Jennifer Daniels
COLGATE PALMOLIVEAbout Jennifer Daniels
Jennifer M. Daniels is Chief Legal Officer and Secretary of Colgate-Palmolive and has served in this officer capacity in SEC filings since at least 2018; she joined Colgate in 2014 . Company performance under the current plan includes 2024 organic sales growth of 7.4% (vs 5.0% target) and Base Business EPS of $3.60 (above the $3.37–$3.42 target range) . For 2024, Colgate’s total shareholder return value of an initial $100 was $148.5 (peer group $125.6) and net income was $3,049 million, framing the pay-for-performance context for Named Executive Officers (NEOs) including Daniels .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Colgate-Palmolive Company | Chief Legal Officer & Secretary (company officer and SEC signatory) | 2018–present (signatory in 8-Ks/proxies); joined Colgate in 2014 | Corporate governance and legal oversight; corporate secretary in proxy statements; signatory on current reports |
External Roles
- No public company directorships or external governance roles are disclosed for Daniels in Colgate’s proxy or related 8-Ks .
Fixed Compensation
Multi-year compensation (as reported in Summary Compensation Table):
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $835,748 | $880,098 | $921,815 |
| Stock Awards | $845,343 | $1,292,516 | $1,384,831 |
| Option Awards | $920,008 | $579,013 | $579,002 |
| Non-Equity Incentive Plan Compensation (Annual Bonus) | $910,820 | $1,284,077 | $1,297,131 |
| All Other Compensation | $138,252 | $196,001 | $170,426 |
| Total | $3,650,171 | $4,231,705 | $4,353,205 |
Additional fixed/target details (2024):
- Target annual bonus (Assigned Award Opportunity): 80% of base salary .
- All Other Compensation 2024 breakdown: 401(k) company contribution $41,400; Supplemental Savings & Investment Plan allocation $126,809; company-paid life insurance $2,217 .
Performance Compensation
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Annual incentive structure (2024): 40% Base Business EPS, 40% Organic Sales Growth, 20% Strategic Initiatives; base goals aligned with public guidance . Results: EPS $3.60 vs. $3.37–$3.42 target; organic sales 7.4% vs. 5.0% target; strategic measure paid 150% (innovation, consumer experience, inclusion, sustainability) . Overall annual bonuses paid at 174.0% of assigned opportunities; for Daniels, bonus equaled 139.2% of year-end salary (consistent with SCT) .
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Long-term incentives (LTI) design: Mix of performance-based RSUs (PBRSUs), stock options, and time-based RSUs; PBRSUs for the 2024–2026 cycle are measured on relative organic sales growth (50%), relative Base Business Net Income growth (30%), and Free Cash Flow Productivity (20%) with a ±25% TSR modifier; earnout 0–250% of target .
- Daniels’ 2024 LTI grants: PBRSUs target 10,922 units (2024–2026 cycle) ; time-based RSUs 3,630 (granted 9/12/24) ; options 25,563 at $106.34 strike, expiring 9/12/2032; options vest in equal installments over three years .
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Realizations (2024): Options exercised: 105,883 shares; value realized $2,128,625. Stock awards vested: 19,815 shares; value realized $2,021,195 .
Detailed 2024 annual bonus components and outcomes:
| Component | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| Base Business EPS | 40% | $3.37–$3.42 | $3.60 | Contributed to 174.0% total payout |
| Organic Sales Growth | 40% | 5.0% | 7.4% | Contributed to 174.0% total payout |
| Strategic Initiatives | 20% | Not disclosed (competitive) | Met/Exceeded key goals; paid 150% of target | 150% for strategic component |
Vesting schedules (as of 12/31/24):
| Award Type | Next Vest/Event | Shares |
|---|---|---|
| PBRSUs (earned for completed cycle) | 2/13/25 | 18,601 |
| RSUs (time-based) | 9/12/25 | 1,048 |
| RSUs (time-based) | 9/13/25 | 1,814 |
| RSUs (time-based) | 9/12/26 | 1,216 |
| RSUs (time-based) | 9/13/26 | 1,815 |
| RSUs (time-based) | 9/12/27 | 1,217 |
Option vesting tranches (unexercised portions scheduled):
| Vest Date | Options |
|---|---|
| 9/12/25 | 8,521 |
| 9/13/25 | 12,962 |
| 9/12/26 | 8,521 |
| 9/13/26 | 12,962 |
| 9/12/27 | 8,521 |
In-progress PBRSU cycles:
- 2023–2025 and 2024–2026 cycles remain outstanding; for 2024–2026, PBRSU target 10,922 units (earnout 0–250% + TSR modifier) . Completed 2022–2024 cycle paid at 149.3% of target; TSR at 85th percentile (modifier +25%) .
Equity Ownership & Alignment
- Beneficial ownership (as of 3/10/2025): 66,151 shares directly; 221,415 options exercisable within 60 days; 1,759 shares held via Savings & Investment Plan; each director/officer individually holds <0.25% of outstanding shares .
- Options in-the-money value at 12/31/2024: Exercisable $3,232,879; Unexercisable $737,228 .
- Outstanding equity at 12/31/2024 (selected): Unexercisable options include 20,848 (2022 grant), 25,924 (2023 grant), 25,563 (2024 grant) .
- Unearned PBRSUs at maximum level (indicative caps): 2023–2025 cycle 27,054; 2024–2026 cycle 21,844 .
- Anti-hedging/pledging: Officers are prohibited from hedging and pledging Colgate stock .
- Stock ownership guidelines: NEOs must hold stock equal to 4× salary; all Named Officers are in compliance .
Employment Terms
- No individual executive employment agreements (no guaranteed salaries/bonuses) .
- Clawbacks: Mandatory recovery for financial restatements; broader discretionary clawback for restatements or Code of Conduct violations; equity awards include non-compete/non-solicit/non-interference covenants .
- Insider trading policy: Prohibits trading while aware of MNPI; blackout policy; prohibits hedging and pledging by officers .
- Executive Severance Plan (change-in-control): Double-trigger; 18–24 months of base salary plus average of last 3 years’ bonuses; continued benefits; pro-rated bonus upon change-in-control; no tax gross-ups; requires 1-year non-compete; applies to ~150 senior executives including Daniels .
- Involuntary termination without cause (non-CIC): Lump-sum of 12–24 months salary; continued medical/dental (and for CFO, life) for 12–18 months; in 2025 enhancements to NAMED Officer benefits discontinued; equity generally follows retirement treatment if retirement-eligible .
Estimated payments for Daniels (trigger at 12/31/2024 share price):
- Change-in-control with qualified termination: Severance $1,497,840; Annual Incentive (2024 actual) $1,297,131; Stock Options $737,228; RSUs $646,370; PBRSUs $6,633,157; Benefits $282,493 .
- Involuntary termination without cause (non-CIC): Severance $931,847; Benefits continuation $26,763 (annual incentive shown separately for illustrative payments by company) .
Additional Program Governance
- Compensation philosophy emphasizes pay-for-performance; high variable pay; multiple metrics; robust stock ownership; no backdating/spring-loading/repricing; no single-trigger severance; no tax gross-ups on perquisites/severance .
- Independent consultant: FW Cook advises the P&O Committee; no other services provided to Colgate .
- 2024 Say-on-Pay support: 86.7% approval at the 2024 Annual Meeting .
- Compensation peer group (2024): Church & Dwight; Clorox; Coca-Cola; Estée Lauder; General Mills; Haleon; Kellanova; Kenvue; Kimberly-Clark; Kraft Heinz; Mondelēz; PepsiCo; Procter & Gamble; Reckitt Benckiser; Unilever .
Investment Implications
- Pay-for-performance alignment: Daniels’ variable pay is tied to EPS, organic growth, and strategic execution; 2024 outperformance drove above-target bonus and supports incentive credibility .
- Retention and selling pressure: Significant unvested RSUs, options, and in-progress PBRSUs (10,922 target for 2024–2026; max 21,844) provide retention incentives; however, Daniels realized $2.13M from option exercises in 2024 and $2.02M from vested stock—monitor cadence of exercises vs. upcoming 2025–2027 vesting calendar for potential supply dynamics .
- Alignment/risks: Strong ownership requirements and anti-hedging/pledging rules reduce misalignment risks; double-trigger CIC terms limit windfall risk; broad clawbacks and one-year non-compete mitigate conduct risk .
- Governance backdrop: High say-on-pay support and independent P&O oversight (FW Cook) lower governance red-flag risk; metrics now incorporate sustainability and consumer experience in strategic measure, signaling balanced incentives beyond pure financials .