Jacob A. Bresky
SEABOARD CORP /DE/About Jacob A. Bresky
Jacob A. (“Jack”) Bresky is President and CEO of Seaboard Overseas and Trading Group (SOTG), appointed January 9, 2023, succeeding Dave Dannov; he is the son of Ellen S. Bresky, Seaboard’s Chairwoman . Seaboard’s company-level performance during his tenure shows Operating Income of $156 million and Net Income of $90 million in 2024, with cumulative TSR of 57.90 (value of $100 investment) per the Pay vs Performance disclosure . Seaboard does not use equity compensation, relying on salary, cash bonuses, retirement and deferred plans; Jacob had no direct share ownership as of January 31, 2025 . Year of birth: 1988 (implying age ~37 in 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seaboard Overseas & Trading Group | Division President & CEO | 2023–Present | Appointed CEO of SOTG to succeed Dave Dannov; division leadership transition |
| Seaboard Overseas & Trading Group | EVP, Industrial Operations | 2020–2023 | Led industrial operations across SOTG’s integrated value chain |
| Seaboard Corporation | Vice President, International | 2019–2020 | Advanced global trading/milling initiatives |
| Seaboard Trading (Isle of Man) | International Commodity Trader | 2014–2019 | Front-line global commodity trading experience |
| Seaboard Corporation | Vice President, Business Development | 2020 | Board-elected VP amid CEO transition following Steven Bresky’s passing |
External Roles
No public company directorships or external board roles disclosed in Seaboard’s proxy; none found in company materials. (Skip if not disclosed) .
Fixed Compensation
Multi-year pay components (USD):
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary | $446,923 | $466,000 |
| Cash Bonus (earned) | $850,000 | $900,000 |
| All Other Compensation (incl. benefits/perqs) | $60,174 | $122,777 |
| Of which: Company matching under Post-2018 DC Plan/401(k) Excess | — | $38,840 |
| Of which: Automobile allowance | — | $30,000 |
| Of which: Tax gross-up on perqs | — | $34,947 |
| Total | $1,357,097 | $1,488,777 |
Notes:
- Board sets salaries annually (cost-of-living adjustments) and bonuses subjectively based on individual and company performance; Seaboard does not grant equity (no RSUs/options) .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Subjective; most important specific financial measure cited is Operating Income | N/A (discretionary) | Not disclosed | $900,000 (with $450,000 deferred under Post-2018 DC Plan) | Paid/Deferred per plan; company may elect deferral for tax purposes |
| Long-Term Incentive Plan (LTI) – 2024 service award (granted 2025) | Account credited; investment options chosen by participant | N/A | Not disclosed | Company contribution: $163,100; aggregate earnings (last fiscal year): $8,239; aggregate balance at last fiscal year end: $187,008 (2024 award not yet included) | Vests on earliest of: 3 years after grant, death/disability, change of control, or reaching age 60; payout 7 months after separation (with 162(m) deferral for covered employees) |
Additional plan linkages:
- Company states Operating Income is the most important performance measure used to link compensation actually paid to performance in 2024 .
- Seaboard can elect to defer portions of NEO bonuses under Post-2018 Deferred Compensation Plan to manage deductibility under IRC §162(m) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Jan 31, 2025) | 0 shares; <1% of class |
| Shares Pledged | None (officers/directors disclosed no pledging as of Jan 31, 2025) |
| Equity Awards (RSUs/PSUs/Options) | None; Seaboard has no equity compensation plans for executives/directors |
| Stock Ownership Guidelines | Not disclosed; Company indicates no equity policies tied to grants/hedging due to lack of equity plan |
| Post-2018 Deferred Compensation – Company contributions in last fiscal year; earnings; balance | Company contributions: $357,760; Aggregate earnings: $16,331; Balance at last fiscal year end: $375,027 (includes 2023 comp paid in 2024 footnoted amounts) |
| Prior Deferred Compensation Plan – Aggregate balance (if applicable) | Not applicable for Jacob (line not shown); Prior plan earnings/balances disclosed for other NEOs only |
| LTI Plan – Aggregate balance at last fiscal year end | $187,008; 2024 service award ($163,100) was granted in 2025 and is not yet reflected in this balance |
Employment Terms
| Term | Jacob A. Bresky |
|---|---|
| Employment Agreement | None; Jacob does not have an employment agreement with Seaboard |
| Current Role Start Date | January 9, 2023 (appointed President of SOTG) |
| Severance/COC Economics | No contract severance terms disclosed for Jacob; LTI Plan vests/pays on change of control; Retiree Medical Benefit is furnished upon change of control and certain terminations |
| Personal Aircraft Benefit | All NEOs (except CEO’s higher allotment) may use Seaboard airplane for up to 10 personal hours/year; incidental expenses and tax gross-up provided |
| Retiree Medical Plan (present value if triggered on 12/31/24) | $485,432 |
| Executive Long-Term Disability | Up to $18,000/month (70% of salary+bonus, coordinated) after 90-day elimination period |
| Non-Compete/Non-Solicit/Garden Leave | Not disclosed |
| Clawbacks | Not disclosed |
Say-on-Pay, Governance, and Related Parties
- Say-on-Pay: Shareholders approved executive compensation at the 2023 annual meeting; Board determined advisory votes on compensation will be held every three years with next vote in 2026 .
- Compensation-setting: As a “controlled company,” Seaboard has no compensation committee; full Board sets executive pay .
- Related-party transactions: No transactions >$120,000 disclosed since the start of 2024; conflicts reviewed via internal policy and questionnaires .
- Section 16 compliance: All filings timely in 2024 except one late Form 4 group filing by Ellen S. Bresky and related entities .
Company Performance Context (for pay-for-performance analysis)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $11,243,000,000* | $9,562,000,000* | $9,100,000,000* |
| EBITDA (USD) | $890,000,000* | $203,000,000* | $464,000,000* |
| Net Income (USD, company-reported) | $657,000,000 | $(87,000,000) | $90,000,000 |
| Operating Income (USD, company-reported) | $571,000,000 | $227,000,000 | $156,000,000 |
| Cumulative TSR (Value of $100 Investment) | 93.07 | 84.84 | 57.90 |
*Values retrieved from S&P Global.
Investment Implications
- Alignment: Absence of equity awards and zero direct share ownership reduces “skin-in-the-game” alignment and eliminates typical RSU/option vest-related selling pressure; pledging risk is low given no pledges disclosed .
- Retention: No employment agreement and discretionary bonus structure imply limited contractual retention hooks; however, three-year LTI vesting, deferred compensation elections ($450,000 of 2024 bonus deferred), retiree medical, and disability benefits provide some retention and loyalty incentives .
- Pay-for-performance: Company identifies Operating Income as the most important linkage to executive pay, but bonuses remain subjective; monitoring SOTG segment performance disclosures and Board bonus rationale will be key to assessing incentive alignment .
- Governance: Controlled-company status centralizes compensation decisions with the full Board and family leadership, warranting heightened scrutiny of related-party oversight and pay outcomes; recent say-on-pay support in 2023 reduces near-term governance pressure, with next vote in 2026 .
- Trading signals: With no equity grants, Form 4-driven selling pressure is unlikely for Jacob; watch for changes in share ownership and any future introduction of equity plans or policy changes around hedging/pledging .
Relationship note: Ellen S. Bresky (Chairwoman) is Jacob’s mother; Seaboard is controlled by Seaboard Flour Entities, reinforcing family influence over the Company .