Tracey Joubert
MOLSON COORS BEVERAGEAbout Tracey Joubert
Tracey I. Joubert is Chief Financial Officer of Molson Coors (TAP), serving as CFO since November 2016 after previously acting as CFO and Executive Vice President of MillerCoors (2012–Nov 2016), with earlier finance leadership roles at MillerCoors, Miller Brewing, SAB Limited (Johannesburg), Barloworld, and KPMG South Africa . She is 58 years old and brings over two decades of global beverage and industrial finance experience to Molson Coors’ executive team . Under the company’s 2024 performance year, enterprise annual incentive (MCIP) paid at 97% of target, and 2022–2024 performance share units (PSUs) paid at 175%, reflecting above-target underlying profit and strong relative TSR; management also highlighted 2024 underlying income before income tax growth of 5.6% (constant currency), underlying EPS up 9.8%, net debt/underlying EBITDA at 2.09x, and accelerated share repurchases (≈40% of the up to $2B program executed by year-end 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Molson Coors | Chief Financial Officer | Nov 2016–present | Oversees global finance as CFO during period of multi-year bottom-line growth and capital returns . |
| MillerCoors | CFO & EVP | 2012–Nov 2016 | Led finance for U.S. JV through integration and performance initiatives . |
| MillerCoors | VP Finance, Planning & Analysis and Controller | 2008–2012 | Built FP&A and controllership capabilities post-formation of JV . |
| Miller Brewing Company | Director of Finance & Group Services | Pre-2008 | Financial leadership at predecessor U.S. brewer . |
| SAB Limited (Johannesburg) | Financial Manager (Technical Accounting; Finance Services) | Pre-2000s | Managed technical accounting and finance services at major brewer . |
| Barloworld Limited | Financial Manager | Prior to SAB | Industrial finance leadership . |
| KPMG South Africa | Articled | Early career | Audit/technical foundation . |
External Roles
| Organization | Role | Years |
|---|---|---|
| JELD-WEN Holding, Inc. (NYSE: JELD) | Director | 2021–present |
| Cooper Tire & Rubber Company (NYSE: CTB) | Director | 2017–2021 |
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | $849,241 | $879,813 |
| Target Bonus (% of Salary) | 90% | 90% |
| MCIP Award Paid for 2024 ($) | — | $761,442 |
Notes: Target bonus structure for CFO is 90% of salary; MCIP payout reflects 2024 performance paid in 2025 .
Performance Compensation
Annual Incentive (MCIP) Structure and Results (2024)
| Component | Weight | Definition | 2024 Enterprise Result |
|---|---|---|---|
| Underlying Income Before Income Taxes | 45% | Non‑GAAP pre‑tax income, constant currency | 112% of target |
| Underlying Free Cash Flow | 18% | Cash from ops less capex, adjusted, constant currency | 112% of target |
| Underlying Net Sales Revenue | 27% | NSR adjusted, constant currency | 62% of target |
| People & Planet Scorecard | 10% | Safety, emissions, water, employee measures | 95% |
| Enterprise MCIP Payout | — | — | 97% |
CFO’s MCIP basis: 75% enterprise; 25% individual performance. 2024 multipliers: enterprise 97%; individual 100%, yielding a $761,442 payout .
Long-Term Incentives: Design and Outcomes
- PSU design (2024–2026 grant): 100% based on Cumulative Underlying EPS with a Relative TSR modifier (80%–120%) versus S&P 500; three-year performance period; settlement typically in shares; dividend equivalents accrue and pay pro rata at vest .
- 2022–2024 PSUs outcome: 175% payout based on above-75th percentile Relative TSR and above-target cumulative profit and NSR over the period .
2024 Equity Grants to CFO (Grant date: March 4, 2024)
| Award Type | Shares/Options | Strike/Terms | Grant Date Fair Value ($) |
|---|---|---|---|
| RSUs | 7,620 | Vest on 3rd anniversary | $475,031 |
| PSUs (target) | 15,240 (Max 36,576) | 2024–2026 performance; TSR modifier | $988,009 |
| Stock Options | 28,771 | Exercise price $62.34; 3-year cliff vest | $475,009 |
Vesting clarifications: Beginning 2024, options vest fully on the 3rd anniversary; prior to 2024, options vested in equal annual installments over three years . RSUs vest at 3 years; PSUs vest based on performance after 3 years .
Equity Ownership & Alignment
| Measure | Detail |
|---|---|
| Beneficial Ownership (Class B) | 253,762 shares; <1% of class |
| Stock Ownership Guidelines | CFO required to hold shares equal to 3x salary; options and unvested PSUs excluded; all NEOs reported as meeting guidelines |
| Anti-Hedging/Pledging | Hedging/short sales prohibited; pledging restricted and subject to approval; Audit Committee reviews outstanding pledges and deems aggregate risk not material |
Outstanding equity snapshot (as of 12/31/2024):
- Options: Holdings across multiple grants; examples include 2019 ($61.09), 2020 ($51.48), 2021 ($44.97), 2022 ($52.18), 2023 ($53.75), and 2024 ($62.34) exercise prices; 2022–2024 option tranches remain unexercisable until scheduled vesting . For context, the company references a 12/31/2024 Class B close of $57.32 in termination tables, indicating grants with strikes below this level are in‑the‑money (e.g., 2020–2023) while 2019 and 2024 strikes were above .
Employment Terms
| Scenario (as of 12/31/2024) | Cash Severance ($) | Benefits ($) | Equity Acceleration (Options) ($) | Equity Acceleration (RSUs/PSUs) ($) |
|---|---|---|---|---|
| Involuntary Termination Without Cause | 879,813 | 20,234 | 95,636 | 3,491,419 |
| Death/Disability | — | — | — | 3,477,031 |
| Change in Control (Double Trigger) | 3,343,290 | 37,401 | 95,636 | 3,908,364 |
Additional terms and policies:
- Status: At‑will arrangements with severance via U.S. Severance Pay Plan and separate Change-in-Control (CIC) Program .
- CIC Program: Double-trigger benefits; supersedes individual agreements; requires confidentiality and non‑compete; includes treatment for vesting acceleration and PSU performance set at 100% target in CIC valuations (per program descriptions and termination table assumptions) .
- Retirement Eligibility: Ms. Joubert is retirement eligible for award treatments (accelerated vesting mechanics specified for options, RSUs, and PSUs) .
- Clawbacks: Global incentive compensation clawback implemented per SEC/NYSE rules (2023) and an additional misconduct clawback (2025) .
- Life Insurance: U.S. NEO coverage equal to 8x salary (employer-provided) .
Deferred Compensation, Pension & 2024 Realizations
| Topic | Detail |
|---|---|
| Deferred Compensation Plan (DCP) – 2024 | Company contributions: $173,737; Aggregate 2024 earnings: $529,828; In‑service distribution: $79,660; Year‑end balance: $2,866,554 . |
| Pension (present value as of 12/31/2024) | Molson Coors Pension Plan: $193,235; Benefit Equalization Plan: $69,489; plan accruals frozen; 5 years credited service shown for plan measurement purposes (actual service 27 years) . |
| 2024 Realizations | Options exercised: 2,771 shares; value $16,183; Stock awards vested: 47,145 shares; value $2,929,119 . |
Compensation Structure Analysis
- Year-over-year mix: 2024 CFO base rate +3.6%; target bonus unchanged at 90%; equity mix balanced across PSUs (performance), RSUs (retention), and options (price appreciation) with 3-year vesting horizon .
- Pay for performance: 2024 enterprise MCIP paid near target (97%) and 2022–2024 PSUs paid at 175% aligned to above-target cumulative profit/NSR and strong relative TSR; no mention of discretion overriding outcomes .
- Governance safeguards: Strong anti‑hedging/pledging, robust ownership guidelines, independent Compensation & HR Committee with independent consultants, and updated clawback frameworks .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay support was 94.3%, indicating strong investor approval of NEO pay practices; the committee maintained a similar approach for 2024 and continues to factor investor input into program design .
Risk Indicators & Red Flags
- Hedging and pledging restricted by policy with Audit Committee oversight; no red‑flag disclosures specific to Ms. Joubert noted in the beneficial ownership section beyond standard reporting .
- Retirement eligibility: While it improves equity vesting economics (pro‑rata/specific accelerated treatments), it can also increase medium‑term transition risk; treatments for retirement are explicitly defined and already reflected in termination tables .
Performance Compensation Details (Expanded)
| Plan | Metric/Term | CFO-Specific Application |
|---|---|---|
| MCIP (2024) | 75% enterprise; 25% individual multiplier (100% for 2024) | Aligns CFO pay to overall financial results with individual modifier constrained by enterprise threshold attainment |
| PSUs (2024–2026) | Cumulative Underlying EPS (100%) with Relative TSR modifier (80%–120% vs S&P 500) | Drives multi-year earnings quality with market-relative overlay; settlement in shares; dividend equivalents accrue |
| Long-Term Results (2022–2024 PSUs) | 175% payout based on above 75th percentile TSR and above-target cumulative metrics | Signals strong long-term execution through the cycle |
Equity Vesting Schedules and Insider Selling Pressure
- 2024 grants (RSUs, options) cliff vest on 3/4/2027; PSUs settle after certification post‑FY2026; earlier grants (2022–2023) follow prior schedules (options vest ratably over 3 years; RSUs vest at 3 years; PSUs at 3 years) .
- Potential selling pressure catalysts: 3/4/2027 vesting of 2024 grants; multiple option tranches are in‑the‑money relative to the 12/31/2024 price reference ($57.32) given strikes of $44.97 (2021), $51.48 (2020), $52.18 (2022), $53.75 (2023) vs. out‑of‑the‑money $61.09 (2019) and $62.34 (2024) . Company prohibits hedging and restricts pledging, which moderates near‑term transactional risk .
Investment Implications
- Alignment: CFO’s pay is tightly linked to enterprise earnings, cash flow, and multi‑year EPS with TSR oversight; ownership guidelines (3x salary) and anti‑hedging/pledging further align incentives with shareholders .
- Retention risk: Retirement eligibility could elevate transition risk, though clear retirement/CIC severance mechanics, pro‑rata/accelerated vesting rules, and robust succession frameworks mitigate disruption .
- Trading signals: 2024–2026 PSU structure signals management emphasis on earnings durability; several in‑the‑money option tranches (2020–2023) and a large 2027 vesting event may create windows of liquidity, tempered by policy constraints and holding requirements .
- Execution track: Strong 2024 underlying profit and EPS growth, cost and cash discipline, and above‑max three‑year PSU performance support confidence in capital allocation under CFO stewardship; sustained focus on FCF and balance sheet (ND/EBITDA 2.09x) bolsters buyback/dividend capacity .