Ivan Garcia
FreshpetAbout Ivan Garcia
Ivan Garcia is Interim Chief Financial Officer of Freshpet, appointed effective October 17, 2025; age 41. He has served at Freshpet since 2014 in ascending finance roles including VP–Finance, VP Corporate Controller, VP Financial Reporting, Director of Financial Reporting & Budgeting, and Manager–Financial Reporting, after prior audit experience at KPMG. Company operating performance under the current executive pay framework: 2024 net sales grew 27.2% to $975.2M, net income reached $46.9M, gross margin expanded to 40.6%, and Adjusted EBITDA rose to $161.8M, with NEO annual incentives paying 233% of target; say‑on‑pay approval exceeded 97% in 2024.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Freshpet | Interim Chief Financial Officer | Oct 17, 2025 – Present | Principal financial and accounting officer; signed SOX certifications on Q3 2025 10‑Q. |
| Freshpet | Vice President – Finance | Jul 2023 – Oct 2025 | Oversight of finance, budgeting, and fiscal discipline for scaling operations. |
| Freshpet | VP Corporate Controller | Oct 2020 – Jun 2023 | Led controllership, financial reporting, and internal controls during growth period. |
| Freshpet | VP Financial Reporting | Mar 2017 – Sep 2020 | Advanced external reporting and guidance alignment as company matured. |
| Freshpet | Director, Financial Reporting & Budgeting | Jun 2015 – Mar 2017 | Built budgeting and reporting infrastructure to support expansion. |
| Freshpet | Manager, Financial Reporting | Feb 2014 – May 2015 | Established reporting processes post‑IPO growth phase. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KPMG | Manager of Audit | Sep 2007 – Jan 2014 | Led audits for public/private clients in consumer and industrial segments; foundational technical accounting expertise. |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $341,214 per year, effective Oct 17, 2025. |
| Target Annual Bonus | 40% of salary, prorated for partial‑year service as Interim CFO; based on pre‑established performance goals set by Board/Committee. |
| Long‑Term Incentive Target | 25% of salary, prorated for partial‑year service. |
| RSU Grant | 3,000 RSUs under 2024 Equity Plan; vests on first anniversary of grant date (expected around Oct 17, 2026). |
Performance Compensation
| Metric (2024 NEO Plan) | Weight at Target | Threshold | Target | Maximum | Actual | Payout Impact |
|---|---|---|---|---|---|---|
| Net Sales ($MM) | 45% | 900 | 950 | 1,000 | 975.2 | Above target; contributed to capped payout. |
| Adjusted EBITDA before bonus accrual ($MM) | 45% | 110.0 | 124.1 | 181.0 | 184.3 | At/above maximum; capped at plan max. |
| Responsible Business Goals (points) | 10% | 6 | 10 | 15 | 9 | Partial attainment. |
| Annual Incentive Outcome | — | — | — | — | — | NEO payout 233% of target (capped from matrix). |
Notes:
- Garcia’s 2025 Interim CFO bonus is prorated; specific metrics for his award were not disclosed in the appointment 8‑K, but Freshpet’s executive annual incentives are driven primarily by Net Sales and Adjusted EBITDA before bonus accrual with a Responsible Business component.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 6,527 shares (comprised of 4,855 common shares and 1,672 unvested RSUs). Ownership ≈0.013% of 48,774,818 shares outstanding as of Apr 23, 2025. |
| Options | 27,000 options, $49.77 strike, expiring Oct 1, 2029; vested Dec 31, 2022 per grant terms. |
| In‑the‑Money Context | Year‑end 2024 closing price $148.11 vs $49.77 strike indicates substantial intrinsic value. |
| Upcoming Vesting | 3,000 RSUs granted Oct 2025 vest on first anniversary (expected Oct 2026); potential sell‑pressure around tax withholding/settlement. |
| Hedging/Pledging | Company policy prohibits hedging, pledging, short sales, and derivative/speculative transactions for officers. |
| Ownership Guidelines | CEO 4x salary; NEOs 3x; other senior execs up to 2x; 5‑year compliance window; if below guideline, must retain ≥50% of vested awards until compliant. |
Employment Terms
| Term | Detail |
|---|---|
| Interim CFO Appointment | Effective Oct 17, 2025; salary increase, prorated bonus and LTI targets; 3,000 RSUs vesting after one year. |
| Severance Framework | Freshpet adopted a Key Executive Severance Plan on Aug 27, 2024; double‑trigger vesting after change‑of‑control; no single‑trigger vesting; no tax gross‑ups; enhanced confidentiality, non‑compete, and non‑solicit provisions. |
| CFO Severance Multiples (Plan Illustration) | Involuntary termination: 24 months salary + target bonus; involuntary termination after change‑of‑control: 36 months salary + target bonus; COBRA continuation typical; equity acceleration depends on award terms and CIC. (Amounts shown for then‑CFO illustrate plan terms.) |
| Clawback Policy | Effective Oct 2, 2023; compliant with SEC/Nasdaq; mandatory recoupment on restatements; discretionary recovery for misconduct. |
| Benefits | Eligibility for 401(k) with 4% company match; health/dental/vision; life and disability; paid time off. |
| Insider Trading Policy | Prohibits short sales, hedging/derivatives, pledging, and speculative transactions; filed as exhibit to 2024 10‑K. |
| Regulatory Filings | SOX 302 certification signed on Q3 2025 10‑Q as Interim CFO. |
| Section 16(a) History | Company disclosed administrative delays in 2021 for certain insiders, including Garcia, related to timely Form 4 filings. |
Investment Implications
- Alignment and potential supply: Garcia’s 27,000 options at $49.77 are deeply in‑the‑money versus $148.11 at 12/31/24, suggesting future exercise potential; the 3,000 RSUs vesting around Oct 2026 could create localized selling pressure tied to tax settlements.
- Pay‑for‑performance calibration: Executive annual incentives are chiefly tied to Net Sales and Adjusted EBITDA before bonus accrual, which delivered a 233% payout in 2024; Garcia’s interim CFO bonus is prorated against Board‑set goals, indicating tight linkage to operating execution.
- Governance and retention: The executive severance plan with 24/36‑month cash multiples for CFO‑level roles, double‑trigger vesting, and no tax gross‑ups balances retention with shareholder protections; strict hedging/pledging prohibitions and an SEC/Nasdaq clawback reduce misalignment risk.
- Execution continuity: Garcia’s long tenure across Freshpet finance functions and current SOX certifications mitigate transition risk following the October 2025 CFO change.