Eric Christel
Bloomin' BrandsAbout Eric Christel
Eric Christel is Executive Vice President and Chief Financial Officer of Bloomin’ Brands, appointed CFO‑Elect on August 4, 2025 and effective as CFO on or about September 8, 2025 . He brings nearly two decades of finance leadership across food and beverage, including SVP & CFO of Campbell’s Snacks, CFO of the Americas at Dentsu, and multiple finance roles at PepsiCo (2007–2020) . Company-wide compensation outcomes preceding his arrival underscore a strict pay‑for‑performance program: fiscal 2024 short‑term incentive funded at 28% of target on Adjusted Revenue/Adjusted Operating Income metrics, while the 2022 PSU cycle paid 0% based on LT targets, and Say‑on‑Pay support was 97.4%—context for the performance/accountability environment he is joining .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Campbell’s Company (Snacks Division) | SVP & CFO | Jan 2022 – Aug 2025 | Led finance through growth, transformation, operational efficiency; supported sales/profitability via strategic pricing, marketing investments, and international expansion . |
| Dentsu (Americas Region) | SVP & CFO, Americas | Jan 2020 – Jan 2022 | Led finance across U.S., Canada, LatAm in complex franchise/franchisor and company-owned models . |
| PepsiCo | Various financial management roles | Oct 2007 – Jan 2020 | Broad operating/FP&A and strategy/transformation experience across large P&Ls . |
External Roles
- No external public company directorships were disclosed in the Company’s appointment and related filings for Mr. Christel .
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $600,000 per year |
| Target annual bonus (STIP) | 85% of base salary; pro‑rated for 2025 based on start date; payout contingent on Company and individual performance |
| Benefits | Eligible for medical, dental, vision, life/AD&D, STD/LTD, PTO, and Non‑Qualified Deferred Compensation Plan per Company policy |
| Relocation | One‑time $250,000 cash relocation allowance (subject to withholding); pro‑rata repayment if voluntary resignation/termination for Cause within 2 years |
Performance Compensation
Short‑Term Incentive Plan (Company design and 2024 results)
| Metric (weight) | Threshold | Target | Maximum | Actual | Performance factor | Funding level |
|---|---|---|---|---|---|---|
| Adjusted Revenue (50%) | $4,301m | $4,526m | $4,888m | $4,445m | 56% | 28% |
| Adjusted Operating Income (50%) | $228m | $324m | $357m | $226.8m | 0% | 0% |
| Total STIP funding (2024) | 28% of target |
Notes:
- Mr. Christel’s 2025 bonus will be pro‑rated from his start date and calculated on full‑year Company performance objectives and individual performance, per his offer letter .
Long‑Term Incentive (structure and awards)
| Element | Design | Vesting | Size/Value |
|---|---|---|---|
| 2025 sign‑on RSU | One‑time RSU award as a pro‑rated 2025 LTI | Standard 3‑year vesting; granted first trading day of month following start | $415,000 grant‑date value |
| Ongoing annual LTI (from March 2026) | Mix of PSUs and RSUs under 2025 Omnibus Plan | PSUs: 3‑year cliff, 0%–200% of target based on goals; RSUs: ratable over 3 years | Target grant value $1,000,000 (subject to Company and individual performance) |
| Change‑in‑Control treatment | Standard “double trigger” in equity agreements | Acceleration upon qualifying termination within CIC context as per plan terms | Plan policy disclosure |
Additional context:
- The Company’s LTIP emphasizes PSUs (two‑thirds) and RSUs (one‑third); 2022 PSUs paid 0% based on achieved results, indicating downside accountability .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership | Form 3 (filed Aug 18, 2025) reported no securities beneficially owned at appointment |
| Initial equity award | $415,000 RSU, three‑year vesting from grant on first trading day after start |
| Annual LTI from 2026 | $1,000,000 target value in PSUs/RSUs |
| Stock ownership guidelines | Executive Officers: 3x base salary; 5‑year compliance window; retain 50% of net after‑tax shares until compliant |
| Hedging/pledging | Prohibited: no short sales, derivatives designed to hedge; no margin accounts or pledging |
| Clawback | Compensation recovery policy applies to cash and equity compensation |
Implications for selling pressure:
- The 3‑year RSU schedule creates vesting dates in 2026–2028; mandatory 50% net‑share retention until guideline compliance should reduce near‑term sell pressure; hedging/pledging prohibitions mitigate misalignment risks .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | EVP & CFO‑Elect effective Aug 4, 2025; CFO effective on/about Sept 8, 2025 |
| Reporting | Reports to CEO (Michael Spanos) |
| Offer letter | Executed July 30, 2025; accepted and signed by Eric Christel |
| Severance (general) | Severance Pay Plan for executive officers (ex‑CEO): lump‑sum equal to base salary + target bonus, plus 12 months COBRA if terminated without cause (reduced to 50% for certain performance‑related terminations); subject to release and restrictive covenants |
| Change‑in‑Control (general) | For executive officers: 1.5x base salary + target bonus (lump‑sum), accelerated vesting of all outstanding equity, 18 months health benefits, 6 months outplacement, upon qualifying termination within 24 months post‑CIC; subject to covenants |
| Equity agreements | Double‑trigger CIC protection standard in equity awards |
| Cause (summary from schedule) | Includes willful failure to perform after notice/cure, dishonesty/fraud, insubordination, willful misconduct, certain criminal matters, material policy/restrictive covenant violations; resignation in anticipation of foreseeable Cause can be deemed Cause |
| Relocation clawback | Pro‑rata repayment if voluntary resignation or termination for Cause within 2 years of payment |
| Related‑party transactions | None reportable under Item 404(a) disclosed in appointment filing |
Performance & Track Record
- Campbell’s Snacks CFO: led finance through growth, transformation, and operational efficiency; supported sales and profitability via strategic pricing, marketing investments, and international expansion .
- Incoming mandate at BLMN: support Outback Steakhouse turnaround and strengthen strategic/operational finance capabilities per CEO remarks and press release .
Compensation Structure Analysis
- Cash vs equity mix: Initial package blends market‑rate cash (salary/bonus) with a modest 2025 pro‑rated RSU and a larger ongoing LTI from 2026 (PSUs/RSUs), emphasizing at‑risk equity alignment .
- Short‑term metrics rigor: 2024 corporate STIP metrics (Adj. Revenue/Adj. Operating Income, 50%/50%) produced a 28% payout, evidence of downside sensitivity and goal rigor .
- Long‑term accountability: 2022 PSU cycle paid 0% based on achieved results, reinforcing pay‑for‑performance .
- Governance checks: Clawback policy; prohibition on hedging/pledging; double‑trigger CIC; no excise tax gross‑ups among best practices .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for executives (mitigates alignment risk) .
- Related‑party transactions: None for Mr. Christel disclosed at appointment .
- Option repricing: Not permitted without shareholder approval .
- CIC design: Double‑trigger equity acceleration; 1.5x multiple for executive officers reduces undue windfalls while providing retention protection .
Compensation Peer Group & Say‑on‑Pay (Context)
- Peer group: 25 consumer discretionary peers used for 2024 benchmarking; target around market median .
- Say‑on‑Pay: 97.4% approval at 2024 AGM, indicating broad investor support for structure/rigor .
Equity Ownership & Alignment (Detail Table)
| Item | Status |
|---|---|
| Common shares beneficially owned at appointment | 0 (Form 3 filed Aug 18, 2025) |
| One‑time RSU grant | $415,000, standard 3‑year vesting (granted first trading day post‑start month) |
| Annual LTI (from 2026) | $1,000,000 target value in PSUs/RSUs |
| Ownership guideline | 3x base salary; 5‑year window; 50% net‑share retention until compliant |
| Hedging/pledging | Prohibited |
Employment Terms (Key Economics Table)
| Scenario | Cash multiple | Equity | Health/Other |
|---|---|---|---|
| Involuntary without Cause (non‑CIC) | 1x (base + target bonus) lump‑sum | Forfeiture/plan terms apply (no automatic acceleration) | COBRA premiums for 12 months (if elected) |
| Qualifying termination within 24 months post‑CIC | 1.5x (base + target bonus) lump‑sum for executive officers | Accelerated vesting of all outstanding equity | 18 months health benefits; 6 months outplacement |
Investment Implications
- Alignment and retention: Pay mix emphasizes at‑risk equity (PSUs/RSUs) with ownership guidelines and 50% net‑share retention until compliance, plus hedging/pledging bans—favorable for alignment and lowers risk of near‑term selling pressure outside scheduled vests .
- Turnaround sensitivity: 2024 STIP/LTIP outcomes (28%/0%) show strict linkage to operating performance; under Mr. Christel, upside variable comp likely tied to revenue and operating income (historically) and multi‑year EPS/TSR metrics, creating direct sensitivity to execution on Outback turnaround and corporate profitability .
- Change‑in‑control math: 1.5x CIC multiple and double‑trigger vesting balance retention with shareholder protections; limited risk of excessive parachute incentives (no excise tax gross‑ups) .
- Near‑term flow watchpoints: Track Form 4 filings as the 2025 sign‑on RSUs and future annual grants vest; retention requirements should dampen discretionary selling, but vesting dates can create event‑driven supply in the float .
No education or age information for Mr. Christel was disclosed in the reviewed Company filings; all compensation, ownership, and policy data above are drawn from SEC filings and Company documents cited herein.