Greg Bowles
About Greg Bowles
Greg Bowles (age 49 as of April 1, 2025) serves as Head of Government and Regulatory Affairs at Joby Aviation, a role he has held since May 2019; recent company materials also reference him as Chief Policy Officer in external communications . He holds a B.S. in aerospace engineering (Embry‑Riddle) and an M.S. in business administration (Webster), with deep regulatory and standards credentials as former Chair of ASTM F44 and longtime executive at the General Aviation Manufacturers Association . Company performance context during his tenure includes negative EBITDA as Joby advances toward certification and commercialization, and a cumulative TSR equivalent to $81.06 for a $100 investment baseline as of 12/31/2024; his organization has also spearheaded policy milestones like participation in the White House eVTOL Integration Pilot Program and defense autonomy demonstrations .
Company performance context
- Notable regulatory/commercial milestones during 2025: eIPP participation; autonomous “Superpilot” defense exercise; continued certification progress .
| Measure | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Company TSR ($ value of initial $100 investment) | 72.78 | 33.40 | 66.30 | 81.06 |
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | —* | 1,032,000* | 136,000* |
| EBITDA ($) | -368,208,000* | -441,601,000* | -561,182,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Aviation Manufacturers Association (GAMA) | VP Global Innovation & Policy; Director, European Regulatory Affairs & Engineering; Director, Engineering & Manufacturing | Jan 2005 – Apr 2019 | Led regulatory advocacy and standards work shaping general aviation certification and policy frameworks . |
| ASTM International F44 | Chair, Committee on General Aviation Aircraft | Nov 2012 – Dec 2019 | Drove international consensus standards for GA aircraft; foundational experience relevant to eVTOL regulatory pathways . |
| AirCertGlobal LLC | President; Director (current) | Aug 2015 – May 2019; Director current | Certification consulting leadership; ongoing governance role . |
| ASTM International | Director | 2019 – 2021 | Standards governance at the umbrella organization level . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Aviation Hall of Fame | Trustee | Current | Industry stewardship and ecosystem relationships . |
| Embry‑Riddle College of Aviation | Advisory Board Member | Current | Talent pipeline and academic-industry collaboration . |
Fixed Compensation
- Individual base salary, target bonus, and cash bonus for Mr. Bowles were not disclosed in the company’s named executive officer (NEO) tables; Joby emphasizes preserving cash and pays short‑term incentives in equity rather than cash for NEOs, reflecting a broader philosophy likely applicable across the executive team .
- Compensation governance: Independent Compensation Committee, use of independent consultant (Compensia), and strong shareholder support (98% say‑on‑pay approval at 2024 meeting) .
- Perquisites and tax: Limited perquisites; no Section 4999 excise tax gross‑ups .
Performance Compensation
Companywide equity programs covering all employees (including NEOs) provide insight into Bowles’ incentive structure:
- 2024 PSU Program (all employees, including NEOs): 0–125% payout tied to operational, manufacturing, and commercialization goals; target PSU value for NEOs set at 40% of base salary (converted to RSUs) .
- Results: Aggregate achievement of 43% vs. 100% target; PSU vesting for earned tranches occurred in four equal installments on Jan 14, Feb 10, Mar 4, and Apr 7, 2025 .
- 2023 Program precedent: Company adopted a similar performance equity program for 2023 covering all employees (including NEOs), reinforcing equity‑based pay‑for‑performance cadence .
2024 PSU goal achievement (select disclosed goals)
| Metric/Goal | Weighting | Target | Actual | Payout Contribution | Vesting Details |
|---|---|---|---|---|---|
| Certification Goal #1 | 30% | Confidential | 18% | 18% | Earned PSUs vested 4 equal tranches on Jan 14, Feb 10, Mar 4, Apr 7, 2025 . |
| Certification Goal #2 | 30% | Confidential | 15% | 15% | Same as above . |
| Manufacturing Goal #1 | 20% | Confidential | — | — | Same as above . |
| Commercialization Goal #1 | 10% | Confidential | — | — | Same as above . |
| Commercialization Goal #2 (2 public flight demos) | 10% | 2 demos | 10% | 10% | Same as above . |
| Total | 100% | — | — | 43% | — |
Additional 2024 long‑term incentives (NEO design): Service‑based RSUs (“refresh”) vesting quarterly over 4 years; separate LTI RSUs earned equal to PSU achievement and vest in three equal annual installments (Feb 12, 2025–2027) .
Note: Mr. Bowles is not an NEO in the proxy tables; however, the PSU framework applied to all employees, indicating his at‑risk equity compensation likely followed similar goal design and vesting cadence .
Equity Ownership & Alignment
- Rule 10b5‑1 plan: On May 13, 2025, Bowles adopted a 10b5‑1 plan to sell up to 176,169 shares from Sep 22, 2025 through Sep 18, 2026, including exercise and sale of up to 12,900 option shares and up to 163,269 shares issuable on RSU vesting; actual sales will be net of shares withheld for taxes and subject to conditions .
- Relative supply impact: The maximum 176,169 shares represent roughly 0.02% of Joby’s 789,293,827 shares outstanding as of March 31, 2025 (indicative of limited overhang) .
- Hedging/pledging: All employees, including executive officers, are prohibited from hedging or pledging Joby stock or entering derivative transactions, reducing misalignment risk .
- Stock ownership guidelines: Other executive officers must hold stock equal to 2x base salary; executives have five years from the later of Dec 15, 2023 or hire date to comply. For Bowles (hire date May 2019), the later date is Dec 15, 2023, making the compliance deadline Dec 15, 2028; if not compliant by then, must retain 50% of shares from equity awards net of taxes/fees .
10b5‑1 selling plan details
| Plan Adopted | Plan Window | Max Shares to Sell | RSUs Included | Options Included | Notes |
|---|---|---|---|---|---|
| May 13, 2025 | Sep 22, 2025 – Sep 18, 2026 | 176,169 | 163,269 | 12,900 | Actual sales net of tax withholding; subject to plan conditions . |
Employment Terms
- Severance: “No Severance Payments and Benefits” are guaranteed in executive employment agreements (applies to executive officers) .
- Change‑in‑control: No “single‑trigger” equity vesting acceleration for executive officers; standard practice is double‑trigger (termination around a change‑in‑control), with quantification shown in proxy for NEOs (illustrative of policy design) .
- Clawback: Adopted Oct 2, 2023; compliant with SEC/NYSE rules; applies to current and former executive officers; mandates recoupment of erroneously awarded incentive‑based compensation upon a required accounting restatement .
- No hedging/pledging and limited perquisites reinforce governance alignment .
Investment Implications
- Pay‑for‑performance alignment: Equity‑heavy incentives with explicit operational/manufacturing/commercialization goals (43% achievement in 2024) tie value realization to regulatory and commercialization milestones, aligning policy execution with shareholder outcomes .
- Selling pressure assessment: Bowles’ 10b5‑1 plan (max 176,169 shares over 12 months) is small relative to the share count (~0.02%), suggesting minimal standalone supply overhang; the plan also primarily facilitates liquidity around RSU vesting and a modest option exercise, not a discretionary block sale .
- Retention and risk: Absence of guaranteed severance and no single‑trigger acceleration reduce “golden parachute” optics, while stock ownership guidelines and clawback policy enhance alignment; equity‑centric pay and program continuity (2023–2025) likely support retention of specialized regulatory talent critical to certification .
- Execution track record relevance: Bowles’ policy leadership is visible in Joby’s participation in the White House eIPP initiative and DoD autonomy demonstrations, both of which can de‑risk commercialization pathways and diversify revenue potential (civil and defense), supporting long‑term value creation arguments despite negative EBITDA during the certification phase .
Citations:
- Executive bio/age/tenure/education:
- 10b5‑1 plan details (shares, components, window):
- Stock ownership guidelines/hedging & pledging/clawback/no severance/no single‑trigger:
- Compensation governance and consultant:
- 2024 PSU program design and results/vesting cadence:
- Company TSR and pay‑versus‑performance:
- Regulatory and defense milestones:
Notes:
- Financial values marked with an asterisk (*) were retrieved from S&P Global.