DeRetta C. Rhodes
About DeRetta C. Rhodes
DeRetta C. Rhodes is Executive Vice President & Chief Culture Officer at Atlanta Braves Holdings (BATRA) and the Atlanta Braves, age 55, appointed an executive officer of the Company effective September 1, 2024. She oversees people capital initiatives, communications and community affairs; she has been EVP, Chief Culture Officer at the Braves since 2022 and with the Braves in a senior role since 2019 . Company context during her tenure includes 2024 revenue up 3% to $663 million and 3.1 million tickets sold; pay-versus-performance disclosure shows 2024 TSR of $125.89 for BATRA and $118.71 for BATRK (value of $100 since 12/30/22), revenue $662 million, and net income $(31) million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Atlanta Braves Holdings (Company) | EVP & Chief Culture Officer (executive officer appointment) | Sept 1, 2024–present | Executive officer for culture; people capital, communications, community affairs |
| Atlanta Braves (Club) | EVP & Chief Culture Officer | 2022–present | Leads people capital initiatives, communications, community affairs |
| Atlanta Braves (Club) | Senior executive role | 2019–2022 | Leadership across people/culture functions |
| YMCA of Metropolitan Atlanta | EVP & Chief Human Resources Officer | 2015–2019 | Human capital leadership |
| First Data | Vice President of Human Resources | 2014–2015 | HR leadership |
| Turner Broadcasting System (TBS) | Vice President of Human Resources | 2008–2014 | HR leadership |
External Roles
- No public-company directorships or external roles for Ms. Rhodes are listed in the Company’s proxy; her background and present responsibilities are described under Executive Officers .
Fixed Compensation
- Ms. Rhodes is not a Named Executive Officer (NEO) in the 2025 proxy; therefore, her base salary, target bonus, and grant values are not individually disclosed (the proxy’s compensation tables and narrative cover current NEOs only) .
Performance Compensation
- The Company’s incentive framework for current NEOs (not Rhodes-specific) uses Braves Holdings financial metrics with individual goals and committee discretion; for 2024, weighting was 50% Financial (Revenue and Adjusted OIBDA), 40% Personal Goals, 10% Qualitative Discretionary .
- 2024 performance calibration and payouts for current NEOs (not Rhodes-specific):
| Component | Metric/Targeting | 2024 Actual/Outcome | Payout factor |
|---|---|---|---|
| Financial | Braves Holdings Revenue: Level II target $676.9m; range 90–110% of target | $662.8m (98% of target) | 120% |
| Financial | Braves Holdings Adjusted OIBDA: target $71.7m; max $78.9m | $60.6m (adjusted), 84% of target | 50% (floor) |
| Personal Goals | Role-specific strategic goals | Met | 100% |
| Qualitative Discretionary | Committee discretion (Split-Off and transition complexity) | Elevated | 150% |
- Resulting blended 2024 financial component factor was ~85% for current NEOs (not Rhodes-specific) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 30,379 BATRK shares; less than 1% of series |
| Options outstanding | 29,612 BATRK stock options (exercisable within 60 days counted in beneficial ownership methodology) |
| BATRA/BATRB ownership | No BATRA or BATRB shares disclosed for Rhodes |
| Hedging | Company discloses no hedging arrangements by directors or NEOs as of Feb 28, 2025 |
| Pledging | No pledging disclosed for Rhodes; footnotes identify pledging only for Mr. Plant (184,418 BATRK) |
| Ownership guidelines | Executives must own ≥3x value of their annual performance RSUs within 5 years; overseen annually by Nominating & Governance Committee |
| Insider reporting note | Company corrected an omission of a Dec 10, 2020 option award from Rhodes’ initial Form 3 via amendment filed Feb 12, 2025 |
Vested vs unvested and specific vesting dates for Rhodes’ grants are not disclosed in the proxy (Rhodes is not an NEO) .
Employment Terms
- Appointment: Executive officer appointment as EVP & Chief Culture Officer effective September 1, 2024 .
- Employment agreements/severance: Executive employment agreement terms and severance multiples are disclosed for certain NEOs (Schiller, Plant, Heller, Robinson), but no individual employment contract terms are disclosed for Rhodes .
- Clawback: Company has a Dodd-Frank-compliant clawback policy requiring recovery of incentive-based compensation tied to financial metrics in the event of a restatement, plus broader recoupment provisions for misconduct or confidentiality breaches .
- Insider trading/blackouts: Company maintains an insider trading policy prohibiting trading while in possession of MNPI; policy text included in 2024 10-K exhibits .
- Perquisites: Executives may receive auto lease/allowance; club dues (only for Schiller and Plant); no tax gross-ups for perquisites; aircraft usage at nominal/no incremental cost when accompanying business flights is noted for the CEO; there is no personal aircraft benefit for executives at Company expense .
Company Performance Context (Rhodes Tenure Reference)
| Metric | 2023 | 2024 |
|---|---|---|
| Company Revenue ($ millions) | 641 | 662 |
| Net Income ($ millions) | (125) | (31) |
| BATRA TSR (value of $100, cumulative since 12/30/22) | 97.61 | 125.89 |
| BATRK TSR (value of $100, cumulative since 12/30/22) | 133.99 | 118.71 |
Notes: 2024 Year-in-Review in the proxy cites revenue up 3% to $663m and 3.1m tickets sold, consistent with pay-versus-performance revenue reference; TSR values reflect the SEC Item 402(v) methodology .
Investment Implications
- Alignment and retention: Rhodes is a long-tenured culture leader (Braves since 2019) now elevated to Company executive officer; she holds 30,379 BATRK shares and 29,612 options (no pledging/hedging disclosed), and is subject to stock ownership guidelines and clawback—favorable for alignment and governance .
- Compensation transparency: As a non-NEO, individual pay elements (salary, bonus targets, vesting schedules) are not disclosed, limiting pay-for-performance assessment at the individual level; however, the Company framework for executives emphasizes revenue and Adjusted OIBDA outcomes with personal and discretionary components, which supports business-linked incentives .
- Trading/pressure signals: No disclosed pledging or hedging by Rhodes reduces selling/forced-sale risk; options outstanding could create episodic liquidity if/when in-the-money, but specific vesting/expiration details are not disclosed (monitor future Form 4s) .
- Governance feedback: Say-on-pay received >98% approval in 2024, indicating broad investor support for the compensation program as structured, though not necessarily determinative of non-NEO practices .
- Execution risk context: 2024 saw a services transition from Liberty Media and leadership changes; financials showed modest revenue growth with pressured Adjusted OIBDA relative to targets, implying continued focus on cost discipline and execution; Rhodes’ remit in culture, communications, and community is strategically tied to brand and fan engagement amid these transitions .
Appendix: Disclosures and Notes
- Ms. Rhodes’ appointment as an executive officer (EVP, Chief Culture Officer) effective 9/1/2024 is disclosed in an Item 5.02 Form 8-K; no compensation changes tied to that 8-K were disclosed .
- Individual compensation tables and grants (base salary, target bonuses, RSUs/options detail) in the DEF 14A are provided for current NEOs and former executives; Rhodes is not included as an NEO, so detailed pay elements are not disclosed .
- Stock ownership and option holdings reflect beneficial ownership as of Feb 28, 2025; percentages for Rhodes are less than 1% .