Benjamin R. Corona
KRONOS WORLDWIDEAbout Benjamin R. Corona
Benjamin R. Corona is President, Americas at Kronos Worldwide (KRO), age 64, appointed to his current role in 2023 after nearly two decades in senior commercial leadership at the company . He has been with KRO since 2004, progressing through VP Marketing (2005–2008), President, North American Sales & Marketing (2008–2012), President, North American & Export Sales & Marketing (2012), and President, Global Sales Management (2012–2023), before becoming President, Americas in 2023 . KRO’s compensation disclosures show his pay is cash‑based (salary plus discretionary bonus) with no equity grants or formulaic performance plan; the company does not use specific financial targets for his bonus, and he has no written employment agreement . For context, KRO’s total shareholder return (TSR) index (value of $100 investment) moved from 117 (2023) to 98 (2024), while net income swung from a $(49.1) million loss (2023) to $86.2 million profit (2024) .
Past Roles
| Organization | Role | Years | Strategic impact/scope |
|---|---|---|---|
| Kronos Worldwide | President, Americas | 2023–present | Americas leadership (commercial oversight implied by title) |
| Kronos Worldwide | President, Global Sales Management | 2012–2023 | Global commercial leadership |
| Kronos Worldwide | President, North American & Export Sales & Marketing | 2012 | Regional/export sales leadership |
| Kronos Worldwide | President, North American Sales & Marketing | 2008–2012 | North America sales leadership |
| Kronos Worldwide | Vice President, Marketing | 2005–2008 | Marketing leadership |
| Kronos Worldwide | Various marketing roles | 2004–2005 | Marketing roles |
Fixed Compensation
| Metric (USD) | 2022 | 2023 |
|---|---|---|
| Base Salary | $495,000 | $507,750 |
| All Other Compensation (savings plan match + life/AD&D premiums) | $15,168 | $14,006 |
| Notes | No written employment agreement | No written employment agreement |
Performance Compensation
| Component | Year | Metric(s) | Weighting | Target | Actual Payout | Design/Vesting |
|---|---|---|---|---|---|---|
| Discretionary annual bonus (cash) | 2022 | Company results, liquidity, macro conditions, progress on initiatives; individual responsibility/performance (no formula) | N/A | N/A | $310,000 | Cash; discretionary; approved via CEO and oversight by MD&C Committee |
| Discretionary annual bonus (cash) | 2023 | Company results, liquidity, macro conditions, progress on initiatives; individual responsibility/performance (no formula) | N/A | N/A | $310,000 | Cash; discretionary; approved via CEO and oversight by MD&C Committee |
- KRO states it “did not use any specific financial performance measures” to link executive compensation to company performance for 2023; Mr. Corona’s bonus is discretionary and not formula‑based .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (KRO common) | 500 shares as of 3/19/2024 record date |
| Shares outstanding (for context) | 115,027,016 shares as of 3/19/2024 |
| Outstanding options/RSUs | None; KRO has never granted stock options or time‑vested stock to NEOs; no outstanding equity awards at 12/31/2023 |
| Management stock ownership guidelines | None for management (directors have guidelines; mgmt does not) |
| Hedging policy | KRO has not adopted employee/officer/director hedging policies (insider trading policy applies) |
| Pledging | Not disclosed in the proxy statements reviewed |
Employment Terms
| Term | Status |
|---|---|
| Employment agreement | None; KRO states no written employment agreement with Mr. Corona |
| Severance / Change‑of‑control | Not disclosed |
| Non‑compete / Non‑solicit / Garden leave | Not disclosed |
| Deferred compensation | None owed to NEOs |
| Pension/SERP | KRO states no defined benefit pension participation for NEOs like Mr. Corona |
| Perquisites | 401(k) discretionary match; life and AD&D insurance premiums (included in “All Other Compensation”) |
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| KRO TSR index (value of $100 investment at 12/31) | 117 | 98 |
| Net Income (Loss), $mm | $(49.1) | $86.2 |
| Peer TSR index | 145 (Chemours, Tronox) | 111 (Chemours, Tronox) |
- Mr. Corona became President, Americas in 2023; company performance in 2023 featured a net loss and TSR index of 117, followed by a return to profitability and TSR index of 98 in 2024 .
- The performance peer index in KRO’s Pay vs. Performance comprises Chemours and Tronox (formerly included Venator until its 2023 bankruptcy) .
Say‑on‑Pay & Shareholder Feedback
- 2024 meeting (covering FY2023 disclosures): Say‑on‑Pay approval 87.7% .
- 2025 meeting (covering FY2024 disclosures): Say‑on‑Pay approval 87.3% .
Investment Implications
- Pay‑for‑performance alignment: Mr. Corona’s incentive is fully discretionary (no pre‑set revenue/EBITDA/TSR goals), and KRO does not use specific financial performance measures to determine NEO pay—reducing transparency of pay‑for‑performance linkage .
- Low insider selling pressure: KRO states it has never granted stock options or restricted stock to NEOs and shows no outstanding equity awards—limiting scheduled vesting‑related Form 4 selling (but note, we could not retrieve Form 4s programmatically here) .
- Skin‑in‑the‑game and alignment risk: Management has no stock ownership guidelines and Mr. Corona’s reported stake was 500 shares at the March 2024 record date, indicating minimal direct equity exposure; KRO also has not adopted an anti‑hedging policy specific to employees/officers/directors beyond the insider trading policy .
- Retention/contractual protections: No written employment agreement and no disclosed severance/change‑of‑control protections for Mr. Corona; compensation is primarily salary and discretionary bonus with limited perquisites (savings plan match, insurance), implying fewer contractual retention hooks .
- Governance context: KRO is a controlled company; much of the senior executive service (other NEOs) is provided via an Intercorporate Services Agreement with Contran; the MD&C Committee oversees ISA charges in aggregate—this structure can complicate conventional benchmarking of executive pay packages .
Overall: Expect limited equity‑driven trading signals and low vesting‑related selling. Pay structure relies on discretion rather than explicit performance curves; management equity alignment is modest given no ownership guidelines and minimal reported holdings. Company TSR and profitability improved in 2024 versus 2023, but incentive design does not automatically scale with financial outcomes .