Jeffrey Harsh
About Jeffrey Harsh
Jeffrey “Jeff” Harsh is Chief Operating Officer, Branded Services at Advantage Solutions (NASDAQ: ADV), appointed effective August 25, 2025; he is 53 years old and holds a B.S. from Michigan State University, with prior leadership roles at The Hershey Company and earlier at ALDI USA . Company performance incentives emphasize cash earnings and Adjusted EBITDA margin with relative TSR modifiers; for 2024 performance PSUs, the Human Capital Committee certified ACE at 133.7% of target and Adjusted EBITDA Margin at 112.1% of target for year one of the 2024–2026 cycle, underscoring the firm’s focus on profitable growth and cash generation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Hershey Company | VP, Large Format & Private Label Salty Snacks | Oct 2024 – Aug 2025 | Managed sizable Salty Snacks businesses; focus on growth and margin improvement . |
| The Hershey Company | VP, Customer Strategy & Development | Jun 2018 – Sep 2024 | Led segmentation, pricing, route‑to‑market transformation; strengthened customer engagement programs . |
| The Hershey Company | Various roles of increasing responsibility | 2008 – 2018 | Progressive P&L and commercial leadership within Hershey’s portfolio . |
| ALDI USA | District Operations Manager | Not disclosed | Ground‑level retail operations experience . |
External Roles
No public company directorships or external board roles were disclosed for Mr. Harsh in the appointment filing and press release .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Base Salary | $460,000 | Effective on or about Aug 25, 2025 . |
| Target Annual Bonus | 80% of base salary | 2025 bonus prorated for days employed . |
Performance Compensation
- Initial equity
- RSUs with grant‑date value of $250,000, subject to the company’s standard vesting terms (RSUs generally vest over three years) .
- Ongoing annual equity eligibility
- Beginning in 2026: annual equity award with aggregate value equal to 100% of base salary under the 2020 Incentive Award Plan .
Company performance equity design (context for senior executive awards under the same plan):
- PSU framework (2024 grants)
- Metrics: 75% ACE (Advantage Cash Earnings) and 25% Adjusted EBITDA Margin from Continuing & Discontinued Operations; 0–200% payout; further modified by relative TSR over 2024–2026 (floor/cap dynamics at ≥75th/≤25th percentile) .
- 2024 performance determination: ACE 133.7% of target (target $276.5mm), Adjusted EBITDA Margin 112.1% of target (target 11.87%); contributes to average achievement used at end of 2026, subject to TSR modifier .
- RSUs
- Generally vest over three years, service‑based .
- PSUs (2025/2024 grants general vesting)
- Cliff‑vest after three years with annual performance measurement and TSR adjustment per award terms .
Detailed incentive structure illustration (company PSUs):
| Metric | Weighting | Threshold | Target | Maximum | Vesting/Modifier |
|---|---|---|---|---|---|
| ACE (2024 period) | 75% | $262.2mm (0%) | $276.5mm (100%) | $290.8mm (200%) | Linear interpolation; TSR adjustment applies over 3‑year period . |
| Adjusted EBITDA Margin (2024 period) | 25% | 10.9% (0%) | 11.9% (100%) | 12.9% (200%) | Linear interpolation; TSR adjustment applies over 3‑year period . |
| Relative TSR (2024–2026) | Modifier | ≤25th percentile cap | — | ≥75th percentile floor | Caps/floors earned PSUs at 100% as described . |
Equity Ownership & Alignment
- Ownership guidelines: CEO 6x salary; other Named Executive Officers 3x salary; other Senior Executive Team Members 1x salary; retention requirements apply until in compliance .
- Anti‑hedging and pledging: Officers, directors, employees (and specified related persons) are prohibited from hedging and from pledging company securities .
- Clawback: Policy adopted pursuant to Rule 10D‑1; mandatory recovery of erroneously received incentive compensation for three years preceding a required restatement, subject to limited exceptions .
- Beneficial ownership: Mr. Harsh was appointed after the 2025 proxy record date and is not listed among 2024 NEOs; no individual ownership disclosure for him appears in the 2025 proxy .
Employment Terms
| Term | Details |
|---|---|
| Start Date | On or about Aug 25, 2025 . |
| Severance (termination without cause / resignation for good reason) | Continued base salary for 12 months, subject to release and covenants . |
| Change in Control (termination without cause within 12 months post‑CoC) | Eligible for 12 months of continued health insurance at active employee rates and any accelerated equity vesting on terms available to similarly situated senior executives, subject to release/covenants . |
| Initial Equity | RSUs $250,000 value; standard vesting . |
| Annual Equity Eligibility (from 2026) | Value equal to 100% of base salary under 2020 plan . |
| Related Party / Family Relationships | None; no material related‑party transactions under Item 404(a) . |
Compensation Structure Analysis
- Mix and leverage: New‑hire package skews to time‑based RSUs ($250k) with ongoing annual equity at 100% of salary beginning 2026; company’s plan design for senior executives emphasizes performance‑based PSUs tied to ACE and Adjusted EBITDA Margin with a TSR modifier, aligning with cash generation and margin expansion priorities .
- Vesting and selling pressure: RSUs generally vest over three years and PSUs cliff‑vest after three years, moderating near‑term selling pressure; anti‑hedging and no‑pledging policies further reduce misalignment risk .
- Severance economics: Cash severance of 1x base (no bonus multiple) and CoC health coverage/accelerated vesting provisions are moderate versus market, balancing retention with shareholder alignment .
- Say‑on‑pay signaling: 2024 SOP support at ~97.2% suggests investor acceptance of pay‑for‑performance framework underpinning executive awards .
Related Party Transactions
- None disclosed for Mr. Harsh at appointment; no family relationships; no Item 404(a) transactions .
Compensation Peer Group (context for benchmarking)
Kelly Services; TreeHouse Foods; Central Garden & Pet; Flowers Foods; Robert Half; Sprouts Farmers Market; Reynolds Consumer Products; Verisk Analytics; FTI Consulting; Hain Celestial; Kforce; Korn Ferry; Coca‑Cola Consolidated; Insperity; TrueBlue; Energizer Holdings; Edgewell Personal Care; SpartanNash; Spectrum Brands .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay received approximately 97.2% support; Board/Human Capital Committee consider SOP outcomes and investor feedback in program design .
Investment Implications
- Alignment: Harsh’s annual equity opportunity and company‑wide PSU design directly target ACE and Adjusted EBITDA Margin, with TSR guardrails—supportive of shareholder‑aligned value creation levers (margin expansion, cash generation) .
- Retention/turnover risk: Cash severance limited to 1x base with CoC health coverage and equity vesting mechanics; adequate but not lavish, suggesting manageable retention cost while avoiding outsized golden parachutes .
- Selling pressure: Three‑year vesting norms and anti‑hedging/pledging limits temper near‑term insider selling risk; initial grant is time‑based RSUs which phase in over time .
- Execution watch‑items: As COO of Branded Services, Harsh’s impact will show through ACE and Adjusted EBITDA margin trajectories that drive PSU outcomes—monitor segment margin/cash trends and any shifts in PSU targets or plan calibration for indications of confidence or bar‑lowering .