Steven Voskuil
Senior Vice President, Chief Financial Officer at HSY
Executive
About Steven Voskuil
Steven E. Voskuil is Senior Vice President and Chief Financial Officer of The Hershey Company, appointed May 13, 2019; he also served as Chief Accounting Officer from November 2019 to February 2021. He was 55 as of February 16, 2024. Prior roles include CFO of Avanos Medical (2014–2019) and 23 years in leadership positions at Kimberly‑Clark International. Performance highlights during his tenure include a maximum 200% OHIP payout for 2022 driven by 16.3% net sales growth, 18.5% adjusted EPS growth, and 23.09% EBIT margin, and a 250% PSU payout for the 2020–2022 cycle with TSR at the 95th percentile, 13.2% three‑year adjusted EPS CAGR, and $4,361M cumulative free cash flow .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avanos Medical, Inc. | Senior Vice President & CFO | 2014–2019 | Led global finance; prior CFO platform strengthened operating discipline . |
| Kimberly‑Clark International | Various leadership roles | 23 years (prior to 2014) | International finance and operating leadership experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in HSY filings | — | — | No external public company directorships disclosed for Voskuil in HSY SEC filings . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $750,000 | $790,000 | $790,000 |
| Stock Awards (Grant Date Fair Value, $) | $2,027,770 | $2,078,741 | $2,373,143 |
| Non‑Equity Incentive (OHIP) ($) | $1,500,000 | $1,034,821 | $371,300 |
| All Other Compensation ($) | $427,733 | $480,917 | $382,380 |
| Total Compensation ($) | $4,705,503 | $4,384,479 | $3,916,824 |
Base salary set at $790,000 for 2023 and unchanged for 2024; 2021 was $695,000 .
Performance Compensation
Annual Incentive (OHIP) – Targets and Payouts
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Target OHIP (% of Base Salary) | 90% | 100% | 100% | 100% |
| Actual OHIP Payout ($) | $1,277,486 | $1,500,000 | $1,034,821 | $371,300; Company OHIP Score 47% |
| Notes | Company metrics; payout capped at 200% | Achieved 200% company score | Company metrics; up to 200% | Added market share modifier; targets set considering cocoa inflation |
2022 OHIP Financial Performance Detail
| Metric | Weighting | Target | Actual | Performance Score |
|---|---|---|---|---|
| Net Sales (constant currency) | 50% | $9.771B; 8.9% growth | $10.434B; 16.3% growth | 100% |
| Adjusted EPS – Diluted | 25% | $7.93; 10.3% growth | $8.52; 18.5% growth | 50% |
| EBIT Margin % | 25% | 22.60%; –29 bps | 23.09%; +20 bps | 50% |
| Total Company Score | 100% | — | — | 200% |
2024 program added a market share modifier; financial targets calibrated to historic cocoa cost inflation .
Long‑Term Incentives (PSUs) – Key Cycle Outcomes
| PSU Cycle | Metrics | Result | Payout |
|---|---|---|---|
| 2020–2022 | TSR percentile | 95th percentile | 250% |
| 2020–2022 | 3‑yr Adj. EPS CAGR | 13.2% | Max component |
| 2020–2022 | 3‑yr Cumulative Free Cash Flow | $4,361M | Max component |
Annual Equity Grants – PSU/RSU Structure
| Grant Year | Grant Date | Target PSUs (#) | RSUs (#) | Notes |
|---|---|---|---|---|
| 2021 | 2/23/2021 | 7,022 | 3,781 | PSUs ~65% of LTI; 3‑yr cycle |
| 2022 | 2/22/2022 | 6,033 | 3,249 | Options eliminated from LTI since 2019 |
| 2023 | 2/21/2023 | 5,543 | 2,985 | PSU target based on award value/price |
| 2024 | 2/21/2024 | 7,767 | 4,183 | PSU cycle 2024–2026 |
Equity Ownership & Alignment
Beneficial Ownership (Common Shares)
| As of Record Date | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|
| Common Stock Owned (#) | 1,000 | 6,216 | 20,351 | 32,875 | 26,296 |
| % of Common Stock Outstanding | <1% each year |
Outstanding and Unvested Equity (12/31/2024)
| Item | Amount |
|---|---|
| Unvested RSUs (#) | 7,256 |
| Market Value of Unvested RSUs ($) | $1,277,687 (at $169.35) |
| Unearned PSUs (#) | 6,656 |
| Market/Payout Value of Unearned PSUs ($) | $2,971,246 |
Ownership Policies and Practices
- Stock ownership guideline: CFO must hold stock equal to 3× base salary; 5 years to attain from appointment; “shares” include owned common, unvested time‑based RSUs, and vested/deferred units .
- Hedging and pledging: Prohibited for NEOs, directors, employees and insiders .
- Clawbacks: SOX and EICP clawback in place; expanded Compensation Recovery Policy effective Oct 2, 2023 requires recovery of incentive‑based comp over a 3‑year lookback after any accounting restatement; applies regardless of misconduct .
Deferred Compensation (DC SERP/Deferred Plan)
| Metric | 2020 | 2021 | 2023 | 2024 |
|---|---|---|---|---|
| Registrant Contributions ($) | $213,115 | $287,989 | $433,250 | $339,090 |
| Aggregate Balance at Year‑End ($) | $283,506 | $586,106 | $1,383,099 | $1,743,428 |
| DC SERP Vesting Status | 0% vested (not yet 5 years) | 0% vested | 0% vested (under 5 years) | 100% vested by 2024 year‑end |
DC SERP allocation equals 12.5% of base salary plus OHIP award; vesting accrues after five years of service and by age thresholds .
Employment Terms
Appointment and Initial Compensation (2019)
- Appointed SVP & CFO effective May 13, 2019; age 50 at appointment .
- Offer Letter: base salary $625,000; OHIP target 85% (pro‑rated in 2019); LTIP target 210% of base; one‑time RSU grant of $1,200,000 vesting 50% over two years; one‑time $135,000 cash to replace forfeited STI; relocation benefits; participation in EBPP 3A severance and DC SERP (12.5% of base+OHIP) .
Severance (Non‑COC) – Illustrative as of 12/31/2021
| Component | Amount ($) |
|---|---|
| Salary Multiple | $1,042,500 |
| OHIP at Target | $938,250 |
| Incremental RSU Vesting | $1,084,259 |
| Benefits Continuation | $32,204 |
| Financial Planning/Outplacement | $59,750 |
| Total Incremental Severance | $3,156,963 |
EBPP 3A standard multiples: 1.5× salary, 18 months OHIP/benefits for post‑2011 participants; 2× salary, 24 months for earlier cohort .
Change‑of‑Control (COC) – Illustrative as of 12/31/2021
| Component | Amount ($) |
|---|---|
| PSU‑Related Payments | $1,694,023 |
| RSU Vesting | $1,652,558 |
| Retirement/Deferred Benefits | $411,530 |
| Total Incremental COC Benefits | $3,758,111 |
Double‑trigger: Replacement awards avoid acceleration; otherwise RSUs, options vest; PSUs paid in cash at target or pro‑rated with valuation at higher of 60‑day high or transaction price .
Restrictive Covenants and Clawbacks
- ECRCA: 12‑month non‑compete in specified categories, non‑solicit, confidentiality; violation cancels unvested equity/options and can require repayment of equity and SERP benefits .
- Clawbacks: EICP/SOX and 2023 Compensation Recovery Policy (3‑year restatement lookback) .
Perquisites and Other Compensation Details (Selected)
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Supplemental 401(k) Match ($) | $77,512 | $88,200 | $66,592 |
| DC SERP Contribution ($) | $253,436 | $286,250 | $228,103 |
| Core Retirement Contribution ($) | $9,150 | $9,900 | $10,350 |
| Supplemental CRC ($) | $51,675 | $58,800 | $44,845 |
| Financial Counseling ($) | $15,000 | $15,000 | $15,000 |
| Tax Prep Reimbursement ($) | $1,500 | $1,500 | $1,500 |
| Executive Physical ($) | $5,735 | $6,417 | $465 |
| Personal Use of Aircraft ($) | $0 (not listed) | $0 (not listed) | $0 (not listed) |
Investment Implications
- Pay‑for‑performance alignment: Voskuil’s annual incentive was highly sensitive to company financials—200% payout in 2022 on strong sales/EPS/margins; sharply lower 47% payout in 2024 following cocoa inflation headwinds and addition of a market share modifier, underscoring tight linkage to near‑term fundamentals .
- Equity mix and vesting: LTI is majority PSUs (~65%) with three‑year cycles; RSUs vest ratably over three years. Options have been removed from annual LTI since 2019, reducing leverage but enhancing retention through time‑based RSUs; unvested RSUs (7,256) and unearned PSUs (6,656) as of 12/31/2024 suggest ongoing scheduled releases that can create periodic liquidity needs but are subject to anti‑hedging/pledging and clawbacks .
- Ownership and retention: Beneficial ownership rose materially over time (1,000 shares in 2020 to 26,296 in 2025), with strict 3× salary ownership guidelines and full DC SERP vesting by 2024—both supportive of alignment and lowering near‑term retention risk. Double‑trigger COC protections and standard non‑COC severance multiples are typical and not shareholder‑hostile given clawback regime .
- Execution track record: Company performance under his finance leadership included maximum OHIP/PSU outcomes in 2022 and 2020–2022 cycles (TSR 95th percentile, EPS CAGR 13.2%, $4.36B FCF). 2024 outcomes reflect commodity cost shock; watch the market share modifier’s impact on incentive outcomes and any revisions to PSU metric design going forward .