Raul Ramos
Senior Vice President – Latin American Operations at FCFS
Executive
About Raul Ramos
Raul R. Ramos, age 59, is Senior Vice President – Latin American Operations at FirstCash (FCFS). He joined FirstCash in 1992, has served in progressive operational roles, and has led the Latin America and South Texas store operations since May 2013 . Company performance context during his recent tenure includes cumulative TSR value of $138.37 on an initial $100 from 12/31/2019 to 12/31/2024, adjusted net income of $258.8 million and adjusted diluted EPS of $6.70 in 2024; the S&P MidCap 400 Financials peer benchmark TSR was $170.67 over the same period . Management credited Ramos with leading Latin American pawn revenue and earnings growth in 2024 versus 2023 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FirstCash | SVP – Latin American Operations | May 2013–present | Directs all store operations in Latin America and South Texas; recognized for driving LATAM pawn revenue and earnings growth in 2024 |
| FirstCash | VP of Operations and other management roles | 1992–2013 | Progressive operations leadership, including oversight of jewelry operations center |
| FirstCash | Jewelry Operations Center Lead | 1992 | Built early operational capabilities in jewelry; foundation for later leadership roles |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pawn and retail jewelry industries | Various roles | Pre-1992 | Industry operating experience prior to joining FirstCash |
Fixed Compensation
Multi-year compensation (Summary Compensation Table)
| Year | Salary ($) | Cash Bonus ($) | Stock Awards Grant-Date FV ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 520,000 | 1,050,000 | 459,080 | 11,385 | 2,040,465 |
| 2023 | 500,000 | 800,000 | 367,040 | 11,010 | 1,678,050 |
| 2022 | 481,893 | 750,000 | 279,120 | 10,385 | 1,521,398 |
- 2024 “All Other Comp” included 401(k) match of $8,625 and country club dues reimbursement of $2,760 .
Current pay terms (Employment Agreement, amended March 3, 2025)
| Effective Date | Base Salary ($) | Target Annual Cash Bonus |
|---|---|---|
| Jan 1, 2025 | 549,000 | Not less than 50% of then-current salary (discretionary, based on financial/strategic results) |
Performance Compensation
Annual cash incentive (discretionary bonus)
| Year | Target structure | Actual Payout ($) | Basis/metrics | Vesting |
|---|---|---|---|---|
| 2024 | Discretionary; target not less than 50% of salary per employment agreement | 1,050,000 | Determined using segment operating profits and key performance metrics; approved by Compensation Committee based on CEO recommendation | Cash (paid in year earned) |
| 2023 | Discretionary | 800,000 | Segment operating/strategic results; discretionary | Cash |
| 2022 | Discretionary | 750,000 | Segment operating/strategic results; discretionary | Cash |
Note: Unlike the CEO/COO/CFO/APIP participants, Ramos’s annual bonus is discretionary and not formulaic; senior executives’ performance plans emphasize earnings and net revenue metrics, caps, and thresholds, whereas Ramos’s plan is tailored to LATAM responsibilities .
Long-term equity awards (RSUs)
| Grant Year | Grant Date | Award Type | Shares Granted (#) | Grant-Date FV ($) | Vesting Terms |
|---|---|---|---|---|---|
| 2024 | 1/31/2024 | Time-based RSU | 4,000 | 459,080 | 20% vests each Jan 31, 2025–2029 |
| 2023 | — | Time-based RSU | 3,200 | 367,040 (SCT, year total) | 20% vests each Feb 1, 2024–2028 |
| 2022 | — | Time-based RSU | 2,400 | 279,120 (SCT, year total) | 20% vests each Feb 4, 2023–2027 |
| 2021 | — | Time-based RSU | 1,600 | 234,720 (SCT 2021) | 20% vests each Jan 28, 2022–2026 |
| 2020 | — | Time-based RSU | 800 | — | 20% vests each Jan 28, 2021–2025 |
Senior executive LTIP awards (CEO/COO/CFO) are performance-based on adjusted net income growth and relative TSR over 3 years; Ramos’s LTI grants are time-based only, indicating a retention-focused design rather than explicit performance linkage .
Upcoming vesting calendar (potential selling/settlement events)
| Vest Date | Shares Scheduled to Vest (#) | Source |
|---|---|---|
| Jan 28, 2025 | 160 (final tranche of 2020 award) | |
| Jan 28, 2025 | 320 (2021 award) | |
| Feb 4, 2025 | 480 (2022 award) | |
| Feb 1, 2025 | 640 (2023 award) | |
| Jan 31, 2025 | 800 (2024 award) | |
| 2026–2029 | 20% of each remaining tranche per year (e.g., 800 per year from 2024 grant through 2029; 640 per year from 2023 grant through 2028) |
Equity Ownership & Alignment
Beneficial ownership and guidelines
| Item | Value |
|---|---|
| Common shares beneficially owned (Apr 17, 2025) | 21,753 shares; less than 1% |
| Shares underlying awards vesting within 60 days | 0 |
| Stock ownership guideline (executives) | 1x salary; must retain 75% of after-tax vested shares until met |
| Ramos ownership vs guideline | 7.0x salary (meets/exceeds) |
| Anti-hedging/pledging policy | Hedging prohibited; pledging generally prohibited except case-by-case exceptions; no pledge disclosure for Ramos |
Unvested RSUs as of December 31, 2024 (company-reported)
| Grant | Unvested Shares (#) | Market Value at $103.60 ($) |
|---|---|---|
| 2024 grant | 4,000 | 414,400 |
| 2023 grant | 3,200 | 331,520 |
| 2022 grant | 2,400 | 248,640 |
| 2021 grant | 1,600 | 165,760 |
| 2020 grant | 800 | 82,880 |
Vested and held (signal on selling pressure)
| 2024 Stock Awards Vested | Shares | Value Realized ($) | Disposition |
|---|---|---|---|
| Time/performance-based RSUs | 4,000 | 444,368 | Company reports Ramos retained all shares; no sales/withholding shown |
Employment Terms
Employment agreement (SVP – Latin American Operations)
| Term | Details |
|---|---|
| Agreement inception | July 2018; auto-renew; amended March 3, 2025; extended through Dec 31, 2026 |
| Base salary | $549,000 effective Jan 1, 2025; subject to annual review |
| Annual bonus | Discretionary; target opportunity not less than 50% of salary; based on financial/strategic results |
| LTI eligibility | Eligible for stock-based awards under Company plan |
| Severance (no-CIC) | Lump sum = 75% of (salary + average of last 3 annual cash incentives); COBRA subsidy continuation |
| Severance (CIC + termination within 12 months) | Lump sum = 150% of (salary + 3-year avg cash incentives); pro rata annual cash incentive; accelerated vesting at target (or higher at Committee discretion); cash in lieu of COBRA equal to 18 months of full health/welfare costs |
| Restrictive covenants | Non-compete and non-solicit for 24 months post-termination |
Potential payments upon termination (as of Dec 31, 2024; selected scenarios)
| Scenario | Cash Severance ($) | Benefits Continuation ($) | Lump Sum Health ($) | Value of Unvested Equity ($) | Total ($) |
|---|---|---|---|---|---|
| Termination without Cause / Resignation for Good Reason | 1,040,000 | 20,811 | — | — | 1,060,811 |
| Death | — | — | — | 1,243,200 | 1,243,200 |
| Long-Term Disability | — | — | — | 1,243,200 | 1,243,200 |
| CIC + Termination | 2,080,000 | — | 31,217 | 1,243,200 | 3,354,417 |
Ramos’s severance design (75% no-CIC; 150% CIC) differs from CEO/COO/CFO terms (50% no-CIC; 200% CIC), but includes double-trigger equity acceleration at target on CIC termination .
Performance & Track Record
| Year | Cumulative TSR value of $100 (Company) | Cumulative TSR value of $100 (Peer Group) | Adjusted Net Income ($) | Adjusted Diluted EPS ($) |
|---|---|---|---|---|
| 2024 | 138.37 | 170.67 | 258,815,000 | 6.70 |
- Management highlighted Ramos’s leadership in the Latin American pawn segment’s revenue and earnings growth in 2024 versus 2023 .
Compensation Structure Analysis
- Pay mix and linkage: Ramos’s cash bonus is discretionary and based on segment performance and strategic goals, lacking the formulaic APIP metrics applied to senior executives; his LTI consists of time-based RSUs (no performance metrics), indicating retention orientation more than explicit pay-for-performance .
- Clawback and risk controls: Incentive-based compensation is subject to a clawback in the event of a restatement; anti-hedging rules apply, and pledging is generally prohibited (case-by-case exceptions) .
- Ownership alignment: Ramos holds 21,753 shares and exceeds ownership guidelines at 7.0x salary versus 1.0x target; executives must retain 75% of after-tax vested shares until compliant .
- Dilution stewardship: Company burn rate for equity awards at target was 0.34% in 2024 (context for equity grant sizing and dilution) .
Investment Implications
- Alignment: Strong ownership alignment (7.0x salary, no pledging disclosed) and a history of retaining vested shares in 2024 support long-term orientation; however, the absence of performance-conditioned LTI for Ramos (time-based RSUs only) reduces explicit pay-performance sensitivity versus senior executives .
- Retention risk: Multi-year RSU vesting through 2029, double-trigger CIC protection, and a 24-month non-compete/non-solicit lower near-term departure risk; salary reset to $549k and discretionary bonus flexibility can help retain a seasoned operator .
- Trading signals: A concentrated vesting window in early 2025 (approx. 2,400 shares scheduled across 1/28–2/4/2025 plus 800 on 1/31/2025) could create incremental selling capacity, but 2024 behavior showed full retention of vested shares and ownership guidelines require continued holdings, tempering selling pressure risk .
- Governance watch-outs: Discretionary bonuses (vs. formulaic APIP) merit monitoring for consistency with segment performance over time; severance economics are moderate relative to CEO/COO/CFO constructs but include CIC acceleration at target, which investors often scrutinize in change-of-control contexts .