Leke Agiri
GevoAbout Leke Agiri
Gevo appointed Oluwagbemileke (Leke) Agiri as Chief Financial Officer effective May 21, 2025; he is 40 and joined Gevo in August 2022, most recently serving as EVP, Finance . He holds an MBA (Finance & Energy) from Rice University and a B.S. in Chemical Engineering from the University of Virginia . Under his finance leadership, Gevo delivered positive Adjusted EBITDA in Q2 2025 and again in Q3 2025 ($6.7 million), alongside a year-over-year operating revenue increase of $40.7 million in Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gevo, Inc. | Chief Financial Officer | 2025-05-21 to present | Guides capital allocation and liquidity; management reiterated focus on neutral/positive operating cash flow and sustained Adjusted EBITDA progress . |
| Gevo, Inc. | EVP, Finance | 2022-08 to 2025-05 | Instrumental in driving financial strategy and planning . |
| Bank of America; Pine Gate Renewables; Penn America Energy Holdings; Occidental Petroleum | Finance roles | 2019-08 to 2022-08 | Corporate finance and energy finance experience supporting capital markets and growth initiatives . |
| Anadarko Petroleum Corporation | Finance, strategic A&D, joint ventures | 2009-06 to 2019-08 | Led finance, M&A/JV roles in upstream energy, building transaction and capital discipline credentials . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $380,000 initial annual base salary (effective May 21, 2025), subject to annual adjustment . |
| Annual bonus | Eligible to participate in the Company’s bonus program at Board/Comp Committee discretion (target % not disclosed) . |
| Equity eligibility | Eligible to participate in equity programs at Board/Comp Committee discretion under the Amended & Restated 2010 Stock Incentive Plan (one-year minimum vesting applies to most awards) . |
Performance Compensation
Company NEO program design (context for CFO incentives; 2025 specifics for Mr. Agiri not yet disclosed):
- 2024 annual bonus plan used weighted strategic/operational goals; NEO bonuses paid at 120.5% of target based on achievements (RNG monetization, ETO/ATJ progress with LG Chem/Axens, Verity commercialization, DOE LPO conditional commitment for ATJ-60, safety) .
- 2024 long-term incentives: 50% performance-based stock options and 50% time-vested restricted stock; 3-year ratable vesting; options exercisable only after the stock closes above $1.00 for 20 consecutive trading days (alignment with shareholder returns) .
| 2024 NEO Annual Bonus Scorecard (Company) | Weight | Performance Modifier | Bonus Payout Contribution |
|---|---|---|---|
| RNG financial thresholds (ITC monetization) | 15% | 120% | 18.0% |
| Ethanol-to-olefins/alliances (LG Chem/Axens) | 10% | 150% | 15.0% |
| Verity operational/financial goals | 15% | 150% | 22.5% |
| RNG bonds remarketing | 10% | 100% | 10.0% |
| Climate-Smart Farm to Flight expansion | 10% | 100% | 10.0% |
| Net-Zero/ATJ projects (DOE LPO, engineering, RTE assets) | 30% | 100% | 30.0% |
| Safety (TRIR) | 10% | 150% | 15.0% |
| Total payout vs target | 100% | — | 120.5% |
| Long-Term Incentive Structure (Company 2024) | Vesting | Special Conditions |
|---|---|---|
| Performance-based stock options (50%) | 1/3 per year over 3 years | Exercisable only if stock closes >$1.00 for 20 consecutive trading days after grant . |
| Restricted stock (50%) | 1/3 per year over 3 years | Standard service-based vesting . |
Equity Ownership & Alignment
| Policy/Mechanism | Details |
|---|---|
| Stock ownership guidelines | Senior management (SVP or above) guideline: 3.0x base salary; retain 50% of after-tax shares until met; expected within five years of date of hire . |
| Hedging/pledging | Prohibited for all directors and employees; derivatives also banned . |
| Clawback | Compensation Recovery Policy compliant with SEC/Nasdaq; recoups incentive-based compensation upon financial restatement . |
| Equity plan safeguards | One-year minimum vesting (limited exceptions); no option repricing without stockholder approval; change-in-control treatment generally double-trigger via plan or agreements . |
Note: Beneficial ownership and Form 4 transaction details for Mr. Agiri were not disclosed in the 2025 proxy (record date preceded his appointment); no specific individual ownership breakdown for him appears in the proxy’s NEO tables .
Employment Terms
| Term | Economics/Structure |
|---|---|
| Appointment date | Effective May 21, 2025 . |
| Base salary | $380,000 initial annual base salary . |
| Bonus & equity | Eligible to participate at Board/Compensation Committee discretion . |
| Change-in-control protection | Eligible under Gevo’s Change in Control Severance Plan (double-trigger): if terminated without Cause or resigns for Good Reason within 30 days before or 12 months after a CIC, then (i) all unvested equity vests (performance awards at target), (ii) 12 months salary continuation, (iii) target annual bonus for year of termination, and (iv) up to 12 months COBRA premium reimbursement; subject to signing a release . |
Performance & Track Record (selected operating markers during CFO tenure)
| Metric (Q3 2025 unless noted) | Value |
|---|---|
| Adjusted EBITDA (consolidated) | $6.7 million |
| Operating revenue YoY increase | +$40.7 million |
| Net loss per share | $0.03 |
| Management commentary (Q3 2025) | CFO emphasized targeting neutral/positive cash flows from operations alongside continued Adjusted EBITDA growth . |
| Q2 2025 milestone (context) | Positive net income and positive Adjusted EBITDA; step-change driven by GevoND, GevoRNG and CFPC monetization . |
Governance, Peer Practices, and Shareholder Feedback
| Topic | Details |
|---|---|
| Compensation Committee | All independent directors; members: Andrew J. Marsh (Chair), Angelo Amorelli, Carol J. Battershell . |
| Independent advisor | FW Cook retained as independent compensation consultant; peer benchmarking used to set targets . |
| Say-on-pay | 2024 support ~76.3% approval, with ongoing shareholder outreach by the Comp Committee . |
Investment Implications
- Pay-for-performance alignment appears robust: 2024 NEO bonuses tied to executable milestones (RNG monetization, ATJ/DOE progress, Verity), with a structured LTI mix requiring stock price appreciation for option value (>$1.00 hurdle), reinforcing shareholder alignment .
- As CFO, Agiri’s cash comp is modest versus peers (base $380k) with upside through discretionary bonus/equity and double-trigger CIC safety net; CIC Plan adds 12 months of salary, target bonus, COBRA, and equity vesting, mitigating retention risk through potential M&A cycles .
- Governance protections (no hedging/pledging, clawback, no repricing without shareholder approval, minimum vesting) reduce agency risk; ownership guidelines (3x salary for senior management) promote skin-in-the-game over time .
- Early tenure financial markers (repeat positive Adjusted EBITDA and revenue expansion in Q3 2025) suggest improving earnings quality under the current finance strategy, but continued execution on ATJ projects and carbon monetization will be critical to sustain cash generation and de-risk growth capex .
