Corey Baker
About Corey Baker
Corey Baker, age 53, has served as Chief Financial Officer of The Vita Coco Company since March 2023 after a 16-year finance career at PepsiCo across global and North American roles (including CFO, PepsiCo Beverages Canada; VP/CFO, PepsiCo Global Groups; CFO, International & Global Commercial; SVP, Global Finance) . During 2024 under the current leadership team, Vita Coco delivered 4.5% net sales growth to $516 million, Adjusted EBITDA of $84 million (up from $68 million), net income of $56 million, and a ~44% increase in share price to $36.91 by year-end, outcomes that directly fed into executive incentive payouts . The company’s pay programs emphasize Net Revenue and Adjusted EBITDA in both annual bonuses and multi-year PSUs; company TSR for pay-versus-performance disclosure showed cumulative value of $330.44 for a $100 investment since year-end 2021 in 2024 (vs. $229.63 in 2023) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| PepsiCo | SVP, Global Finance; CFO International & Global Commercial and Corporate Planning; VP/CFO, PepsiCo Global Groups; CFO, PepsiCo Beverages Canada; earlier finance roles | 2006–2023 | Led global finance teams and commercial capabilities (NRM, Sustainability, R&D, Strategy & Transformation, E-commerce) supporting growth and execution across global businesses . |
External Roles
- No external public company board roles disclosed for Baker in company filings reviewed .
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Base salary ($) | 375,000 | 2024 base salary approved; CFO Agreement specifies at least $365,000 starting 2023 . |
| Target bonus (% of salary) | 60% | Target and separate stretch opportunity of 60% per CFO Agreement; 2024 target unchanged vs. 2023 . |
| Actual annual bonus paid ($) | 361,800 | Paid early 2025 based on 2024 Corporate Performance Factor of 160.8% . |
| One-time cash (sign-on/other) ($) | 100,000 potential sign-on | Payable on conditions per 8-K; separate 2023 “transaction bonus” in SCT equals $60,000 . |
Performance Compensation
Annual Bonus Design and 2024 Results
| Metric | Weighting | Minimum | Target | Maximum | 2024 Actual | Plan outcome |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 50% | ≥ $71m | $77m | ≥ $88m | $84m | Contributed to Corporate Performance Factor . |
| Total Net Revenue | 25% | ≥ 0.0% | 1.6% | ≥ 7.1% | 4.5% | Contributed to Corporate Performance Factor . |
| Branded Net Revenue | 25% | ≥ 3.5% | 7.0% | ≥ 12.5% | 9.6% | Contributed to Corporate Performance Factor . |
| Corporate Performance Factor | — | 0% | 100% | 200% | 160.8% | ESG ±10% modifier not applied in 2024 . |
2024 Long-Term Equity Grants (grant date 3/4/2024)
| Instrument | Shares/Units | Grant date fair value ($) | Vesting |
|---|---|---|---|
| RSUs | 10,542 | 275,990 | 25% per year over 4 years starting 3/4/2025, continued service required . |
| Stock options | 8,746 | 92,008 | 25% per year over 4 years; exercise price $26.18; expires 3/4/2034 . |
| PSUs | 3,514 target | 91,997 | 3-year performance period (2024–2026); pays 0–200% based on Adjusted EBITDA and Net Revenue growth; certification in Q1’27 . |
Other Incentives
- 2025 LTI cash award (approved in 2023): $600,000 opportunity for Baker; pays only if multi-year Adjusted EBITDA and Net Revenue growth goals are met by end of 2025 (50% payout if only achieved in 2026), subject to Compensation Committee discretion .
- 2023 sign-on equity: RSUs $750,000 and options $250,000, in two installments post-earnings releases; RSUs vest 40/30/20/10 on each anniversary of 2023 grant; annual equity target 125% of salary (75% RSUs/25% options) .
Equity Ownership & Alignment
Beneficial Ownership (as of April 7, 2025)
| Holder | Shares beneficially owned | % of outstanding |
|---|---|---|
| Corey Baker | 39,993 | * (less than 1%) . |
Outstanding Equity (as of 12/31/2024)
| Category | Details |
|---|---|
| Options – exercisable | 3,551 @ $16.91; 5,392 @ $24.35; 4,618 @ $27.59; expirations 2033 . |
| Options – unexercisable | 10,654 @ $16.91; 8,089 @ $24.35; 6,929 @ $27.59; 8,746 @ $26.18; expirations 2033–2034 . |
| RSUs – time-based (unvested) | 13,306 (vests 25% per year starting 3/10/2024); 9,240 and 8,155 (sign‑on grants vesting 40/30/20/10 on 3/10 annually); 10,542 (vests 25% per year starting 3/4/2025) . |
| PSUs – performance-based (unvested) | 3,514 target; 0–200% payout based on 2024–2026 Adjusted EBITDA and Net Revenue growth, certified in Q1’27 . |
| 2024 stock vested / options exercised | 2024: 16,032 shares vested for Baker; no option exercises reported for Baker during 2024 . |
Alignment Policies and Practices
- Stock ownership guidelines: NEOs must hold 2x base salary; five-year compliance window from becoming subject to guidelines; as of the Record Date, all executive officers met guidelines except Mr. Baker (who joined in 2023). Earliest compliance dates generally October 2026 .
- No pledging or hedging of company stock; anti-hedging policy applies to directors, officers, employees and entities they control .
- Clawback policy (adopted June 2023) compliant with SEC/Nasdaq rules; applies to incentive-based comp for three prior fiscal years upon required accounting restatement (Big R or little r) .
Employment Terms
| Term | Corey Baker (CFO) |
|---|---|
| Employment start date | March 7, 2023 . |
| Current base / bonus design | Base at least $365,000 (2024 base $375,000); annual bonus target 60% of salary plus 60% stretch; metrics primarily Adjusted EBITDA and Net Revenue . |
| Severance (no-cause/Good Reason) | Base salary plus prorated target bonus over 12 months, subject to release . |
| Change-in-control (CIC) treatment | No single-trigger benefits; awards accelerate only if not assumed/continued/replaced in CIC; estimated value of accelerating Baker’s unvested equity at 12/31/2024 price was $1,995,380; no health benefits or tax gross-ups . |
| Interim PAO duties | Assumed Principal Accounting Officer responsibilities on interim basis effective Aug. 16, 2024; no additional compensation . |
| Initial employment agreement summary (March 2023) | Base $365k; 60% target bonus; $100k sign-on cash (conditional); sign-on equity RSUs $750k and options $250k; severance initially described as one year base salary plus target bonus if terminated without cause (subsequent proxy summarizes severance as base plus prorated target bonus) . |
Compensation Structure Analysis
- Cash vs. equity mix and risk: 2024 pay leaned toward at-risk incentives (annual bonus and multi-year RSUs/PSUs/options) aligned to Adjusted EBITDA and revenue growth, with no tax gross-ups, no single-trigger CIC acceleration, and a Dodd-Frank compliant clawback, indicating a shareholder-friendly posture .
- Metric rigor: 2024 bonus metrics and ranges (EBITDA and revenue) produced a 160.8% payout given solid EBITDA and branded revenue performance; ESG modifier was available but not used, suggesting discipline in applying non-financial overlays .
- Equity design and potential selling pressure: Multiple RSU tranches vest annually each March (3/10 and 3/4) and options vest ratably over four years; expect periodic vesting-related liquidity/tax-withholding selling windows, though Baker had no option exercises in 2024 and the company prohibits pledging/hedging .
Performance & Track Record
- 2024 corporate results: Net sales $516m (+4.5% YoY), Adjusted EBITDA $84m (vs. $68m), net income $56m; stock ended 2024 at $36.91 (+~44% YoY), supporting above-target annual bonus outcomes .
- Pay versus performance: PEO “compensation actually paid” and TSR disclosure indicate strong alignment to equity value creation in 2023–2024; company-selected measure is Adjusted EBITDA .
Say-on-Pay & Governance Signals
- Annual say-on-pay held; Board unanimously recommends “FOR” approval of executive compensation; compensation overseen by independent Compensation Committee with independent consultant Pearl Meyer .
- “What we don’t do” guardrails include no pledging/hedging, no single-trigger CIC severance, no tax gross-ups, and no option repricing without shareholder approval .
Investment Implications
- Alignment: Baker’s unvested RSUs/PSUs/options and 2025 LTI cash award tightly link compensation to multi-year Adjusted EBITDA and revenue growth, reinforcing operating discipline and value creation incentives .
- Vesting cadence: Concentrated March vesting dates (3/10, 3/4) for RSUs/options could create seasonal selling/tax-withholding flows; however, no hedging/pledging and 2024 showed no option exercises by Baker, suggesting limited incremental selling pressure beyond withholding needs .
- Downside protection and retention: Severance of base plus prorated target bonus and absence of single-trigger CIC terms reduce windfalls while providing reasonable retention; CIC acceleration only if awards are not assumed maintains continuity through transactions .
- Pay-for-performance: The 2024 160.8% corporate factor, coupled with strong EBITDA expansion and TSR, indicates incentive plans are currently paying out on measurable improvements—supportive for investors seeking evidence of compensation-performance linkage .