Marcos Galperin’s company filed its annual executive compensation plan with the United States Securities and Exchange Commission.
Far from the crisis that the country is going through, Marcos Galperin and the executives of Mercado Libre will receive millionaire prizes for achieving the company’s objectives. The founder of the company is the richest man in the country and one of the most enthusiastic followers of President Javier Milei.
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The company of Marcos Galperin filed its annual executive compensation plan with the United States Securities and Exchange Commission. Form 8-K, as the disclosed document is known, provides details of the performance goals and compensation agreements for its Nominated Executives in 2024.
According to what was reported by the Bloomberg agency, the objective bonus of each executive (NEO) They are equivalent to four months of their base salary, representing 33.33% of their annual base salary. Among the names included in the program are: Galperinpresident and CEO; Osvaldo Gimenezpresident of Fintech; Daniel Rabinovichexecutive vice president and chief operating officer; Martin de los Santos, executive vice president and chief financial officer; and Juan Martin de la Sernaexecutive vice president – Corporate Affairs.
Additionally, the MercadoLibre Board approved the adoption of the 2024 Long-Term Retention Program (LTRP). It is intended to retain executives with important roles. This program offers members of senior management the opportunity to receive cash payments annually for a period of six years, subject to continued employment. Payments are structured to include an Annual Fixed Payment and a variable payment based on the company’s stock price.
It is worth remembering that Galperin settled in Uruguay due to the lower tax burden, while Mercado Libre benefited from more than US$100 million a year from State subsidies within the framework of the promotion of companies in the knowledge economy.
The 2024 awards
- Marcos Galperin: US$10,000,000
- Osvaldo Giménez: US$3,500,000
- Daniel Rabinovich: US$3,500,000
- Martín de los Santos: US$2,000,000
- Juan Martín de la Serna: US$2,700,000
Marcos Galperin record income.jpg
It should be noted that the bonus program is based on several key indicators, including net income, operating income, total payment volume and the company’s competitive Net Promoter Index. The Mercado Libre board established target bonuses for each NEO, with potential adjustments of up to +50% or -50% based on individual performance.
