Gianpaolo Renino
FRESH DEL MONTE PRODUCEAbout Gianpaolo Renino
Senior Vice President, Europe & Africa at Fresh Del Monte Produce Inc. (FDP). Age: 57. Tenure: leads the Europe & Africa region since August 2016; elevated to Senior Vice President effective March 2023. Prior FDP roles span Italy country leadership, Southern Europe prepared foods, and MENA/Europe regional management. Education not disclosed in company filings. Company performance context during his leadership tenure: EBITDA improved to $273.9m in 2024 (from $124.1m in 2023) and cumulative TSR recovered above 2020 levels; 2024 also marked a swing to $142.2m net income and higher gross margins, supported by focus on premium pineapples, fresh-cut expansion, and biomass initiatives.
Company performance snapshot (context for pay-for-performance and execution environment):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| EBITDA ($m) | 177.4 | 206.1 | 241.8 | 124.1 | 273.9 |
| Total Shareholder Return (index, $100 base) | 69.66 | 81.16 | 78.74 | 81.18 | 105.78 |
| Net Income ($m) | 46.3 | 79.9 | 97.7 | (1.6) | 141.6 |
| 2024 highlights (qualitative) | Gross profit $357.9m vs $350.7m; net income $142.2m; dividend raised; $150m buyback authorized |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fresh Del Monte Produce Inc. | SVP, Europe & Africa | Mar 2023 – Present | Regional P&L leadership across Europe & Africa (executive officer) |
| Fresh Del Monte Produce Inc. | VP, Europe & Africa | Aug 2016 – Mar 2023 | Regional leadership across EMEA produce operations |
| Fresh Del Monte Produce Inc. | Senior Director – Italy | Jan 2014 – Aug 2016 | Country leadership for Italy |
| Fresh Del Monte Produce Inc. | Director, Southern Europe – Prepared Food | Pre‑2014 | Prepared foods leadership for Southern Europe |
| Fresh Del Monte Produce Inc. | Senior Manager, MENA & Europe | 2005 – 2010 | Cross‑regional commercial/ops responsibilities |
| Fresh Del Monte Produce Inc. | Business Development Manager, Middle East & Eastern Europe | 2004 – 2005 | Regional BD (expansion) |
| Cirio Alimentare | Management roles | 1999 – 2004 | Packaged foods management (pre‑FDP) |
| Rosanova S.p.A. | Management roles | 1995 – 1999 | Food industry management (pre‑FDP) |
External Roles
- None disclosed in FDP filings for Mr. Renino.
Fixed Compensation
| Component | Status for Gianpaolo Renino | Notes |
|---|---|---|
| Base salary | Not individually disclosed | The proxy discloses NEO salary decisions; non‑NEO SVPs’ base salaries are not itemized. |
| Benefits/perquisites | Not individually disclosed | Company provides broad-based 401(k) match and standard benefits; specific perqs disclosed only for NEOs. |
Performance Compensation
Annual incentives: FDP operates a CEO plan and a Senior Executive AIP used for senior executives with 70% company metrics (ROE, EPS, FCF) and 30% individual objectives; payouts are formulaic with defined threshold/target/maximums. 2024 financial performance achieved above-target across all metrics (FCF at max), producing a 127% “company score”; 2024 non-CEO NEO AIP payouts ranged 113%–117% of target. PSUs for 2024 were earned against an EBITDA target and vest over three years. While Mr. Renino’s individual grants and payouts are not disclosed, these plan designs and results define the incentive framework for senior leaders.
2024 Senior Executive AIP design and results
| Metric | Weight (of total AIP) | Threshold | Target | Maximum | FY24 Actual | Company Score/Payout Driver |
|---|---|---|---|---|---|---|
| Return on Equity (Net Income/Average Equity) | 24.5% (35% of 70%) | 4.60% | 5.70% | 8.60% | 7.30% | 127% overall company score (weighted across metrics) |
| Free Cash Flow ($m) | 14.0% (20% of 70%) | $101.0 | $126.0 | $189.0 | $203.0 | 127% overall company score (FCF at max) |
| EPS ($) | 31.5% (45% of 70%) | $1.81 | $2.11 | $3.17 | $2.44 | 127% overall company score |
| Individual Objectives | 30.0% | — | — | — | Determined vs pre‑set goals | NEO individual achievement 80%–95%; total payout 113%–117% (non‑CEO) |
Long‑Term Cash Incentive Plan (LTIP)
| LTIP Cycle | Metrics (weights) | Payout mechanics | FY22–24 Results |
|---|---|---|---|
| 2022–2024 | Net Sales Growth (15%), ROE (45%), Net Operating Cash Flow/Average Equity (40%) | Threshold 80% of target per metric; 2022–2024 cycle capped at 100% (CEO and participating NEOs) | Net Sales growth below threshold; ROE 100%; NOCF/Eq 86% → 79% payout for participating NEOs |
| 2023–2025 | Net Sales Growth (15%), ROA/Avg Assets (45%), NOCF/Avg Equity (40%) | Max raised to 125% from 2023–2025 onward | In‑progress (not yet payable) |
Equity (PSUs) – 2024 program
| Grant | Performance Measure | Target | Result | Earned | Vesting Schedule |
|---|---|---|---|---|---|
| 2024 PSU awards | EBITDA (FY2024) | $261.0m | $275.4m | CEO 105.5%; others capped at 100% | Ratable over 3 years from grant date |
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Share Ownership Guidelines | SVPs must own FDP shares equal to 2x base salary within 5 years; retain at least 50% of net shares from vesting until guideline met. Applies to executive officers, which include Mr. Renino. |
| Hedging | Prohibited for all directors and employees, including executive officers. |
| Pledging | Officers are prohibited from pledging any stock that is subject to Share Ownership Guidelines. |
| Beneficial ownership (individual) | Not individually disclosed for Mr. Renino in the 2024–2025 proxy ownership tables (only directors, NEOs, >5% holders, and group totals are shown). |
Note on insider selling pressure: No Form 4 insider trading reports for Mr. Renino were found via our company document search; continue monitoring for filings to assess selling pressure around vest dates. [No information found matching your search criteria.]
Employment Terms
| Topic | Terms (as disclosed/applicable to executives) |
|---|---|
| Severance (non‑CEO executives) | Company severance program based on completed years of service: 4 weeks for first year, +2 weeks per additional full year, capped at 26 weeks. |
| Change‑in‑Control – equity treatment | 2022 Omnibus Plan: no automatic acceleration unless awards are not assumed or executive is terminated without cause within 24 months post‑CoC (double trigger). Earned performance awards continue subject to remaining service‑based vesting. 2014 Plan provided acceleration in broader circumstances. |
| Clawbacks | Executive Officer Clawback Policy (no‑fault restatement recovery) and broader Employee Recoupment Policy (serious misconduct, inaccurate financials, breach of restrictive covenants) with three‑year lookback. |
| Non‑compete/Non‑solicit | Not individually disclosed for Mr. Renino; Company recoupment policy references non‑compete/non‑solicit and other restrictive covenants for covered employees. |
Investment Implications
- Pay-for-performance alignment: Senior executive incentives emphasize ROE, EPS, FCF (AIP) and EBITDA (PSUs), with 2024 company performance at 127% of AIP metrics and 2024 EBITDA above target; this ties significant at‑risk pay to profitability, cash generation and capital efficiency.
- Vesting supply/retention: PSU vesting is spread over three years, supporting retention and smoothing potential share supply from vesting; absence of disclosed individual equity balances for Mr. Renino limits precision on potential selling pressure.
- Ownership alignment and risk controls: 2x salary ownership guideline for SVPs, anti‑hedging, and pledge restrictions on guideline shares reduce misalignment and downside‑hedging risks; robust clawbacks add governance protection.
- Execution track record context: 2024 margin and earnings improvement, dividend increase, and $150m buyback authorization indicate improved operating discipline and capital returns amid strategic focus on premium pineapples, fresh‑cut expansion, and biomass—tailwinds for regional leaders executing pricing/mix and supply chain initiatives.
- Governance and shareholder sentiment: 2024 say‑on‑pay support ~95% and use of an independent consultant (WTW) suggest compensation oversight stability; peer group includes direct produce peers (e.g., Dole, Mission Produce).