Emad AlJunaidi
Senior Vice President, Integrated Supply Chain and Digital Transformation at 
Tronox Holdings
Tronox HoldingsExecutive
About Emad AlJunaidi
Senior Vice President, Integrated Supply Chain and Digital Transformation at Tronox (TROX). Appointed January 2024; at Tronox since 2009. Age 54. Education: MBA (University of Maryland), MS in Manufacturing Engineering and MS in Engineering Management (Syracuse University), BSc Mechanical Engineering (American University in Cairo) . Company performance context for FY2024: net sales ≈ $3.1B, Adjusted EBITDA $564M, Adjusted EBITDA margin ≈18%; AIP corporate payout 70.1% of target; TSR indexed value $103 (cumulative since 2019 methodology) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tronox Holdings plc | SVP, Integrated Supply Chain & Digital Transformation | Jan 2024–present | Leads global Supply Chain, Business Transformation, and IT functions |
| Tronox Holdings plc | Various leadership roles (prior to current role) | 2009–2023 | Delivered growth and profitability through manufacturing, procurement, sourcing, negotiations, and high-performance team building |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GE (Renewables Division) | Led Sourcing Department | Not disclosed | Leadership in sourcing for a ~$5B division |
| GE | Operations roles | Not disclosed | Operations leadership |
| Lucent Technologies | Operations roles | Not disclosed | Operations experience |
| Chrysler | Operations roles | Not disclosed | Operations experience |
Fixed Compensation
| Component (FY2024) | Value |
|---|---|
| Base Salary | $448,581 |
| AIP Target (as % of salary) | 60% (increased from 50% starting 2024) |
| AIP Target $ | $270,000 (60% of salary) |
| AIP Actual Paid | $205,416 (76.1% of target) |
| LTIP Target (as % of salary) | 150% (increased from 100% upon promotion) |
| 2024 Stock Awards (Grant-Date Fair Value) | Time-based RSUs: $337,511; Performance RSUs (TSR leg): $246,372; Performance RSUs (ROIC leg): $168,755 |
| Perquisites/Other (FY2024) | Disability & life insurance $3,415; financial consulting $1,712; executive physical $2,258; related tax reimbursement $2,127; retirement/savings plans contributions $68,502 |
Performance Compensation
Annual Incentive Plan (AIP) – FY2024 Corporate Metrics and Outcomes
| Metric | Weighting | Threshold | Target | Max | Actual | Payout % | Vesting/Payout Timing |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA less Capex | 50% | $154M | $209M–$259M | $314M | $194M | 86.4% | Cash paid per plan |
| Adj. EBITDA Margin vs TiO2 Peers | 30% | 3.4% | 7.4% | 11.4% | 0.8% | 0.0% | Cash paid per plan |
| Safety: DIFR | 7.5% | 0.19 | 0.15 | ≤0.11 | 0.17 | 75.0% | Cash paid per plan |
| Safety: TRIFR | 7.5% | 0.44 | 0.36 | ≤0.30 | 0.33 | 150.0% | Cash paid per plan |
| Sustainability: CO2 intensity (tCO2e/t product) | 5% | 1.481 | 1.386 | ≤1.339 | 1.338 | 200.0% | Cash paid per plan |
| Resulting Corporate Payout | – | – | – | – | – | 70.1% | Corporate component of AIP |
Individual performance comprised 20% of AIP; Emad’s individual component paid 100% of target (combined total payout $205,416, 76.1% of target) .
Long-Term Incentive Program (LTIP) – FY2024 Grants and Design
| Element | Design / Terms | Vesting |
|---|---|---|
| Mix | 50% Performance RSUs (TSR and ROIC, 50/50), 50% Time-based RSUs | |
| TSR metric | 3-year TSR vs Capital Markets Peer Group; 35th/50th/65th percentile = 25%/100%/200% payout | |
| ROIC metric | ROIC in 2026 with threshold/target/max payout 25%/100%/200% (specific numeric targets commercially sensitive) | |
| Time-based RSUs | Vest 1/3 on each March 5, 2025/2026/2027; dividend equivalents accrue and pay upon vesting | |
| Performance RSUs | Vest March 5, 2027; dividend equivalents accrue and pay upon vesting |
Emad’s FY2024 grant sizing: LTIP guideline increased to 150% of salary (promotion); grant counts: Time-based RSUs 22,728; Performance RSUs targets: TSR leg 11,364 and ROIC leg 11,364 (threshold/maximum 2,841/22,728 per leg) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 10, 2025) | 42,809 shares |
| % of Shares Outstanding | ≈0.027% (42,809 / 158,462,071) |
| Unvested RSUs (12/31/2024) | Time-based: 22,728 (MV $228,871); Performance-based: 22,728 (MV $228,871) |
| Options (Exercisable/Unexercisable) | None outstanding; none unvested |
| Ownership Guidelines | Exec officers: 300% of base salary; CEO: 500% |
| Guideline Compliance | As of proxy date, all current NEOs except Mr. AlJunaidi have met guidelines |
| Hedging/Pledging Policies | Company prohibits hedging, short sales, and derivatives; anti-hedging policy adopted; clawback policy adopted Oct 2023 |
Employment Terms
| Clause | Economics / Terms |
|---|---|
| Employment Letter | Effective Jan 1, 2024; base salary $450,000; AIP target 60%; annual equity award guideline 150% of salary |
| Severance (without cause; not in CoC) | Lump sum: 12 months base salary + annual target bonus; requires release |
| Severance (within 12 months post-CoC) | Lump sum: 1×(base + target bonus) + 12 months base salary; equity vests at target in CoC scenarios per plan terms |
| Medical Continuation | No Company-paid medical benefits upon termination for Mr. AlJunaidi |
| Equity Treatment (termination scenarios) | Death/Disability: immediate vesting (performance at target); Involuntary (not for cause): pro rata treatment for time-based and performance RSUs depending on March 5 vest date proximity; CoC: immediate vesting; performance RSUs at target |
| Estimated Payouts (as of 12/31/2024) | Involuntary (not for cause): $1,305,231 total; CoC termination: $2,297,099 total |
| Clawback | NYSE-compliant clawback policy approved Oct 2023 |
| Tax Gross-ups | No excise tax gross-up provisions in change-in-control arrangements |
Investment Implications
- Compensation alignment: Emad’s pay mix shifted more toward at-risk equity (LTIP guideline from 100% to 150%) and higher AIP target (50%→60%) upon promotion, reinforcing pay-for-performance but increasing equity-based sensitivity to TSR/ROIC outcomes .
- AIP levers: Corporate payout was driven by strong safety and CO2 performance but was offset by peer-relative margin underperformance; this supports operational execution but highlights market headwinds vs peers .
- Ownership alignment: Beneficial ownership is modest (~0.027% of shares) and he had not yet met the 3× salary ownership guideline as of the proxy date—an alignment shortfall to monitor until compliance is achieved .
- Retention and selling pressure: Time-based RSUs vest annually each March 5 (2025–2027), and performance RSUs vest in March 2027; watch for potential Form 4 activity around vest dates and tax-withholding dispositions. No options, and anti-hedging rules reduce misalignment risks .
- Downside/CoC protections: Standard severance and double-trigger economics (additional salary and bonus multiples, performance RSUs at target in CoC) appear market-standard; no excise tax gross-ups reduces governance risk .