Jeffrey Jenkins
CARTERSAbout Jeffrey Jenkins
Jeffrey M. Jenkins is Executive Vice President, Global Marketing at Carter’s, Inc. (CRI), age 47, and joined the company in 2019 after senior digital and marketing roles at CKE Restaurants, Whole Foods Market, and Yum! Brands . His core credentials are in digital strategy, marketing personalization, and omnichannel brand-building across large consumer brands . For context on performance during his tenure, CRI’s 2024 results reflected a challenging retail environment (Net Sales $2.844B; Adjusted Operating Income $286.6M; TSR value of initial $100 = 57.59), down from 2023 levels (Net Sales ~$2.95B; Adjusted Operating Income $327.8M; TSR 75.89) .
Company performance context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Sales ($B) | ~$2.95 | $2.844 |
| Adjusted Operating Income ($M) | $327.8 | $286.6 |
| TSR – Value of $100 | 75.89 | 57.59 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Carter’s, Inc. | EVP, Global Marketing | 2019–present | Leads global marketing; focus on digital and brand strategy . |
| CKE Restaurants (Carl’s Jr./Hardee’s) | Global Chief Digital Officer; previously CMO | 2017–2019 | Oversaw digital transformation and marketing for global QSR brands . |
| Whole Foods Market | VP, Digital Marketing & Channel Activation; VP, Digital Strategy & Marketing | 2015–2017 | Drove digital strategy and activation for a leading grocery retailer . |
| Yum! Brands | Marketing roles of increasing responsibility | 2008–2015 | Brand and marketing leadership across global foodservice portfolio . |
External Roles
- Not disclosed in company filings reviewed .
Fixed Compensation
- Not individually disclosed for Jenkins. He is not listed among Named Executive Officers (NEOs) in CRI’s 2024 or 2025 proxy Summary Compensation Tables .
- Company structure for senior executives: base salary plus annual cash incentive under the Incentive Compensation Plan. In 2024, NEO targets were 150% of base salary for the CEO, 85% for certain EVPs, and 75% for new EVPs; actual payout for NEOs was 5% of target given below-threshold sales and operating income results (strategic objectives paid at 25%) .
Performance Compensation
Annual incentive plan design (company-level)
| Metric (2024 design) | Weight | Target (example) | Actual (FY24) | Payout impact |
|---|---|---|---|---|
| Net Sales | 50% | $3,000M | $2,844M | Below threshold (0% on this metric) . |
| Adjusted Operating Income | 30% | $345M | $287.0M | Below threshold (0% on this metric) . |
| Strategic Objectives (brand style/value; retail traffic via marketing; multicultural acquisition) | 20% | Qualitative | 25% achieved | Partial credit contributed to 5% overall payout . |
Long-term equity (company practice)
| Award type | Typical vesting/measurement | 2024 design and metrics |
|---|---|---|
| Time-based Restricted Stock | 25% annually over 4 years . | 50% of grant value for NEOs in 2024 . |
| Performance Share Awards (PSAs) | 3-year period; payout 25%–200% of target . | 2024–2026 metrics: Net Sales (33%), Adjusted EPS (33%), Relative TSR vs. index peers (34%) . |
| Options | CRI has not granted stock options since fiscal 2018 . | Reduces option-exercise selling pressure risk . |
Note: Jenkins’ individual equity grants are not disclosed; tables reflect program design and NEO disclosures .
Equity Ownership & Alignment
- Stock ownership guidelines apply to executive officers; EVPs have a 3x base salary ownership multiple. Effective Feb. 9, 2024, unvested PSAs are excluded from the calculation; time-based and vested shares are included .
- Equity retention: time-based restricted stock must be held for four years post-grant; time-based options (legacy) must be held at least one year from vesting .
- Hedging and pledging: Prohibited for all Board members and employees (including NEOs) under company policy, reducing alignment risk from derivatives or collateralized positions .
- Individual beneficial ownership for Jenkins is not enumerated in the proxy (ownership breakdowns are provided for directors/NEOs and the group aggregate) .
Ownership and policy summary
| Item | Status/Policy |
|---|---|
| Ownership multiple (EVP-level) | 3x base salary (applies to executive officers) . |
| Hedging/Pledging | Prohibited company-wide . |
| Option overhang/selling pressure | Company has not granted options since 2018 . |
| Jenkins personal holdings | Not individually disclosed in proxy . |
Employment Terms
- Employment start: 2019 at CRI as EVP, Global Marketing .
- Severance/Change-of-Control: Detailed severance agreements are disclosed for NEOs (12 months’ base salary for termination without cause/good reason; pro-rated bonus based on company results; benefits contributions; double-trigger adds 12 months under CoC). Equity plan uses double-trigger vesting for grants on/after Feb. 15, 2024. Jenkins’ specific severance terms are not disclosed and may differ as he is not listed as an NEO .
- Clawback: Adopted consistent with Rule 10D-1 and NYSE listing standards .
- Insider Trading Policy: Maintained and filed as an exhibit to Form 10-K (FY2024), covering directors, officers, and employees .
Investment Implications
- Pay-for-performance alignment: 2024 NEO bonus payout at just 5% of target demonstrates tight linkage to sales/profit execution; indicates low risk of windfall compensation amid underperformance and supports alignment culture across the executive cadre that includes marketing leadership roles like Jenkins’ .
- Vesting/selling pressure: With no new options since 2018 and an equity mix centered on time-based and performance shares with multi-year horizons and retention holds, near-term insider selling pressure from options is limited; hedging/pledging is prohibited, further reducing technical overhang risk .
- Ownership alignment: Executive officer guidelines (3x salary for EVPs), four-year hold periods on time-based RS, and clawback policy enhance long-term alignment; individual compliance for Jenkins is not disclosed, but governance practice is clear and consistently articulated .
- Retention/contract risk: Specific severance and non-compete terms for Jenkins are not publicly disclosed; NEO benchmarks suggest 12 months’ salary and double-trigger protection on CoC, but applicability to non-NEO EVPs is not confirmed in filings—representing an information gap for retention modeling .
- Strategy execution linkage: 2024 bonus metrics included marketing-centric objectives (brand perception, retail traffic via marketing, multicultural acquisition), reinforcing that marketing performance is a lever in incentive outcomes; these objectives achieved 25% credit in 2024 despite below-threshold financials .
- Governance/say-on-pay signal: Strong shareholder support (approx. 88% approval for 2023 program; ~98% for 2024) indicates investor acceptance of the program structure and outcomes, which can reduce external pressure on compensation resets affecting executives in Jenkins’ cohort .
Data gaps: Jenkins’ individual salary, target bonus, grant quantities/values, and personal share ownership are not disclosed in the reviewed proxies. Conclusions above rely on disclosed company program design and NEO outcomes as the best-available proxy for incentive structure and alignment.