Victoria Creamer
Corporate Executive Vice President and Chief People Officer at 
CHARLES RIVER LABORATORIES INTERNATIONAL
CHARLES RIVER LABORATORIES INTERNATIONALExecutive
About Victoria Creamer
Victoria Creamer is Corporate Executive Vice President and Chief People Officer at Charles River Laboratories (CRL); she joined CRL in January 2019 as SVP, Chief People Officer and was promoted to Corporate EVP in October 2020 . She is 55 years old . During her tenure, CRL’s compensation program has emphasized pay-for-performance, with heavy use of PSUs linked to non‑GAAP EPS and relative TSR, and shareholders have consistently supported say‑on‑pay (e.g., ~95% support in 2024 and approval again in 2025) . Company performance context over FY2021–FY2024 shows revenue growth followed by a modest decline in 2024 and margins under pressure from a goodwill impairment and industry headwinds; see the performance table below .
Company performance (FY, USD):
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | $3,540.2m | $3,976.1m | $4,129.4m | $4,050.0m |
| EBITDA* | $899.9m | $969.4m | $965.9m | $898.2m |
| Net Income | $391.0m | $486.2m | $474.6m | $22.2m |
| EBITDA Margin %* | 25.42% | 24.38% | 23.39% | 22.18% |
*Values retrieved from S&P Global.
In 2024 pay-versus-performance disclosures, CRL’s cumulative TSR translated to $123 on a $100 base (2020–2024 window), versus $147 for the S&P 500 Health Care Index, while non‑GAAP EPS was $10.32 and GAAP net income was $10.3m (affected by a goodwill impairment) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ITT Inc. | Senior Vice President, Human Resources & Communications | 2015–2018 | Led people and communications strategies, bringing large‑company HR transformation experience to CRL . |
| IBM | Senior management HR positions | Not disclosed | Broadened global HR leadership background applicable to scaling talent and capability at CRL . |
External Roles
No external public company directorships or committee roles disclosed for Ms. Creamer in company filings reviewed .
Fixed Compensation
| Component | 2024 Design/Target | 2024 Actual |
|---|---|---|
| Base Salary | $546,190 (effective 3/31/2024) | $541,904 (paid) |
| Target Annual Bonus (EICP) | 70% of base salary | $154,654 paid for 2024 performance (payout 40.45% of target) |
Notes:
- EICP metrics for 2024: 50% CRL Revenue and 50% CRL Operating Income, FX‑neutral; common payout scales across leadership; min 90% of revenue target / 85% of OI target; max 108% revenue / 110% OI; max payout 200% .
- 2024 EICP outcomes: Revenue target $4,307m vs actual $4,050m (40.45% payout); OI target $911.9m vs actual $805.9m (40.45% payout) .
Performance Compensation
Annual cash incentive (EICP) – 2024
| Metric | Weight | Target | Actual | Payout % | Result for Creamer |
|---|---|---|---|---|---|
| CRL Revenue (FX‑neutral) | 50% | $4,307m | $4,050m | 40.45% | |
| CRL Operating Income (FX‑neutral) | 50% | $911.9m | $805.9m | 40.45% | |
| Total EICP | 100% | $382,333 target (70% of salary) | — | 40.45% | $154,654 paid |
Long-term equity (granted 5/31/2024; approved 2/6/2024)
| Instrument | Shares/Units | Exercise/Grant Price | Grant-date FV | Vesting |
|---|---|---|---|---|
| Stock Options | 4,470 | $208.44 | $409,094 | 25% per year over 4 years (service-vesting) . |
| RSUs | 1,967 | — | $410,001 | 25% per year over 4 years (service-vesting) . |
| PSUs (Target) | 1,833 (target; 32.5–200% payout range) | — | $1,207,118 | 3‑year cliff; pays based on Year‑1 non‑GAAP EPS and 3‑yr relative TSR (S&P 500 Health Care peer set) . |
PSU mechanics and calibration:
- Year‑1 EPS (2024): Target $11.40; Actual $10.32 → Base Award = 52.5% of target .
- rTSR modifier at end of 3 years: adjusts Base Award by ±35% (10th–75th percentile bands; at 55th percentile = 100%) with overall cap 200% .
- For 2022 grants, final payout was 47.1% of target after below‑target EPS and 10th percentile rTSR; realized value also reduced by share price decline over the period .
- ESG overlay: CEO could adjust leadership bonuses by up to ±5% based on ESG progress; no adjustments were made for 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 21,767 shares as of March 21, 2025 . |
| Components (60‑day window) | Includes 9,734 options exercisable within 60 days . |
| Unvested RSUs (12/28/2024) | 4,473 RSUs ($832,694 market value at $186.16) . |
| Unvested PSUs (12/28/2024) | 11,376 PSUs (target basis; $2,117,756 market value at $186.16) . |
| Outstanding Options (select) | Grants include options at $179.66, $337.99, $244.41, $194.12 (2010–2023 vintages) and 2024 grant at $208.44; future vesting per award terms . |
| Ownership Guidelines | Direct reports to CEO: 3x base salary; company states current named executives are in compliance . |
| Hedging/Pledging | Prohibited for executives and directors; no shares pledged by the executive officer and director group . |
Vesting schedules (partial excerpt for RSUs): example tranches for Ms. Creamer vest across 2025–2028 per award lots (e.g., 491–503 share annual lots from 2025–2028) .
Employment Terms
| Provision | Detail |
|---|---|
| Role and tenure | Joined CRL January 2019 (SVP, Chief People Officer); promoted to Corporate EVP October 2020 . |
| Executive Separation Plan (without CIC) | If involuntarily terminated not for cause (as of 12/28/2024): Cash severance $1,092,380; benefits continuation $34,322; retirement plan balance $385,316; outplacement up to $75,000; total $1,587,018 (equity generally forfeited unless retirement-eligible per plan terms) . |
| Change‑in‑Control (double trigger) | If terminated without cause or resigns for good reason within 1 year of a CIC: Cash severance $1,857,046; benefits $55,164; accelerated equity value $3,083,903 (at $186.16); retirement plan $616,249; outplacement $50,000; total $5,662,362 . |
| CIC equity treatment | Double‑trigger acceleration for options/RSUs; PSUs vest to the extent performance (as adjusted/prorated) is satisfied at termination . |
| Restrictive covenants | Non‑compete and non‑solicit (typically 1 year) tied to separation plan; release required . |
| Clawback | NYSE/Exchange Act 10D‑compliant recoupment policy for executive compensation upon certain accounting restatements . |
| Deferred compensation (2024) | Executive contributions $52,090; company contribution $80,427; aggregate 12/31/2024 balance $616,249 . |
Performance & Track Record
- Executive compensation stewardship: As CPO, Ms. Creamer is one of two executives who assist the Compensation Committee with program design and data, supporting pay‑for‑performance alignment and governance processes .
- Say‑on‑pay: ~95% support at 2024 AGM (strong majority), and shareholders approved executive compensation again at the 2025 AGM (40.22m For vs 1.43m Against; abstentions and broker non‑votes as disclosed) .
- Legal/reputational context: Company disclosed third‑party legal costs related to U.S. government investigations into the NHP supply chain and an inventory charge tied to Cambodia‑sourced NHPs; a 2025 shareholder proposal seeking additional NHP transparency failed (3.46m For vs 38.05m Against) .
Compensation Structure Analysis
- Mix shifts and risk profile: Long‑term equity is primarily PSUs (≈60% of LTI value for executive officers), with options and RSUs each ≈20%, increasing performance leverage vs. pure RSUs; PSUs pay based on Year‑1 EPS and 3‑yr rTSR, with a 200% cap .
- Cash vs. equity: Base salary is a minority of target pay (for NEOs, avg ~16% of core compensation), with the majority “at risk” through annual bonus and LTI; 2024 EICP paid below target given revenue and OI misses .
- Governance features: Double‑trigger CIC vesting, formal clawback, prohibition on hedging/pledging, and meaningful stock ownership guidelines (3x salary for direct CEO reports) improve alignment .
Related Party Transactions and Compliance Notes
- Section 16 compliance: A late Form 4 was filed for Ms. Creamer on February 22, 2023 due to an administrative oversight related to RSU vesting and tax withholding dispositions; company otherwise noted compliance .
- No related person transactions involving Ms. Creamer were disclosed for FY2024 .
Say‑on‑Pay & Shareholder Feedback
- 2024: Approximately 94.9–95% of votes supported executive compensation, reflecting investor confidence in plan design .
- 2025: Shareholders again approved the advisory vote on executive compensation (vote counts disclosed) .
- Ongoing outreach: Committee and management maintain regular engagement with major shareholders on comp and governance matters .
Investment Implications
- Alignment: Strong alignment from 3x salary ownership requirement (in compliance), prohibitions on hedging/pledging, and PSU design tied to EPS and rTSR; below‑target 2024 payouts demonstrate downside sensitivity when performance lags .
- Retention vs. selling pressure: Multi‑year vesting of RSUs/options and sizable unearned PSUs (11,376 target units at year‑end) stagger realizations; exercisable options within 60 days totaled 9,734, suggesting limited near‑term incremental selling pressure beyond routine withholdings and diversification .
- Downside/cycle exposure: 2024 PSU base outcomes (52.5%) and 2022 PSU payout (47.1%) indicate lower realized LTI amid softer demand/TSR—supportive of pay-for-performance integrity but potentially dampening realized pay unless TSR/EPS improve .
- Separation/CIC economics: Executives’ severance/CIC packages are market‑typical with double‑trigger equity, helping retention while limiting single‑trigger windfalls; Ms. Creamer’s modeled totals were ~$1.59m (non‑CIC) and ~$5.66m (CIC) as of FY2024 .
- Governance and risk: Continued attention to NHP supply chain compliance (legal costs and disclosures) and robust governance tools (clawback, ownership, no hedging/pledging) remain key for investor oversight .