Glenn David
PHIBRO ANIMAL HEALTHAbout Glenn David
Glenn David, age 54, has served as Chief Financial Officer of Phibro Animal Health Corporation since February 2024. He previously held senior roles at Zoetis, including CFO (2016–2021), Group President International Operations, Aquaculture, Biodevices & Insurance (Aug 2021–Nov 2022), and Group President U.S. Operations, Diagnostics, Biodevices & Insurance (Nov 2022–Feb 2023). He holds a B.S. in Finance from Binghamton University and an MBA in Finance/IT from NYU Stern . Under his tenure, FY2025 results showed net sales of $1,296.2 million and adjusted EBITDA of $183.7 million; net income was $48.3 million and adjusted diluted EPS was $2.09, reflecting strong operational performance and execution of the Zoetis MFA portfolio integration plans .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zoetis Inc. | Chief Financial Officer | 2016–2021 | Established disciplined capital allocation and supported shareholder value creation . |
| Zoetis Inc. | Group President, International Operations, Aquaculture, Biodevices & Insurance | Aug 2021–Nov 2022 | Led diversified global operations across regions and product lines . |
| Zoetis Inc. | Group President, U.S. Operations, Diagnostics, Biodevices & Insurance | Nov 2022–Feb 2023 | Oversaw U.S. commercial, diagnostics and device businesses . |
| Zoetis Inc. | SVP Finance Operations (during 2013 IPO) | 2013 | Supported IPO readiness and finance operations . |
| Pfizer Inc. | VP Global Finance, Pfizer Animal Health; VP Finance, U.S. Primary Care | Various | Broad finance leadership across animal health and human pharma franchises . |
External Roles
No public company directorships or committee roles for Mr. David were disclosed in PAHC filings .
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | $650,000 | $672,767 (3.5% increase) |
| Target Bonus % of Salary | Not eligible in FY2024 per employment agreement | 50% |
| Target Bonus ($) | — | $336,384 |
Performance Compensation
| Component / Metric | Weighting | Target | Actual | Payout | Vesting / Timing |
|---|---|---|---|---|---|
| Management Incentive Plan (MIP) – Sales | 15% | Company-set goals (not disclosed) | Achieved (part of overall payout) | 50–150% payout range per metric | Annual cash (no vesting) |
| MIP – Adjusted EBITDA | 75% | Company-set goals (not disclosed) | Achieved (part of overall payout) | 50–150% payout range per metric | Annual cash (no vesting) |
| MIP – Free Cash Flow (working capital focus) | 10% | Company-set goals (not disclosed) | Achieved (part of overall payout) | 50–150% payout range per metric | Annual cash (no vesting) |
| FY2025 MIP – Overall | — | $336,384 | $462,000 | 137.3% of target | Paid after fiscal year |
| FY2025 Discretionary Bonus | — | — | $100,000 (Zoetis MFA acquisition contributions) | — | Paid after fiscal year |
Equity awards and vesting:
- RSUs (grant date Feb 9, 2024): 150,000 time-vesting RSUs vest in equal installments on each of the first five anniversaries of grant; 150,000 performance RSUs vest based on share price performance over five years, with vesting thresholds: 20% at 90-day average price of $20, up to 100% at $60+ .
- RSUs (grant date Aug 15, 2025): 4,845 RSUs vest 1/3 annually on the first three anniversaries of Aug 1, 2025; granted in lieu of merit increases for three years; includes double-trigger change-in-control acceleration and death/disability vesting .
Multi‑Year Compensation (Summary)
| Component ($) | FY2024 | FY2025 |
|---|---|---|
| Salary | $263,757 (partial year) | $672,767 |
| Bonus | $135,000 (signing bonus, paid Sep 11, 2024) | $100,000 (discretionary) |
| Stock Awards | $1,979,000 (RSUs granted 2/9/2024) | $— (FY2025 grants occurred after year-end; separate disclosure) |
| Non-Equity Incentive (MIP) | $— (not eligible per agreement) | $462,000 |
| Change in Pension / Deferred Earnings | $— (no participation) | $— (no participation) |
| All Other Compensation | $18,039 | $39,180 |
| Total | $2,395,796 | $1,273,947 |
Equity Ownership & Alignment
| Item | As of FY2025 | Notes |
|---|---|---|
| Beneficial Ownership (Class A) | 30,000 shares | Shares acquired from RSU vesting; less than 1% of class . |
| Ownership % of Outstanding | <1% (“*” in proxy table) | Aggregate group voting and equity details in table . |
| Unvested Time-Vesting RSUs | 120,000 units; market value $3,064,800 | Based on $25.54 closing price (6/30/2025) . |
| Unearned Performance RSUs | 150,000 units; market value $3,831,000 | Price-performance vesting grid (20% at $20, 100% at $60+) . |
| New RSU Grant (Aug 15, 2025) | 4,845 RSUs (three-year vest) | In lieu of salary increases; CoC and death/disability acceleration . |
| Hedging/Pledging Policy | Derivatives transactions prohibited for Senior Personnel; pre-clearance required; anti-hedging on derivatives | No pledging disclosures specifically noted. |
Employment Terms
| Term | Provision |
|---|---|
| Start date and role | Appointed CFO effective Feb 9, 2024 . |
| Base salary & bonus opportunity | FY2025 base $672,767; target bonus 50% of base (max 75%) . |
| Car allowance | $1,250 per month (or company-leased vehicle) . |
| Severance (without cause / Good Reason) | Up to one year of base salary paid if noncompete enforced; pro rata bonus; COBRA premiums for up to one year . |
| Noncompete / Nonsolicit | During employment and one-year post-termination; customary confidentiality and IP covenants . |
| Equity treatment on qualifying termination | Time-vesting RSUs vest in full; performance RSUs vest based on 90-day average within specified window . |
| Change-of-control (equity) | Immediate vesting if take-private or if terminated without cause/for Good Reason within 12 months post-CoC; August 2025 RSUs have double-trigger acceleration if awards are assumed, or single-trigger if not assumed . |
| Potential payments (illustrative as of 6/30/2025) | Termination w/Good Reason or without cause: Cash severance $1,134,767; COBRA $17,612; equity $3,963,553; CoC scenario: equity $6,895,800 . |
| Clawback policy | Company adopted SEC/Nasdaq-compliant clawback policy covering incentive-based compensation for restatements (3-year lookback) . |
| Insider trading policy | Pre-clearance required; prohibits transactions in derivative securities (outside compensatory plans) . |
Investment Implications
- Pay-for-performance alignment: FY2025 cash incentives were heavily tied to Adjusted EBITDA (75% weighting), with measured exposure to Sales (15%) and working-capital-focused Free Cash Flow (10%); payout at 137.3% signals above-target operational execution in the fiscal year .
- Retention and selling pressure: Material RSU overhang (120k time-based; 150k performance-based) plus incremental 4,845 RSUs in Aug 2025 create medium-term retention hooks and reduce near-term voluntary selling pressure, while vesting cadence (annual/five-year grid) distributes realization over time .
- Alignment and CoC economics: Equity acceleration under change-of-control (particularly performance RSUs) produces significant realizable value in strategic scenarios (up to ~$6.9m equity value as of FY2025 illustrations), aligning CFO incentives with strategic value creation while preserving double-trigger protections on newer grants .
- Governance and risk: Presence of clawbacks and stringent insider trading controls mitigates compensation-related risk; no disclosed pledging/hedging of company stock beyond policy prohibitions .
Overall, Glenn David’s package is anchored in variable pay that scales with EBITDA and disciplined working capital, complemented by multi-year RSUs with rigorous performance criteria—indicating strong alignment with shareholders and moderate retention risk given substantial unvested equity .