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    Sean M. Connolly

    President and CEO at Conagra Brands Inc
    Board
    Since April 6, 2015
    Age
    58 years
    Tenure
    Joined Conagra Brands on April 6, 2015, as President and CEO and has remained in that role, leading transformational growth and strategic initiatives ever since.

    Also at Conagra Brands Inc

    AOE
    Alexandre O. Eboli
    EVP and Chief Supply Chain Officer
    CLB
    Carey L. Bartell
    EVP, General Counsel, and Corporate Secretary
    CB
    Charisse Brock
    EVP and Chief Human Resources Officer

    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

    OrganizationRoleDate RangeDetails
    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

    OrganizationRoleDate RangeDetails
    S.C. Johnson & Son, Inc. Board Member N/A Privately held consumer products company

    Fixed Compensation

    Data from  FY 2024
    Component NameAmount ($)Payment ScheduleAdditional Details
    Base Salary1,366,346 AnnualFixed annual salary
    Qualified 401(k) Plan Contribution27,629 AnnualCompany contribution to the qualified 401(k) plan
    VDCP Contribution306,418 AnnualCompany contribution to the Voluntary Deferred Compensation Plan (VDCP)
    Personal Use of Aircraft184,031 AnnualIncremental cost for personal use of company aircraft; costs below $150,000 threshold
    Security Expenses37,800 AnnualCost for company car and driver for security purposes

    Performance Compensation

    Data from  FY 2024

    Annual Incentive Plan (AIP)

    Metric (Weight)ThresholdTargetMaximum (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

    MetricThreshold/Target/MaximumWeight/DetailAdditional Details
    Adjusted EPS (70% weight)Threshold: $2.37, Target: $2.52, Maximum: $2.65 70% weightYear-over-year growth rate approach
    Adjusted Net Sales (30% weight)Threshold: $11,702 million, Target: $12,449 million, Maximum: $13,196 million 30% weightYear-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 TypeGrant Date Fair Value ($)WeightVesting SchedulePerformance Criteria/Additional Details
    Performance Shares8,000,000 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 Units2,000,000 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.