Matthew J. Blickley
Executive Vice President, Chief Financial Officer and Chief Accounting Officer at 
Coca-Cola Consolidated
Coca-Cola ConsolidatedExecutive
About Matthew J. Blickley
Matthew J. Blickley is Executive Vice President, Chief Financial Officer and Chief Accounting Officer of Coca‑Cola Consolidated (COKE). He was appointed CFO effective April 1, 2025 and continues serving as CAO, having held the CAO role since August 2020; he is a certified public accountant who joined the company in 2014 after beginning his career at PricewaterhouseCoopers LLP . He serves as the company’s principal financial and principal accounting officer, signing and certifying SEC reports, including the Q3 2025 Form 10‑Q and current reports on Form 8‑K . Company performance over 2021–2024 featured income from operations rising from $439.2 million to $920.4 million and a share price increase of more than twofold, alongside dividend increases and special dividends—context for the financial framework during his leadership positions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coca‑Cola Consolidated, Inc. | EVP, Chief Financial Officer and Chief Accounting Officer | CFO effective Apr 1, 2025; CAO since Aug 2020 (concurrent) | Principal financial and accounting officer; signs and certifies SEC filings; investor contacts show CFO/CAO role |
| Coca‑Cola Consolidated, Inc. | Senior VP, Financial Planning; Corporate Controller | Not disclosed | Progressively senior finance roles, including Corporate Controller, evidencing depth in FP&A and controllership |
| PricewaterhouseCoopers LLP | Audit/Assurance (CPA) | Early career, years not disclosed | Public accounting foundation and CPA credential |
External Roles
No public company directorships or external board roles disclosed for Mr. Blickley in available filings .
Fixed Compensation
- Executive base salaries are set by the Compensation Committee using role, responsibility, performance, tenure and market data; the program emphasizes competitiveness (generally targeting the 50th–75th percentile versus peers) and fairness across components .
- Specific 2025 CFO compensation terms for Mr. Blickley (base salary, target bonus %) were not disclosed in the appointment 8‑K; the company disclosed that no special arrangements existed at appointment and did not report compensatory terms at that time .
- Executives have no individual employment agreements; compensation elements and severance/change‑in‑control protections are provided through company plans (ORP, LTRP, SSIP, Annual Bonus Plan, Long‑Term Performance Plan) rather than contracts .
Performance Compensation
The Annual Bonus Plan and Long-Term Performance Plan tie executive pay to EBIT, Free Cash Flow and Revenue (short-term) and to multi-year EBIT, Free Cash Flow and EBIT Margin (long-term). The formula and fiscal 2024 goal structure are below.
- Annual Bonus formula: Base Salary × Target Bonus % × Overall Goal Achievement Factor × Individual Performance Factor .
- Fiscal 2024 performance measures and payout calibration :
| Metric | Weight | Threshold | Target | Maximum | Adjusted Achievement | Payout % | Weighted Payout % |
|---|---|---|---|---|---|---|---|
| EBIT ($mm) | 40% | $797.0 | $877.0 | $917.0 | $921.6 | 150.0% | 60.0% |
| Free Cash Flow ($mm) | 40% | $360.0 | $400.0 | $440.0 | $440.1 | 150.0% | 60.0% |
| Revenue ($bn) | 20% | $6.339 | $6.519 | $6.579 | $6.510 | 97.6% | 19.5% |
| Overall Goal Achievement Factor | — | — | — | — | — | — | 139.5% |
- Named executive target bonus percentages in 2024: CEO 100%, CFO 75%, COO 100%, EVPs 75%—illustrating role-based calibration; targets remained unchanged from 2023 .
- Long-Term Performance Plan (cash) for non‑CEO executives uses 3-year aggregate Free Cash Flow (30%), aggregate EBIT (50%), average EBIT Margin (20%) with 0%–150% payout scaling; awards are paid in cash in early year 4, with pro‑rata and change‑in‑control provisions .
- CEO-only Long‑Term Performance Equity Plan mirrors LTP metrics, with settlement in cash or Class B shares at CEO election; non‑CEO awards are settled in cash given limited float/liquidity of COKE stock .
Equity Ownership & Alignment
| Topic | Disclosure |
|---|---|
| Hedging/Short-Selling | Directors, officers and certain finance personnel are prohibited from hedging or short selling COKE securities . |
| Pledging | The Insider Trading Policy prohibits directors and officers from using COKE securities as collateral in margin accounts (pledging) . |
| Equity Compensation | The company historically pays non‑CEO long‑term awards in cash instead of equity due to limited public float and trading volume; CEO’s performance equity can settle in cash or Class B shares . |
| Ownership Reporting | 2025 proxy discloses beneficial ownership for directors and named executive officers only; Mr. Blickley was not a named executive officer for fiscal 2024, so individual holdings were not reported there . |
Employment Terms
- No employment agreements; severance/change‑in‑control benefits provided through ORP/LTRP/SSIP/bonus plans (executive eligibility depends on hire date and role) .
- Change‑in‑control definition (applies across ORP/LTRP/SSIP): acquisition of voting control beyond Harrison Family, sale of substantially all assets, or merger where COKE is not the survivor; benefits include lump sum or scheduled installments, with pro‑rata treatment in annual and long‑term plans .
- ORP includes non‑compete of 3 years post‑termination (does not apply after both termination and change‑in‑control); ORP stopped granting new supplemental retirement awards after March 2014 (executives hired after that date typically receive LTRP/SSIP instead) .
- CFO appointment and role: Executive Committee appointed Mr. Blickley EVP & CFO effective April 1, 2025; no special arrangements or related-party transactions; he continues as CAO .
Performance & Track Record
- Company milestones 2021–2024: operating income rose from $439.2 million to $920.4 million; regular quarterly dividend increased from $0.25 to $2.50; two special dividends totaling nearly $180 million; share price more than doubled; approximately $950 million invested in automated distribution centers, facilities, and fleet upgrades .
- Financing and capital structure execution under his CFO tenure: signed amendments to revolving credit facility and private shelf agreements to preserve compliance through major repurchase transactions, and executed a $1.2 billion 364‑day bridge loan facility with Wells Fargo as Administrative Agent .
- SEC reporting leadership: principal financial officer certifications on Q3 2025 Form 10‑Q and signatures on related 8‑Ks and earnings releases demonstrate governance and controls stewardship .
Compensation Committee & Peer Group
- Committee uses market references and Korn Ferry advising; peer group includes Brown‑Forman, Campbell Soup, Constellation Brands, Flowers Foods, Keurig Dr Pepper, Lancaster Colony, McCormick, Molson Coors, Monster Beverage, Post Holdings, Primo Water, Hain Celestial, TreeHouse Foods, and COKE; median peer revenue $6.662 billion; average $6.482 billion .
- The Compensation Committee sets base salaries, bonus targets, LTP awards, and oversees severance/change‑in‑control structures and director pay .
Investment Implications
- Pay-for-performance alignment: CFO compensation is predominantly variable via Annual Bonus (EBIT, FCF, Revenue) and multi‑year cash LTP (EBIT, FCF, EBIT Margin), which strongly ties incentives to operating efficiency, cash generation and margin quality; non‑CEO cash settlement reduces equity sale pressures .
- Retention and change‑in‑control protections: Company‑wide plans provide structured pro‑rata and CIC payouts, with ORP/LTRP/SSIP vesting and non‑compete (ORP); executives have no bespoke contracts, moderating fixed cost risk while ensuring continuity in strategic transactions .
- Governance and risk posture: strict prohibitions on hedging/short‑selling and pledging limit misalignment and leverage risks tied to personal capital structure; principal officer certifications and financing execution indicate strong controls and capital markets competency .
- Data gaps: Specific CFO compensation (base, bonus targets, ownership) for Mr. Blickley weren’t disclosed in 2025 filings; investors should look to the next proxy for detailed CFO pay and ownership to refine alignment analysis .