Joseph Aguilar
About Joseph Aguilar
Joseph Aguilar, 63, is President and General Manager – Latin America at International Money Express (Intermex). He joined Intermex in September 2019 as Chief Operating Officer and was appointed to his current role in January 2023; his background includes senior operating and audit leadership at Sigue Corporation and prior roles at BBVA Bancomer, California Commerce Bank, and Dai‑Ichi Kangyo Bank of California. He holds a bachelor’s degree in English from the University of California at Santa Barbara . Company performance during 2024: Revenues $658.6M (flat YoY), Net Income $58.8M (-1.2% YoY), Diluted EPS $1.79 (+9.8% YoY), Adjusted EBITDA $121.3M (+1.1% YoY); Intermex highlights Adjusted EBITDA and Adjusted EPS as primary pay-for-performance measures in its incentive programs . Over 2020–2024, a fixed $100 investment in IMXI rose to $173 vs peer group at $68, contextualizing TSR during Aguilar’s tenure since 2019 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Intermex | Chief Operating Officer | 2019–2023 | Ran global operations; set foundation for transition to President & GM – LATAM |
| Intermex | President & GM – Latin America | 2023–present | Leads LATAM subsidiaries; cost optimization for banking/agent fees; improved customer/call center experience |
| Sigue Corporation | Chief Auditor; Chief Operating Officer | 2005–2014 | Built internal audit for U.S./Mexico; led global operations/technology |
| SGS, Ltd. UK (Sigue’s International Division) | President | 2014–2019 | Oversaw EU, Eastern Europe, Africa, Asia & South Asia businesses |
| BBVA Bancomer; California Commerce Bank; Dai‑Ichi Kangyo Bank of California | Senior roles (not specified) | Not disclosed | Banking operations and risk experience in U.S. and cross-border payments |
Fixed Compensation
- Base salary: $440,000 (2023, 2024); increased to $453,200 effective January 1, 2025 per amended employment agreement .
- 401(k): company matches 50% of employee contributions up to 3% of total compensation; executives participate on same terms .
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $440,000 | $440,000 | $453,200 |
Performance Compensation
Annual Cash Incentive (2024)
- Structure: 75% Adjusted EBITDA, 25% Individual objectives; payouts range 0–150% of target. Quarterly EBITDA payouts are binary at 12.5% per achieved quarter; annual EBITDA payout uses 90% threshold, 100% target, 150% max at 115% of target. 2024 quarterly EBITDA attainment: 100%, 94%, 101%, 91%; full-year Adjusted EBITDA $121.3M vs target $125.8M → 67% of target for the EBITDA component .
| Item | Weighting | Target ($) | Actual ($) |
|---|---|---|---|
| Adjusted EBITDA component | 75% | $165,000 | $110,550 |
| Individual performance component | 25% | $55,000 | $56,141 |
| Individual objective achievement (aggregate) | — | — | 102.1% of target |
Long-Term Equity Incentives (2024 grants)
- LTI mix: 50% RSUs (service-based, 4-year ratable vesting), 50% PSUs (performance-based on 3-year cumulative Adjusted EPS, with 50%/100%/200% payout at threshold/target/max; continued service required) .
- Joseph Aguilar’s 2024 LTI: $600,000 total ($300,000 RSUs; $300,000 PSUs) .
| Grant Type | Grant Date | Target Value ($) | Units at Target | Vesting |
|---|---|---|---|---|
| RSUs | 2/15/2024 | $300,000 | 14,104 | 25% annually over 4 years (service) |
| PSUs | 3/1/2024 | $300,000 | 15,568 | 3-year performance on cumulative Adjusted EPS; 50–200% payout; service through year 3 |
PSU Performance – Prior Cycle (2022 Grant, certified in 2024)
- Metric: 2-year cumulative Adjusted EPS (2022–2023); Threshold $3.29 (50%), Target $3.66 (100%), Max $4.03 (200%); Actual ≈ $3.75 → Earnout 125.7%; Aguilar target PSUs 13,986 → Payout 17,580 shares, settled upon end of 3-year service (12/31/2024) .
| PSU Cycle | Threshold | Target | Maximum | Actual | Payout as % of Target | Aguilar Target PSUs | Aguilar Actual PSUs |
|---|---|---|---|---|---|---|---|
| 2022 PSU (Adj. EPS) | $3.29 | $3.66 | $4.03 | ≈$3.75 | 125.7% | 13,986 | 17,580 |
Multi-year Compensation Summary (Aguilar)
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | $420,000 | $600,000 | $236,142 | $865 | $1,357,007 |
| 2023 | $440,000 | $750,000 | $199,860 | $3,160 | $1,393,020 |
| 2024 | $440,000 | $600,000 | $166,691 | $2,894 | $1,209,585 |
Equity Ownership & Alignment
- Beneficial ownership (shares directly/indirectly owned and options exercisable within 60 days): 103,209 shares; less than 1% of outstanding; includes 31,250 options exercisable within 60 days of 10/15/2025 . As of 4/21/2025, 103,209 shares; less than 1% of 30,127,597 outstanding .
- Ownership guidelines: 2× annual base salary for executive officers; as of 12/31/2024, all NEOs were in compliance (through achievement or required 50% retention of net shares) .
- Anti-hedging/anti-pledging: Executives and directors prohibited from hedging, pledging, short sales, derivatives, margin accounts, or monetization transactions in Company stock .
Ownership Over Time
| As-of Date | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| 5/4/2021 | 31,250 | * (<1%) |
| 2/25/2022 | 98,602 | * (<1%) |
| 4/21/2025 | 103,209 | * (<1%) |
Vested vs Unvested and Options (EOY 2024)
| Instrument | Details | Unvested Units | Market/Payout Value ($) |
|---|---|---|---|
| Stock Options | 6/26/2020 grant; strike $12.45; expires 6/26/2030; 31,250 exercisable | — | — |
| RSUs | Unvested RSUs across 2021–2024 grants | 4,852 (2021) ; 9,340 (2022) ; 10,944 (2023) ; 14,104 (2024) | $101,067 ; $194,552 ; $227,964 ; $293,786 |
| PSUs (target) | Unvested PSUs at target (2023, 2024 grants) | 14,591 (2023) ; 15,568 (2024) | $303,931 ; $324,281 |
- 2024 exercises/vesting liquidity events: Option exercises 93,750 shares; value realized $884,375. Stock awards vested: 30,751 shares; value realized $562,149 .
Employment Terms
| Term | Key provisions |
|---|---|
| Employment agreement | Amended Jan 16, 2023 upon promotion to President & GM – LATAM |
| Base salary | $440,000 effective Jan 1, 2023; $453,200 effective Jan 1, 2025 |
| Target bonus | 50% of base salary; tied to Company Adjusted EBITDA and individual goals |
| Non-compete | During employment and 9 months post-employment |
| Non-solicit | 3 years post-employment (customers and employees) |
| Confidentiality | Perpetual non-disclosure; perpetual non-disparagement |
| Severance (no CIC) | If terminated without Cause or resigns for Good Reason: 9 months base salary continuation; pro‑rata target bonus for year of termination (less amounts already paid); plus accrued rights |
| Change-in-control equity | Double-trigger equity vesting: if awards are assumed, full acceleration upon termination without Cause within 2 years post-CIC; if not assumed, full acceleration at CIC; PSUs convert to RSUs if assumed, with vesting at target or based on performance through CIC; pro‑rata vesting after year 1 if terminated without Cause |
| Clawback | SEC/Nasdaq-compliant clawback adopted in 2023; recovery of erroneously awarded incentive comp for restatements (no misconduct requirement) |
| Anti-hedging/pledging | Prohibited for executives/directors |
Severance and CIC Economics (Aguilar; as of 12/31/2024)
| Scenario | Cash Severance ($) | Equity vesting value ($) | Total ($) |
|---|---|---|---|
| Termination without Cause or Good Reason | $550,000 | $202,620 | $752,620 |
| Death or Disability | — | $1,445,551 | $1,445,551 |
| CIC (awards assumed) + termination without Cause ≤2 years | $550,000 | $1,445,551 | $1,995,551 |
| CIC (awards not assumed; no termination) | — | $1,445,551 | $1,445,551 |
Investment Implications
- Pay-for-performance alignment: Aguilar’s annual incentive (75% Adjusted EBITDA, 25% individual) and 50% PSU-based LTI tied to multi‑year Adjusted EPS indicate strong linkage to financial outcomes; 2022 PSU cycle paid 125.7% based on above‑target Adjusted EPS, reinforcing alignment with earnings quality rather than pure revenue growth .
- Retention risk moderate: RSUs vest over four years and PSUs over a three-year performance/service period; severance (9 months base plus pro‑rated bonus) is modest vs market, but CIC double‑trigger equity protection stabilizes retention through strategic events .
- Insider selling pressure: 2024 saw 93,750 options exercised with $884k realized value; while value realization may signal liquidity needs, ownership guidelines (2× salary) and prohibition on hedging/pledging mitigate misalignment and leverage‑related selling pressure .
- Skin‑in‑the‑game: Beneficial ownership is <1%, but ongoing RSU/PSU awards and compliance with ownership guidelines provide continuing equity exposure; option inventory is small (31,250 exercisable at $12.45) reducing overhang and repricing risk .
- Governance and clawback: Robust clawback, anti‑hedging/pledging, and codified CIC treatment reduce governance red flags and align incentives with long‑term value creation .