a2 Milk Management

Management criteria checks 1/4

a2 Milk's CEO is David Bortolussi, appointed in Feb 2021, has a tenure of 3.17 years. total yearly compensation is NZ$5.85M, comprised of 34.7% salary and 65.3% bonuses, including company stock and options. directly owns 0.11% of the company’s shares, worth A$4.81M. The average tenure of the management team and the board of directors is 2.5 years and 2.6 years respectively.

Key information

David Bortolussi

Chief executive officer

NZ$5.8m

Total compensation

CEO salary percentage	34.7%
CEO tenure	3.2yrs
CEO ownership	0.1%
Management average tenure	2.5yrs
Board average tenure	2.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has David Bortolussi's remuneration changed compared to a2 Milk's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	NZ$167m
Sep 30 2023	n/a	n/a	NZ$161m
Jun 30 2023	NZ$6m	NZ$2m	NZ$156m
Mar 31 2023	n/a	n/a	NZ$146m
Dec 31 2022	n/a	n/a	NZ$137m
Sep 30 2022	n/a	n/a	NZ$130m
Jun 30 2022	NZ$4m	NZ$2m	NZ$123m
Mar 31 2022	n/a	n/a	NZ$71m
Dec 31 2021	n/a	n/a	NZ$20m
Sep 30 2021	n/a	n/a	NZ$50m
Jun 30 2021	NZ$2m	NZ$744k	NZ$81m

Compensation vs Market: David's total compensation ($USD3.48M) is above average for companies of similar size in the Australian market ($USD2.18M).

Compensation vs Earnings: David's compensation has increased by more than 20% in the past year.

CEO

David Bortolussi (54 yo)

3.2yrs

Tenure

NZ$5,846,530

Compensation

Mr. David L. Bortolussi, BComm, FFin, FCA serves as Advisory Board Member at Whiteoak Pty Ltd. He served as Group President of Innerwear International at Hanesbrands Inc. since April 2019 until February 6,...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
David Bortolussi	MD, CEO & Director	3.2yrs	NZ$5.85m	0.11% NZ$ 4.8m
David Muscat	Chief Financial Officer	1.5yrs	no data	no data
David Akers	Group Head of Investor Relations & Sustainability	no data	no data	no data
Jaron McVicar	Chief Legal & Sustainability Officer and Company Secretary	7.4yrs	no data	0.014% NZ$ 596.0k
Edith Bailey	Chief Marketing Officer	2.3yrs	no data	no data
Amanda Hart	Chief People & Culture Officer	2.6yrs	no data	no data
Li Xiao	Chief Executive of Greater China	5yrs	no data	0.052% NZ$ 2.3m
Eleanor Khor	Managing Director of ANZ & Strategy	2.9yrs	no data	0.0063% NZ$ 277.5k
Kevin Bush	Managing Director of USA	less than a year	no data	0.017% NZ$ 742.7k
Yohan Senaratne	Managing Director of International	no data	no data	no data
Mark Sherwin	Group Head of Finance - FP&A and Risk	1.5yrs	no data	0.0023% NZ$ 102.2k
Chopin Zhang	Chief Supply Chain Officer	1.4yrs	no data	no data

2.5yrs

Average Tenure

54yo

Average Age

Experienced Management: A2M's management team is considered experienced (2.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
David Bortolussi	MD, CEO & Director	3.2yrs	NZ$5.85m	0.11% NZ$ 4.8m
Warwick Every-Burns	Independent Non-Executive Director	7.7yrs	NZ$216.50k	0.014% NZ$ 609.2k
Pei-Yu Yu	Independent Non-Executive Director	2.1yrs	NZ$198.00k	no data
David Wang	Independent Non-Executive Director	1.6yrs	NZ$165.00k	no data
Philippa Greenwood	Independent Non-Executive Chairman	4.8yrs	NZ$203.50k	0.0042% NZ$ 182.8k
Kathryn Mitchell	Independent Non-Executive Director	less than a year	NZ$15.13k	0.00014% NZ$ 6.2k

2.6yrs

Average Tenure

56yo

Average Age

Experienced Board: A2M's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

a2 Milk Management

Management criteria checks 1/4

Key information

Recent management updates

Insider recently sold AU$258k worth of stock

The a2 Milk Company Limited, Annual General Meeting, Nov 16, 2023

The a2 Milk Company Limited Appoints Kathryn Mitchell as Director

Independent Non-Executive Director recently bought AU$183k worth of stock

The a2 Milk Company Limited Announces David Hearn, Chair of the Board Intends to Stand Down as Board Member and Chair At the Next Annual Meeting in November 2023

The a2 Milk Company Appoints Chopin Zhang as Chief Supply Chain Officer

Recent updates

Insider recently sold AU$258k worth of stock

First half 2024 earnings released: EPS: NZ$0.12 (vs NZ$0.10 in 1H 2023)

The a2 Milk Company Limited to Report First Half, 2024 Results on Feb 19, 2024

Synlait Milk Limited Enters into Confidential Binding Arbitration Process with The a2 Milk Company Limited

The a2 Milk Company Limited, Annual General Meeting, Nov 16, 2023

A2 Platinum® Infant Formula Launches in U.S. - Made with Fresh A2 Milk®

The A2 Milk Company Limited Provides Revenue Guidance for the Fiscal Year 2024

Full year 2023 earnings released: EPS: NZ$0.21 (vs NZ$0.17 in FY 2022)

The a2 Milk Company Limited to Report Fiscal Year 2023 Results on Aug 21, 2023

The a2 Milk Company Limited Appoints Kathryn Mitchell as Director

First half 2023 earnings released: EPS: NZ$0.10 (vs NZ$0.08 in 1H 2022)

The a2 Milk Company Limited Reaffirms Earnings Guidance for the Fiscal Year 2023

Now 26% undervalued

The a2 Milk Company Limited to Report First Half, 2023 Results on Feb 20, 2023

Independent Non-Executive Director recently bought AU$183k worth of stock

The a2 Milk Company Limited Announces David Hearn, Chair of the Board Intends to Stand Down as Board Member and Chair At the Next Annual Meeting in November 2023

The a2 Milk Company Appoints Chopin Zhang as Chief Supply Chain Officer

The a2 Milk Company™ Receives FDA Discretion to Supply Infant Milk Formula to U.S

U.S. Food and Drug Administration Provides an Update on Additional Steps Taken That Will Lead to More Infant Formula Available in the U.S

The A2 Milk Company Limited Announces Executive Changes

Julia Hoare Intends to Step Down from the Board of The a2 Milk Company Limited

The a2 Milk Company Limited, Annual General Meeting, Nov 18, 2022

Full year 2022 earnings: EPS and revenues exceed analyst expectations

The a2 Milk Company Limited Appoints David Wang as New Independent Non-Executive Director, with Effect from 1 September 2022

The a2 Milk Company Limited (NZSE:ATM) announces an Equity Buyback for 37,180,621 shares, representing 5% for NZD 150 million.

The a2 Milk Company Limited to Report Fiscal Year 2022 Results on Aug 30, 2022

The a2 Milk Company Limited Announces Executive Changes

First half 2022 earnings: EPS and revenues exceed analyst expectations

The a2 Milk Company Limited Announces Executive Changes

Insider recently sold AU$252k worth of stock

Investor sentiment improved over the past week

Investor sentiment deteriorated over the past week

Full year 2021 earnings released: EPS NZ$0.11 (vs NZ$0.53 in FY 2020)

The a2 Milk Company Limited Announces New a2 Milk® Half and Half Delivers Premium Taste + Premium Protein

Investor sentiment improved over the past week

Investor sentiment deteriorated over the past week

Chief Growth & Brand Officer has left the company

The a2 Milk Company Limited Announces Board Changes

First half 2021 earnings released: EPS NZ$0.16 (vs NZ$0.26 in 1H 2020)

Revenue and earnings beat expectations

New 90-day low: AU$10.05

Chief Executive Officer Geoffrey Babidge has left the company

The a2 Milk Company Limited Appoints David Bortolussi as Ceo, with Effect from 8 February 2021

Chief People, Safety & Sustainability Officer has left the company

Susan Massasso Intends to Step Down from Her Role of Chief Growth and Brand Officer of the a2 Milk Company, Effective 15 April 2021

The a2 Milk Company Announces Resignation of Chief People, Safety and Sustainability Officer, Lisa Burquest, Effective January 31, 2021

New 90-day low: AU$10.09

Investor sentiment deteriorated over the past week

New 90-day low: AU$13.06

The a2 Milk Company Limited Announces the Retirement of Independent Non-Executive Director ­Jesse Wu

New 90-day low: AU$13.96

New 90-day low: AU$15.20

New 90-day low - AU$17.01

Chief Executive Officer of Asia Pacific recently sold AU$13.7m worth of stock

Earnings released

The a2 Milk Company Limited Announces CEO Changes

New 90-day high - AU$19.90

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age

The a2 Milk Company Limited Announces the Retirement of Independent Non-Executive Director Jesse Wu