David Mattiske
Bunge GlobalAbout David Mattiske
Co-Chief Operating Officer at Bunge Global SA (BG) since July 2, 2025, appointed concurrent with the Viterra acquisition closing. Former CEO of Viterra (2019–2025) with prior senior operating roles at Glencore across EU/CIS, Asia, Middle East, Africa and ANZ; earlier roles at ABB Grain and PwC. Education: Bachelor of Commerce, Flinders University; member, Institute of Chartered Accountants of Australia. BG’s executive pay framework that will govern his incentives links pay to company performance via Adj PBT(I) for annual bonus funding, and 3-year EPS and AROIC with an RTSR modifier for long-term equity; hedging/pledging is prohibited and ownership guidelines apply (CEO 6x, other NEOs 3x, other senior executives 2x salary) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Viterra | Chief Executive Officer | 2019–Jun 2025 | Led the company through to combination with Bunge; joins BG’s ELT post-closing as Co-COO . |
| Glencore (Agriculture) | Regional Director (EU/CIS, Asia, Middle East, Africa, ANZ) | 2014–2019 | Multi-region operating oversight across global commodity value chains . |
| Glencore (Agriculture, ANZ) | Managing Director (ANZ) | 2010–2014 | Country/regional leadership in agribusiness operations . |
| Glencore (Agriculture, ANZ) | Chief Financial Officer | 2006–2010 | Finance leadership for ANZ agriculture division . |
| ABB Grain Limited; PricewaterhouseCoopers | Various roles | Pre-2006 | Early career in grains and professional services . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Institute of Chartered Accountants of Australia | Member | N/A | Professional accreditation . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | EUR 748,883 gross annual salary (or CHF 704,540 after relocation to Geneva) effective July 2, 2025 . |
| Annual incentive (AIP) target | 150% of gross annual salary . |
| 2025 LTIP target | Eligible for 2025 LTIP consideration with target value $3,500,000 in TBRSUs and/or PBRSUs, subject to HRCC approval . |
| One-time RSU grant | $3,000,000 TBRSUs vesting 50% on first and second anniversaries of Closing (i.e., July 2, 2026 and July 2, 2027), subject to continued service . |
| Relocation | Eligible for relocation benefits under BG’s global mobility program (Geneva) . |
Performance Compensation
Annual Incentive Plan (design and weightings)
| Feature | Details |
|---|---|
| Funding metric | Adj PBT(I) funds a pool (set at 4.8% for 2024, +/- 2.1% scorecard modifiers) . |
| Scorecard modifiers | Quality of earnings; Inclusion & Belonging; Sustainability (Scope 1&2 emissions, palm traceability, soy traceability) . |
| Typical NEO weighting | 80% financial (Adj PBT(I) +/- modifiers) / 20% strategic objectives for most NEOs . |
Long-Term Incentive Plan (design)
| Element | Metric/Mechanics | Weighting/Calibration | Vesting |
|---|---|---|---|
| PBRSUs | 3-year cumulative EPS and 3-year average AROIC; RTSR modifier vs S&P 500 Industrials (+/-25%, cannot lift above max and not applied if TSR negative) | 50% EPS / 50% AROIC; PBRSU max 200% of target | Generally cliff vest at 3rd anniversary; settled in shares with dividend equivalents at vest (up to target) . |
| TBRSUs | Time-based restricted stock units | N/A | Multi-year service-based vesting per award terms . |
PBRSU outcome example (Company 2022–2024 performance cycle)
| Metric | Threshold (30%) | Target (100%) | Maximum (200%) | Actual | Payout |
|---|---|---|---|---|---|
| 3-yr Cumulative EPS | $14.40 | $24.00 | $33.60 | $35.88 | 200% |
| 3-yr Average AROIC | 6.6% | 11.8% | 15.8% | 16.9% | 200% |
| Weighted avg. payout (pre-RTSR) | 200% | ||||
| RTSR Modifier | Below 25th %-ile (-25%) | 25th %-ile | 75th %-ile (+25%) | 23rd %-ile | -25% |
| Total payout | 175% |
Note: These are BG company-level outcomes used to settle PBRSUs for the 2022–2024 cycle; they illustrate mechanics that will apply to Mr. Mattiske’s future PBRSUs .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Form 3 (initial statement) | Filed July 7, 2025; title: Co-Chief Operating Officer; “No securities are beneficially owned” as of the filing (new officer) . |
| Ownership guidelines | CEO 6x base; Other NEOs 3x base; Other senior executives 2x base; executives must hold 50% of net shares acquired until in compliance (100% if initial period lapsed and still below); 50% of unvested TBRSUs count; PBRSUs and options do not; prohibition on hedging, pledging or margin accounts . |
| Upcoming vesting events | One-time RSU: 50% on July 2, 2026; 50% on July 2, 2027 (service-based); Viterra cash LTIs converted into time-based RSUs at BG with original-like vesting . |
| Option overhang | Company disclosed no unvested stock options outstanding under LTIPs . |
Employment Terms
| Provision | Terms |
|---|---|
| Start date and role | Appointed Co-Chief Operating Officer effective immediately following the Viterra transaction closing on July 2, 2025 . |
| Contract/Comp | Employment agreement and addendum dated July 2, 2025; comp terms above . |
| Severance plan eligibility | Eligible for BG Executive Severance Plan (ESP) via participation agreement . |
| Severance (non-CoC) | 12 months base salary + 1x target bonus; prorated AIP based on performance; up to 18 months COBRA reimbursements; release required; non-compete/non-solicit covenants (24 months) . |
| Severance (Change-of-Control) | Qualifying termination during CoC period or resignation on second anniversary of Closing per his agreement: lump sum 24 months base + 2x target bonus; prorated AIP; up to 18 months COBRA; equity acceleration: all outstanding equity vests; options (if any) exercisable full term; PBRSUs vest at greater of actual or target; no excise tax gross-up; release and restrictive covenants required . |
| Clawback | Executive recoupment policy intended to comply with SEC/NYSE Dodd-Frank rules . |
| Single vs. double trigger | Company discloses it does not have single-trigger CoC provisions (double trigger required) . |
| Articles of Association flexibility | Board/Comp Committee may accelerate vesting or deem targets achieved upon predetermined events such as CoC or termination, and pay in cash/equity/options; parameters set and administered by the Board/Committee . |
| Relocation | Relocation benefits provided for Geneva move . |
Investment Implications
- Alignment and retention: Initial Form 3 shows zero beneficial ownership at appointment, with substantial equity alignment expected via a $3.5M 2025 LTIP target and a $3.0M time-based RSU that vests 50% at 12 and 24 months; these vesting dates create identifiable equity delivery events that may influence insider selling-for-tax dynamics and near-term retention incentives .
- Pay-for-performance: Annual bonus funding is tied to Adj PBT(I) and strategic scorecard (incl. sustainability), while long-term incentives use 3-year EPS and AROIC with an RTSR modifier; recent company PBRSU outcomes (2022–2024) paid at 175% after strong EPS/AROIC but below-median RTSR, evidencing a balanced design with downside via RTSR .
- Downside protection and governance: Change-of-control benefits require a double trigger; severance provides 2x base and 2x target bonus under CoC with full equity acceleration, but no tax gross-ups; clawback policy and strict prohibitions on hedging/pledging mitigate governance risk .
- Ownership expectations: Executive ownership guidelines (up to 3x salary for NEOs; 2x for other senior execs) and mandatory net-share holding until compliance reinforce long-term alignment; initial compliance timing for Mr. Mattiske will depend on grant timing and stock performance over the next 1–5 years .
- Shareholder sentiment: BG’s say-on-pay support was 96.7% in 2024, suggesting broad investor approval of the compensation framework that will apply to Mr. Mattiske .
No related-party transactions or loans specific to Mr. Mattiske were disclosed in the appointment 8-K; relocation benefits and severance participation were disclosed .