Kerry J. Preete
About Kerry J. Preete
Retired Executive Vice President and Chief Strategy Officer of Monsanto Company; age 64; Avient director since 2013. Independent director; currently Chair of the Compensation Committee and a member of the Governance & Corporate Responsibility Committee. Background emphasizes corporate strategy, global operations, and industry experience in agriculture and chemicals.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Monsanto Company | EVP, Chief Strategy Officer | 2010–2018 | Led corporate strategy execution and long-range planning |
| Monsanto Company | President, Global Crop Protection Division | 2009–2010 | Commercial leadership of Crop Protection business |
| Monsanto Company | VP, International Commercial Business | 2008–2009 | Oversaw international commercial operations |
| Monsanto Company | Various roles of increasing responsibility | 1985–2008 | Built operational foundation and global business acumen |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Corteva, Inc. | Director | Current | Not disclosed in AVNT proxy |
| Univar Solutions Inc. | Director | Former | Not disclosed in AVNT proxy |
Board Governance
- Independence: Board determined Mr. Preete is independent under NYSE standards and Avient’s categorical guidelines.
- Committee assignments: Chair, Compensation Committee; Member, Governance & Corporate Responsibility Committee.
- Committee activity: 2024 meetings held—Compensation: 5; Governance & Corporate Responsibility: 2.
- Attendance and engagement: Board met six times in 2024; each director attended at least 75% of Board and assigned committee meetings and all attended the annual meeting.
- Board leadership and oversight: Independent Non‑Executive Chairman; regular executive sessions of independent directors.
- Stock ownership requirements: Non‑employee directors must hold at least 12,500 shares within five years and retain 100% of shares acquired from the Company until guidelines are met; all directors meet or are on track.
- Say‑on‑Pay signal: 96% approval at 2024 annual meeting, indicating strong investor support for compensation program design.
- Compensation consultant oversight: Willis Towers Watson engaged by the Compensation Committee; independence assessed across SEC Rule 10C‑1 factors; no conflicts of interest identified; no non‑compensation services provided in 2024.
- Related‑party transactions: None in 2024; all related‑person transactions subject to Audit Committee pre‑approval policy.
Fixed Compensation (Director)
| Component (2024) | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $127,500 |
| Stock Awards (fully vested common shares) | $143,324 |
| Total | $270,824 |
- Structure: Standard non‑employee director retainer targeted at $257,500 (cash $110,000; equity $147,500), with changes effective starting Q3 2024—equity retainer increased to $155,000; CC Chair retainer increased from $15,000 to $20,000; unscheduled meeting fees $2,000 (in‑person) and $1,000 (significant telephonic).
- Equity delivery mechanics: Equity paid quarterly as fully‑vested common shares; directors may elect deferral and can convert cash retainer to shares; dividends on deferred shares are reinvested.
Performance Compensation (Director)
- Non‑employee director equity awards are fully vested common shares; no performance‑conditioned equity or options are shown for directors in the 2024 compensation table.
Other Directorships & Interlocks
| Company | Relationship to AVNT | Potential Interlock/Conflict |
|---|---|---|
| Corteva, Inc. | External public board (current) | Sector adjacency (ag chemicals); AVNT disclosed no related‑party transactions in 2024. Monitor for any future commercial ties. |
| Univar Solutions Inc. | External public board (former) | Former role; no ongoing interlock reported by AVNT. |
- Compensation Committee Interlocks: AVNT disclosed use and independence of external compensation consultant; specific interlocks beyond consultant are not detailed in the proxy content accessed.
Expertise & Qualifications
- Strategic and operational leadership from senior Monsanto roles; global commercial experience applicable to specialty materials and diversified end markets.
- Governance experience as Compensation Committee Chair and member of Governance & Corporate Responsibility Committee.
- Other public company board experience (Corteva) supporting broader market perspective.
- The Board’s skills matrix identifies directors’ key skills; Mr. Preete’s profile highlights strategic, operational, international experience and corporate governance capabilities.
Equity Ownership
| Ownership Metric | Value |
|---|---|
| Beneficial ownership (shares) | 49,620 (includes Deferred Compensation Plan holdings) |
| % of outstanding shares | Less than 1% |
| Deferred shares held (fully‑vested, in plan) | 42,932 |
| Director ownership guideline | 12,500 shares; five‑year compliance window; 100% retention until met |
| Compliance status | All directors meet or are on track |
Governance Assessment
- Strengths
- Independent director with 12+ years of AVNT board service and deep strategic/global execution background from Monsanto.
- Compensation Committee leadership with robust governance: independent consultant, formal independence review, no conflicts, and strong investor validation (96% Say‑on‑Pay).
- Clear stock ownership alignment via director guidelines and meaningful personal holdings, including deferred shares.
- No related‑party transactions disclosed for 2024; regular executive sessions and independent Board leadership.
- Watch items / RED FLAGS to monitor
- As Compensation Committee Chair, continued scrutiny on pay‑for‑performance rigor and dilution given evolving award structures; note 2024 increases to equity retainer and chair fees were benchmark‑driven.
- External board at Corteva (agriculture): sector adjacency warrants periodic review for potential commercial relationships; none disclosed in 2024.
- Committee workload and oversight breadth: ensure sustained engagement across Compensation and Governance topics as the Company executes new strategy. 2024 meeting cadence—CC: 5; G&CRC: 2.