Joseph Podwika
Bunge GlobalAbout Joseph Podwika
Joseph Podwika is Bunge Global SA’s Chief Legal Officer (a Named Executive Officer) responsible for legal, compliance, and governance matters across the company’s global footprint . The proxy does not provide his age, education, or biography; BG’s proxies list NEOs without individual bios while detailed biographies are provided for directors . BG ties executive pay to long-term value creation using performance metrics such as Adjusted EPS, Adjusted ROIC, and a Relative TSR modifier; company-level 2024 pay-versus-performance shows a $100 investment at $156, net income of $1,137 million, and Adjusted EPS of $9.19 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in BG DEF 14A (NEO bios not provided) | — | — | — |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in BG DEF 14A (NEO bios not provided) | — | — | — |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate (as of year-end) | $600,000 | $625,000 |
| Salary Paid | $600,000 | $618,750 |
| Target Bonus (% of Base) | 75% | 75% |
| All Other Compensation | $131,975 | $136,823 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Adj PBT(I) +/- Modifiers (Company funding) | 70% | — | — | — | Funds AIP; final funding rate 5.85% |
| Strategic Objectives (Individual) | 30% | — | — | — | Assessed annually |
| AIP Award (Podwika) | — | $468,750 | — | 153% of target; $714,844 | Paid Mar 2025 for FY2024 |
Funding detail: the Human Resources and Compensation Committee certified a final AIP funding rate of 5.85% and a financial payout factor of 175% based on Adj PBT(I) for FY2024 .
Performance-Based RSUs (PBRSUs)
| Metric | Weighting | Target/Payout Curve | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| 3-year Cumulative Diluted EPS | 50% | Threshold 30%; Target 100%; Max 200% | 2022–2024: Achieved max (200%) | 175% after RTSR modifier | Vests at 3rd anniversary; 2024–2026 cycle approved Feb 15, 2024 |
| 3-year Average Adjusted ROIC | 50% | Threshold 30%; Target 100%; Max 200% | 2022–2024: Achieved max (200%) | 175% after RTSR modifier | Vests at 3rd anniversary |
| Relative TSR (vs S&P 500 Industrials) | Modifier | ±25% cap; no positive modifier if TSR is negative | 2022–2024: 23rd percentile (−25%) | Applied to above | With payout cap at 200% |
2024 grants to Podwika: target PBRSUs 11,053; threshold 1,657; maximum 22,106 .
Time-Based RSUs (TBRSUs)
| Attribute | 2023 Grant | 2024 Grant |
|---|---|---|
| TBRSUs Awarded (Podwika) | 6,360 shares | 7,368 shares |
| Vesting | 3-year cliff (2026 for 2023 grant) | 3-year cliff (2027 for 2024 grant) |
| Dividends/Equivalents | Paid only if and when awards vest | Paid only if and when awards vest |
Equity Ownership & Alignment
Beneficial Ownership
| Metric | 2023 | 2025 |
|---|---|---|
| Shares Owned (Direct/Indirect) | 48,575 | 61,367 |
| Right to Acquire (within 60 days) | 22,500 (options) | 22,500 (options) |
| Ownership as % of Class | <1% (asterisk) | <1% (asterisk) |
BG executive share ownership guidelines: CEO 6x salary; other NEOs 3x salary; executives must hold at least 50% of net shares until guidelines are met. As of Dec 31, 2024, all NEOs (including Podwika) satisfied guidelines . BG prohibits hedging, pledging, short sales, and margin accounts for directors and officers .
Outstanding Equity Awards (as of Dec 31, 2024)
| Award | Quantity | Terms | Market/Payout Value |
|---|---|---|---|
| Stock Options (exercisable) | 22,500 @ $42.76; expire Mar 10, 2030 | Fully vested | — |
| Unvested TBRSUs | 7,520 | Vests Mar 15, 2027 (2024 grant) | $584,755 (at $77.76) |
| Unearned PBRSUs (Target) | 11,282 | 2024–2026 cycle | $877,288 (target, at $77.76) |
2024 Realizations
| Event | Quantity | Value |
|---|---|---|
| Shares vested (TBRSUs/PBRSUs) | 22,793 | $1,823,035 |
| Stock options exercised | — | — |
Employment Terms
| Provision | Detail |
|---|---|
| Plan participation | Executive Severance Plan (NEOs other than CEO/CFO) |
| Severance (no change-of-control) | 12 months base salary + 12 months target AIP; prorated AIP; COBRA reimbursement up to 18 months; equity: pro-rata vesting for RSUs (subject to minimum 1-year service); no tax gross-ups |
| Severance (double-trigger CoC) | 24 months base salary + 2x target AIP; prorated AIP; COBRA reimbursement; accelerated vesting: options fully exercisable; PBRSUs vest at greater of actual or target; no tax gross-ups |
| Non-compete/non-solicit (CoC) | 24 months |
| Clawback/recoupment | Dodd-Frank-compliant clawback; executive recoupment policy; awards subject to cancellation/recoupment |
| Garden leave (CEO/CFO only) | Notice period/garden leave constructs do not apply to Podwika; they apply to CEO/CFO |
Potential Payments (assuming termination on Dec 31, 2024)
| Scenario | Cash Severance | Continuation of Benefits | Accelerated Equity | Total |
|---|---|---|---|---|
| Without Cause / For Good Reason | $1,093,750 | $39,202 | $1,670,672 | $2,803,624 |
| Change-of-Control + qualifying termination | $2,187,500 | $39,202 | $3,162,188 | $5,388,890 |
| Death/Disability/Retirement | — | — | $2,329,534 | $2,329,534 |
Investment Implications
- Pay-for-performance and equity-heavy mix: Podwika’s 2024 AIP paid 153% of target ($714,844), aligned with company-level funding and objectives; long-term equity comprises PBRSUs tied to 3-year EPS and AROIC with RTSR and TBRSUs that vest after three years .
- Alignment and low pledging/hedging risk: He holds 61,367 shares with 22,500 options; BG prohibits hedging/pledging and requires executives to meet ownership guidelines (met by all NEOs) .
- Retention and change-of-control economics: Double-trigger CoC terms provide meaningful cash/equity acceleration ($5.39 million modeled at 12/31/2024), reducing exit risk during strategic events (e.g., Viterra transaction) .
- Near-term liquidity events: Significant unvested RSUs scheduled to vest in 2025–2027 and options expiring in 2030 imply continued alignment; no 2024 option exercises suggest limited immediate selling pressure .
Notes on Compensation Structure and Governance
- Compensation peer group and benchmarking: HRCC, advised by Semler Brossy, benchmarks against a 16-company peer set spanning agribusiness, food, and materials (e.g., ADM, Nutrien, Sysco) and targets median positioning with majority of pay in long-term equity .
- Say-on-pay and shareholder support: BG’s executive pay received 96.7% approval at the 2024 AGM, indicating strong investor alignment .
- LTIP design (effective 2024): No single-trigger CoC; minimum 1-year vesting; no option repricing; dividend equivalents only upon vesting .
All facts and figures above are drawn from BG’s 2025 and 2024 DEF 14A proxies and related filings:
NEO listing/title **[1996862_0001996862-25-000078_bg-20250404.htm:51]** **[1996862_0001996862-24-000087_bg-20240405.htm:56]**; lack of NEO bios **[1996862_0001996862-25-000078_bg-20250404.htm:51]** **[1996862_0001996862-24-000087_bg-20240405.htm:56]**; pay-versus-performance metrics **[1996862_0001996862-25-000078_bg-20250404.htm:85]**; base salary rates and paid salary **[1996862_0001996862-25-000078_bg-20250404.htm:58]** **[1996862_0001996862-25-000078_bg-20250404.htm:75]** **[1996862_0001996862-24-000087_bg-20240405.htm:79]**; target bonus % **[1996862_0001996862-25-000078_bg-20250404.htm:58]** **[1996862_0001996862-24-000087_bg-20240405.htm:63]**; AIP structure and weights **[1996862_0001996862-25-000078_bg-20250404.htm:59]**; AIP funding and payout **[1996862_0001996862-25-000078_bg-20250404.htm:60]** **[1996862_0001996862-25-000078_bg-20250404.htm:61]**; PBRSU framework and 2022–2024 payout **[1996862_0001996862-25-000078_bg-20250404.htm:64]** **[1996862_0001996862-25-000078_bg-20250404.htm:65]**; TBRSU vesting **[1996862_0001996862-25-000078_bg-20250404.htm:66]**; 2024 grant counts **[1996862_0001996862-25-000078_bg-20250404.htm:77]**; ownership and options **[1996862_0001996862-25-000078_bg-20250404.htm:49]** **[1996862_0001996862-24-000087_bg-20240405.htm:44]** **[1996862_0001996862-25-000078_bg-20250404.htm:79]**; vesting realizations **[1996862_0001996862-25-000078_bg-20250404.htm:80]**; ownership guidelines and compliance **[1996862_0001996862-25-000078_bg-20250404.htm:72]**; hedging/pledging policy **[1996862_0001996862-25-000078_bg-20250404.htm:48]** **[1996862_0001996862-24-000087_bg-20240405.htm:43]**; severance plan terms and modeled amounts **[1996862_0001996862-25-000078_bg-20250404.htm:69]** **[1996862_0001996862-25-000078_bg-20250404.htm:82]** **[1996862_0001996862-24-000087_bg-20240405.htm:74]**; HRCC process and peer group **[1996862_0001996862-25-000078_bg-20250404.htm:54]** **[1996862_0001996862-25-000078_bg-20250404.htm:56]** **[1996862_0001996862-25-000078_bg-20250404.htm:57]**; say-on-pay **[1996862_0001996862-25-000078_bg-20250404.htm:12]** **[1996862_0001996862-25-000078_bg-20250404.htm:51]**; LTIP provisions **[1996862_0001996862-24-000127_ex101_bunge2024long-termin.htm:0]** **[1996862_0001996862-24-000127_ex101_bunge2024long-termin.htm:7]** **[1996862_0001996862-24-000127_ex101_bunge2024long-termin.htm:10]**.