Marissa Tenazas
FRESH DEL MONTE PRODUCEAbout Marissa Tenazas
Marissa R. Tenazas is Senior Vice President and Chief Human Resources Officer of Fresh Del Monte Produce (FDP), age 70, appointed March 18, 2024, after previously serving as SVP-HR (2012–2018), VP-HR (1999–2012), and Senior Director-HR (1996–1999). Earlier, she worked at Suma Fruit International (USA), Inc. (1989–1996), and prior to that held HR management and consulting roles in the Philippines . Company performance context for her 2024 incentive year: net income attributable to FDP was $142.2 million, and EBITDA was $275.4 million (above the PSU target), with strong cash generation and a third consecutive dividend increase; Say-on-Pay support was ~95% in 2024, indicating broad investor approval of the pay program .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Fresh Del Monte Produce | SVP & Chief Human Resources Officer | 2024–present | Oversees HR function for global operations |
| Fresh Del Monte Produce | SVP, Human Resources | 2012–2018 | Senior HR leadership |
| Fresh Del Monte Produce | VP, Human Resources | 1999–2012 | Executive HR management |
| Fresh Del Monte Produce | Senior Director, Human Resources | 1996–1999 | HR leadership |
| Suma Fruit International (USA), Inc. | HR roles | 1989–1996 | HR management in produce sector |
External Roles
None disclosed for Tenazas .
Fixed Compensation
| Component | FY 2024 value | Notes |
|---|---|---|
| Base salary | $370,131 | Reported in Summary Compensation Table |
| Target bonus (AIP) | $187,912 | Senior Executive Annual Incentive Plan target |
| Actual bonus paid (AIP) | $220,609 | 117% of target based on 2024 results |
| All other compensation | $9,589 | Phone allowance and employer 401(k) contributions |
Performance Compensation
| Metric (AIP 2024) | Weight (SE-AIP) | Threshold | Target | Maximum | Actual | Payout basis |
|---|---|---|---|---|---|---|
| Return on Equity (Net Income / Avg Equity) | 24.5% | 4.60% | 5.70% | 8.60% | 7.30% | Corporate metrics used for SE-AIP; achieved above target |
| Free Cash Flow ($mm) | 14.0% | $101.0 | $126.0 | $189.0 | $203.0 | Achieved at maximum (150%) |
| Earnings per Share ($) | 31.5% | $1.81 | $2.11 | $3.17 | $2.44 | Achieved above target |
| Corporate Achievement Factor | — | — | — | — | 127% | Applies to 70% of SE-AIP |
| Tenazas AIP payout | — | — | — | — | 117% of target | $220,609 on $187,912 target |
| Equity incentive (2024) | Grant date | PSU target shares | Fair value ($) | Performance measure | Target | Actual | % earned | Vesting schedule |
|---|---|---|---|---|---|---|---|---|
| PSUs (2024) | 4/1/2024 | 7,394 | $188,198 | EBITDA (FY 2024) | $261.0 mm | $275.4 mm | 100% for NEOs | Three equal annual tranches beginning 4/1/2025 (through 4/1/2027) |
Notes:
- SE-AIP weights for NEOs: ROE 24.5%, EPS 31.5%, FCF 14.0%; individual objectives 30%. Thresholds 80% for ROE/FCF and 86% for EPS; corporate metric max 150% .
- PSUs for NEOs are capped at 100% even if EBITDA exceeds target; CEO eligible up to 125% .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 3,573 shares; <1% of shares outstanding |
| Unvested equity | 2024 PSUs outstanding 7,596 units at 12/27/2024 (includes dividend equivalents); scheduled to vest in three equal installments beginning in 2025 |
| Options | None; company no longer has outstanding stock options for NEOs |
| Pledging/Hedging | Executives prohibited from hedging; officers prohibited from pledging shares subject to Share Ownership Guidelines |
| Stock ownership guideline | SVPs must hold FDP shares equal to 2x base salary, within 5 years; retain 50% of vested RSUs until compliant |
| Time to guideline compliance | Appointed March 18, 2024; compliance window through March 2029 |
Employment Terms
| Provision | Tenazas terms |
|---|---|
| Severance (no change in control) | $240,000 (based on original hire date of Dec 1996) |
| Change-of-control (termination) | $240,000 plus equity acceleration valued at $251,274 (based on 12/27/2024 closing price) |
| Equity acceleration mechanics | 2022 Omnibus Plan: no automatic acceleration upon change-of-control unless awards are not assumed or executive is terminated without cause within 24 months; earned performance awards continue to vest per remaining service terms |
| Clawbacks | Dodd-Frank compliant executive clawback (restatement) and broader employee recoupment policy covering inaccurate financials and misconduct with 3-year lookback |
| Non-compete/solicit | CEO agreement includes non-solicit; non-compete duration for other NEOs not specifically disclosed; recoupment policy references non-compete/non-solicit compliance |
Investment Implications
- Pay-for-performance alignment appears robust: Tenazas’ cash bonus paid at 117% of target reflects strong corporate metrics (ROE/EPS/FCF) and individual objectives; equity is entirely performance-based PSUs tied to EBITDA with three-year vesting, which encourages multi-year execution and retention .
- Selling pressure watch: Her 2024 PSU grant vests in equal tranches on April 1, 2025/2026/2027; monitor Rule 10b5-1 plan adoption and Form 4 filings around those dates for potential liquidity events .
- Governance safeguards reduce risk: strict hedging/pledging prohibitions, rigorous share ownership guidelines (2x salary for SVPs), and dual clawbacks suggest disciplined incentive structures and lower misalignment risk .
- Change-of-control economics are modest relative to CEO; equity acceleration is conditioned under the 2022 plan, limiting windfalls and reducing “golden parachute” risk for Tenazas .
- Broader backdrop: 2024 earnings and cash flow strength, dividend increases, and high Say-on-Pay support (~95%) signal investor acceptance of compensation design; continued EBITDA/cash generation will be key to PSU realization and equity value creation .