Alfredo Rivera
PRINCIPAL FINANCIAL GROUPAbout Alfredo Rivera
Alfredo Rivera (age 63) is an independent Director of Principal Financial Group, Inc. (PFG) who has served on the Board since 2020; he sits on the Audit Committee and the Finance Committee . He is the retired President of The Coca‑Cola Company’s North America Operating Unit (2020–Dec 2022), served as Senior Advisor until March 2023, and previously led Coca‑Cola Latin America and the Latin Center Business Unit; he holds a B.S. and MBA from the University of Southern Mississippi and completed the Advanced Management Program at Harvard Business School . The Board affirmatively determined Rivera is independent under Nasdaq and company standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Coca‑Cola Company | President, North America Operating Unit | 2020–Dec 2022; Senior Advisor until Mar 2023 | Helped lead transformation to a global “total beverage company” with a globally networked organization . |
| The Coca‑Cola Company | President, Latin America | 2016–2020 | Executive leadership across large global operations . |
| The Coca‑Cola Company | President, Latin Center Business Unit | 2013–2016 | Executive leadership in multi‑country operating unit . |
External Roles
| Organization | Role | Years | Committees/Notes |
|---|---|---|---|
| Coca‑Cola Hellenic Bottling Company | Director | 2018–2021 | Prior public company board service . |
| Other current U.S. public boards | — | — | None disclosed . |
Board Governance
- Committee assignments: Audit Committee member and Finance Committee member; not a committee chair .
- Audit Committee: All members (including Rivera) are financially literate, independent, and deemed “audit committee financial experts” under Sarbanes‑Oxley; 9 meetings were held in 2024 .
- Finance Committee: Oversees capital structure, investments, derivatives policy, and financial risk; 8 meetings in 2024 .
- Independence status: Board determined Rivera is independent; all members of key committees (Audit, Finance, Human Resources, Nominating & Governance) are independent .
- Attendance: The Board met 11 times in 2024 (five two‑day meetings); no Director attended less than 75% of the aggregate meetings of the Board and applicable committees .
- Executive sessions: Multiple independent‑director executive sessions occur at each regularly scheduled Board meeting .
- Governance features: Majority voting/resignation policy, proxy access, strong Lead Independent Director model, annual Board/committee self‑assessments, robust related‑party policy .
Fixed Compensation
| Component (for Non‑Employee Directors) | Amount | Notes |
|---|---|---|
| Annual Board cash retainer | $115,000 | Effective Nov 25, 2024; paid semi‑annually . |
| Annual RSU retainer | $200,000 | Granted at annual meeting; time‑based, vests at next annual meeting; deferred until Board departure . |
| Committee chair fees (if applicable) | $25,000–$35,000 | Audit Chair $35k; Finance Chair $35k; HRC Chair $25k; NGC Chair $25k . |
| Lead Director fee | $50,000 | Additional to retainers . |
| Perquisites | < $10,000 | Per Director in 2024; includes travel/amenities at Board retreat; reduced/no‑fee access to PAM products . |
| Matching charitable gifts | Up to $16,000 | Company match via Principal Life . |
2024 actual compensation (Rivera): cash $115,000; stock awards (grant date fair value) $199,959; total $314,959 . The Nominating & Governance Committee, advised by an independent consultant, kept director pay at peer‑median and made no changes as of Nov 25, 2024 .
Performance Compensation
| Equity vehicle | Weighting | Vesting | Performance metrics |
|---|---|---|---|
| RSUs (time‑based) | 100% of annual director equity | One‑year, vests at next annual meeting; payout deferred until director leaves Board; dividend equivalents accrue as additional RSUs | None; director equity is time‑based, not performance‑based . |
Note: Performance‑metric‑based PSUs apply to executives, not to non‑employee directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None . |
| Prior public company boards | Coca‑Cola Hellenic Bottling Company (2018–2021) . |
| Interlocks/related entities with PFG | None disclosed for Rivera; Board confirms independence and annually reviews relationships . |
Expertise & Qualifications
- Proxy‑identified skills: Accounting & finance; consumer/retail; executive compensation; HR/talent; marketing; strategic planning; sustainability/ESG; senior executive experience; international .
- Audit expertise: Member of an Audit Committee where all members are designated “audit committee financial experts” .
Equity Ownership
| Measure | Amount | As of | Notes |
|---|---|---|---|
| Beneficial ownership (common shares) | 12,585 | Mar 10, 2025 | Represents less than 1% of outstanding shares; includes rights to acquire under RSUs/options per footnote methodology . |
| Director RSUs outstanding | 10,125 | Dec 31, 2024 | Includes dividend‑equivalent RSUs; subject to “hold until retirement” policy . |
| Phantom/stock units (not in beneficial table) | 2,460.354 | Mar 10, 2025 | Additional economic interests subject to market risk . |
| Ownership guidelines | 5x annual cash retainer within 5 years; all RSUs held until Board exit | Ongoing | Board reports directors with ≥5 years’ tenure have satisfied guideline; <5 years on track . |
Insider Trades (Form 4 filings)
| Filing date | Document date | Form | Link | Notes |
|---|---|---|---|---|
| May 22, 2025 | May 20, 2025 | 4 | https://investors.principal.com/sec-filings/sec-filing/4/0001062993-25-010045 | Statement of changes in beneficial ownership (details in filing) |
| Dec 9, 2024 | Dec 6, 2024 | 4 | https://investors.principal.com/sec-filings/sec-filing/4/0001062993-24-020279 | Statement of changes in beneficial ownership (details in filing) |
| Oct 1, 2024 | Sep 30, 2024 | 4 | https://investors.principal.com/static-files/a0b7411b-cf46-485a-887d-84810ca73af2 | Statement of changes in beneficial ownership (details in filing) |
| Dec 12, 2023 | Dec 8, 2023 | 4 | https://investors.principal.com/sec-filings/sec-filing/4/0001062993-23-022415 | Statement of changes in beneficial ownership (details in filing) |
The company reports all Section 16(a) filings were timely for 2024 .
Related‑Party Transactions and Conflicts
- No related‑party transactions involving Rivera are disclosed; Board annually reviews independence and related relationships and determined Rivera to be independent .
- The Related Party Transaction Policy requires Nominating & Governance Committee approval/ratification and quarterly reviews; employment of relatives requires HRC approval .
Director Compensation Structure Analysis
- Mix emphasizes equity alignment: ~$200k in time‑based RSUs vs $115k cash retainer in 2024; RSUs are held until departure, strengthening alignment .
- Pay stability and market alignment: No changes as of Nov 25, 2024; targeted near peer‑median and overseen by an independent consultant .
- Perquisites are modest (<$10k per Director in 2024) and disclosed; charitable matching up to $16k supports reputational alignment .
Governance Assessment
- Strengths: Independent director; dual service on Audit and Finance with “audit committee financial expert” designation; strong attendance culture and regular independent‑director executive sessions; robust stock ownership guidelines and “hold‑until‑retirement” RSU policy; no disclosed related‑party transactions; timely Section 16 filings .
- Potential watch‑items: Rivera’s background is primarily consumer/retail rather than financial services; the Board’s skills matrix/bio emphasize consumer, finance, talent, and strategy over direct financial‑services operating experience, which may limit domain depth but is mitigated by complementary Board skills and his Audit/Finance roles .
- Overall: Signals support investor confidence—independence, committee expertise, alignment via equity, and transparent governance practices. No RED FLAGS identified in proxy disclosures regarding conflicts, attendance, or compensation anomalies .