Andrew Carlson
About Andrew Carlson
Andrew Carlson is Vice President of Engineering and Innovation at South Dakota Soybean Processors (SDSYA), age 41, appointed October 16, 2023, with responsibilities overseeing daily engineering for soybean processing and refining facilities . He holds an M.S. in Engineering and a B.S. in Agricultural & Biosystems Engineering, plus a minor in History, all from South Dakota State University . Company performance during his tenure shows revenues declined to $554.4M in FY 2024 from $703.1M in FY 2023 while net income fell to $20.3M from $70.4M; TSR under the “Pay vs Performance” framework indicates a $100 investment valued at $197.80 as of FY 2024 (company-wide) * * * * .
Primary incentive design for executives is profit-based; the most important financial performance measure used for linking compensation to performance is net income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| South Dakota Soybean Processors | Customer Service | 2003–2005 | Not disclosed |
| South Dakota Soybean Processors | Project Engineer | 2005–2011 | Not disclosed |
| South Dakota Soybean Processors | Refined Oils Manager | 2011–2013 | Not disclosed |
| South Dakota Soybean Processors | Food Safety Manager | 2013–2015 | Not disclosed |
| South Dakota Soybean Processors | Project Development & Coordination Director | 2015–2021 | Not disclosed |
| South Dakota Soybean Processors | VP of Engineering & Innovation | Oct 2023–Present | Oversees daily engineering for processing/refining facilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gevo Net-Zero One, LLC | Plant Engineering Leader | 2021–Mar 2023 | Developed maintenance/safety programs; supported site selection; recruiting/training; engineering design/operations input; staff/operation plans |
| Gevo Net-Zero One, LLC | Plant Manager | 2023 | Continued plant management responsibilities described above |
Fixed Compensation
| Component | FY 2024 | FY 2023 | Notes |
|---|---|---|---|
| Base Salary ($) | 205,000 | 41,667 | Initial annual salary set at $200,000 upon appointment (Oct 2023) |
| Target Bonus (%) | — | — | Not disclosed; executives eligible for profit-based incentive plan |
| All Other Compensation ($) | 6,533 | 628 | Standard benefits (401k match, insurance) |
| Stock Awards ($) | — | — | Company reports “Stock Awards: None” |
| Options | — | — | Not disclosed; no option awards indicated |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual Payout FY 2024 | Vesting/Payment Terms |
|---|---|---|---|---|---|
| Annual Cash Bonus | Profit-based; primary metric is Net Income | Not disclosed | Not disclosed | 23,202 | Paid annually; specific vesting not disclosed |
| Deferred Compensation | Profit-based/deferred bonuses | Not disclosed | Not disclosed | 51,250 | Deferred compensation accrues; company estimates payout upon dismissal (see Employment Terms) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Units) | None disclosed; row shows dashes for Andrew Carlson in beneficial ownership table |
| Ownership % of Outstanding | Not applicable (none disclosed) |
| Vested vs Unvested Shares | Not applicable; no stock awards |
| Options (Exercisable/Unexercisable) | Not disclosed; no option awards indicated |
| Shares Pledged/Hedging | No pledging disclosed; company has insider trading policy and policy regarding hedging (filed as Exhibit 19.1 to 2024 10-K) |
| Stock Ownership Guidelines | Not disclosed |
| Compliance Status | Not applicable |
Employment Terms
| Term | Detail |
|---|---|
| Employment Start Date | October 16, 2023 |
| Role Tenure | 2 years as of Nov 2025 |
| Employment Agreement | None; employed at will |
| Base Salary at Appointment | $200,000 annually |
| Incentive Eligibility | Eligible for profit-based incentive plan and benefits on same terms as other employees |
| Severance (Dismissal Without Cause) | Company estimates deferred compensation payments of approximately $51,250 as of Dec 31, 2024 for the VP of Engineering & Innovation |
| Change-of-Control Provisions | Not disclosed for Andrew Carlson |
| Non-Compete/Non-Solicit | Not disclosed for Andrew Carlson; CEO/CFO have non-competes, but at-will executives (including Carlson) do not have employment agreements |
| Clawback Provisions | Not disclosed |
| Related Party Transactions | None involving Carlson; 8-K states no Item 404 transactions and no family relationships |
| Section 16 Compliance | Company states all Section 16(a) requirements complied with for FY 2023 |
Company Performance Context (for pay-for-performance perspective)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 721,532,329 * | 703,148,409 * | 554,419,770 * |
| EBITDA ($) | 73,309,242* | 77,762,743* | 29,856,202* |
| Net Income ($) | 67,464,101 * | 70,449,578 * | 20,319,817 * |
| TSR: $100 Investment Value | 257.88 (2022 base, reported in 2024 proxy) | 276.38 (2023, 2024 proxy) | 197.80 (2024, 2025 proxy methodology) |
- Values retrieved from S&P Global.
Compensation Committee and Governance Notes
- The Governance Committee sets executive officer compensation; inputs include CEO assessments of personal performance and market alignment; principal components: base salary, incentive cash bonuses, deferred compensation, and other benefits .
- Compensation Discussion & Analysis emphasizes a pay-for-performance philosophy with net income as the most important measure linking compensation actually paid to performance .
- Audit committee oversight is conducted by the full board in light of company size; independence and PCAOB-required discussions documented with Eide Bailly LLP .
Investment Implications
- Alignment: No equity awards and no disclosed beneficial ownership for Carlson, combined with cash/deferred-only incentives, reduces direct equity alignment; insider hedging policy exists but does not substitute for ownership .
- Retention risk: At-will status and absence of an employment agreement imply limited contractual retention hooks; estimated severance exposure is confined to deferred compensation balances ($51,250 at FY 2024) .
- Performance linkage: Bonus/deferred compensation tied to profit/net income provides operational performance sensitivity; however, FY 2024 payouts occurred in a materially lower net income year ($20.3M vs $70.4M), suggesting plan may incorporate individual performance components alongside company results * * .
- Trading signals: With no units disclosed in beneficial ownership and no equity grants, insider selling pressure from Carlson is negligible; Section 16 compliance reported, and no related-party transactions or pledging noted .