Sean M. Connolly
Also at Conagra Brands Inc
About
At 58 years old as of July 2024, he is recognized as a seasoned leader with extensive experience in the consumer packaged goods and food industries. His career highlights include notable leadership roles that have shaped the operations and strategic direction of major food and consumer brands.
Before joining the current organization, he held executive positions at several prominent companies such as The Hillshire Brands Company, where he served as President, CEO, and Director; Sara Lee Corporation, acting as Executive Vice President and CEO of North American Retail and Foodservice; and significant roles at Campbell Soup Company encompassing various leadership positions. Early in his career, foundational experiences at The Procter & Gamble Company further developed his expertise in marketing and brand management.
Since assuming the role on April 6, 2015, his leadership at the company has been marked by transformational growth, strategic initiatives, and an unwavering focus on building leading consumer brands. His approach combines deep industry knowledge with a results-driven mindset, contributing to the company’s continued marketplace and financial success.
$CAG Performance Under Sean M. Connolly
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| The Hillshire Brands Company | President and Chief Executive Officer | June 2012 to August 2014 | Also served as director |
| Sara Lee Corporation | Executive Vice President and Chief Executive Officer, Sara Lee North American Retail and Foodservice | January 2012 to June 2012 | Role undertaken in anticipation of the spin-off of Hillshire Brands |
| Campbell Soup Company | President, Campbell North America | October 2010 to December 2011 | N/A |
| Campbell Soup Company | President, Campbell USA | 2008 to 2010 | N/A |
| Campbell Soup Company | President, North American Foodservice | 2007 to 2008 | N/A |
| The Procter & Gamble Company | Various marketing and brand management roles | N/A | Focused on consumer packaged goods |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| S.C. Johnson & Son, Inc. | Board Member | N/A | Privately held consumer products company |
Fixed Compensation
| Component Name | Amount ($) | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | 1,366,346 | Annual | Fixed annual salary |
| Qualified 401(k) Plan Contribution | 27,629 | Annual | Company contribution to the qualified 401(k) plan |
| VDCP Contribution | 306,418 | Annual | Company contribution to the Voluntary Deferred Compensation Plan (VDCP) |
| Personal Use of Aircraft | 184,031 | Annual | Incremental cost for personal use of company aircraft; costs below $150,000 threshold |
| Security Expenses | 37,800 | Annual | Cost for company car and driver for security purposes |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric (Weight) | Threshold | Target | Maximum (Cap) | Additional Details |
|---|---|---|---|---|
| Adjusted Operating Profit (50%) | $1,625 million | $2,031 million | $2,336 million | Payout increases from 25% to 200%; Above Target at $2,092 million (105% payout) |
| Adjusted Net Sales (25%) | $11,168 million | $12,409 million | $13,650 million | Payout increases from 25% to 150%; Above Target at $13,030 million (105% payout) |
| Adjusted Free Cash Flow (25%) | $942 million | $1,178 million | $1,413 million | Payout increases from 25% to 250%; Above Target at $1,236 million (105% payout) |
- Evaluation Period: Fiscal 2024 for the AIP
- Payout Details: Target Opportunity was $2,459,423; Actual Payout reached $3,246,069, which is 132.0% of target after a negative adjustment of (7.8%).
- Vesting: No vesting schedule as the AIP is a cash-based incentive.
Performance Shares
| Metric | Threshold/Target/Maximum | Weight/Detail | Additional Details |
|---|---|---|---|
| Adjusted EPS (70% weight) | Threshold: $2.37, Target: $2.52, Maximum: $2.65 | 70% weight | Year-over-year growth rate approach |
| Adjusted Net Sales (30% weight) | Threshold: $11,702 million, Target: $12,449 million, Maximum: $13,196 million | 30% weight | Year-over-year growth rate approach |
- Payout Range: 0% to 200% of targeted Performance Shares.
- Evaluation Period: Fiscal 2024 to 2026.
- Grant Date: July 19, 2023.
- Vesting: Performance Shares vest after a 3-year performance period.
Stock Awards (CEO Performance and Retention Award)
| Award Type | Grant Date Fair Value ($) | Weight | Vesting Schedule | Performance Criteria/Additional Details |
|---|---|---|---|---|
| Performance Shares | 8,000,000 | 80% | Vests based on 3-year performance (2024-2026) | Based on 3-year EPS and Net Sales goals; subject to full negative discretion |
| Restricted Stock Units | 2,000,000 | 20% | Cliff vesting on July 19, 2026 | Service-based vesting; accrues dividend equivalents paid in additional shares |
- Grant Date Stock Price: Determined by the average closing price over the 10 trading days prior to the grant date.
- Evaluation Period: Fiscal 2024 to 2026 for stock awards.
This breakdown provides a comprehensive view of the performance compensation components, including the AIP, Performance Shares, and Stock Awards for fiscal 2024, with exact dollar amounts, weights, thresholds, targets, and vesting schedules as detailed in the documents.