Jeffrey Rivera
About Jeffrey Rivera
Jeffrey Rivera is Global Chief Operations Officer at Lineage, Inc., serving in the role since August 2016 after joining as Senior Vice President of Operations in July 2015; he is 52, holds a B.S. in Mechanical Engineering from Michigan Technological University and an M.S. in Manufacturing Systems from Stanford University . Company performance context: 2024 total revenue was $5.3 billion, margins expanded, physical occupancy was 78%, and operational metrics like truck turn times and labor productivity reached all-time company benchmarks . Management Adjusted EBITDA used for annual incentives was $1,342.3 million against a $1,400.0 million target (95.9% achievement) , and since the July 2024 IPO, a $100 investment was $72 by year-end versus $101 for the MSCI US REIT Index peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lineage, Inc. | Senior Vice President of Operations | July 2015 (prior role before Aug 2016) | Senior operations leadership at Lineage |
| Con-Way Freight, Inc. | Various leadership positions | Not disclosed | Logistics operations leadership |
| Menlo Logistics | Various leadership positions | Not disclosed | Logistics operations leadership |
| General Motors | Various leadership positions | Not disclosed | Manufacturing/operations leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coalition of Temporary Shelters Detroit | Board Vice President | Not disclosed | Community leadership |
| Kem Krest | Board member | Not disclosed | Governance oversight |
Fixed Compensation
| Item | 2024 |
|---|---|
| Annual Base Salary | $660,000 |
| Target Bonus (% of Salary) | 125% |
| Company 401(k) Match | $12,030 |
| Perquisites (aircraft, legal, life insurance, executive physical) | $29,421 total; aircraft $6,958, legal $6,415, life insurance $1,518, executive physical $2,500 |
Multi-year compensation (disclosed):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $651,923 | $660,000 |
| Bonus ($) (IPO-related) | — | $1,306,605 |
| Stock Awards ($) | $923,356 | $10,456,820 |
| Non-Equity Incentive Plan Compensation ($) | $1,296,722 | $630,119 |
| All Other Compensation ($) | $274,328 | $29,421 |
| Total ($) | $3,146,329 | $13,082,965 |
Performance Compensation
2024 Annual Cash Bonus
| Metric | Weighting | Threshold / Target / Max | Actual (2024) | Payout (% of Target) | Payout ($) |
|---|---|---|---|---|---|
| Management Adjusted EBITDA | 70% | $1,309.0m / $1,400.0m / $1,491.0m | $1,342.3m (95.9% of target) | 49.5% for non-CEO NEOs | $286,094 |
| Individual Objectives (capital projects, forecasting, turnover reduction, customer experience, budget/operations) | 30% | Not disclosed | Achievement 139% | 139% | $344,025 |
| Total | — | — | — | — | $630,119 |
Equity Awards (structure and vesting)
| Award Type | Units | Performance Metrics / Modifiers | Performance Period / Vesting |
|---|---|---|---|
| IPO Award (fully vested shares) | 8,224 shares | — | Vested at grant (July 2024) |
| IPO Award (cash) | $625,000 | — | Vested at grant (July 2024) |
| Replacement LMEP LTIP Units | 80,693 | Time-based | Vests in 3 equal annual installments from Apr 1, 2024, subject to service |
| 2024 Annual LTIP (Time-Vesting) | 15,790 | Time-based | Vests in 3 equal annual installments from Apr 1, 2024, subject to service |
| 2024 Annual LTIP (Performance-Vesting “Base” Units) | 47,369 | 60% AFFO/share, 40% same-warehouse NOI; TSR modifier 80% (25th), 100% (50th), 120% (75th) | Performance period Jan 1, 2024–Dec 31, 2026; vesting subject to company results and TSR modifier |
2025 Annual Awards (approved Apr 17, 2025) | Award Type | Units | |---|---|---| | 2025 Time-Vesting LTIP Units | 17,886 | | 2025 Performance-Vesting LTIP Units (Total / Base)* | 63,048 / 53,658 |
- 60% AFFO/share units and 40% NOI units; TSR modifier measured vs MSCI US REIT Index for 2025 awards .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Common Stock Owned | 5,406 shares |
| Rights to Acquire (LTIP/RSUs vesting within 60 days) | 32,161 |
| Total Beneficial Ownership | 37,567 (less than 1.0%) |
| Shares Pledged | None; the company also prohibits pledging and hedging |
| Outstanding Unvested Awards at 12/31/24 (Time-Vesting) | 80,693 LTIP replacement; 15,790 time-vesting annual (market value $4,726,189 and $924,820 respectively at $58.57/share) |
| Outstanding Unearned Performance Units at 12/31/24 | 15,291 base units (market value $895,594 at $58.57/share; amount reflects truncation assumptions) |
| Deferred Compensation | 2024 contribution $129,012; aggregate balance $183,212 |
| Stock Ownership Guidelines | Executives must hold company securities worth ≥3× base salary (compliance status not disclosed) |
Employment Terms
| Term | Details |
|---|---|
| Employment letter | April 5, 2022; at-will COO position reporting to CEO; annual base salary $630,000 (role later covered by Severance Plan after IPO) |
| Severance Plan Participation | Participant in Executive Severance Plan adopted at IPO; supersedes prior letter for severance |
| Severance (no change in control) | 1× salary + 1× target bonus in lump sum; Prior Year Bonus; COBRA premiums for up to 12 months; release required |
| Severance (termination within 18 months post-change in control) | 1.5× salary + 1.5× target bonus in lump sum; Prior Year Bonus; COBRA premiums for up to 18 months; release required |
| Restrictive covenants | Non-compete and non-solicit for two years post-termination; confidentiality and non-disparagement |
| Clawback | Company adopted a Dodd-Frank compliant compensation recovery policy covering equity and incentive compensation |
Change-in-control economics (company-estimated as of 12/31/24):
| Scenario | Cash Severance | Equity Acceleration | COBRA | Total |
|---|---|---|---|---|
| Termination without Cause / for Good Reason (no CIC) | $1,485,000 | $147,772 | $30,694 | $1,663,466 |
| Change in Control (no termination) | — | $438,924 | — | $438,924 |
| Termination without Cause / for Good Reason in connection with CIC | $2,227,500 | $147,772 | $46,041 | $2,421,313 |
Investment Implications
- Strong pay-for-performance linkage: 70% of annual bonus tied to Management Adjusted EBITDA and 30% to individual operational goals; 2024 actuals yielded 49.5% payout on company metric and 139% on individual objectives, indicating operational execution above targets in Rivera’s remit (turnover reduction, customer experience, budget and forecasting) .
- Long-term equity alignment with key REIT drivers: 2024–2026 performance LTIPs are tied to AFFO per share (60%), same-warehouse NOI (40%), with a TSR modifier; time-based LTIPs vest over three years beginning April 1, 2024, creating scheduled vesting through 2026 and performance determination at end-2026 .
- Retention risk mitigants: Executive Severance Plan (1–1.5× cash severance plus COBRA) and pro-rata treatment on qualifying terminations for performance units, alongside non-compete/non-solicit covenants, reduce abrupt exit risk while preserving performance accountability .
- Trading-signal governance: Hedging and pledging are prohibited by policy and no shares are pledged; stock ownership guidelines (3× salary for executives) support “skin-in-the-game,” though individual compliance status is not disclosed .
- Contextual performance: 2024 revenue $5.3B and expanded margins/operations (78% occupancy, best truck turns and labor productivity), but post-IPO TSR trailed the REIT index into year-end 2024 ($100→$72 vs peer $100→$101), making AFFO/NOI outcomes and TSR-modified vesting a meaningful lever on long-term pay outcomes .