John Ebbett
SSR MININGAbout John Ebbett
Executive Vice President, Growth & Innovation at SSR Mining since July 2022; age 43; Bachelor of Mechanical Engineering, University of Canterbury (NZ). He has 20+ years in mining project delivery across Turkey, Canada, Indonesia, Papua New Guinea, Australia, Peru, Chile and the USA, leading feasibility through execution for complex processing, underground development and large tailings facilities . Company performance context during his tenure: FY 2024 revenues $995.6M with EBITDA $225.7M* and net income −$261.3M; FY 2023 revenues $1,426.9M with EBITDA $508.5M* and net income −$98.0M*; FY 2022 revenues $1,148.0M* with EBITDA $371.0M* and net income $194.1M * . Pay-versus-performance shows cumulative TSR at 36.33 in 2024 vs peer group 94.21, reflecting company challenges (Çöpler incident, production/AISC misses) that reduced incentive payouts .
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | 1,148.0M* | 1,426.9M | 995.6M |
| EBITDA | 371.0M* | 508.5M* | 225.7M* |
| Net Income - (IS) | 194.1M | −98.0M* | −261.3M |
Values retrieved from S&P Global for asterisked cells.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ausenco | Vice President, Global Project Delivery | Not disclosed | Led global project execution and process plant upgrades |
| Alacer Gold | Project Director | Not disclosed | Directed major capital projects including pressure oxidation processing |
| Newcrest Mining | Project development roles | Not disclosed | Advanced challenging underground/tailings projects |
| John Holland | Project development roles | Not disclosed | Infrastructure delivery across complex geographies |
External Roles
None disclosed in company filings for Ebbett (no public board or external directorships referenced) .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (USD) | 336,721 | 450,000 | 490,000 |
| Target Bonus % of Salary | 75% | 75% | 75% |
| Actual STI Paid (USD) | 225,684 | 276,993 | 334,425 |
| Share-Based Awards (Grant-date fair value, USD) | 235,125 | 675,000 | 735,000 |
| All Other Compensation (USD) | 165,507 | 26,400 | 27,600 |
| Total Compensation (USD) | 963,037 | 1,428,393 | 1,587,025 |
Retention bonus: $735,000, approved March 6, 2024; vests June 6, 2025 if employed or terminated without cause before payment date .
Performance Compensation
2024 STI Scorecard and Payout
| Metric | Weight | Target/Range | Actual | Payout % |
|---|---|---|---|---|
| Safety – TRIFR | 5% | Reduce from 2.10 to ≤1.90 | Fatality occurred | 0.00% |
| Safety – Leadership in the Field (CCV interactions) | 5% | 8,900–10,000 | 11,394 | 10.00% |
| Environmental – Water Efficiency | 5% | Improve by 2–3% | 90% | 3.75% |
| Sustainability | 5% | Engagement & grievance targets | Stretch achieved | 10.00% |
| Gold-Equivalent Ounces Produced | 30% | 540k–630k | 399,267 | 0.00% |
| AISC per ounce (IFRS) | 30% | ≤$1,575–$1,545 | $1,873 | 0.00% |
| Strategic Initiatives (Board-defined) | 20% | 0–200% | 200% | 40.00% |
| Corporate Score | 100% | — | — | 63.75% |
| Executive | Corporate Weight | Corporate Score | Individual Weight | Individual Score | Final STI Score | STI Paid (USD) |
|---|---|---|---|---|---|---|
| John Ebbett | 80% | 63.75% | 20% | 200% | 91.00% | 334,425 |
Target STI opportunity and 2024 grants:
- Target STI dollar opportunity: $367,500; maximum $551,250 .
- 2024 RSU grant: 84,366 units; grant-date fair value $367,500 (VWAP $4.36) .
- 2024 PSU grant (cash-settled at vest): 84,366 target units; grant-date fair value $367,500 (VWAP $4.36) .
LTI Metrics and Outcomes
2022 PSU performance (three-year period ending March 7, 2025):
- Metrics equally weighted (1/3 each): Production (gold-equivalent ounces), ROI, Relative TSR; negative absolute TSR caps TSR metric at 100% and bottom quartile TSR = 0% payout .
- Results: Production score 3.51%; ROI score 22.22%; TSR score 0%; overall performance score 25.74% .
| 2022 PSU Grant to Ebbett | Vest Date 30-Day VWAP (USD) | Grant Value (USD) | Performance Score | Payout Value (USD) |
|---|---|---|---|---|
| 7,182 units | 9.57 | 68,697 | 25.74% | 17,683 |
Equity Ownership & Alignment
Ownership Guidelines and Status (as of Dec 31, 2024)
| Base Salary | Ownership Requirement (2x) | Common Shares | RSUs Unvested | PSUs Subject to Vesting (50% counted) | Total Value of Holdings (USD) | Meets Guideline |
|---|---|---|---|---|---|---|
| $490,000 | $980,000 | 25,923 | 84,605 | 59,498 | $1,183,380.96 | Yes |
- Anti-hedging policy prohibits directors and officers from hedging company stock via derivatives (puts, calls, swaps, etc.) .
- Company states it does not grant stock options to executives .
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Type | Grant Date | Unvested Units | Market Value (USD) | Vesting Schedule |
|---|---|---|---|---|
| RSU | 7-Mar-22 | 2,099 | 14,609 | Vests 7-Mar-2025 (cliff) |
| RSU | 7-Mar-23 | 12,201 | 84,919 | Vests 7-Mar-2025 & 7-Mar-2026 |
| RSU | 1-Apr-24 | 70,305 | 489,323 | Vests 4/1/2025, 10/1/2025, 4/1/2026, 10/1/2026, 4/1/2027 |
| PSU (cash-settled) | 7-Mar-22 | 7,182 | 49,987 | Vested 7-Mar-2025 (performance period ended 12/31/2024) |
| PSU (cash-settled) | 7-Mar-23 | 27,448 | 191,038 | Cliff vest 7-Mar-2026 |
| PSU (cash-settled) | 1-Apr-24 | 84,366 | 587,187 | Cliff vest 4/1/2027 |
Assumes market price $6.96 per share as of Dec 31, 2024 .
Employment Terms
- Appointment: EVP, Growth & Innovation effective July 2022 .
- Share ownership guideline: 2x salary, compliant as of Dec 31, 2024 .
- Clawback: SEC-compliant recoupment of performance-based incentive comp upon financial restatement (3-year look-back); discretionary clawback for “bad acts” .
- Change-of-control: Double-trigger vesting (no automatic single-trigger acceleration) across current plans; executives who merged from Alacer previously waived single-trigger vesting at merger close .
- Anti-hedging and insider trading policies enforced .
- Tax gross-ups: Company does not provide tax gross-ups to executives .
Potential Payments Upon Termination (Ebbett)
| Scenario | Bonus Component (USD) | Equity Acceleration Value (USD) | Severance Cash (USD) | Total (USD) |
|---|---|---|---|---|
| Resignation | 322,247 | — | — | 322,247 |
| Termination without cause or resignation for good reason | 1,057,247 | 415,912 | 1,624,493 | 3,097,652 |
| Retirement | 322,247 | — | — | 322,247 |
| Disability | 322,247 | 1,417,062 | — | 1,739,309 |
| Death | 322,247 | 1,417,062 | — | 1,739,309 |
| Termination without cause or good reason within 12 months post CoC | 322,247 | 1,417,062 | 1,624,493 | 3,363,802 |
Note: Severance includes lump sum equal to 24 months of base salary plus 24 months average annual bonus (or target if <2 years of service) .
Investment Implications
- Pay-for-performance alignment: 2024 corporate STI score was 63.75% amid production shortfall (399,267 GEOs) and elevated AISC ($1,873/oz), while individual goals drove Ebbett’s final STI to 91% of target; 2022 PSU payout at 25.74% shows LTI sensitivity to ROI and TSR underperformance .
- Upcoming supply/vesting cadence: Multiple RSU and PSU cliffs through 2025–2027 (notably 4/1/2025, 10/1/2025, 4/1/2026, 10/1/2026, 4/1/2027), indicating potential insider selling pressure around vest dates and cash PSU settlements .
- Retention risk and incentive: One-time retention bonus of $735,000 vests on June 6, 2025; strong severance protections (double-trigger CoC and 24-month cash severance construct) reduce near-term departure risk but increase cost of turnover .
- Ownership alignment: Ebbett meets 2x salary ownership guideline (shares + RSUs + 50% PSUs) and is subject to anti-hedging restrictions; no pledging disclosed, supporting alignment .
- Governance signal: 2024 say-on-pay approval of 55.81% prompted broader shareholder engagement and peer group refresh; expect continued scrutiny of metric rigor (ROI/TSR caps) and recovery execution to restore TSR .