Jason Reiman
Senior Vice President, Chief Supply Chain Officer at HSY
Executive
About Jason Reiman
Jason R. Reiman is Senior Vice President and Chief Supply Chain Officer at The Hershey Company, an executive officer since June 2019 and age 53 as of February 10, 2025 . He previously served as Vice President, Supply Chain Operations in 2018–2019 . Company performance metrics relevant to incentive pay: 2024 net sales grew 0.4%, adjusted EPS declined 2.3%, and EBIT margin was 23.17%, resulting in a 47% OHIP payout; the market share modifier reduced the score by 6% . For the 2022–2024 PSU cycle, Hershey’s TSR ranked 42nd percentile vs. its peer set, EPS CAGR was 9.2%, and cumulative FCF was $5,073M, producing a 123.34% vest .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Hershey Company | Senior Vice President, Chief Supply Chain Officer | Jun 2019–present | Executive officer overseeing supply chain; signs Company filings (Form SD) |
| The Hershey Company | Vice President, Supply Chain Operations | Aug 2018–Jun 2019 | Senior leadership in supply chain operations |
External Roles
No public company directorships or external board roles disclosed for Reiman in Company filings .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary (set/approved) ($) | $600,000 | — (not a NEO in 2023) | $765,000 (effective Apr 1, 2024; +9.3%) |
| Salary Earned ($) | $600,000 | — | $748,750 |
| Target Bonus % (OHIP) | 100% (NEO in 2022) | — | 85% |
| Actual Bonus Paid (OHIP) ($) | $960,000 | — | $299,126 (Company score 47%) |
Performance Compensation
Annual OHIP (2024) design and outcomes
| Metric | Weighting | Target | Actual | Payout Score |
|---|---|---|---|---|
| Net Sales (constant currency) | 50% | $11.512B / 3.1% growth | $11.215B / 0.4% growth | — (contributes to 50% base score) |
| Adjusted EPS – Diluted | 25% | $9.59 | $9.37 / (2.3%) growth | — (contributes to 25% base score) |
| EBIT Margin % | 25% | 22.80% (−137 bps) | 23.17% (−100 bps) | 50.00% |
| Base OHIP Company Score | 100% | — | — | 50.00% |
| Market Share Modifier | ±10% | — | (6%) impact | (6%) |
| Total OHIP Company Score | — | — | — | 47.00% |
PSU cycles: metrics, weights, results, payout
| PSU Cycle | Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|---|
| 2022–2024 | Relative TSR vs. Financial Peer Group | 34% | 50th percentile | 42nd percentile | 24.93% |
| 2022–2024 | EPS CAGR (Adjusted) | 33% | 8.1% | 9.2% | 75.22% |
| 2022–2024 | Cumulative Free Cash Flow | 33% | $5,273M | $5,073M | 23.19% |
| 2022–2024 | Total | 100% | — | — | 123.34% |
| 2023–2025 | TSR / EPS CAGR / FCF (same as 2022–2024) | 34% / 33% / 33% | — | In progress | In progress |
| 2024–2026 | TSR / EPS CAGR / FCF % of Net Sales | 34% / 33% / 33% | — | In progress | In progress |
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Beneficial Common Shares | 13,679 | Direct/indirect beneficial ownership |
| % of Common Shares Outstanding | ~0.009% (13,679 ÷ 147,949,462) | Computed from disclosed counts |
| Exercisable Stock Options | 3,485 (at $99.90; exp. 2/19/2028) | All options vested as of 12/31/2024 |
| Unvested RSUs | 5,177 (value $912,510) | Valued at $169.35 close on 12/31/2024 |
| Unvested PSUs (threshold counts) | 1,889 (2023–2025), 2,702 (2024–2026) | Values $319,902 and $457,499 respectively |
| RSUs vesting within 60 days of 3/7/2025 | 970 | Footnote (1) vesting within 60 days |
| Deferred Common Stock Units | 7,926 | Vested/deferred shares |
| Ownership Guidelines | 3× base salary for Senior Vice Presidents | 5-year window to comply; retain ≥50% of shares until in compliance |
| Hedging/Pledging | Prohibited for all insiders | Anti-hedging & anti-pledging policies |
Vesting and selling pressure indicators:
- Special retention RSU grant of 15,254 RSUs on February 19, 2025, cliff vesting on March 19, 2027 (earlier vesting if terminated by Company without cause or by executive with good reason) . This creates a defined vest date that may concentrate future sellable shares.
- RSUs vesting within 60 days of March 7, 2025 (970 shares) add near‑term supply into personal liquidity windows .
Recent insider filings (last 24 months):
- Form 4 filed February 21, 2025 (details reflected in Company’s EDGAR/gcs-web archive) .
- MarketBeat shows a Reiman Form 4 entry on February 25, 2025 (time-stamped) .
- Nasdaq insider page reflects Disposition (Non-Open Market) and Acquisition (Non-Open Market) entries for Reiman .
Employment Terms
| Provision | Terms |
|---|---|
| Severance Plan | Executive Benefits Protection Plan (Group 3A), double-trigger for change-in-control |
| Severance Multiple | 1.5× base salary; OHIP continuation up to 18 months; health/welfare benefits 18 months; financial planning/tax preparation up to 18 months; outplacement up to $35,000 |
| Example payout (no CIC; termination without cause or good reason at 12/31/2024) | Salary: $1,123,125; OHIP at target: $954,656; RSU vesting: $608,471; benefits: $34,832; financial planning/outplacement: $59,750; total incremental: $2,780,834 |
| CIC benefits (incremental at 12/31/2024) | OHIP: $337,312; PSU payments: $1,181,656; RSU vesting: $912,510; retirement/DC SERP/401(k): $188,365; total: $2,619,843 |
| CIC + qualifying termination (incremental at 12/31/2024) | Cash severance: $1,339,718; PSU payments: $1,181,656; RSU vesting: $304,039; benefits continuation: $12,041; financial planning/outplacement: $8,250; enhanced DC SERP/401(k): $692,115; total: $3,537,819 |
| Non-compete / ECRCA | 12‑month non-compete, non‑solicit, confidentiality; violation can trigger cancellation or clawback of awards |
| Clawback | Compensation Recovery Policy (effective Oct 2, 2023): 3‑year mandatory recovery for incentive-based compensation after any accounting restatement; supplemental clawback for misconduct causing material financial or reputational harm |
Retirement and deferred benefits:
- Pension Plan PV: $500,292; CLRP PV: $195,422 (eligible participants only) .
- DC SERP: Annual allocation equal to 12.5% of base salary and OHIP; Reiman 80% vested; 2024 registrant contributions $236,465; aggregate balance $269,247 .
Perquisites (2024):
- Personal aircraft use $3,000; other standard executive benefits (financial counseling, executive physical, 401(k) match; supplemental match $51,178; DC SERP contribution $185,287) .
Compensation Structure Analysis
- Cash vs. equity mix: 2024 stock awards for Reiman totaled $1,650,861, with target LTI award $1,600,000; PSUs comprise ~65% and RSUs ~35% of LTI . Shift to RSUs is limited within mix; Company removed stock options from annual LTI since 2019 .
- Annual incentive rigor: Added ±10% market share modifier in 2024, contributing a negative (6%) adjustment to payouts (strengthens pay-for-performance) .
- Long-term metrics amendment: 2024–2026 changed FCF metric to FCF % of Net Sales to deepen capital efficiency accountability .
- Clawback breadth: 2023 policy now requires recovery after any restatement regardless of misconduct and supplements prior clawbacks (shareholder-friendly) .
Compensation Peer Group and Say‑on‑Pay
- Peer group used for 2024 benchmarking includes Church & Dwight, Colgate-Palmolive, Conagra Brands, General Mills, Hormel, Kellanova, Keurig Dr Pepper, Kimberly‑Clark, Lamb Weston, McCormick, Mondelez, Campbell, Clorox, Kraft Heinz, J.M. Smucker; Hershey targets aggregate pay near median .
- Say‑on‑pay support: Last year >88% of Common Stock votes and >98% combined votes supported NEO pay; Company reports >90% stockholder approval every year historically .
Performance & Track Record
| Period | Metric | Outcome |
|---|---|---|
| 2024 | Net Sales (constant currency) | 0.4% growth (vs. 3.1% target) |
| 2024 | Adjusted EPS – Diluted | $9.37; (2.3%) growth (vs. target $9.59) |
| 2024 | EBIT Margin % | 23.17% (100 bps decline vs. target assumption) |
| 2022–2024 PSU | Relative TSR | 42nd percentile; contributes to 123.34% vest |
| 2022–2024 PSU | EPS CAGR | 9.2% |
| 2022–2024 PSU | Cumulative FCF | $5,073M |
Investment Implications
- Alignment: Significant portion of Reiman’s compensation is equity-based (PSUs/RSUs), with rigorous multi-year performance metrics and enhanced clawbacks, plus strong anti-hedging/pledging rules—favorable for shareholder alignment .
- Retention risk and supply dynamics: The 15,254‑RSU retention award cliff vesting in March 2027 may anchor Reiman’s retention through that date but could introduce selling pressure near vest; near‑term RSU vestings (970 within 60 days of Mar 7, 2025) incrementally add to potential disposals within trading windows .
- Change‑in‑control protections: EBPP 3A provides predictable severance and accelerated vesting under specified conditions; examples indicate mid‑seven‑figure increments at CIC+qualifying termination, which can be value protective but modestly increase downside protection costs .
- Performance sensitivity: 2024 OHIP payout at 47% underscores real pay variability with commodity (cocoa) and market-share pressures; future PSU outcomes depend on TSR vs. updated peer set and FCF efficiency (new metric), which tie Reiman’s long-term realizable pay to execution on supply chain resiliency and cash generation .