder value |
| Allegiant Travel Company | Executive Vice President, CFO | Apr 2025–Nov 2025 | Elevated scope while continuing CFO responsibilities |
| Allegiant Travel Company | Senior Vice President, CFO | Jan 2023–Apr 2025 | Led finance during post-CARES realignment; participated in investor engagement |
| Allegiant Travel Company | SVP, Corporate Finance | Feb 2021–Jan 2023 | Oversight of investor relations and capital initiatives |
| Allegiant Travel Company | VP, Fleet Planning & Corporate Finance | 2016–Feb 2021 | Fleet portfolio management; OEM negotiations groundwork |
| Allegiant Travel Company | Various roles | 2007–2016 | Progressive responsibilities in finance and operations |
| Allegiant Travel Company | Negotiations lead (major OEM/capital) | 2021 landmark order | Led negotiations with capital providers and OEMs, including 2021 order from Boeing/CFM for up to 100 737 aircraft |
External Roles
- No public company directorships or external board roles disclosed for Neal in company filings reviewed .
Fixed Compensation
| Metric | 2023 | 2024 | 2025 Plan |
|---|---|---|---|
| Base Salary ($) | $235,000 | $240,000 | $475,000 (NEO base set for 2025) |
| Target Bonus % | Not disclosed | Not disclosed | Performance-based STI introduced; % not disclosed |
| Actual Bonus Paid ($) | $600,000 | $350,000 | Earned based on 2025 metrics; not yet disclosed |
Performance Compensation
2025 Short-Term Incentive (STI) Structure
| Metric | Weighting | Target definition | Payout range | Vesting |
|---|---|---|---|---|
| Airline adjusted CASM ex fuel | Not disclosed | Cost efficiency target | 50%–150% of target | Cash-based, annual |
| Operating margin | Not disclosed | Airline operating margin | 50%–150% of target | Cash-based, annual |
| Operational excellence (controllable completion, NPS, A60, Star D0, safety admin; peer-relative completion) | Not disclosed | Operational scorecard | 50%–150% of target | Cash-based, annual |
| Tactical excellence (peak week utilization, FTEs per 100k pax) | Not disclosed | Utilization/productivity | 50%–150% of target | Cash-based, annual |
2025 Long-Term Incentive (LTI) Structure
| Metric | Grant timing | Target definition | Payout range | Vesting |
|---|---|---|---|---|
| Relative TSR vs industry peers | Granted after FY2025 (Feb 2026) | Stock performance vs peers | 50%–150% of target | Three-year vesting |
| Net Debt / EBITDA | Granted after FY2025 (Feb 2026) | Balance sheet improvement | 50%–150% of target | Three-year vesting |
| Time-based restricted stock (no performance criteria for 2025 awards) | Granted after FY2025 (Feb 2026) | Retention and ownership | N/A | Three-year vesting |
| Note | At target, performance-based grants equal time-based grants (Anderson excepted) | — | — | — |
2024 Grants of Plan-Based Awards (Neal)
| Grant date | Award type | Units (#) | Exercise price | Grant date fair value ($) |
|---|---|---|---|---|
| 9/23/2024 | Restricted stock | 8,938 | N/A | $412,489 |
| 9/23/2024 | Phantom stock (cash-settled) | 2,979 | N/A | $137,481 |
| Note | Phantom stock vests over three-year graded schedule | — | — | — |
Multi-Year Compensation
| Component ($) | 2023 | 2024 |
|---|---|---|
| Salary | $235,000 | $240,000 |
| Bonus | $600,000 | $350,000 |
| Stock Awards (grant-date fair value) | $963,634 | $549,970 |
| Option Awards | — | — |
| All Other Compensation (401k match, etc.) | $13,200 | $23,000 |
| Total | $1,811,834 | $1,162,970 |
Equity Ownership & Alignment
Beneficial Ownership
| As-of date | Shares beneficially owned | % of outstanding |
|---|---|---|
| Apr 29, 2024 | 19,395 (includes 8,597 unvested RS) | <1% (*) |
| Apr 29, 2025 | 27,389 | <1% (*) |
- Stock ownership guidelines: 2x base salary for NEOs; CEO 3x; applies to Neal as an NEO .
- Hedging and pledging: Company permits hedging transactions; insider policy prohibits short sales; as of the 2025 proxy, no hedging transactions are known for NEOs/directors; pledging is permitted, with pledging disclosed for Gallagher in 2024; no pledging disclosure for Neal .
Vested vs Unvested; Vesting Schedules
| As-of date | Award description | Unvested shares (#) | Vesting schedule |
|---|---|---|---|
| Dec 31, 2023 | RS | 178 | Vests Jan 28, 2024 |
| Dec 31, 2023 | RS | 618 | Vests Oct 1, 2024 |
| Dec 31, 2023 | RS | 3,310 | 50% Oct 20, 2024; 50% Oct 20, 2025 |
| Dec 31, 2023 | RS | 6,610 | 5,141 on Apr 3, 2024; 734 on Apr 3, 2025 & 2026 |
| Dec 31, 2023 | RS | 3,200 | One-third on Aug 4, 2024, 2025, 2026 |
| Dec 31, 2024 | RS | 1,655 | Vests Oct 20, 2025 |
| Dec 31, 2024 | RS | 1,469 | Half Apr 3, 2025; half Apr 3, 2026 |
| Dec 31, 2024 | RS | 2,134 | Half Aug 4, 2025; half Aug 4, 2026 |
| Dec 31, 2024 | RS | 8,938 | One-third Sep 23, 2025, 2026, 2027 |
| Dec 31, 2024 | Phantom stock | 2,979 | Three-year graded schedule |
| Options | None outstanding for Neal (no option listings) | — | — |
Employment Terms
| Term | Detail |
|---|---|
| Employment start | Employed since 2007 |
| CFO appointment | January 2023 |
| EVP promotion | April 2025 |
| President appointment | November 5, 2025 (retains CFO) |
| Contract term / expiration | Not disclosed for Neal |
| Cash severance limits | Company policy limits cash severance to ≤3x base salary + prior year cash bonus without shareholder approval |
| Change-in-control (CIC) | 2022 LTIP: performance awards generally not accelerated beyond pro-rata/actual; compensation committee discretion on time-based awards; minimum one-year vesting |
| Non-compete / non-solicit | Not disclosed for Neal; present for certain 2022 agreements for other executives |
| Clawback | Nasdaq-aligned clawback for erroneously awarded incentive comp and misconduct-based recovery discretion |
| Ownership guidelines | 2x base salary for NEOs |
| Hedging/pledging policy | Hedging permitted; no known hedging transactions by NEOs/directors at time of proxy; short sales prohibited |
Performance & Track Record
- Led financing and OEM negotiations including Allegiant’s landmark 2021 purchase commitment for up to 100 Boeing 737 aircraft, and helped manage cost structure and fleet portfolio; recognized internally for pairing financial discipline with strategic innovation .
- Company performance context under CFO tenure: Allegiant reported record 2023 operating revenue of $2.5B (+9% YoY) and record TRASM of 13.38 cents (+7% YoY) amid capacity and operational initiatives, with expanded credit card remuneration and Allways Rewards growth .
- Governance and investor engagement: Management met with holders of >30% of outstanding shares following a 57.8% say-on-pay approval in 2023 and implemented 2025 compensation program changes to tighten pay-for-performance .
Compensation Structure Analysis
- Shift to conventional pay design in 2025: increased fixed base salaries and added metric-driven STI and performance-based LTI tied to relative TSR and Net Debt/EBITDA; majority of target pay is variable, aligning incentives with financial and operational outcomes .
- 2024 awards emphasized retention with three-year vesting and added cash-settled phantom stock tranches; no performance-based LTI grants were made in 2024, with performance criteria beginning in 2025 .
- Risk mitigation: clawback policy, minimum vesting requirements, option repricing prohibition, CIC pro-rata vesting for performance awards, and ownership guidelines; cash severance capped without shareholder approval .
Risk Indicators & Red Flags
- Hedging permitted (company policy) though none known for NEOs/directors; allowance is a governance risk factor despite current disclosure of no transactions .
- Section 16 compliance note: late Form 4 filings for September 2024 grants and one late July 2024 filing; an executive failed to file on a February 2024 grant upon becoming subject—raises process rigor considerations .
- Say-on-pay sensitivity: 57.8% approval in 2023, prompting structural changes—ongoing monitoring warranted .
Equity Ownership & Alignment Implications
- Neal’s beneficial ownership increased from 19,395 shares (Apr 2024) to 27,389 (Apr 2025); percentage remains <1% of outstanding shares .
- Multiple unvested RS/phantom tranches vest on specific dates through 2027; cash-settlement for phantom units may create liquidity events independent of open-market sales; vest clusters in Apr, Aug, Sep, Oct could correlate with potential insider activity around windows .
- Ownership guideline at 2x salary enhances alignment, but compliance status for Neal is not disclosed; trading blackout and pre-clearance requirements apply .
Employment Contracts, Severance, and Change-of-Control Economics
- Neal’s specific employment agreement terms (non-compete, severance multiples, CIC triggers) are not disclosed; company-level LTIP and policy parameters govern vesting and severance limits .
Investment Implications
- Pay-for-performance alignment improves materially in 2025: Neal’s higher fixed base is paired with STI metrics (CASM ex fuel, operating margin, operational/tactical excellence) and LTI tied to relative TSR and leverage reduction, supporting disciplined execution and balance sheet focus .
- Watch insider selling pressure around vest dates: time-based RS and phantom units with scheduled vesting in Apr, Aug, Sep, Oct (2025–2027) are potential catalysts for Form 4 activity; phantom cash settlements could be value-neutral to dilutive effects but still indicate compensation cash outflows .
- Governance risk modestly improved but monitor hedging permissiveness and historical filing timeliness; continued investor engagement and structural changes post-2023 say-on-pay suggest responsiveness, but policy permitting hedging is a lingering red flag despite current “none known” disclosures .
- Strategic execution track record under Neal includes major fleet order negotiations and cost stewardship; pairing finance and operations oversight as President/CFO suggests continuity and integrated decision-making—key for achieving operating margin and TSR-linked compensation outcomes .