Carlos Olea
About Carlos Olea
Carlos Olea (age 47) is Chief Financial Officer of Howard Hughes Holdings Inc. (HHH) since January 2022; he previously served as HHH’s Chief Accounting Officer (2019–2022). He holds a Master’s in Real Estate (finance) from Georgetown University and a B.S. in Accounting and Finance from ITESM (Mexico). As CFO, he oversees investment, accounting, and financial strategy; 2024 achievements included leading $862 million of financings, executing the Seaport Entertainment spinoff, and strengthening reporting, controls, and cybersecurity processes . Annual incentive metrics were tied to Operating Assets NOI, MPC EBT, Condominium Profit, and Corporate Cash G&A; HHH exceeded targets on NOI and MPC EBT and met G&A, supporting Olea’s 2024 bonus outcome .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Howard Hughes Holdings Inc. | Chief Accounting Officer | 2019–2022 | Oversaw financial accounting for largest MPC portfolio during strong growth |
| Carr Properties | Chief Accounting Officer | Not disclosed | Accounting leadership at a D.C.-based owner-operator/developer |
| Ernst & Young | Senior Manager, Advisory Services | Not disclosed | Advisory work; technical accounting expertise |
| AvalonBay Communities | Director, Technical Accounting & Financial Reporting | Not disclosed | Directed technical accounting and SEC reporting |
External Roles
None disclosed in the proxy or executive officer biography .
Fixed Compensation
Current terms (as amended April 1, 2025): base salary $550,000 and target annual cash bonus $825,000 (80–120% payout range if minimum goal achieved) . 2024 actual cash bonus was $990,000 .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | — | 500,000 | 550,000 |
| Target Bonus ($) | Not disclosed | Not disclosed | 825,000 |
| Actual Bonus Paid ($) | 900,000 | 900,000 | 990,000 |
Performance Compensation
Annual Incentive – 2024 Metrics and Results
| Metric (000s) | Target | Actual | Achieved (%) |
|---|---|---|---|
| Operating Assets NOI | 233,245 | 245,455 | 105% |
| MPC Earnings Before Taxes (GAAP) | 325,763 | 349,134 | 107% |
| Condominium Profit | 217,948 | 211,133 | 97% |
| Corporate Cash G&A (Favorable vs Budget) | 84,706 | 82,648 | +2% (favorable) |
- Weighting: ~75% objective metrics; ~25% individual performance .
- Payout: Olea earned $990,000 (120% of $825,000 target) for 2024 .
Long-Term Equity Incentives (Structure and 2024 Grants)
- 2024 grants: Time-Based Restricted Stock (TBRS) vests in equal annual installments over three years; Performance-Based Restricted Stock (PBRS) vests based on NAV growth over three years; post-spinoff adjustments preserved intrinsic value .
| Grant Type | Grant Date | Target Shares | Adjusted Shares (post-SEG spinoff) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| PBRS | 02/05/2024 | 6,184 | 6,979 | 450,195 |
| TBRS | 02/05/2024 | 6,184 | 6,979 | 474,993 |
Equity Ownership & Alignment
- Beneficial ownership: 46,249 shares (less than 1% of outstanding) as of August 4, 2025 .
- Footnote breakdown (beneficial/award holdings):
- TBRS: 179 (2021), 2,038 (2023), 6,979 (2024), 8,892 (2025)
- PBRS: 7,153 (2023), 6,979 (2024), 8,892 (2025)
- Outstanding equity at FY-end 2024:
- Unvested TBRS: 13,958 shares; market value $1,073,649
- Unearned PBRS: 11,874 shares; payout value $913,348
- Stock ownership guidelines: CFO must hold 3× base salary; executives subject to the policy are within the grace period and thus in compliance (5-year grace period; valuation excludes options) .
- Hedging/pledging: Company policy prohibits hedging, pledging, margin accounts, short sales, and limit orders in HHH securities; executives may not pledge Company securities .
Employment Terms
- Employment agreement effective January 12, 2022; amended January 1, 2024 and April 1, 2025; term through December 31, 2028 with automatic 1-year renewals unless 60 days’ prior notice .
- Current compensation terms: base $550,000; target annual bonus $825,000; targeted LTIP grant value $1,350,000 (50% TBRS; 50% PBRS) under current equity plan .
- Restrictive covenants: confidentiality, non-disparagement, non-solicit, and non-compete; non-solicit/non-compete apply during employment and for 12–24 months post-termination (24 months noted for certain covenants) .
Severance and Change-of-Control Economics
- Without cause / good reason: prorated target bonus; cash equal to base + target bonus; TBRS fully vests; PBRS remains outstanding and vests per performance .
- Change-in-control or “Transaction” double-trigger (termination within 24 months): prorated target bonus; cash equal to 2× (base + target bonus); TBRS fully vests; PBRS vests at ≥100% or actual performance to date .
- Estimated payouts (as of 12/31/2024; stock price $76.94):
| Scenario | Cash Severance ($) | Equity Awards ($) | Total ($) |
|---|---|---|---|
| Termination Without Cause/Good Reason | 2,200,000 | 1,794,856 | 3,994,856 |
| Death or Disability | 825,000 | 1,794,856 | 2,619,856 |
| CIC/Transaction + Termination (Double-Trigger) | 3,575,000 | 1,794,856 | 5,369,856 |
- Clawbacks: Executive Compensation Recoupment Policy applies; awards subject to clawback, forfeiture, and recoupment; dividends/dividend equivalents do not vest prior to underlying award vesting .
Perquisites and Tax Gross-ups (2024)
- Reported perquisites include long-term disability plan contributions and associated tax gross-up, executive medical flight program, group term life insurance, and 401(k) contributions; no excise tax gross-ups in employment agreements or plans .
Performance & Track Record
- 2024 achievements: executed SEG spinoff; closed $862 million of financings; improved accounting, reporting, controls, and cybersecurity; supported capital markets, cash flow, and liquidity .
- 2024 incentive metrics attainment: exceeded targets for Operating Assets NOI and MPC EBT; achieved favorable corporate G&A vs budget; Condominium Profit slightly below target .
Say-on-Pay & Shareholder Feedback
- 2025 advisory vote on executive compensation: For 23,394,881; Against 566,168; Abstentions 131,216; Broker non-votes 3,646,203 .
Compensation Structure Analysis
| Component | 2023 ($) | 2024 ($) | YoY Observations |
|---|---|---|---|
| Salary | 500,000 | 550,000 | +50,000 (increase in fixed pay) |
| Stock Awards (grant-date value) | 979,935 | 925,188 | Slight decrease |
| Non-Equity Incentive (bonus) | 900,000 | 990,000 | Increase; paid at 120% of target (given target $825k) |
- Mix remains weighted to performance-based and long-term equity; annual bonus governed by objective operating metrics and personal performance; equity includes meaningful performance hurdles (NAV-based PBRS) and minimum 3-year vesting for performance component .
Investment Implications
- Alignment: Double-trigger CIC protection with 2× cash multiple and full TBRS vesting plus PBRS vest at ≥100% supports retention yet limits windfalls from single-trigger events; strict hedging/pledging prohibitions and CFO 3× ownership guideline (with grace period) enhance alignment .
- Vesting cadence: TBRS from 2024 grants vest annually over 3 years; monitoring vest dates can indicate potential selling pressure around settlements, though policy constraints reduce hedging/pledging risk .
- Pay-for-performance: 2024 bonus paid at the top of the allowable range (120%) reflects outperformance on NOI and MPC EBT; PBRS tied to multi-year NAV growth strengthens long-term value creation incentives .
- Governance risk mitigants: Recoupment policy, no excise tax gross-ups, no option/RSU repricing without shareholder approval, and minimum vesting standards reduce adverse shareholder outcomes .
Citations: **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:63]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:80]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:84]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:93]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:95]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:99]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:101]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:102]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:109]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:110]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:122]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:25]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:27]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:90]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:91]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:6]** **[1981792_0001104659-25-079294_tm252358-5_def14a.htm:53]** **[1981792_0000929638-25-003820_a8k.htm:2]** **[1981792_0000929638-25-003820_exhibit10-1.htm:16]** **[1981792_0000929638-25-003820_exhibit10-1.htm:14]**