Michael P. Plant
About Michael P. Plant
Michael P. Plant is Executive Vice President, Development of Atlanta Braves Holdings (effective September 1, 2024) and President & CEO of Braves Development Company, overseeing The Battery Atlanta, real estate project management, and minor league baseball operations; he is 66 and has been with the Braves organization since 2003 . In 2024, company revenue grew 3% to $663 million, with Mixed-Use Development Adjusted OIBDA up 15%—performance directly linked to Plant’s remit over The Battery Atlanta and development operations .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Braves Development Company (BDC) | President & CEO | 2018–present | Leads The Battery Atlanta mixed-use development and real estate strategy . |
| Turner Sports | Executive Vice President | 2002–2003 | Senior sports operations/rights leadership at Turner . |
| Medalist Sports | Founder & President | — | Built and led a sports operations/events firm (founder-operator experience) . |
Fixed Compensation
| Component (2024) | Amount/Terms |
|---|---|
| Base Salary | $1,200,000 . |
| Target Bonus | $600,000 (50% of base) . |
| Actual Annual Bonus Paid | $588,000 (98% of target) . |
| Perquisites/Other | Life insurance $14,478; 401(k) match $30,500; Club dues $5,000; Auto allowance/lease $19,842; Total “All Other Comp” $69,820 . |
| Pension (Defined Benefit) | Present value of accumulated benefit: $1,270,550; 18 years credited service . |
| Total Reported Compensation | $2,727,411 (Salary $1,200,000; Stock awards $800,000; Non-equity incentive $588,000; Pension change $69,591; Other $69,820) . |
Performance Compensation
- Annual bonus structure (2024) tied to Braves Holdings metrics plus individual/discretionary components :
- Weights: Financial 50% (Revenue, Adjusted OIBDA), Personal Goals 40%, Discretionary 10% .
- Financial targets vs actual:
- Revenue: Target bands $609.2m (90%), $676.9m (100%), $744.6m (110%); Actual $662.8m → 120% payout on this metric .
- Adjusted OIBDA: Target $71.7m (100%), Max $78.9m (110%); Actual $60.6m (incl. $8.5m adjustment) → 50% payout on this metric .
- Committee determinations: Financial component blended ≈85%; Personal Goals 100%; Discretionary 150%; Resulting total payout 98% of target (Plant bonus $588,000) .
- 2024 Equity Grants:
- RSUs: 20,000 granted 12/4/2024; target fair value $800,000 (based on BATRK $40.00) .
2024 Bonus Metrics and Payouts
| Metric | Weight | Target(s) | Actual | Payout |
|---|---|---|---|---|
| Revenue | 50% (Financial component shared with OIBDA) | $609.2m (90%) / $676.9m (100%) / $744.6m (110%) | $662.8m | 120% (Revenue sub-metric) . |
| Adjusted OIBDA | $71.7m (100%) / $78.9m (110%) | $60.6m (incl. $8.5m adjustment) | 50% (OIBDA sub-metric) . | |
| Financial Component (blend) | 50% | — | — | ≈85% of target . |
| Personal Goals | 40% | — | — | 100% . |
| Discretionary | 10% | — | — | 150% . |
| Total Annual Bonus Payout | — | $600,000 target | — | 98% ($588,000) . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 744,434 BATRK shares (1.4% of series) . |
| Composition Details | Includes 313,585 BATRK options exercisable within 60 days; includes 78,128 BATRK held via Grantor Retained Annuity Trust (GRAT) . |
| Pledged Shares (Red Flag) | 184,418 BATRK shares pledged to a financial institution . |
| Outstanding Options | 285,395 BATRK @ $27.18 expiring 12/10/2027 (exercisable); 28,190 BATRK @ $37.45 (exercisable) and 56,380 BATRK @ $37.45 (unexercisable) expiring 12/11/2030 . |
| Unvested RSUs at 12/31/2024 | 22,284 BATRK (12/11/2023 grant; $852,586 MV); 20,000 BATRK (12/4/2024 grant; $765,200 MV) . |
| 2024 Vesting Activity | 33,426 shares vested; value realized $1,329,686 . |
| Stock Ownership Guidelines | Executives must own ≥3x the value of annual performance RSUs; 5 years to comply; evaluated annually . |
| Hedging/Pledging Policies | Company maintains hedging/insider trading policies; pledging disclosed above . |
Employment Terms
| Term | Detail |
|---|---|
| Role/Effective Date | EVP, Development (Company) effective 9/1/2024; President & CEO, BDC since 2018 . |
| Employment Agreement | Effective March 15, 2023; term ends December 31, 2027 . |
| Compensation Terms (2024 baseline) | Base salary $1.2m (annual $100k increases); target annual cash bonus $600k (annual +$50k); annual equity awards target fair value $1.6m . |
| Severance (Without Cause) | Cash $11,100,000; COBRA $41,468; equity acceleration $1,663,454 (as of 12/31/2024 assumptions) . |
| Death/Disability | Equity acceleration $1,663,454 . |
| Change in Control (without termination) | Equity acceleration $1,663,454 (single-trigger equity acceleration) . |
| Clawback | Dodd-Frank compliant incentive compensation recovery policy; additional misconduct/confidentiality recoupment provisions . |
| Non-compete/Non-solicit | Not disclosed in proxy (agreements filed with 10-K exhibits) . |
Investment Implications
- Alignment and incentives: 50% of annual bonus tied to Braves Holdings financial metrics (Revenue and Adjusted OIBDA), with clear target bands and committee calibration; equity awards (RSUs plus sizable option overhang) further align with long-term value creation at The Battery Atlanta and the Braves’ economics .
- Retention/transition risk: Contract runs through 2027; severance economics are significant ($11.1m cash plus benefits) which lowers near-term voluntary departure risk but raises cost-of-termination; equity has single-trigger acceleration on change-in-control, which could be viewed as shareholder-unfriendly if not paired with a double trigger .
- Trading signals: Pledging of 184,418 BATRK shares is a governance red flag—pledged positions can create forced-sale risk in drawdowns; monitor for future Form 4 activity given 2023/2024 RSU award cadence and sizable in-the-money 2020 option tranche (strike $27.18, expiring 2027) .
- Program quality: Say-on-pay received 98% approval in 2024, and the Compensation Committee engaged Willis Towers Watson to refine the evolving public-company program—suggesting constructive investor alignment, ongoing calibration of pay-for-performance levers, and modern governance (clawback, ownership guidelines) .
Overall: Compensation design ties half of cash incentives to measurable financial outcomes and maintains meaningful equity exposure. The pledged-share overhang and single-trigger equity acceleration warrant continued monitoring, but long-tenured domain expertise and development-driven growth momentum (15% Mixed-Use Adjusted OIBDA growth in 2024) support alignment with shareholder value creation under Plant’s purview .