Ivan Guerra
About Ivan Guerra
Ivan Daniel Guerra is Par Pacific Holdings’ Chief Accounting Officer (CAO), serving since March 2018 after joining as Corporate Controller in January 2017. He is 43, holds a bachelor’s degree in accounting from the University of Houston, and is a Texas-licensed CPA and AICPA member . Company-level performance context for 2024 included negative GAAP net income of $33.3 million and a cumulative TSR value of $70.52 (base $100) with Modified Free Cash Flow per share of $0.63, which framed incentive outcomes across the executive team .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Par Pacific Holdings | Chief Accounting Officer | 2018–present | Oversees accounting, reporting, and controls through multi-asset downstream platform and acquisitions integration . |
| Par Pacific Holdings | Corporate Controller | 2017–2018 | Led controllership during expansion, systems/process integration . |
| Ascend Performance Materials | Global Assistant Controller | Not disclosed | Enterprise controllership and reporting leadership . |
| KPMG (Houston Audit) | Senior Manager | Not disclosed | Audited public/private companies across multiple industries; PCAOB rigor . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or roles disclosed in latest proxy . |
Fixed Compensation
| Component | Detail |
|---|---|
| Base salary | Not separately disclosed (Guerra is not a Named Executive Officer in the proxy’s Summary Compensation Table) . |
| Target annual bonus % | Not disclosed for CAO (plan design and targets shown only for Named Executive Officers) . |
| Perquisites | Company indicates it does not offer perquisites to Named Executive Officers not available to other employees; no CAO-specific perquisites disclosed . |
Performance Compensation
Par Pacific’s 2024 Annual Incentive Plan (AIP) uses a balanced scorecard emphasizing financial and operational safety/reliability. While CAO-specific targets are not disclosed, the design and achieved components inform expected payout dynamics across executives.
| Metric | Weighting | 2024 Result/Notes |
|---|---|---|
| Group Performance (HSE and operational KPIs by segment) | 50% | Achieved 41.6%–45.4% depending on role groupings; CAO-specific weighting not disclosed . |
| Adjusted EBITDA (non-GAAP) | 25% | Achieved 16.4% of AIP due to actual vs budget shortfall . |
| Modified Free Cash Flow (non-GAAP) | 25% | Achieved 7.5% of AIP reflecting FY24 cash metrics . |
| Individual Performance | Multiplier | Set 0–140% based on role-specific objectives; not disclosed for CAO . |
Long-term incentives for NEOs combined time-based RS and performance-based RSUs on three-year metrics: cumulative Adjusted EBITDA vs budget and relative TSR vs peer group, with 0–200% payout; CAO award amounts are not disclosed, but plan design applies enterprise-wide .
Equity Ownership & Alignment
- Stock ownership and transactions
- Section 16 filings show open-market sales and current beneficial ownership; CAO was late on two Form 4s covering three transactions in 2024 (governance flag) .
| Date | Transaction | Shares | Price | Shares Owned After | Source |
|---|---|---|---|---|---|
| 2024-03-13 | Sale (open market) | 6,000 | $37.49 | 16,200 | |
| 2025-09-02 | Sale (open market) | 5,500 | $35.11–$35.12 | 17,491 |
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Ownership as % of outstanding shares (context)
- Shares outstanding on 2025-03-05: 54,350,924 . CAO held 17,491 shares after 2025-09-02 sale, implying ~0.03% of outstanding (17,491/54,350,924) .
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Hedging/pledging
- Par Pacific prohibits short sales, options, swaps, collars, and other hedging/monetization transactions by officers; pledging not specifically discussed in the proxy .
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Ownership guidelines
- Executive stock ownership guidelines and CAO compliance status are not disclosed in the proxy .
Insider trading process notes:
- The 2025 Form 4 footnote reports a weighted-average sales price range ($35.11–$35.12) with commitment to provide detailed breakdowns upon request; the filing did not check the 10b5-1 plan box (no plan indicated) .
Employment Terms
- Employment arrangement: CAO’s specific employment letter terms are not disclosed; the company uses “at-will” arrangements for executives and discloses detailed terms for NEOs only .
- Severance Plan for Senior Officers: The plan provides for (a) one year of base salary and average prior-3-year bonus for qualifying termination; and (b) enhanced benefits for change-in-control (18–24 months salary depending on role, average bonus, and accelerated vesting) for participating executives; individual participation for CAO is not disclosed .
- Clawback: Board adopted a no-fault clawback policy conforming to SEC/NYSE rules; applies to executive officers on restatement regardless of misconduct .
Performance & Track Record
| Indicator | 2024 Outcome/Context |
|---|---|
| GAAP Net Income | $(33.3) million . |
| TSR (value of $100) | $70.52 . |
| Modified FCF/share (non-GAAP) | $0.63 . |
| Key plan drivers | Safety, throughput, Adjusted EBITDA, Modified FCF, commercial/retail/renewables initiatives . |
Compensation Structure Analysis
- Pay-for-performance linkage: AIP tied 50% to safety/operational group factors and 50% to financials; 2024 underperformance on EBITDA and Modified FCF compressed bonus funding across executives (EBITDA 16.4% vs 25% target; Modified FCF 7.5% vs 25% target) .
- Equity risk/reward: Enterprise PSU design pays 0–200% based on 3-year Adjusted EBITDA vs budget and relative TSR; aligns management with multi-year value creation but can amplify pay cyclicality given refining margin volatility .
- Governance: Independent Compensation Committee with Meridian as advisor; strong shareholder support on Say-on-Pay (≈99% in 2023) .
Related Party, Risk Indicators & Red Flags
- Late Section 16 filings: Company notes the CAO filed two late Forms 4 covering three transactions in 2024 (administrative risk/controls consideration) .
- Hedging restrictions: Prohibitions on short-term speculative/hedging transactions reduce misalignment risk .
- Clawback policy: No-fault clawback in place (restatements) enhances recourse .
- No evidence in proxy of pledging, repricing, or tax gross-ups tied to CAO; not disclosed .
Compensation Peer Group (Context)
The company benchmarks compensation using a customized downstream/specialty cohort and employs Meridian for market calibration; peer group and usage are disclosed at the program level, not by individual (CAO data not broken out) .
Say-on-Pay & Shareholder Feedback (Context)
Say-on-Pay received ~99% support in 2023, indicating broad shareholder acceptance of the executive pay framework; not specific to CAO but signals governance stability .
Investment Implications
- Alignment and retention: Guerra’s role continuity (CAO since 2018) and continued direct share ownership support alignment; however, absence of disclosed ownership guidelines and the 2024 late filings are minor governance watch items .
- Selling pressure: Two reported open-market sales (Mar-2024 and Sep-2025) modestly reduce holdings but leave a residual stake; no 10b5-1 plan indicated on the 2025 sale, warranting continued monitoring for pattern/size relative to vesting timelines .
- Downside protection/forfeiture: Robust clawback and hedging prohibitions mitigate risk of misaligned behavior; severance/change-in-control economics are plan-defined but CAO participation is not disclosed, leaving some uncertainty on retention economics in stress or M&A scenarios .
Monitoring priorities: (1) Additional Form 4s and any 10b5-1 adoptions; (2) future proxy disclosure for CAO-specific pay/ownership guidelines; (3) any Section 16 compliance remediation; (4) PSU outcomes versus 3-year EBITDA/TSR matrices and their influence on future selling windows .
Citations:
- Executive bio, age, role, governance and compensation program: .
- Company performance and pay-versus-performance: .
- Shares outstanding for ownership context: .
- Insider trading and late filings: .