Anne Rex

About Anne Rex

Anne G. Rex is Senior Vice President, Strategy, Planning and Development at The Andersons (ANDE). She became SVP in 2025 after serving as VP, Strategy, Planning and Development since 2019, and previously as VP & Corporate Controller since 2012; she is 60 years old as of February 28, 2025 . She has served in multiple finance roles including Interim Chief Financial Officer in 2018, signing SEC filings and certifications during that period . Company performance context during the latest fiscal year: 2024 net income attributable to common shareholders from continuing operations was $114.0 million ($3.32 diluted EPS); relative TSR since 12/31/2019 equated to $178 on a $100 initial investment versus $122 for the peer group, while adjusted pretax income used for incentives was $147.9 million in 2024 .

Past Roles

External Roles

• Not disclosed in the latest proxy for executive officers; no external directorships or interlocks identified for Anne Rex .

Fixed Compensation

• Anne Rex is not a Named Executive Officer (NEO); her individual base salary and AIP target are not disclosed in the proxy. The company’s program design for executives benchmarks base salary near market median with adjustments for role, performance, and internal equity .
• Annual Incentive Plan (AIP) metrics are pretax income and ROIC with thresholds/targets/maximums; for corporate NEOs in 2024, the AIP weighting was 67% Company Pretax Income / 33% Company ROIC, indicative of how corporate executives are measured; individual discretionary modifiers up to ±20% may apply (CEO/Committee determined) .

Performance Compensation

Notes:

• In 2024, corporate NEOs (CFO, GC, CHRO) realized 115% of AIP target; Nutrient & Industrial leader realized ~50% due to business unit underperformance, illustrating plan sensitivity; design and results inform likely structure for other corporate officers even if individual payouts are not disclosed for Anne .

Equity Ownership & Alignment

• Beneficial Ownership (historical): As of FY2020 Form 5, Anne reported direct common stock holdings increasing through dividend reinvestments (e.g., 21,728.89 shares at year‑end 2020) and multiple outstanding PSUs (EPS and TSR tranches) from prior grants; amounts reflected historical positions and may have changed; current totals are not disclosed in the 2025 proxy .
• 10b5‑1 Plan: On August 14, 2025, Anne Rex entered a Rule 10b5‑1 plan to sell up to 3,000 shares between Nov 12, 2025 and Dec 31, 2026, indicating planned, parameterized sales that could create moderate selling pressure as tranches vest or price targets are met .
• Ownership Guidelines: Officers must hold stock at multiples of salary and retain at least 75% of net shares from awards until guidelines are met. For “Other Corporate Officers,” the guideline is 1x salary (CEO 6x; CFO/COO 3x; Segment EVPs 2x). Hedging and pledging are prohibited for officers and directors .
• Group Ownership: All directors and executive officers as a group (19 persons) beneficially owned 1,454,903 shares (4.3%) as of Feb 28, 2025; individual ownership for Anne is not itemized in the 2025 table .

Employment Terms

• Company Policies (applicable to executives broadly):
  • Clawback policy adopted in 2023 requires recovery of erroneously awarded incentive‑based compensation in the event of a required accounting restatement, consistent with SEC/Nasdaq rules .
  • Equity plan disallows single‑trigger vesting on change‑in‑control and prohibits option repricing; minimum one‑year vesting applies to LTIs .
  • No hedging/pledging by officers; no excise tax gross‑ups as a policy, though a specific indemnification‑related tax gross‑up was paid to another executive in 2024 (not to Anne) .
• Severance/Change‑in‑Control: Detailed severance and CIC terms are disclosed for NEOs (e.g., 1x salary + target bonus for severance; 2x for CIC with double‑trigger acceleration per grant agreements). Anne is not a NEO and her individual agreement terms are not disclosed; therefore, her specific severance/CIC economics are not available in the proxy .

Say‑on‑Pay, Peer Group, and Governance

• Say‑on‑Pay: 98% support at the 2024 annual meeting; for 2025, advisory approval votes were 25,950,960 For, 1,854,207 Against, 82,702 Abstain (strong support) [34].
• Compensation benchmarking peer group (for NEO pay in 2024 decisions) included 17 companies across food/ag and industrial distribution (e.g., Green Plains, United Natural Foods, Flowers Foods, Hain Celestial, SpartanNash, Applied Industrial Technologies, etc.) .
• Performance‑oriented design: PSUs use cumulative EPS with a relative TSR modifier (2024 grant) and AIP uses pretax income and ROIC at company and business‑unit levels; no related‑party transactions disclosed for 2024 .

Investment Implications

• Pay‑for‑performance mechanics create clear linkage between multi‑year EPS/TSR and annual pretax/ROIC outcomes; corporate measures overachieved in 2024, driving above‑target AIP payouts for corporate leaders, suggesting continued upside exposure for senior strategists like Anne if company‑level goals are met or exceeded .
• The 10b5‑1 plan to sell up to 3,000 shares through 2026 indicates methodical, rules‑based selling that could add modest supply post‑vesting; however, prohibitions on hedging/pledging and ownership‑retention requirements mitigate misalignment risk and promote ongoing equity exposure .
• Lack of individual NEO‑level disclosure for Anne limits precision on her cash/equity mix, severance, and CIC terms; nonetheless, her long tenure across Controller, Interim CFO, and Strategy roles, combined with strong say‑on‑pay support and robust 2024 profit metrics, point to stable governance and retention frameworks for senior non‑NEO officers .