Ryan Goepel
About Ryan Goepel
Ryan Goepel is President and Chief Financial Officer of Global Crossing Airlines Group Inc. (JETMF). He has served as CFO since 2020 and was retitled President on September 26, 2024; he is 51 years old and holds a CMA, an MBA from Texas A&M University, and a BA from the University of British Columbia . Track record highlights include leading Flair Airlines’ transition to profitability via fleet modernization and route optimization, raising seed capital at Viking Exploration, establishing international operations for CC Reservoirs, overseeing ZEiTECS’ sale to Schlumberger, growing KBR Services’ revenue from $300M to $3B, and contributing to Burger King’s turnaround and IPO . Operationally, JETMF’s revenue grew from $160.1M to $223.8M YoY (FY 2023→FY 2024), while EBITDA improved from -$13.6M to $5.1M, indicating positive operational leverage during his tenure . EBITDA values marked with an asterisk are from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flair Airlines Canada | Chief Financial Officer | Aug 2018 – Nov 2019 | Transitioned from 737 charter operator to profitable low-cost scheduled carrier via fleet modernization, profitable route focus, personnel revamp, and data-driven cost discipline . |
| Viking Exploration | Chief Financial Officer | Dec 2016 – Aug 2018 | Raised seed capital from a broad investor base . |
| CC Reservoirs | Chief Financial Officer | Apr 2015 – Dec 2016 | Led accounting, compliance, treasury, tax, strategic planning; established offices/entities in South America, Middle East, Far East . |
| ZEiTECS | Chief Financial Officer | Dec 2010 – Apr 2015 | Oversaw sale to Schlumberger . |
| KBR Services Business Unit | Finance Leader | Not disclosed | Oversaw 12,000 employees; grew revenue from $300M to $3B . |
| Burger King | Director of Global Finance | Not disclosed | Contributed to turnaround culminating in first public debt raise and successful IPO . |
External Roles
No public-company board roles for Goepel are disclosed in the proxy; section lists only his executive biography and credentials .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary Paid ($) | $282,292 | $345,833 |
| Target Bonus (% of Base) | 100% (subject to Board approval) | 100% (subject to Board approval) |
| Actual Bonus Paid ($) | $0 | $75,000 |
| Current Annual Base Salary (as of Jul 1, 2024) | — | $400,000 |
Performance Compensation
Equity Awards and Vesting
| Award Type | Grant Date | Quantity/Strike | Vesting Schedule | Expiration/Notes | Market Value Basis |
|---|---|---|---|---|---|
| Stock Options | 06/23/2020 | 71,666 options @ $0.25 | Vests monthly over 24 months; subject to acceleration if surviving corporation in CoC fails to assume/convert | Expires 06/23/2025 | — |
| RSUs | 03/16/2023 | 166,667 RSUs | 33.33% vests on each anniversary of vesting commencement; subject to CoC acceleration if surviving corporation fails to assume/convert | — | $76,667 MV at $0.46 close on 12/31/2024 |
| RSUs | 03/20/2024 | 150,000 RSUs | 33.33% vests on each anniversary of vesting commencement; subject to CoC acceleration if surviving corporation fails to assume/convert | — | $69,000 MV at $0.46 close on 12/31/2024 |
PSU framework: PSUs vest based on Board-determined Target Milestones over a defined Performance Period; payouts can be in cash or shares at Market Value, with Board discretion and plan-specific limits and administration .
Annual Incentive Metrics
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed in proxy/S-1; annual bonus subject to Board approval with target 100% of base salary | — | — | — | — | — |
| Note: Company documents describe program design but do not disclose specific annual/performance metric targets or weightings for Goepel . |
Equity Ownership & Alignment
| Ownership Item | Amount | Percent | Notes |
|---|---|---|---|
| Common Shares Beneficially Owned | 1,549,724 | 3.10% | As of record date Oct 13, 2025; sole voting and investment power per company knowledge . |
| Total Voting % | — | 1.86% | Reflects voting limitations and multi-class structure . |
| Options (Exercisable) | 71,666 @ $0.25 | — | Expires 06/23/2025; vests completed . |
| RSUs Unvested (03/16/2023 grant) | 166,667 | — | 33.33% annual vesting . |
| RSUs Unvested (03/20/2024 grant) | 150,000 | — | 33.33% annual vesting . |
| Shares Pledged as Collateral | Not disclosed | — | No pledging disclosure noted in proxy . |
| Ownership Guidelines | Not disclosed | — | No executive stock ownership guideline disclosure found in proxy . |
In-the-money value of options at 12/31/2024 close: (0.46 − 0.25) × 71,666 ≈ $15,050 using the disclosed closing price and option strike .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement Date | September 1, 2021 (three-year term) |
| Current Title | President & Chief Financial Officer (title changed September 26, 2024) |
| Current Annual Base Salary | $400,000 (increased July 1, 2024) |
| Target Bonus | 100% of base salary, subject to Board approval |
| Severance/Change-of-Control | Originally one year base salary and benefits upon CoC, termination without cause, good reason, or non-renewal; amended on September 26, 2024 to 18 months |
| Equity Acceleration Terms | RSUs and options subject to acceleration upon qualifying change in control if surviving corporation fails to assume/convert awards |
| Clawback / Tax Gross-ups | Not disclosed |
| Non-compete / Non-solicit / Garden Leave | Not disclosed |
Performance and Operating Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | $160,122,000 | $223,751,000 |
| EBITDA ($) | -$13,575,000* | $5,143,000* |
Revenue increased by ~$63.6M (+39.7%) YoY, while EBITDA improved by ~$18.7M, reflecting execution on scale and efficiency initiatives under financial leadership. EBITDA values marked with an asterisk are from S&P Global.
Risk Indicators & Insider Activity
- Section 16 compliance: Company reports insiders complied with Section 16 filing requirements for FY 2024, except one late Form 4 by a director (Deborah Robinson), suggesting no flagged filing issues for Goepel .
- Option expiration: 06/23/2025 for 71,666 options at $0.25 may create exercise/monetization decision points .
- RSU vesting cadence: Annual one-third tranches from 2023 and 2024 grants may introduce periodic selling pressure upon vesting, subject to trading windows and personal diversification needs .
Compensation Structure Analysis
- Cash vs equity mix: In 2024, salary rose to $345,833 and a $75,000 cash bonus was paid; stock award grant-date value decreased to $108,333 vs $260,772 in 2023, indicating a higher cash emphasis YoY .
- At-risk pay: Target bonus at 100% of base maintains high at-risk cash compensation; equity remains meaningful via RSU grants and historical options .
- Award modifications: PSU/RSU plans empower the Board to adjust terms within plan limits; no repricing of awards disclosed for Goepel .
Investment Implications
- Alignment: 3.10% direct common ownership plus unvested RSUs and outstanding options tie Goepel’s wealth to equity outcomes; no pledging disclosures reduce alignment risk .
- Retention: Enhanced severance from 12 to 18 months and multi-year RSU vesting support retention but also elevate guaranteed pay if termination occurs; evaluate costs in potential strategic transitions .
- Near-term trading signals: Option expiry (June 2025) and annual RSU vesting tranches create predictable windows for potential insider sales; monitor filings around these dates and blackout periods for signals .
- Execution: Documented experience in driving profitability transitions and scaling operations aligns with JETMF’s recent revenue growth and EBITDA improvement, a positive indicator for ongoing operational discipline . EBITDA values marked with an asterisk are from S&P Global.
S&P Global disclaimer: EBITDA values marked with an asterisk were retrieved from S&P Global.