Jeffery Liberman
ENTRAVISION COMMUNICATIONSAbout Jeffery Liberman
Jeffery Liberman is Entravision’s President and Chief Operating Officer, a role he has held since March 2017; he previously served as COO (2012–2017) and President of the radio division (2001–2012), with decades of experience across television, radio and digital operations including content development, sales growth, and operations management . He is 66 years old as of April 17, 2025 . Company performance context during 2023–2024 included a major strategic pivot after Meta’s ASP wind-down, with revenue falling from $1,106,867,000 in 2023 to $743,816,000 in 2024 and consolidated adjusted EBITDA declining from $57,666,000 to $49,531,000; pay-versus-performance disclosure shows a TSR index of 41 for 2024 (measured from a 2021 $100 baseline) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Entravision Communications Corporation | President & COO | 2017–Present | Led radio content development, operations management, sales growth, traffic and digital operations, and TV content curation . |
| Entravision Communications Corporation | Chief Operating Officer | 2012–2017 | Oversaw company-wide operations . |
| Entravision Communications Corporation | President, Radio Division | 2001–2012 | Led radio segment strategy and execution . |
| Latin Communications Group Inc. | Operations leader for 17 radio stations | 1992–2000 | Managed multi-market radio operations prior to acquisition by Entravision . |
External Roles
Entravision’s proxy biographies for executive officers list Liberman’s internal roles and do not disclose external public company board service or outside directorships .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $738,546 | $793,450 | $800,000 |
| Target Bonus (% of Salary) | n/a | 60% | 60% |
| Actual Cash Bonus ($) | $600,000 | $100,000 | $100,000 (discretionary) |
| All Other Compensation ($) | $24,720 | $24,720 | $24,720 |
| 2025 Salary Change | — | — | 2025 base salary reduced to $500,000; 2025 cash bonus plan suspended |
Notes:
- The Compensation Committee paid a discretionary $100,000 bonus to Liberman for 2024 despite quantitative goals being unattainable after Meta ASP cancellation and sale of EGP .
- In January 2025, the Compensation Committee shifted pay to long-term equity, reducing salary and suspending the cash bonus plan to emphasize equity value creation .
Performance Compensation
Annual Bonus Mechanics (2024)
| Metric | Weighting | Target Design | Actual Performance | Payout Outcome |
|---|---|---|---|---|
| Revenue | 50% | Required 2024 revenue to exceed 2023 for threshold; payout scaled by achievement | 2024 revenue: $743,816,000 (below threshold) | 0% of quantitative portion |
| Consolidated Adjusted EBITDA | 50% | Required 2024 EBITDA to exceed 2023 for threshold; payout scaled by achievement | 2024 adj. EBITDA: $49,531,000 (below threshold) | 0% of quantitative portion |
| Qualitative Adjustment | Up to ±25% of target | Committee discretion | Recognized leadership in strategy redesign and EGP sale | $100,000 discretionary bonus |
Definition context: Consolidated adjusted EBITDA consistent with 2023 credit agreement; reconciliation referenced in company 10-Ks .
Equity Awards (Grant structure and vesting)
| Award Type | Grant Date | Shares/Units | Vesting Schedule | Performance Conditions |
|---|---|---|---|---|
| RSUs (time-based) | Jan 25, 2024 | 100,000 | 25% on Dec 20, 2024; 25% on Dec 20, 2025; 25% on Dec 20, 2026; 25% on Dec 20, 2027 (employment-required) | None |
| Performance Units (market + time) | Jan 25, 2024 | Up to 100,000 | Time-based: 20% on Jan 25, 2025; remaining 80% in eight equal semi-annual installments thereafter (service-required) | 30-day avg price hurdles by Jan 25, 2029: $4.83, $5.65, $7.15, $8.90 (25,000 units each tranche), with equitable adjustments for dividends/capitalization changes |
Additional historical equity:
- Feb 2023 RSUs: 245,000 grant to Liberman with multi-tranche vesting through Dec 2026 .
Stock Vested (2024)
| Metric | 2024 |
|---|---|
| RSUs vested (shares) | 227,600 |
| Value realized on vesting ($) | $499,626 |
Equity Ownership & Alignment
| Metric | Value (as of Apr 17, 2025 unless noted) |
|---|---|
| Total beneficial ownership (Class A) | 478,357 shares (223,967 direct; 254,390 via Liberman Revocable Trust) |
| Ownership % of Class A outstanding | <1% (based on 81,623,559 shares outstanding) |
| Outstanding RSUs/Performance Units at FY 2024 year-end | RSUs: 110,400 (vest 12/31/2025), 69,100 (vest 12/20/2026), 25,000 (vest 12/20/2027); PUs: 25,000 at threshold tranche indicated |
| Anti-hedging/anti-pledging policy | Company prohibits hedging, pledging, short-selling or derivative transactions by directors/officers/employees |
| Executive stock ownership guidelines | Company discloses no specific executive ownership guidelines; director guidelines exist separately |
Note: Section 16 compliance notes a late report of an equity grant by Liberman during 2024; forms have been filed .
Employment Terms
| Term | Detail |
|---|---|
| Executive Compensation Letter | Effective May 12, 2023, replacing prior employment agreement |
| Base salary & bonus eligibility | Base salary set by Committee; target bonus 60% of salary; 2025 salary reduced to $500,000 and 2025 cash bonus suspended |
| Perquisites | $1,000/month auto allowance; company-paid medical/dental for Liberman and dependents; reimbursement for life insurance premiums up to $750,000 death benefit |
| Severance Plan participation | Group II Executive under May 12, 2023 Executive Severance and Change in Control Plan |
| Severance outside Change-in-Control | Cash: 1× base salary plus pro-rated annual bonus based on actual performance; equity: acceleration of time-based awards scheduled to vest within 12 months post-termination; COBRA premium payments up to 12 months |
| Severance during Change-in-Control period | Cash: base salary plus greater of target bonus or average of last two years’ actual bonus; pro-rated bonus using greater of target or average; full acceleration of time-based equity awards; COBRA up to 12 months |
| Equity treatment if awards not assumed in CoC | Full acceleration of unvested time-based equity; cash-out rights based on fair market value in certain cases |
| Clawback policy | Compensation Recovery Policy adopted Oct 2023 to recoup incentive pay upon required financial restatement per SEC/NYSE rules |
| 2025 severance calculation amendment | If qualifying termination before Dec 31, 2026, severance calculations based on 2024 base and bonus targets; deemed “covered executive” for bonus plan year of termination |
Compensation Structure Analysis
- Shift to equity and reduced fixed pay: In January 2025, the Compensation Committee materially reduced base salaries (Liberman to $500,000) and suspended the cash bonus plan, upsizing equity awards to align compensation with long-term shareholder value creation .
- Increased performance-contingent equity: 2024 grants included 50% performance units tied to multi-year stock price hurdles plus service-vesting, raising at-risk pay and aligning incentives with TSR outcomes .
- Discretionary bonus use amid exogenous shock: Despite the formula-driven bonus paying 0% for 2024, the Committee recognized strategic execution during the Meta ASP termination and EGP sale with a $100,000 discretionary bonus to Liberman .
- No option repricing or gross-ups: Plan documents affirm anti-repricing without shareholder approval and no golden parachute tax gross-ups; director compensation limits and minimum vesting standards implemented in the amended 2004 Plan .
Say-on-Pay & Governance
- Say-on-Pay approval: ~74% approval at June 8, 2023; ~78% approval at May 30, 2024, with investor feedback leading to performance-based equity and objective bonus metrics .
- Compensation Committee composition: Diaz (Chair), Sweet, Bender, Strickler; independent, with Frederic W. Cook engaged as consultant .
- Anti-hedging/anti-pledging policy in force for all insiders .
Multi-Year Named Executive Compensation (Liberman)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $738,546 | $793,450 | $800,000 |
| Bonus ($) | $600,000 | $100,000 | $100,000 |
| Stock Awards ($, grant-date FV) | $950,250 | $1,624,350 | $816,000 |
| Non-Equity Incentive ($) | — | $157,104 | — |
| All Other Compensation ($) | $24,720 | $24,720 | $24,720 |
| Total ($) | $2,313,516 | $2,699,624 | $1,740,720 |
Equity Ownership Detail (as of April 17, 2025)
| Metric | Shares | Notes |
|---|---|---|
| Direct ownership | 223,967 | Shares held of record by Liberman |
| Trust ownership | 254,390 | Liberman Revocable Trust |
| Total beneficial ownership | 478,357 | <1% of 81,623,559 Class A outstanding |
Risk Indicators & Red Flags
- Exogenous revenue shock and program termination: Meta ASP program wind-down led to unattainable 2024 bonus goals and strategic divestitures (EGP sale) .
- Late Section 16 reporting: Company disclosed Liberman was late in reporting certain equity grants in 2024; reports now filed .
- Policy mitigants: Anti-hedging/anti-pledging policy, clawback policy, and minimum vesting requirements reduce governance risk .
Investment Implications
- Alignment improving: 2025 moves to lower cash and higher equity heighten long-term alignment; 2024 performance units link outcomes to sustained share price appreciation, which can reduce short-term selling pressure by embedding service vesting alongside market hurdles .
- Retention and execution: Multi-year vesting across 2024 RSUs/Performance Units and prior RSUs create meaningful unvested equity, supporting retention during the company’s strategic reset post-ASP termination .
- Pay-for-performance posture: Zero formulaic bonus for 2024 underscores discipline; discretionary bonus signals Board recognition of necessary strategic actions amid adverse externalities without broad loosening of targets .
- Event risk economics: Change-in-control terms provide standard protection without tax gross-ups and include equity acceleration rules contingent on assumption, limiting excessive parachute risk while clarifying treatment in strategic transactions .