Julio Garros
Bunge GlobalAbout Julio Garros
Julio Garros is Co‑President, Agribusiness at Bunge (BG). He has served in this role since April 2022 and is 49 years old in the FY 2024 10‑K, with over two decades at Bunge spanning finance, commercial and business development across Argentina and Brazil; prior roles include PriceWaterhouseCoopers and auditor for Argentina’s Foreign Affairs Office . Long‑term incentives tied to three‑year cumulative EPS and average AROIC have paid above target—200% for the 2021‑2023 cycle and 175% for 2022‑2024—with an RTSR modifier applied (+25% in 2021‑2023; −25% in 2022‑2024), signaling strong operational performance over his tenure in the senior leadership team . Executive ownership guidelines and prohibitions on pledging/hedging further align incentives; as of December 31, 2024 all NEOs met ownership guidelines (3x base salary for other NEOs) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bunge | Co‑President, Agribusiness | Apr 2022–present | Co‑leads global Agribusiness segment execution |
| Bunge | President, Agribusiness Development, Operations and Milling | Prior to Apr 2022 | Led growth and operational optimization across milling and agribusiness development |
| Bunge | Financial Analyst (Argentina) | 2002 | Entry into Bunge; foundation in finance and analytics |
| PriceWaterhouseCoopers | Auditor/Finance roles | Pre‑2002 | Professional services training in audit/finance |
| Argentina’s Foreign Affairs Office | Auditor | Pre‑2002 | Public sector audit experience |
External Roles
No external public company board roles are disclosed for Garros in the executive officer biographies, while other executives’ external directorships are listed (e.g., Lamb Weston for Coviello) .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $570,525 | $746,925 | $699,281 |
| Target Bonus (% of base) | 100% | 100% | 100% |
| Target Bonus ($) | $1,583,024 (AIP eligible amount shown in SCT for 2022 is actual; target bonus disclosure provided separately; AIP target % is 100%) | $728,008 | $647,017 |
| Non‑Equity Incentive Paid ($) | $1,583,024 | $1,735,572 | $1,125,810 |
| All Other Compensation ($) | $21,652 | $23,598 | $752,239 |
| Total Compensation ($) | $4,341,163 | $4,574,754 | $5,027,085 |
Notes: FY2023 All Other Compensation for Garros reflects automobile allowance in connection with overseas employment; amounts for Garros converted from Brazilian reals to USD per specified exchange rates . Base salary rates increased in 2024 to reflect expanded responsibilities and peer alignment; Garros’ base increased 13% (to $647,017 as of 12/31/2024) .
Performance Compensation
Annual Incentive Plan (AIP)
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Weighting | 80% Financial (Adj PBT(I) +/- modifiers), 20% Individual | 80% Financial (Adj PBT(I) +/- modifiers), 20% Individual |
| Target (% of base) | 100% | 100% |
| Target ($) | $728,008 | $647,017 |
| Actual Payout ($) | $1,735,572 | $1,125,810 |
| Funding mechanics | Adj PBT(I) share; 2024 funding rate set at 4.8% of Adj PBT(I), +/- 2.1% via scorecard modifiers | 4.8% Adj PBT(I), +/- 2.1% modifiers across operational quality of earnings, Inclusion & Belonging, Sustainability |
| Performance period | Calendar year | Calendar year |
Long‑Term Incentive Plan (LTIP) – Grants
| Grant Year | Type | Grant Date | Target (#) | Max (#) | Grant Date Close ($) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|---|
| 2023 | PBRSUs | 3/15/2023 | 12,150 | 24,300 | $96.79 | $1,268,703 |
| 2023 | TBRSUs | 3/15/2023 | 8,100 | — | $96.79 | $799,956 |
| 2024 | PBRSUs | 3/15/2024 | 15,790 | 31,580 | $95.56 | $1,449,838 |
| 2024 | TBRSUs | 3/15/2024 | 10,526 | — | $95.56 | $999,917 |
PBRSU metrics: 50% three‑year cumulative diluted EPS; 50% three‑year average AROIC; RTSR modifier up to ±25% vs S&P 500 Industrials; vest generally at 3 years; dividend equivalents paid in shares upon vesting up to target award .
LTIP – PBRSU Cycle Outcomes
| Performance Cycle | EPS Actual | AROIC Actual | RTSR Percentile | Payout |
|---|---|---|---|---|
| 2021–2023 | $39.75 (max) | 20.1% (max) | 89th percentile (+25%, capped) | 200% of target |
| 2022–2024 | $35.88 (max) | 16.9% (max) | 23rd percentile (−25%) | 175% of target |
Equity Ownership & Alignment
| As‑Of Date | Direct/Indirect Shares | Right to Acquire (within 60 days) | % of Class |
|---|---|---|---|
| Mar 15, 2024 | 74,102 | 28,450 | <1% |
| Mar 14, 2025 | 84,681 | 24,700 | <1% |
- Ownership guidelines: CEO 6x base; other NEOs 3x base; counts include owned shares and 50% of unvested TBRSU value; unearned PBRSUs and options excluded; all NEOs compliant as of 12/31/2024; executives must hold at least 50% of net shares until guidelines met; hedging, pledging, and margin loans prohibited .
- Outstanding equity and vesting cadence (as of 12/31/2023): TBRSUs from 3/15/2021 vested on 3/15/2024; TBRSUs from 3/15/2022 vest on 3/15/2025; PBRSUs from 3/15/2022 settled based on 2022‑2024 achievement; legacy options remain outstanding with strike prices $50–$82 expiring 2025–2029 .
Employment Terms
| Provision | Key Terms |
|---|---|
| Plan coverage | Executive Severance Plan with double‑trigger CoC vesting; 24‑month non‑compete/non‑solicit on CoC; no excise tax gross‑ups |
| Clawbacks | Board‑adopted recoupment policy for fraud/misconduct driving restatements; Dodd‑Frank‑compliant clawback policy for incentive‑based comp over three fiscal years preceding restatement |
| Potential payments (termination) | Without Cause/For Good Reason: Cash $1,456,016; accelerated equity $2,196,773; total $3,652,789 |
| Potential payments (change‑of‑control) | CoC + qualifying termination: Cash $2,912,032; accelerated equity $3,145,098; total $6,057,130 |
Performance & Track Record Signals
- Above‑target long‑term performance: PBRSU payouts at 200% (2021–2023) and 175% (2022–2024) underscore multi‑year earnings power (EPS) and capital efficiency (AROIC), despite less favorable RTSR in 2022–2024 (23rd percentile) .
- Pay structure leverage: Majority of target pay delivered in long‑term, performance‑based equity; other NEOs average 62% long‑term equity leverage; 80% variable pay overall for other NEOs .
- Shareholder support: Say‑on‑pay approval of 96.7% at 2024 AGM indicates strong investor endorsement of compensation design .
Company Performance Context (BG)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $67,232,000,000* | $59,540,000,000 | $53,108,000,000 |
| EBITDA ($) | $2,855,000,000* | $3,702,000,000* | $2,031,000,000* |
Values retrieved from S&P Global. Figures with an asterisk do not have document citations and are provided via S&P Global.
Investment Implications
- Compensation alignment: High share of at‑risk, performance‑based equity (PBRSUs with EPS/AROIC) that has paid out above target links Garros’ realized comp to long‑term value creation. Prohibitions on hedging/pledging and ownership holding requirements mitigate near‑term selling pressure from vesting events .
- Vesting and potential supply: 2025 TBRSU vesting (3/15/2025) and settlement of 2022–2024 PBRSUs add share issuance; required net‑share retention partially offsets selling risk .
- Retention/transition risk: Double‑trigger CoC protection and defined severance economics reduce retention risk during corporate transactions; absence of excise tax gross‑ups is shareholder‑friendly .
- Execution signal: Multi‑year PBRSU outcomes and AIP payouts suggest effective operational execution in agribusiness under Garros’ co‑leadership; continued monitoring of Adj PBT(I) funding and long‑term EPS/AROIC targets is warranted for forward comp leverage .
All information above is sourced from BG’s proxy statements, 10‑Ks, and related filings, with citations provided inline.