Richard Betori
About Richard Betori
Richard P. Betori (age 64) is Executive Vice President of TrueBlue and President of PeopleScout since March 2023, with prior roles including Managing Director of the Americas (2021–2023), Senior Vice President of On Demand Operations (2020–2021), and Senior Vice President of Operations & Innovation (2015–2020); he joined TrueBlue in January 2011 as President of StudentScout, previously serving as President of Wonderlic, Inc. and founder/President of INSinc Management Consulting . Company performance under the current incentive framework delivered 2024 revenue of $1.6B and Adjusted EBITDA of $11.2M amid industry contraction , with long-horizon TSR (value of a $100 investment from FYE 2019) at $33 versus peer group $146 in 2024 . In 2024, Betori achieved 75% of his individual STI goals (while company financial metrics were below thresholds), resulting in an STI payout equal to the individual component only .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TrueBlue – PeopleScout | President | Mar 2023–present | Leads global RPO and talent advisory growth initiatives; expands professional roles; new-client wins and retention focus |
| TrueBlue – PeopleScout | Managing Director, Americas | Nov 2021–Mar 2023 | Regional leadership driving sales growth and client portfolio development |
| TrueBlue – PeopleScout | SVP, On Demand Operations | Jun 2020–Nov 2021 | Operational scalability and rapid deployment for project-based hiring |
| TrueBlue – PeopleScout | SVP, Operations & Innovation | Apr 2015–Jun 2020 | Process innovation and technology-enabled delivery in RPO |
| TrueBlue – StudentScout | President | Jan 2011–(joined TBI) | Built on-demand and assessment solutions; integration into TrueBlue platform |
| Wonderlic, Inc. | President | Not disclosed | Led psychometrics/testing firm; talent assessment expertise |
| INSinc Management Consulting | Founder & President | Not disclosed | Strategy and operations consulting; entrepreneurial leadership |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $413,998 | $455,000 |
| All Other Compensation ($) | $11,250 | $5,750 |
| Total Reported Compensation ($) | $1,244,113 | $1,143,622 |
Performance Compensation
Short-Term Incentive (STI) – 2024 Structure and Outcomes
| Component | Weighting | Target | Actual Company/Individual Result | Payout ($) |
|---|---|---|---|---|
| Adjusted EBITDA | 25% | $30M | Company $11.2M (below threshold $21M) | $0 |
| Relative Revenue Growth vs Peer Group | 25% | 0% (threshold -5%, max 5%) | Below threshold; no payout | $0 |
| Individual Performance (Betori) | 50% | $170,625 | 75% of target achieved | $127,968 (matches total STI paid) |
STI opportunity detail (Betori): Adjusted EBITDA threshold/target/max $21,328/$85,313/$170,625; Relative Revenue Growth threshold/target/max $21,328/$85,313/$170,625; Individual target/max $170,625/$204,750 .
Long-Term Incentive (LTI) – 2024 Grants and Design
| Award | Shares (Threshold/Target/Max) | Grant Date Fair Value ($) | Vesting/Performance |
|---|---|---|---|
| RSUs | 21,661 (time-vested) | $243,686 | 33.33% annually over 3 years |
| PSUs – 3-year Aggregate Adjusted EBITDA | 9,759 / 19,517 / 29,276 | $227,568 | Vests based on 2024–2026 aggregate Adj. EBITDA: Threshold $116M (50%), Target $166M (100%), Max $216M (150%) |
| PSUs – Relative TSR (rTSR) | 4,183 / 8,365 / 12,548 | $83,650 | Vests based on rTSR vs peer group over 3 years: Threshold 25th pct (50%), Target Median (100%), Max 75th pct (150%) |
Key program features: 50% RSUs (retention), 50% PSUs split 70% 3-year aggregate Adj. EBITDA and 30% rTSR; PSUs calculated using 80% of average closing price to reflect forfeiture risk . Prior 2022 annual PSUs (ROE metric) paid 0% due to performance below threshold (ROE 5.7% vs 10% threshold) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 103,853 shares; <1% of class |
| Unvested RSUs (select grants) | 2/5/2021: 1,561; 12/1/2021: 1,226; 2/4/2022: 2,553; 2/3/2023: 5,210; 4/3/2023: 6,964 and 3,528; 2/23/2024: 21,661 |
| Unvested PSUs | 3/7/2024 Adj. EBITDA: 19,517; 3/7/2024 rTSR: 8,365 (at target) |
| Stock Ownership Guidelines | 3x annual RSU grant; Effective multiple 2.03x salary; Compliance: Yes |
| Hedging/Pledging | Hedging prohibited; pledging discouraged under Insider Trading Policy |
| Director/Officer Ownership Context | All executives and directors: 1,395,918 shares (~5%) |
Employment Terms
| Provision | Economics / Terms |
|---|---|
| Employment Start at TrueBlue | January 2011 |
| Current Role Tenure | President, PeopleScout since March 2023 |
| Severance – Before Change in Control | Cash $582,968 (12 months’ salary + actual 2024 STI earned); accelerated vesting value $381,601; no health & welfare continuation |
| Severance – After Change in Control (Double Trigger) | Cash $1,592,500; accelerated vesting $655,980; health & welfare continuation $31,568; PSUs vest at target (committee discretion up to max) |
| Equity Acceleration Terms | On post-CoC qualifying termination: RSUs/Restricted shares fully vest; PSUs at target unless committee determines max; multiple CoC triggers defined |
| Clawback Policies | SEC/NYSE-compliant clawback adopted Sep 14, 2023; legacy clawback remains in effect for pre-effective-date awards |
| Retirement Treatment | Eligible (≥55 years and service); Retirement benefits value as of Dec 29, 2024: $373,339 |
| Death/Disability PSU Treatment | PSUs prorated; Betori PSU value at Dec 29, 2024: $140,322 |
Investment Implications
- Pay-for-performance alignment: 2024 STI financial components paid $0 amid below-threshold Adj. EBITDA ($11.2M) and relative revenue growth misses; payout driven solely by 75% achievement of individual strategic goals ($127,968), signaling discipline in cash incentives .
- LTI leverage to EBITDA and rTSR: 2024 PSUs require multi-year aggregate Adj. EBITDA and rTSR vs a defined peer set, with prior 2022 PSUs paying 0%—a credible performance gate that ties equity value to profitability and shareholder returns .
- Retention and selling pressure: Meaningful unvested RSUs and PSUs with 2025–2027 vesting cadence may create regular Form 4 activity but reflect ongoing retention incentives; hedging banned and pledging discouraged reduce misalignment risks .
- Change-of-control economics: Double-trigger protection with cash, accelerated equity and benefits suggests moderate retention risk during strategic events; PSUs at target on CoC termination cap windfall risk .
- Governance signals: Strong say-on-pay support (91% in 2024) and robust clawback/anti-hedging policies, with no tax gross-ups, options repricing, or pensions, reduce governance red flags; no related party transactions in 2024 .