Mick J. Beekhuizen
Also at Campbell's Co
About
Mick J. Beekhuizen has built a distinguished career characterized by consistent growth and leadership across various industries. He began his trajectory at CPB in September 2019 as Chief Financial Officer, where he managed critical finance functions and strategy, later transitioning to lead the Meals & Beverages division.
Throughout his professional journey, he demonstrated financial, commercial, and operational excellence. Before his ascent at CPB, he held key roles at Chobani LLC as Executive Vice President and Chief Financial Officer, as well as significant positions at Education Management Corporation and Goldman Sachs, further solidifying his reputation as a transformative leader.
Recognized for his strategic leadership and value creation, he is now poised to shape the future of CPB as President and CEO, bringing a deep understanding of both the operational and financial aspects of the business to his new role. His career reflects a blend of strong execution in investor relations, corporate development, and operational management that continues to drive CPB’s strategic initiatives.
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Salary | $795,292 | Annual | Fixed salary for 2023. |
| All Other Compensation | $306,409 | Annual | Total additional fixed compensation including 401(k) plan contributions, 401(k) supplemental contributions, executive retirement contributions, long-term disability premiums, and other perquisites (exact subcomponent amounts not provided). |
Performance Compensation
Stock Awards 2023
| Component | Shares/Units | Grant Date Fair Value | Performance Metric | Threshold / Target | Vesting Schedule | Additional Details |
|---|---|---|---|---|---|---|
| TSR Performance-Restricted | 17,213 | $796,101 | TSR vs. Performance Peer Group (2023-2025) | Threshold: 50% target payout; Target: 100% payout | Vesting upon meeting TSR performance and continued employment through September 30, 2025 | Payout may exceed target; requires continuous employment. |
| EPS Performance-Restricted | 17,213 | $796,101 | Adjusted EPS CAGR (2023-2025) | Threshold: 50% target payout; Target: 100% payout | Vesting upon meeting EPS performance and continued employment through September 30, 2025 | Payout may exceed target; performance-based award. |
| Time-Lapse Restricted | 22,951 | $1,061,484 | Continuous Service | N/A | 1/3 vests on September 30, 2023, 2024, and 2025 | Service-based award; no performance metric involved. |
Grant Details:
- Grant Date: October 1, 2022.
- Grant Date Stock Price: $50.44.
- Total LTI Grant Value: $2,894,063.
Non-Equity Incentive Plan Compensation (AIP) 2023
| Metric | Weight | Threshold | Target | Over-Achievement | Exceptional Performance | Additional Details |
|---|---|---|---|---|---|---|
| Net Sales | 40% | $8,607 million | $9,015 - $9,106 million | $9,695 million | $9,876 million | 50% payout at threshold, 100% at target, up to 175%-200% at higher performance. |
| Adjusted EBIT | 40% | $1,188 million | $1,294 - $1,347 million | $1,426 million | $1,452 million | 50% payout at threshold, 100% at target, up to 175%-200% at higher performance. |
| Free Cash Flow | 20% | $650 million | $750 - $780 million | $880 million | $918 million | 25% payout at threshold, 100% at target, scales to 175%-200% for higher performance. |
AIP Award Calculation:
- AIP Target: $720,000
- Performance Score: 111%
- Individual Performance Score: 100%
- Final AIP Award: $801,000 (calculation: $720,000 × 111% × 100%).
Additional Notes:
- The AIP award is a cash-based incentive; therefore, no vesting schedule or grant date fair value is applicable.
- The performance for both equity and non-equity awards is subject to the evaluation over the period 2023-2025 with specific thresholds, targets, and potential caps as noted above.