Johann Bordais
About Johann Bordais
Johann Christian Jean Charles Bordais, 52, has been CEO of Eve Holding, Inc. (EVEX) since September 1, 2023, after leading Embraer’s Services & Support unit where he oversaw ~2,300 employees and $1.27B revenue in 2022 . Under his tenure at Eve, the company achieved key development milestones in 2024, including assembly of the first full‑scale eVTOL prototype, initiation of ground tests, and publication of ANAC airworthiness criteria; Eve ended 2024 with approximately 2.8K LOIs from 28 customers across 9 countries and consumed $141M cash, near the low‑end of guidance, with liquidity of ~$429M at year‑end . Eve remains pre‑revenue; FY2024 net loss was $138.2M driven by R&D tied to the Embraer MSA and program development, with SG&A of $26.5M, and ~900 collaborators including Embraer-contracted personnel .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Embraer S.A. | President & CEO, Services & Support | 2016–2023 | Transformed aftersales globally; unit became fastest‑growing and most profitable with $1.27B revenue (28% of Embraer total in 2022) . |
| Embraer S.A. (Paris office) | Regional lead, after‑sales/operations for commercial aircraft | ~13 years (pre‑2016) | Managed customer support across Europe, Africa, Middle East, Central Asia . |
| Embraer S.A. | Senior roles across CRM, Technical/Maintenance Support, Materials, Flight Ops, Training, Solutions Dev & Analytics; oversaw Customer Care Center and global Authorized Service Centers | Various (pre‑2016) | Built integrated global service network and customer care infrastructure . |
| Raytheon/Beechcraft (authorized MRO) | Maintenance roles | Prior to Embraer | Technical MRO experience foundational to services leadership . |
| Aircraft engine parts company (Dallas, TX) | Operations roles | Prior to Embraer | Supply chain/parts experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| OGMA (Portugal) | President of Board of Directors | 2018–Aug 2023 | Agnostic MRO for civil/military aircraft and engines . |
Fixed Compensation
| Year | Base Salary (USD) | Target Bonus (BRL) | Target Bonus as % of Base (BRL terms) | Actual Bonus Paid (USD) | All Other Compensation (USD) |
|---|---|---|---|---|---|
| 2024 | $363,149 | — | — | $171,027 | $23,545 |
| 2023 | $135,465 | 1,500,000 | 83.3% (1,500,000 ÷ 1,800,000) | $117,511 | $8,493 |
| Employment Agreement (effective Sept 29, 2023) | — | — | — | — | — |
| Terms | Base salary 1,800,000 BRL; eligible annual cash bonus up to 1,500,000 BRL; periodic RSU grants; one‑time equity grant |
Notes: 2024 amounts converted from BRL using average FX 5.3917 per proxy; 2023 amounts using FX 4.9841 .
Performance Compensation
- Annual Cash Incentive Plan: Bonuses determined as base salary × short‑term incentive target × achievement level of individual and Company goals; specific metrics/weightings are not disclosed .
| Grant/Plan | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive | Individual and Company goals | Not disclosed | Not disclosed | 2024 payout $171,027; 2023 payout $117,511 | Annual, per plan |
| Equity – RSUs (time‑based) | Service | — | — | Grant date values included in “Stock Awards” ($305,654 in 2024; $2,838,268 in 2023) | 17,181 time‑based RSUs vest 9/1/2026 ; 56,498 time‑based RSUs vest 3‑year cliff from 5/9/2024 |
| Equity – RSUs (performance) | Performance conditions | — | Target 326,435 units | Outstanding at 12/31/2024; payout depends on performance | Per award terms; not fully disclosed |
| Options | — | — | — | Company does not currently grant stock options/SARs | — |
Equity Ownership & Alignment
- Beneficial ownership: No shares reported as beneficially owned by Bordais as of April 2, 2025 and April 3, 2024; ownership percentage “—”/less than 1% .
- Outstanding Equity Awards (as of Dec 31, 2024):
| Holder | Unvested RSUs (#) | Market Value ($) at $5.44 | Performance RSUs (#, at target) | Market/Payout Value ($) at $5.44 |
|---|---|---|---|---|
| Johann Bordais (2024 awards) | 56,498 | $307,349 | 326,435 | $1,775,806 |
| Johann Bordais (2023 time‑based tranche) | 17,181 | $93,465 | — | — |
- Hedging/pledging: Company policy prohibits hedging transactions and pledging/margin accounts for directors, officers, and employees; applies also to Embraer securities .
- Stock ownership guidelines: Director Stock Ownership Policy exists (5× annual cash retainer within five years); executive ownership guidelines not disclosed .
Employment Terms
- Agreement (Sept 29, 2023): CEO of Eve and its Brazilian subsidiary; annual base salary 1,800,000 BRL; eligible annual cash bonus up to 1,500,000 BRL; periodic RSU grants under 2022 Plan; one‑time equity grant; covenants restrict competitive activity post‑employment .
- Severance: If terminated without cause or for good reason, subject to release, severance equals 1× base salary plus any additional amounts required under Brazilian labor laws .
- Change‑of‑control: Specific CIC triggers/multiples and accelerated vesting terms are not disclosed in the proxy .
- Clawback: Executive incentive compensation subject to clawback for restatements, fraud, willful misconduct; supplemental clawback adopted in 2023 to comply with Dodd‑Frank/NYSE rules, applies to Section 16 officers for incentive compensation received on/after Oct 2, 2023 .
- Equity grant practices: Annual cadence; no grants timed around MNPI; no options/SARs currently .
- Compensation Committee: Members Pedreiro, Blakey, Eremenko, DeMuro; Chair Blakey; committee not fully independent under controlled company exemptions (DeMuro not independent) .
Investment Implications
- Pay‑for‑performance calibration: Cash bonus tied to individual/Company goals, but quantitative metrics/weights are not disclosed—limits visibility on payout rigor; equity is predominantly RSUs (including large performance tranche), which can align long‑term value if performance hurdles are robust .
- Retention risk and supply overhang: Significant unvested RSUs vest in September 2026 and May 2027 equivalents (3‑year cliff from May 9, 2024), which may create future selling pressure around vest dates; absence of options reduces leverage but also reduces potential forced exercise supply .
- Alignment: No reported beneficial share ownership as of 2024/2025 reduces immediate “skin‑in‑the‑game,” though sizable unvested RSUs and performance grants provide prospective alignment; hedging/pledging prohibitions mitigate misalignment risk .
- Contract economics: Severance at 1× salary (plus statutory) is relatively modest compared to typical CEO agreements, reducing “golden parachute” risk; CIC economics not disclosed, creating uncertainty on change‑of‑control outcomes .
- Execution track record: 2024 milestones and disciplined cash consumption near guided low‑end suggest operational execution under Bordais; Eve remains pre‑revenue with material R&D burn, requiring sustained funding until certification/entry‑into‑service .