Juan Bianchi
EURONET WORLDWIDEAbout Juan Bianchi
Juan C. Bianchi is Executive Vice President and Chief Executive Officer of Euronet’s Money Transfer Segment; he joined Euronet in 2007 with the acquisition of Ria, after serving as Ria’s CEO and previously COO of AFEX-Ria, with a career beginning at AFEX in Chile in 1992 and AFEX USA in 1996; he studied business at Universidad Andres Bello (Chile) and completed UCLA Anderson’s Executive Program in Management . He is 54 years old and has served as EVP/CEO of the Money Transfer Segment since April 2007, giving him ~17+ years of tenure in the role by year-end 2024 . Company performance context: 2024 revenue increased 8% (9% constant currency), adjusted operating income increased 16% (18% constant currency), adjusted EPS increased 15%; TSR was 1% for 1-year, -14% for 3-year, and -35% for 5-year; company EBITDA rose 113% from 2021 to 2024, ranking better than 21 of 24 payment peers, underscoring execution across segments including Money Transfer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AFEX Money Express (Chile) | Early career in money transfer | 1992–1996 | Foundation in remittances and operations in LATAM |
| AFEX USA | AFEX USA operations | 1996–2003 | US operations experience ahead of Ria leadership |
| AFEX-Ria | Chief Operating Officer | 2003–2007 | Scaled operations; prepared for Ria’s growth |
| Ria Money Transfer | Chief Executive Officer | Pre-2007 until Euronet acquisition (2007) | Led Ria; integration into Euronet’s Money Transfer Segment |
External Roles
None disclosed in company filings for Bianchi .
Fixed Compensation
Multi-year cash compensation for Bianchi:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $450,000 | $450,000 | $525,000 |
| All Other Compensation ($) | $48,300 | $49,984 | $53,992 |
Notes: 2024 salary increased to $525k as part of a broader executive salary adjustment aligned to peer medians .
Performance Compensation
Annual Bonus payouts (Non-Equity Incentive)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Non-Equity Incentive Compensation ($) | $900,000 | $900,000 | $1,050,000 |
2024 Annual Incentive design and outcome:
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EPS (constant currency) | 100% | $7.90 → 50% of salary | $8.25 → 100% of salary | $8.65 → 200% of salary | $8.70 (constant currency) | $1,050,000 (200% of $525k) |
Vesting: n/a (cash award).
Long-Term Incentives (LTI) – 2024 grants
| Instrument | Grant Date | Shares / Options | Exercise/Base Price | Performance Conditions | Vesting |
|---|---|---|---|---|---|
| Performance RSUs | 12/10/2024 | Threshold 8,544; Target 11,392; Max 14,240 | n/a | 40% vests evenly over 4 years subject to adjusted operating income ≥ $200M each year; 60% vests at end of year 3 based on adjusted EPS CAGR: 2% (1/3), 5% (2/3), 7% (100%) | Service and performance schedules as described |
| Performance Stock Options | 12/10/2024 | 33,322 | $104.18 | Vests evenly over 4 years upon achieving +10% share price vs grant for 30 consecutive days | Market condition vesting over 4 years |
Prior award mechanics referenced in footnotes:
- 12/7/2021 RSUs: 40% time-based; 60% EPS CAGR thresholds (5%/7.5%/10%) vest at end of year 3; options require +10% 30-day price hurdle (met) .
- 12/6/2022 RSUs: 40% time-based; 60% EPS CAGR thresholds (5%/7.5%/10%); options require +10% 30-day price hurdle (met) .
- 12/12/2023 RSUs: 40% time-based with adjusted operating income ≥$100M each year; 60% EPS CAGR thresholds (5%/7.5%/10%); options require +10% price hurdle (met) .
2024 vesting/sales activity indicator:
- Shares vested: 11,550 RSUs; value realized $1,237,814; no option exercises reported for Bianchi in 2024 .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Juan C. Bianchi | 354,260 | <1% | Includes 348,429 options exercisable within 60 days of March 17, 2025 |
Ownership and alignment policies:
- Hedging and short-selling prohibited; pledging is prohibited except limited exceptions requiring GC approval; as of 12/31/2024, only CEO had pledged shares; other NEOs (including Bianchi) had none pledged .
- NEO stock ownership guidelines do not formally apply, but NEOs’ holdings are significantly above typical guidelines; Bianchi’s holdings valued at ~70x salary at YE 2024, indicating strong alignment .
Outstanding Awards (as of 12/31/2024)
Restricted Stock Units (unvested and unearned):
| Grant Date | Unvested RSUs (#) | Market Value ($) | Unearned RSUs (#) | Payout Value ($) |
|---|---|---|---|---|
| 12/7/2021 | 8,076 | $830,536 | 1,153 | $118,575 |
| 12/6/2022 | 1,643 | $168,966 | 13,149 | $1,352,243 |
| 12/12/2023 | 1,619 | $166,498 | 14,566 | $1,497,967 |
| 12/10/2024 | — | — | 14,240 (max) | $1,464,442 (market/payout value shown in table) |
Stock Options:
| Grant Date | Exercisable | Unexercisable/Unearned | Exercise Price | Expiration |
|---|---|---|---|---|
| 12/10/2015 | 3,268 | — | $74.72 | 12/10/2025 |
| 12/13/2016 | 7,903 | — | $73.72 | 12/13/2026 |
| 12/12/2017 | 10,493 | — | $91.99 | 12/12/2027 |
| 12/12/2018 | 10,766 | — | $111.45 | 12/12/2028 |
| 4/4/2019 | 27,239 | — | $141.03 | 4/4/2029 |
| 4/4/2019 | 19,382 | — | $141.03 | 4/4/2029 |
| 12/10/2019 | 14,799 | — | $154.28 | 12/10/2029 |
| 11/5/2020 | 200,000 | — | $98.46 | 11/5/2030 |
| 12/7/2021 | 24,924 | 8,308 (performance) | $116.08 | 12/7/2031 |
| 12/6/2022 | 20,211 | 20,211 (performance) | $90.26 | 12/6/2032 |
| 12/12/2023 | 9,444 | 28,333 (performance) | $91.66 | 12/12/2033 |
| 12/10/2024 | — | 33,322 (market condition) | $104.18 | 12/10/2034 |
Insider activity indicator:
- 2024: Bianchi had RSU vesting (11,550 shares; $1,237,814 realized); no option exercises recorded for Bianchi .
Employment Terms
Key terms and economics:
| Provision | Terms |
|---|---|
| Agreement Term | Indefinite; executive may terminate upon 30 days’ notice; company may terminate with/without cause; “cause” defined (felony/moral turpitude, fraud, willful failure/gross misconduct, refusal to follow instructions, gross negligence); post-change-in-control cause narrowed to dishonesty felony for personal enrichment |
| Pre-Change Severance | If terminated without cause (or constructive termination), 24 months of base salary, continuation of vesting and exercise rights on outstanding equity, and continuation of health & life benefits; for Bianchi, voluntary termination before change-in-control generally entitles the same severance |
| Pre-Change Estimated Severance (as of 12/31/2024) | Base salary $1,050,000; Unvested equity comp $1,830,423; Benefits $72,884; Total $2,953,307 |
| Change-of-Control (COC) | Single-trigger immediate vesting of all equity awards; employment term fixed for 3 years post-COC; termination without cause or good reason resignation triggers lump-sum payment equal to remaining base salary for term (or 2 years minimum), discounted at 7.5% |
| COC Estimated Economics (as of 12/31/2024) | Base salary $1,406,471; Unvested equity comp $6,170,344; Benefits $109,326; Total $7,686,141 |
| Death/Disability | Death: immediate vesting of unvested equity (Bianchi $6,170,344 as of 12/31/2024); Disability: lump-sum equal to 12 months of base salary ($525,000) plus immediate vesting of equity ($6,170,344) and 12-month exercise window |
| Restrictive Covenants | Non-compete and non-solicit during severance period; confidentiality obligations |
| Tax Gross-ups | Historical agreements include Section 4999 gross-up provisions; as of 12/31/2024, no gross-up would have been payable; policy since Feb 2011 prohibits tax gross-ups in new or renewed agreements |
| Clawback | 2023 stand-alone clawback policy aligned with SEC/Nasdaq: 3-year lookback; recover excess incentive-based compensation after material restatement |
Compensation Structure Analysis
- Cash vs. Equity Mix: Bianchi’s 2024 total was $4.596M, with $1.05M cash bonus and $2.967M equity grant-date values, consistent with Euronet’s emphasis on performance equity; base salary rose to $525k reflecting peer median alignment .
- Performance Metric Concentration: Annual bonus based solely on adjusted EPS (constant currency), with stringent thresholds; actual achieved maximum payout in 2024, signaling strong corporate performance and tight linkage to pay .
- LTI Risk and Alignment: 2024 added a 10% stock price hurdle and EPS CAGR requirements; prior awards blend operating income gates and EPS CAGR, plus market hurdles that have been met on some grants, reinforcing shareholder alignment and performance risk .
- Say-on-Pay Feedback: 78% approval in prior year; committee engaged and committed to adding share price hurdles/TSR-like features and shifting mix toward stock awards over options in future designs .
Compensation Peer Group (Benchmarking)
Euronet references a payments/data processing peer set and targets around median opportunity; peer group includes ACI Worldwide, Broadridge, Envestnet, Global Payments, Jack Henry, SS&C, Western Union, WEX, and others; Euronet ranks ~58th percentile in revenue and ~52nd percentile in market cap versus peers .
Say-on-Pay & Shareholder Feedback
| Year | Approval % | Notes |
|---|---|---|
| 2024 (vote on 2023 comp) | ~78% support | Management responded with outreach and changes to LTI design (price hurdles, additional performance features) |
Equity Ownership & Alignment (Additional)
- Ownership guidelines: Formal CEO/director guidelines exist; for NEOs not formally required, but all NEOs hold stock well in excess of typical guidelines; Bianchi ~70x salary at YE 2024 .
- Pledging/Hedging: Hedging prohibited; pledging generally prohibited with narrow exceptions; none for Bianchi as of YE 2024 .
- Section 16 compliance: Company reported timely filings for FY 2024, with specified exceptions not involving Bianchi .
Performance & Track Record
- Corporate performance under his segment’s tenure: Company-level 2024 growth (rev +8%, adj. op inc +16%, adj EPS +15), and 2021–2024 EBITDA +113% (top ~20% among 24 payment peers), indicates execution across segments including Money Transfer .
- Segment initiatives: Money Transfer expanded capabilities and distribution, e.g., Visa Direct integration in 2025 and partnerships (Tenpay Global; PLS Financial Services) supporting network growth and digital flows [39] [50] [57].
- TSR context: 1-year 1%, 3-year -14%, 5-year -35%, reflecting market and sector conditions despite strong operating metrics .
Employment Terms
See Employment Terms section above for severance, COC, and restrictive covenants .
Investment Implications
- Alignment: Strong stock-based incentives (EPS CAGR, operating income gates, market hurdles) and high personal ownership (~70x salary) create pay-for-performance alignment and retention incentives for Bianchi .
- Retention Risk: Pre-change severance is substantial (24 months salary + vesting continuation); COC features include single-trigger acceleration, 3-year fixed term and sizeable lump-sum salary payments, reducing departure risk but increasing potential COC costs to shareholders .
- Selling Pressure: 2024 RSU vesting (11,550 shares, $1.24M) could add supply if sold, though no options were exercised; hedging prohibited and pledging absent for Bianchi mitigates adverse alignment risk .
- Governance/Design: Concentration on adjusted EPS for annual bonus is common in payments; addition of price hurdles and EPS CAGR elements improves balance toward shareholder value; say-on-pay support at ~78% with ongoing engagement suggests acceptable design with incremental improvements .