Derek G. Schiller
About Derek G. Schiller
Derek G. Schiller is Executive Vice President, Business of Atlanta Braves Holdings (BATRA) and concurrently President & CEO of the Atlanta Braves; he was appointed an executive officer of BATRA effective September 1, 2024 and has been with the Braves since 2003, previously serving in senior business roles; he is 55 years old . Company performance context during 2023–2024 shows revenue of $641M in 2023 and $662M in 2024, with net income of $(125)M and $(31)M respectively, and total shareholder return (value of an initial $100 investment) of 144.28→125.89 for BATRA and 133.99→118.71 for BATRK; annual executive bonuses for Schiller were tied to Braves Holdings revenue and Adjusted OIBDA performance, plus personal and discretionary components .
Company performance context (reported):
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($USD Millions) | 641 | 662 |
| Net Income ($USD Millions) | (125) | (31) |
| BATRA TSR (Value of $100) | 144.28 | 125.89 |
| BATRK TSR (Value of $100) | 133.99 | 118.71 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlanta Thrashers | Vice President of Sales and Marketing | 1998–2003 | Not disclosed |
| New York Yankees | Vice President of Business Development | 1996–1997 | Not disclosed |
| International Sports Plaza | Executive Director | Not disclosed | Not disclosed |
External Roles
No external public company board roles are disclosed for Schiller in the proxy; the biography focuses on Braves/BATRA roles and prior team/business positions .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $2,000,000 | Set by employment agreement; increases annually |
| Target Bonus % of Salary | 54% | Defined in employment agreement |
| Target Bonus ($) | $1,080,000 | Annual incentive opportunity |
| All Other Compensation (Total) | $66,394 | Perquisites/benefits detailed below |
| Life Insurance Premiums | $2,622 | Included in “All Other Compensation” |
| Matching 401(k) Contribution | $30,500 | Savings Plan match |
| Travel Expenses | $7,230 | Occasional family/associates travel expense |
| Club Dues | $5,000 | Perquisite |
| Auto Allowance/Lease | $21,042 | Perquisite |
Performance Compensation
Annual Incentive Bonus Design and Outcomes (2024)
| Element | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Financial component (Revenue metric) | Part of 50% overall financial weighting | Level I $609.2M; Level II $676.9M; Max $744.6M | $662.8M | 120% (Revenue metric payout) |
| Financial component (Adjusted OIBDA metric) | Part of 50% overall financial weighting | Target $71.7M; Max $78.9M | $60.6M (modified by $8.5M for player contract adjustment) | 50% (Adjusted OIBDA metric payout) |
| Personal goal attainment | 40% | Specific strategic goals set at year start | Achieved (committee certified) | 100% |
| Qualitative discretionary | 10% | Committee discretion | Recognized (Split-Off transition, leadership) | 150% |
Total cash bonus paid to Schiller for 2024 was $1,058,400, equal to 98% of target based on the blended outcomes across components .
Equity Incentive Awards (Structure and Vesting)
| Grant Date | Award Type | Shares/Units | Strike | Expiration | Vesting |
|---|---|---|---|---|---|
| 12/4/2024 | RSUs (BATRK) | 18,750 | — | — | Fully vest on 12/4/2025, subject to continued employment |
| 12/11/2023 | Stock Options (BATRK) | 84,570 total; 28,190 exercisable; 56,380 unexercisable as of 12/31/2024 | $37.45 | 12/11/2030 | Vest in 3 equal annual installments on each of the first–third anniversaries of grant |
| 12/11/2023 | RSUs (BATRK) | 22,284 unvested as of 12/31/2024 | — | — | Vest in 3 equal annual installments on each of the first–third anniversaries of grant |
| 12/10/2020 | Stock Options (BATRK) | 285,395 exercisable | $27.18 | 12/10/2027 | Legacy Liberty-converted options; fully exercisable as of 12/31/2024 |
Equity grant sizing and approach: RSU counts were set using BATRK closing price of $40.00 on grant date; committee prefers RSUs and stock options, issued at FMV, with December annual grant cadence and no timing around MNPI .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (BATRK) | 646,323 shares; 1.3% of BATRK | As of Feb 28, 2025 |
| Options exercisable within 60 days (BATRK) | 313,585 | As of Feb 28, 2025 |
| Options unexercisable (12/11/2023 grant) | 56,380 | As of 12/31/2024 |
| Unvested RSUs outstanding | 22,284 (12/11/2023); 18,750 (12/4/2024) | As of 12/31/2024 |
| Shares pledged as collateral | None disclosed for Schiller; Plant has 184,418 pledged (context) | Pledging disclosure by individual |
| Hedging | None of directors/NEOs had hedging arrangements as of Feb 28, 2025 | Company discloses policy and status |
| Ownership Guidelines | Executive officers must own ≥3x value of annual performance RSUs; 5 years to comply | Schiller’s exec appointment effective 9/1/2024, so 5-year compliance clock from appointment |
Insider trading policy prohibits trading while in possession of MNPI; hedging policy is permissive but no hedges reported; change-in-control risk not tied to pledging per disclosure .
Employment Terms
| Provision | Terms |
|---|---|
| Agreement effective date and term | Effective January 1, 2023; term ends December 31, 2027, auto-extends to December 31, 2028 unless notice provided by December 31, 2025 |
| Base salary and escalation | $2,000,000 for 2024; increases by $100,000 annually thereafter, and by $200,000 if extended to 12/31/2028 |
| Annual cash bonus opportunity | $1,080,000 for 2024; annual increases $60,000–$120,000 thereafter; based on company and executive performance goals |
| Annual equity awards | Aggregate grant-date fair value $1,500,000 per year |
| Termination without cause | Severance equal to the sum of base salary, annual incentive bonus opportunities, and annual equity award value payable through end of term, paid semi-monthly; COBRA reimbursement for lesser of remaining term or 18 months |
| Resignation for Good Reason | Base salary paid for the shorter of 12 months or remainder of term (semi-monthly), subject to release of claims |
| Death/Disability | Vesting of any outstanding options and lapse of RSU restrictions; no cash severance |
| Change in Control (without termination) | Equity acceleration value disclosed; Schiller: $1,615,629 |
| COBRA payments (termination without cause) | $24,273 |
| Benefits payable summary (as of 12/31/2024) | Termination without cause: $20,464,273 total (cash severance $20,440,000 + COBRA $24,273); Death/Disability: $1,615,629 (equity); Change in control without termination: $1,615,629 (equity) |
| Non-compete / non-solicit | Not disclosed in proxy |
Compensation Structure Analysis
- Pay mix ties 50% of annual bonus to financial outcomes (Braves Holdings revenue and Adjusted OIBDA), with 40% personal and 10% discretionary components; 2024 outcomes yielded 98% of target payout despite OIBDA underperformance (84% of target), reflecting high weight on qualitative elements and revenue overachievement .
- Equity shifted toward RSUs in 2024 (one-year vesting) with multi-year options granted in December 2023 vesting over three years; RSUs provide lower risk to the executive vs options, and the one-year vest creates near-term vesting events .
- No tax gross-ups on perquisites; clawback policy in place for incentive compensation; equity grants are not timed around earnings releases, mitigating governance concerns .
Say-on-Pay & Shareholder Feedback
- The 2024 say-on-pay vote received more than 98% approval, indicating strong investor support for the executive compensation program then in effect .
Equity Vesting Calendar and Potential Selling Pressure
| Date | Event | Instrument | Amount |
|---|---|---|---|
| 12/11/2025 | 2nd anniversary vest | 12/11/2023 Options (BATRK) | ~28,190 options vesting (second tranche) |
| 12/11/2025 | 2nd anniversary vest | 12/11/2023 RSUs (BATRK) | Second tranche vests (equal to one-third of grant; unvested total at 12/31/2024 was 22,284) |
| 12/04/2025 | 1-year vest | 12/04/2024 RSUs (BATRK) | 18,750 RSUs vest in full |
Note: Options moneyness depends on market price vs strikes ($27.18 for 2020 grant; $37.45 for 2023 grant); at 12/31/2024 BATRK closed $38.26, indicating in-the-money status for 2020 options and marginal moneyness for 2023 options .
Investment Implications
- Alignment and incentives: Schiller’s pay design emphasizes revenue growth and leadership execution; 2024 bonus outcomes show strong payouts driven by revenue and qualitative components despite OIBDA underperformance (85% blended financial component), which may reduce sensitivity to profitability cycles relative to cash flow-focused metrics .
- Near-term vesting events: The one-year RSU vest in December 2025 (18,750 units) and ongoing 2023 multi-year option/RSU tranches could create periodic liquidity windows and possible selling pressure; monitor blackout windows and Form 4 activity around December tranches .
- Retention risk: Termination without cause economics are substantial ($20.46M as of 12/31/2024) and Good Reason severance offers 12 months base salary, lowering immediate departure risk; equity accelerates upon death/disability/change-in-control, but cash severance is not triggered on change-in-control absent termination .
- Governance quality: No pledging disclosed for Schiller, no hedges by NEOs, clawback policy in place, no tax gross-ups, and strong say-on-pay support (98%)—all favorable indications for compensation governance and shareholder alignment .