Imre Havasi
Senior Vice President – Head of Trading and Commercial Operations at GPRE
Executive
About Imre Havasi
Imre Havasi, 59, is Senior Vice President – Head of Trading and Commercial Operations at Green Plains and a member of the Executive Committee since February 2025; he previously served as SVP – Commercial Operations from May 2023 to February 2025. He spent ~30 years at Cargill in Food and Feed businesses, including Managing Director, Cargill Animal Nutrition India (2018–2021) and Global Risk Management and Sourcing Director, Cargill Animal Nutrition and Health (2014–2018). He holds a B.A. in Economics and International Relations from Corvinus University in Budapest, Hungary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Green Plains Inc. | SVP – Head of Trading & Commercial Operations; Executive Committee member | Feb 2025–present | Leads trading and commercial operations; part of interim leadership following CEO transition |
| Green Plains Inc. | SVP – Commercial Operations | May 2023–Feb 2025 | Commercial execution across evolving product mix (protein, sugar, carbon) |
| Cargill Animal Nutrition India | Managing Director | 2018–2021 | Ran India operations in animal nutrition |
| Cargill Animal Nutrition & Health | Global Risk Management & Sourcing Director | 2014–2018 | Led global risk and sourcing for feed businesses |
| Cargill Inc. (Food & Feed businesses) | Various leadership roles | ~1990s–2014 | 30 years of leadership across food and feed businesses |
External Roles
No public company directorships or outside board roles are disclosed for Havasi in the 2025 proxy biography .
Fixed Compensation
- Individual base salary, target bonus, and actual bonus for Havasi are not disclosed in the 2025 proxy because he was not a Named Executive Officer (NEO) for fiscal 2024 (NEO grant tables list Becker, Boggs, Stark, Kadavy, Mapes, Osowski) .
Performance Compensation
Company LTI design and PSU metrics applicable to senior executives (context for Havasi’s incentives even if individual awards not itemized):
- Long-term awards are 50% PSUs (cliff vest at 3 years) and 50% RSAs (ratable over 3 years) .
- PSU performance goals for 2024 grants (vest in March 2027) :
| Metric | Threshold (50% payout) | Target (100%) | Max (200%) |
|---|---|---|---|
| Absolute Stock Price | $30/share | $40/share | $50/share |
| Protein, Sugar, Carbon ROI | “Specified amount” | 25% > threshold | 50% > threshold |
| EBITDA | “Specified amount” | 35% > threshold | 80% > threshold |
Additional design features:
- Forward-looking measurement; PSUs earned at end of three-year period; separate metrics for annual bonus vs LTIP; clawback policy updated Nov 2023 to comply with Nasdaq recoupment rules on restatements .
Equity Ownership & Alignment
- Beneficial ownership: Public Form 4 records show Havasi as a reporting person; recent transactions are non-open market “F” code dispositions (shares withheld for taxes upon RSU/stock vesting) and indicate post-transaction holdings of 49,904 shares as per Fintel’s insider report snapshot (data source summary) .
- Recent Form 4 activity:
- Mar 13, 2025: Disposition (Code F – taxes) of 871 shares; filing posted Mar 19, 2025; holdings shown as 49,904 after event .
- May 2025: Additional Form 4 on or around May 20, 2025; Nasdaq classifies as “Disposition (Non Open Market)” consistent with tax withholding on vesting .
Alignment policies:
- Pledging and hedging of company stock are prohibited for executive officers; stock ownership guidelines are in place (details of multiples not specified in the excerpt). Exceptions previously granted to directors were revoked in 2021, and no future exceptions are allowed .
Employment Terms
- No specific employment agreement, severance multiple, or change-in-control terms are disclosed for Havasi in the 2025 proxy. By contrast, the company describes employment and change-in-control severance arrangements for certain NEOs (e.g., CEO 3x salary and target bonus with full vesting; CFO and others 2.5x salary and target bonus, health coverage, and full vesting), indicating the broader framework but not individual terms for Havasi .
Investment Implications
- Incentive alignment: Company-wide senior executive incentives emphasize absolute share price, EBITDA growth, and ROI on protein/sugar/carbon projects via PSUs, with RSAs providing retention balance—this suggests Havasi’s incentives are tied to value creation in trading/commercial execution and monetization of new product lines .
- Selling pressure: Havasi’s recent insider transactions are tax-withholding (Code F) rather than open-market sales, pointing to low direct selling pressure; monitor future vest dates for additional “F” transactions and any shift to open-market activity .
- Retention/transition risk: The CEO departure and formation of an Executive Committee (including Havasi) during an activist-led board refresh elevate execution risk but also broaden Havasi’s influence; absence of disclosed individual severance terms makes personal retention economics opaque relative to NEOs .
- Governance backdrop: Prohibitions on pledging/hedging and an updated clawback policy support shareholder-friendly alignment; 2025 say-on-pay received 36.3M votes “For” vs 5.0M “Against,” indicating strong overall support for the pay program .