Ellen Schum
B&G FoodsAbout Ellen Schum
Ellen M. Schum is Executive Vice President and President of Specialty at B&G Foods, a role she has held since August 2022; she previously served as VP, U.S. Retail Sales (2018–2019) and EVP & Chief Customer Officer (2019–2022) . She is 59 years old as of March 25, 2025 . Her background spans 24 years at Nabisco and Kraft across finance and sales leadership (culminating as Area Vice President—East) and senior operating roles at Schuman Cheese (EVP Sales & Marketing 2014–2016; COO 2017–2018) . B&G’s incentive design under her tenure emphasizes pay-for-performance with corporate and business-unit metrics (Adjusted EBITDA, Net Sales, Net Working Capital; plus segment Adjusted EBITDA, segment Net Sales, and segment Inventory) , alongside three-year performance share LTIAs tied to excess cash and ROIC beginning with 2024–2026 awards . Company context: since the 2004 IPO, B&G’s net sales and adjusted EBITDA CAGRs were 8.6% and 7.5%, respectively; in 2024 the company realigned reporting into Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| B&G Foods | EVP & President, Specialty | Aug 2022–Present | Leads Specialty business unit; senior operating leadership |
| B&G Foods | EVP & Chief Customer Officer | Mar 2019–Aug 2022 | Customer leadership; sales/commercial strategy |
| B&G Foods | VP, U.S. Retail Sales | Jul 2018–Mar 2019 | Retail sales leadership |
| Schuman Cheese Inc. | COO | 2017–2018 | Operations leadership |
| Schuman Cheese Inc. | EVP Sales & Marketing | 2014–2016 | Sales/marketing leadership |
| Nabisco/Kraft Foods | Finance (5 yrs), Sales (19 yrs); Area VP—East | 24 years total | Progressive finance and sales leadership culminating in area VP |
External Roles
No external public company directorships or committee roles for Ms. Schum are disclosed in the latest proxy biography .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $415,641 | $446,250 | $468,563 |
| 401(k) Matching ($) | $9,150 | $9,900 | $10,350 |
| Automobile Allowance ($) | $10,000 | $10,000 | $10,000 |
| Cell Phone Allowance ($) | $1,560 | $1,560 | $1,560 |
| All Other Compensation Total ($) | $20,710 | $21,460 | $21,910 |
Performance Compensation
Annual Bonus Plan — Design and 2024 Results (Business Unit Participant: Specialty)
| Metric | Threshold | Target | Maximum | Weight in Ellen’s Plan | Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| Corporate Adjusted EBITDA ($) | $294,500,000 | $310,000,000 | $325,500,000 | 15% | $295,412,876 | 29.4% |
| Corporate Net Sales ($) | $1,880,563,825 | $1,979,540,868 | $2,078,517,912 | 9% | $1,932,453,926 | 64.3% |
| Corporate Net Working Capital ($) | $638,909,765 | $608,485,490 | $578,061,216 | 6% | $586,533,780 | 172.2% |
| Specialty Segment Adjusted EBITDA ($) | $158,888,250 | $167,250,789 | $175,613,328 | 35% | $170,143,267 | 135.0% |
| Specialty Segment Net Sales ($) | $664,842,855 | $699,834,584 | $734,826,313 | 21% | $679,082,148 | 55.5% |
| Specialty Segment Inventory ($ 12-mo avg) | $185,643,654 | $176,803,480 | $167,963,306 | 14% | $150,952,093 | 200.0% |
| Weighted Payout (Corporate) | — | — | — | 30% total | — | 68.4% |
| Weighted Payout (Specialty BU) | — | — | — | 70% total | — | 124.0% |
| Annual Bonus Award Payment (% of Target) | — | — | — | — | — | 107.3% |
| Non-Equity Incentive Plan Compensation ($) | — | — | — | — | — | $301,661 |
Target bonus opportunity as % of salary: Threshold 15%, Target 60%, Maximum 120% (business unit participants, including Ms. Schum) .
Annual Bonus Plan — 2023 Specialty Results (for comparison)
| Metric | Threshold | Target | Maximum | Weight | Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| Corporate Adjusted EBITDA ($) | $288,352,141 | $313,426,241 | $329,097,553 | 15% | $317,994,625 | 129.2% |
| Corporate Net Sales ($) | $2,014,413,002 | $2,120,434,739 | $2,226,456,476 | 9% | $2,062,313,106 | 58.9% |
| Corporate Net Working Capital ($) | $692,588,159 | $659,607,770 | $626,627,382 | 6% | $588,216,695 | 200.0% |
| Specialty BU Product Contribution ($) | $129,399,227 | $140,651,334 | $147,683,900 | 35% | $165,306,713 | 200.0% |
| Specialty BU Net Sales ($) | $672,828,138 | $708,240,145 | $743,652,152 | 21% | $722,359,996 | 139.9% |
| Specialty BU Inventory ($ 12-mo avg) | $191,918,220 | $182,779,257 | $173,640,294 | 14% | $151,811,383 | 200.0% |
| Weighted Payout (Corporate) | — | — | — | 30% total | — | 122.2% |
| Weighted Payout (Specialty BU) | — | — | — | 70% total | — | 182.0% |
| Annual Bonus Award Payment (% of Target) | — | — | — | — | — | 164.1% |
| Non-Equity Incentive Plan Compensation ($) | — | — | — | — | — | $439,378 |
Long-Term Incentive Awards (LTIAs) — Structure and Grant Values
| Component | 2024 Design | Grant Value ($) | % of Base Salary | Vesting/Performance |
|---|---|---|---|---|
| Performance Share LTIA (2024–2026) | 50% Excess Cash; 50% ROIC | $183,030 (target) | 45% target; 22.5% threshold; 135% maximum | 3-year cumulative; shares issued post-period subject to performance certification |
| Restricted Stock (2024 grant) | Service-based | $225,757 | 45% of base salary | Vests in 3 equal tranches over 3 years |
| Performance Share LTIA (2022–2024) | Excess Cash | — | — | Below threshold; no shares earned |
Equity Ownership & Alignment
| Ownership Detail | As of/Period | Amount |
|---|---|---|
| Beneficial Ownership (Total Shares) | March 19, 2025 | 75,144 shares; less than 1% of outstanding |
| Unvested Restricted Stock | March 19, 2025 | 30,337 shares |
| Outstanding PS LTIAs (Unearned) | FY 2024 Year-End | 7,141 (2023–2025); 9,936 (2024–2026) |
| Outstanding Restricted Stock (Unvested) | FY 2024 Year-End | 19,873 shares |
| Options (Exercisable/Unexercisable) | FY 2024 Year-End | No options disclosed for Ms. Schum in outstanding awards table |
| Executive Ownership Guidelines | Policy | No formal executive stock ownership guidelines; executives encouraged to hold stock |
| Hedging/Pledging Policy | Policy | Hedging prohibited; pledging prohibited; trading limited to approved windows with pre-clearance |
Vesting Schedule (Restricted Stock Tranches)
| Grant | Vest Dates | Shares Vesting |
|---|---|---|
| 2022 RS Grant | 3/25/2025 (remaining tranche vested) | Included in vesting; see table |
| 2023 RS Grant | 3/25/2025 and 3/25/2026 (remaining two-thirds) | — |
| 2024 RS Grant | 3/25/2025, 3/25/2026, 3/25/2027 (one-third each) | — |
Option Exercises and Stock Vested in FY 2024: 6,546 RS shares vested for Ms. Schum; value realized $74,363 (gross) .
Employment Terms
- Agreement mechanics: Automatic one-year extensions; eligible for annual bonus and long-term incentives; standard executive benefits (auto, cell phone, insurance); 60 days’ notice for resignation; 60 days’ notice for termination without cause; one-year non-compete post voluntary resignation or termination for cause (U.S. food manufacturers) .
- Severance (without cause): One-year salary continuation equal to 160% of current base salary; continuation of medical/dental/life/disability benefits (or cash equivalent); one additional year of pension service credit (if eligible); outplacement services; pro-rata PS LTIA after performance period (no acceleration) . Estimated totals for Ellen Schum: $1,040,472 (includes salary continuation, benefits, pension credit, and accelerated RS per December 27, 2024 assumptions) .
- Change-in-control (double trigger): Severance period increased to two years post-termination; no excise tax gross-up; estimated total for Ellen Schum $1,980,323 (as of December 27, 2024 assumptions) .
- Clawback: Incentive compensation subject to recovery for financial restatements due to material non-compliance; applies regardless of misconduct; adopted November 2023 and filed with 10-K .
Say-on-Pay and Peer Benchmarking
- Say-on-Pay approvals: 2024 advisory approval ~88% of votes cast ; 2023 advisory approval ~91% .
- Peer group: Compensation committee uses independent consultant Meridian; peer surveys include BellRing, Lancaster Colony, McCormick, Flowers Foods, Post Holdings, Hain Celestial, Sanfilippo, Simply Good Foods, J&J Snack Foods, TreeHouse Foods, Lamb Weston, Utz Brands (peer set updated over time) .
Investment Implications
- Alignment: Mix of corporate and business-unit metrics plus three-year performance shares ties pay to operational execution; 2022–2024 PS LTIAs paid zero, signaling rigor in long-term goals .
- Vesting cadence: RS tranches vest each March (2025–2027), potentially creating predictable windows of stock supply; insider trading policy restricts trading to approved windows and prohibits hedging/pledging, mitigating misalignment risks .
- Retention economics: Severance design (160% salary for one year; two years post-CIC) and absence of excise tax gross-up balance retention with shareholder-friendly terms; double-trigger CIC reduces windfall risk .
- Governance support: Strong say-on-pay approvals (88%/91%) and independent oversight with clawback policy enhance confidence in pay-for-performance and risk controls .