Cory Onell
Executive Vice President and Chief Omnichannel Sales and Asian Emerging Markets Officer at 
Kraft Heinz
Kraft HeinzExecutive
About Cory Onell
Cory Onell (age 51) serves as Executive Vice President and Chief Omnichannel Sales and Asian Emerging Markets Officer at KHC, a role he has held since December 2023; previously he was KHC’s U.S. Chief Sales Officer (August 2020–December 2023) after senior sales roles at Campbell and J.M. Smucker . His remit spans omnichannel distribution and Asia emerging markets strategy; KHC’s most recent disclosures highlight challenging 2024 industry conditions but a disciplined focus on profitable growth (organic net sales −2.1% YoY; adjusted operating income +1.2% YoY; free cash flow +6.6% YoY) with continued investment in innovation and marketing; see recent revenue/EBITDA trends below for current performance context . KHC’s pay program is heavily at‑risk and equity‑based, with 2024 annual PSUs tied to three-year TSR (relative), organic net sales CAGR, and cumulative FCF, aligning Onell’s incentives to multi‑year value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Kraft Heinz Company | EVP & Chief Omnichannel Sales and Asian Emerging Markets Officer | Dec 2023–present | Leads omnichannel distribution growth and Asia emerging markets strategy |
| The Kraft Heinz Company | U.S. Chief Sales Officer | Aug 2020–Dec 2023 | Led U.S. sales during portfolio and channel investments |
| The J.M. Smucker Company | SVP & Head of U.S. Retail Sales | Apr–Jul 2020 | Headed U.S. retail sales function |
| Campbell Soup Company | SVP, Sales | 2017–Apr 2020 | Senior sales leadership in CPG |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary (target) | $575,000 | Increased from $517,000 effective Dec 31, 2023 |
| Salary actually paid | $573,881 | Summary Compensation Table |
| Target Bonus % | 150% of base | Increased from 140% effective Dec 31, 2023 |
| Actual PBP Bonus Paid | $227,424 | Paid Q1 2025 per PBP; see PBP table below |
| Bonus Investment Plan (BIP) Match | $548,590 | 2024 snapshot disclosure |
| Annual Equity Award Targets (2024 grant) | PSUs: $1,277,500; RSUs: $547,500; Total: $1,825,000 | Baseline mix 70% PSUs / 30% RSUs |
Performance Compensation
| Program | Metric(s) | Weighting | Target | Actual/Payout | Vesting / Period |
|---|---|---|---|---|---|
| Performance Bonus Plan (PBP) | Adjusted Operating Income | 60% | 150% of base salary | Financial multiplier: 48%; Individual score: 55%; PBP payout earned: $227,424 | Annual FY2024 PBP; payout Q1 2025 |
| PBP | Organic Net Sales | 30% | — | Included in financial multiplier | Annual FY2024 |
| PBP | Free Cash Flow Conversion | 10% | — | Included in financial multiplier | Annual FY2024 |
| Bonus Investment Plan (BIP) | Reinvested PBP into Investment Shares | — | 35% election of net bonus | Onell: Investment $164,586; Investment Shares 4,686; Matching RSUs 15,616 | Matching RSUs cliff vest 3 years (updated to 50% at 2 years, 50% at 3 years effective FY2025) |
| PSUs (2024 grant) | 3-yr avg TSR vs performance peer group | 40% | Threshold 25%; Target 100%; Max 150% | Not yet determined (2024–2026 period) | 75% vests at year 3; 25% at year 4; TSR capped at target if absolute TSR negative |
| PSUs (2024 grant) | 3-yr Organic Net Sales CAGR | 30% | Threshold 25%; Target 100%; Max 150% | Not yet determined | Same vesting as above |
| PSUs (2024 grant) | 3-yr Cumulative Free Cash Flow | 30% | Threshold 25%; Target 100%; Max 150% | Not yet determined | Same vesting as above |
| RSUs (2024 grant) | Time-based | — | — | — | 75% at year 3; 25% at year 4 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 58,423 shares owned; 3,503 shares acquirable within 60 days; total 61,926; <1% of outstanding |
| Stock ownership guidelines | NEOs must hold ≥3x base salary; all current NEOs (including CEO) are in compliance |
| Hedging/pledging | Company policy prohibits hedging and pledging; no margin accounts |
| Options outstanding | 1,719 options (exercisable) @ $37.09 exp. 3/1/2031; 1,784 options (unexercisable) @ $38.68 exp. 3/1/2032 |
| Underwater options | Market value footnote uses $30.68 closing price on 12/27/2024, implying strikes above market at that date |
Outstanding equity awards and vesting schedule (as of 12/27/2024):
| Grant Date | Award Type | Units Not Vested (#) | Market Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 3/1/2024 | Matching RSUs | 16,373 | $502,324 | Vests 3/1/2027 (DEUs included) |
| 3/1/2024 | PSUs (2024) | 36,366 | $1,115,709 | 75% vests 3/1/2027; 25% vests 3/1/2028; subject to performance |
| 3/1/2024 | RSUs (2024) | 16,341 | $501,342 | 75% vests 3/1/2027; 25% vests 3/1/2028 (DEUs included) |
| 3/1/2023 | Matching RSUs | 11,110 | $340,855 | Vests 3/1/2026 (DEUs included) |
| 3/1/2023 | PSUs (2023) | 33,948 | $1,041,525 | 75% vests 3/1/2026; 25% vests 3/1/2027; subject to performance |
| 3/1/2023 | RSUs (2023) | 15,944 | $489,162 | 75% vests 3/1/2026; 25% vests 3/1/2027 (DEUs included) |
| 3/1/2022 | Matching RSUs | 13,199 | $404,945 | Vested/vesting 3/1/2025 (DEUs included) |
| 3/1/2022 | PSUs (annual) | 3,568 | $109,466 | Vests 3/1/2025; TSR vs peer group |
| 3/1/2022 | PSUs (merit/retention) | 23,268 | $713,862 | 75% vests 3/1/2025; 25% vests 3/1/2026; performance based |
| 3/1/2022 | RSUs (annual) | 4,075 | $125,021 | Vests 3/1/2025 (DEUs included) |
| 3/1/2022 | RSUs (merit/retention) | 17,724 | $543,772 | 75% vests 3/1/2025; 25% vests 3/1/2026 (DEUs included) |
| 3/1/2021 | PSUs (merit/retention) | 4,044 | $124,070 | Outstanding portion vesting schedule upon certified achievement |
| 3/1/2021 | RSUs (merit/retention) | 3,250 | $99,710 | Time-based vesting schedule per award |
| 3/1/2021 | RSUs (merit/retention) | 8,059 | $247,250 | Time-based vesting schedule per award |
Notes: Market values based on $30.68 closing price on 12/27/2024; DEUs accrue on RSUs/Matching RSUs .
Employment Terms
| Scenario | Salary | Bonus | Accelerated Equity (Intrinsic) | COBRA/Benefits | Outplacement | Total |
|---|---|---|---|---|---|---|
| Involuntary termination without cause | $860,822 | — | $1,328,681 | $32,161 | $4,000 | $2,225,664 |
| Termination upon Change in Control (double trigger) | $860,822 | $1,293,750 | $1,328,681 | $32,161 | $4,000 | $3,519,414 |
| Death or Disability | — | $227,424 | $6,413,746 | — | — | $6,641,170 |
| Retirement | — | $227,424 | $3,750,599 | — | — | $3,978,023 |
Key policy terms:
- Severance Plan provides 18 months of base salary for senior executives; specified partial vesting of prior-year equity; COBRA coverage and outplacement, subject to release and post-employment obligations .
- Change in Control (CIC) Plan: double-trigger; 1.5× (CEO 2×) of salary+target bonus; prorated target PBP for year of termination; COBRA for 18 months; equity vesting per agreements; restrictive covenants (non‑compete and non‑solicit) apply for months equal to severance period .
- No excise tax gross‑ups; robust clawback policy; hedging and pledging prohibited .
Performance & Track Record
Recent KHC revenue and EBITDA (last 8 quarters):
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues ($USD) | $6,860,000,000 | $6,411,000,000 | $6,476,000,000 | $6,383,000,000 | $6,576,000,000 | $5,999,000,000 | $6,352,000,000 | $6,237,000,000 |
| EBITDA ($USD) | $1,457,000,000* | $1,562,000,000* | $1,652,000,000* | $1,612,000,000* | $1,641,000,000* | $1,464,000,000* | $1,556,000,000* | $1,345,000,000* |
- Values retrieved from S&P Global.
Context: Management emphasized disciplined investment and continued progress on strategy; 2025 calls highlighted inflation/tariff impacts and margin discipline, with marketing raised to ~4.8% of sales and media up ≥20% YoY .
Compensation Structure Analysis
- 2024 cash/equity mix heavily at risk: approx. 75% performance-based, ~65% equity-based, with PSU weighting at 70% and RSUs 30%—lower maximums than peers (PBP max 120%, PSU max 150%) indicating rigor and lower windfall risk .
- PBP moved to multi-metric weighting (AOI 60%, Organic Net Sales 30%, FCF Conversion 10%), increasing transparency and collaboration; Onell’s 2024 financial multiplier 48% and individual 55% resulted in a below-target payout, reinforcing pay-for-performance .
- BIP encourages ownership and retention via three-year matching RSU vesting with forfeiture if Investment Shares are sold; Onell received 15,616 Matching RSUs against 4,686 Investment Shares from his 2023 bonus reinvestment .
- Enhanced ownership guidelines and anti‑hedging/pledging strengthen alignment; all current NEOs in compliance .
Equity Ownership & Alignment Details
- Ownership level is modest relative to outstanding shares (<1%), but substantial unvested equity (2023–2024 PSUs/RSUs) and BIP Matching RSUs vesting in March 2026–March 2028 create retention hooks and potential future selling windows; multiple grants have 75%/25% vesting splits at third/fourth anniversaries to smooth sell‑down pressures .
- Options remain underwater based on 12/27/2024 pricing, reducing near‑term exercise‑driven sales pressure .
Employment Terms
- Double‑trigger CIC (1.5× salary+target bonus for senior executives) and equity vesting per plan create protective economics but still require termination; severance plan provides 18 months salary and specified partial vesting, with non‑compete/non‑solicit obligations concurrent with severance period .
- No excise tax gross‑ups; clawback policy is maintained; hedging/pledging banned per insider trading policy .
Investment Implications
- Upcoming vesting events: 2023 RSUs/PSUs (75% in Mar 2026, 25% in Mar 2027) and 2024 RSUs/PSUs (75% in Mar 2027, 25% in Mar 2028), plus BIP Matching RSUs (Mar 2026 and Mar 2027), represent potential windows for insider selling; monitoring Form 4s around these dates is prudent .
- Incentive metrics emphasize AOI, organic growth, and FCF conversion; if KHC sustains revenue stabilization and FCF conversion improvements, PSU realization could trend toward target or above, tightening retention alignment and reducing exit risk .
- Anti‑pledging and ownership guidelines mitigate alignment red flags; underwater options lessen immediate selling pressure, but cumulative RSU/PSU vesting could create periodic supply—pair with price/volume screens around vesting dates .
- Governance and say‑on‑pay support (≈96% approval in 2024) and peer benchmarking with rigorous maxima suggest constrained pay inflation risk; still, watch 2025 program changes (higher FCF conversion weighting) for payout sensitivity vs macro inputs .