Chaney Sheffield
BERYAbout Chaney Sheffield
Chaney M. Sheffield, Jr. is an independent director of Berry Global Group, Inc., age 44, serving since 2022. He is Chair of the Capital Allocation Advisory Committee and a member of the Nominating & Governance Committee. Sheffield is a Partner and Portfolio Manager at Canyon Partners, LLC (since 2008) and sits on Canyon’s ESG and Investment committees; previously he held investment banking roles at Morgan Stanley from 2002–2008. He graduated cum laude with a BA in Economics from Harvard University.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Canyon Partners, LLC | Partner & Portfolio Manager; Member of ESG & Investment Committees | Since 2008 | Capital allocation and investor perspective |
| Morgan Stanley – Investment Banking Division | Analyst | 2002–2004 | Transaction analysis and execution |
| Morgan Stanley – Fixed Income Division (Special Situations Group) | Vice President | 2004–2008 | Special situations investing and structuring |
External Roles
| Organization | Role | Tenure | Public Company Boards |
|---|---|---|---|
| Canyon Partners, LLC | Partner & Portfolio Manager; Member of ESG & Investment Committees | Since 2008 | None |
Board Governance
- Independence: Berry’s Board determined all directors except the CEO are independent; Sheffield is listed as independent. Each member of the Audit & Finance, Compensation & Talent Development, and Nominating & Governance Committees is independent.
- Committee assignments and roles (FY2024 meetings):
- Capital Allocation Advisory Committee (Chair; 9 meetings)
- Nominating & Governance Committee (Member; 5 meetings)
- Meeting attendance: In FY2024, the Board held four regular and three special meetings; each director attended at least 75% of the aggregate Board and applicable committee meetings.
- Ownership alignment and trading restrictions: Directors must hold stock equal to 4× annual cash retainer, with five years to comply; Berry prohibits hedging and pledging of Berry stock by directors.
Fixed Compensation
| FY2024 Non-Employee Director Compensation (USD) | Cash Fees | Equity Awards (Grant-Date Fair Value) | Total |
|---|---|---|---|
| Chaney M. Sheffield, Jr. | $140,000 | $150,000 | $290,000 |
| FY2024 Director Equity Grant Details | RSUs Granted | Options Granted | Exercise Price | Grant Date |
|---|---|---|---|---|
| Standard non-employee director grant (Sheffield) | 1,393 | 2,823 | $64.62 per share | Nov 20, 2023 |
| Awards held at 9/28/2024 (Sheffield) | 1,393 RSUs | 6,238 options | — | — |
Notes: Grant-date fair value calculated under FASB ASC 718. Chairman receives a larger RSU grant (not applicable to Sheffield). Vesting schedules for director RSUs/options were not disclosed.
Performance Compensation
- Non-employee director awards are disclosed as RSUs and options; no director-specific performance metrics are disclosed for these grants.
- Company long-term incentive program for executives (context, not applicable to directors) uses 50% Relative TSR vs. peer group and 50% ROCE, with the following payout scales:
| Metric | Threshold | Target | Maximum |
|---|---|---|---|
| Relative TSR Percentile | 25% → 50% payout | 50% → 100% payout | 75% → 200% payout |
| ROCE | 13% → 50% payout | 14% → 100% payout | 15% → 200% payout |
Other Directorships & Interlocks
| Company | Role | Committees |
|---|---|---|
| None reported | — | — |
| Sheffield has no other current public company boards listed. |
Expertise & Qualifications
- Capital allocation leadership and investment banking experience; packaging industry knowledge highlighted by Berry.
- ESG and investment committee experience at Canyon.
- Harvard Economics, cum laude, evidencing analytical rigor.
Equity Ownership
| Holder | Direct/Indirect Shares | Right to Acquire | Total Beneficially Owned | Percent of Class |
|---|---|---|---|---|
| Chaney M. Sheffield, Jr. | 54,234 | 6,799 | 61,123 | * |
As of January 6, 2025, Berry had 115,675,573 shares outstanding.
Directors must hold stock equal to 4× the annual cash retainer; all non-employee directors were compliant or on track within the five-year window as of Dec 31, 2024. Hedging and pledging of Berry stock are prohibited.
Governance Assessment
- Board effectiveness: Sheffield chairs the Capital Allocation Advisory Committee, directly influencing reviews of portfolio composition, divestitures, financing, and capital deployment—aligned with his investment background.
- Independence and attendance: Independent status and ≥75% attendance threshold met by all directors in FY2024 support engagement and oversight quality.
- Compensation alignment: Mix of cash ($140k) and equity ($150k) for directors, with ownership guidelines (4× retainer) further aligning interests; no director-specific performance metrics disclosed for equity grants.
- Related-party/Conflict review: Berry’s related-party policy requires Audit & Finance Committee vetting; no related-party transactions requiring disclosure since the beginning of fiscal 2024, mitigating conflict concerns regarding outside affiliations.
- Risk indicators: Anti-hedging/pledging policy in place; Compensation Recovery Policy for executives underscores accountability culture, though not directly applicable to director pay.
RED FLAGS
- None disclosed: No related-party transactions involving Sheffield; no pledging or hedging permitted under policy; attendance thresholds met. Continue monitoring for any Canyon-related transactions given his capital allocation influence, but none reported for FY2024.
Signals for investors
- Capital allocation chair role combined with professional investor experience can be a positive for disciplined portfolio decisions; independence, ownership guidelines compliance, and trading restrictions support investor confidence.