Ágúst Hafberg
CENTURY ALUMINUMAbout Ágúst Hafberg
Ágúst Hafberg is Senior Vice President and Chief Commercial Officer at Century Aluminum (CENX), a role he has held since February 2019; he joined Century in 2007 and is 59 years old . Century’s 2024 performance included 690,000 tonnes of aluminum produced, $337 million in net income and $244 million in adjusted EBITDA, with strategic milestones such as Jamalco integration, commissioning the low‑carbon billet casthouse in Iceland, and selection for a $500 million DOE grant to build a new U.S. smelter . Century’s shareholder returns have been strong: 2024 pay‑vs‑performance shows cumulative TSR value of $242 vs $188 for the peer group and relative TSR of 167.2%; over the last five completed fiscal years, Century outpaced industry and broader indices per the company’s outreach deck .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Century Aluminum | SVP & Chief Commercial Officer | 2019–present | Tenure coincided with Natur‑Al low‑carbon billet launch in Europe, and DOE funding for new U.S. smelter, supporting value‑added and domestic growth initiatives |
| Century Aluminum | Commercial/Business Development roles (various) | 2007–2019 | Contributed to Century’s commercial capabilities leading into the 2019 CCO appointment |
External Roles
No public company board or external directorships for Hafberg are disclosed in the proxy’s executive officer biographies .
Fixed Compensation
Century does not disclose individual compensation details for non‑NEOs like Hafberg; executive pay design comprises base salary plus an Annual Incentive Plan (AIP) and a Long‑Term Incentive Plan (LTIP) . The AIP ties 70% to company financial/operational/safety metrics and 30% to individual goals, with payout ranges from 0% to 200% of target; 2024 FOS metrics were achieved at 106% of target at the company level . LTIP comprises time‑vested stock units (TVSUs) and performance stock units (PSUs) measuring relative TSR over two‑ and three‑year windows, with cliff vesting after three years .
Performance Compensation
| Component | Metric | Weighting | Target Setting | 2024 Outcome | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Financial/Operational/Safety metrics (“FOS”) | 70% | Pre‑set thresholds/targets/maxima; straight‑line interpolation | Achieved at 106% of target at company level | Annual cash award (per AIP) |
| Annual Incentive Plan (AIP) | Individual performance criteria | 30% | Confidential, tailored by role; CEO assesses others, Committee decides | Individual outcomes not disclosed for Hafberg | Annual cash award |
| LTIP – TVSUs | Time‑vested stock units | Typically 40–50% of LTIP value depending on level | Grants sized via trailing average price; no performance condition | Not applicable (time‑based) | Cliff vest at end of 3‑yr period |
| LTIP – PSUs | Relative TSR vs Industry Peer Group | Typically 50–60% of LTIP value depending on level | 50% measured over 2 years; 50% over 3 years; Strategic Objective Modifier ±30 pts possible | 2022–2024 PSU cohort vested at 145.6% of target company‑wide | Cliff vest after 3 years |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total beneficial ownership | 52,378 shares including direct and unvested TVSUs |
| Direct shares owned | 18,000 shares acquired directly |
| Unvested TVSUs outstanding | 4,905 (2022–2024 LTIP; vest 12/31/2024), 15,439 (2023–2025 LTIP; vest 12/31/2025), 14,034 (2024–2026 LTIP; vest 12/31/2026) |
| Options | Century has no options outstanding under current plan; last options granted in 2009 expired 2019; none listed for executives currently |
| Ownership as % of shares outstanding | ~0.056% (=52,378 ÷ 93,296,937) |
| Stock ownership guidelines | SVPs must hold 18,000 shares; unvested TVSUs/PSUs and unexercised options do not count |
| Compliance status | Holds 18,000 direct shares, meeting the SVP guideline |
| Pledging/Hedging | Company policy prohibits pledging, hedging, short sales, and margin accounts; open market purchases must be held at least six months |
| Clawback | Incentive Compensation Recoupment Policy applies to restatements and misconduct, aligned to Nasdaq/SEC rules |
Vesting schedule suggests potential supply around year‑end as TVSUs vest on 12/31 in consecutive years (2024, 2025, 2026), which can be relevant for modeling insider‑related selling pressure even though hedging/pledging are prohibited .
Employment Terms
- At‑will employment is stated for NEOs; Century indicates no employment agreements for NEOs (non‑NEO executive employment terms are not specifically disclosed) .
- Executive Severance Plan provides “double‑trigger” change‑of‑control protection with tiered severance of 1.0x/1.5x/2.0x salary+target bonus plus pro‑rata incentives and LTIP at target; Hafberg’s specific tier is not disclosed .
- Equity plans require one‑year minimum vesting (limited exceptions), prohibit repricing of options/SARs without shareholder approval, and include double‑trigger vesting upon change‑of‑control if awards are replaced; if not replaced, time‑based awards vest and performance awards pay at target at change‑of‑control .
Investment Implications
- Strong alignment: Hafberg meets SVP ownership guidelines with 18,000 direct shares and has meaningful unvested equity across 2024–2026, tying compensation to multi‑year TSR outcomes and retention via cliff vesting .
- Limited balance sheet risk from executive pledging: company policy prohibits pledging and hedging, reducing misalignment risk .
- Calendar effects: sequential 12/31 vesting dates for TVSUs can create predictable periods of potential insider‑related liquidity; monitor Section 16 filings around year‑end to assess selling behavior (2024 Form 3 details vesting; no delinquent filings reported for Hafberg) .
- Pay program credibility: 2024 company‑level AIP metrics reached 106% of target and 2022–2024 PSUs vested at 145.6% on superior relative TSR, indicating the framework pays for operational execution and stock performance; say‑on‑pay support was 85% in 2024 .