Jennifer Broyles
Executive Vice President, Chief Commercial Officer & Global Head of Brands at Kontoor Brands
Executive
About Jennifer Broyles
Jennifer H. (“Jenni”) Broyles, age 46, is Executive Vice President, Chief Commercial Officer & Global Head of Brands at Kontoor Brands (promoted from EVP, Global Brands President—Wrangler & Lee in March 2024; expanded responsibilities July 29, 2025). She holds a bachelor’s degree in advertising from the University of Tennessee, Knoxville, and an MBA in Marketing & Value Chain Management. Her career spans brands management, marketing, and merchandising across Wrangler and Lee, with tenure as SVP, Wrangler (Apr 2022–Mar 2024). During FY2024, KTB delivered >40% TSR, EPS growth (reported $4.36; adjusted $4.89), and gross margin expansion to 44.5% (+280 bps), informing above-target incentive outcomes (AIP 169.5% and FY22–FY24 PRSUs at 56.3% of target) that underpin pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kontoor Brands (Wrangler) | Senior Vice President, Wrangler | Apr 2022–Mar 2024 | Led Wrangler brand with focus on merchandising, marketing and growth initiatives . |
| Kontoor Brands (Wrangler & Lee) | Various roles in brands management, marketing, merchandising | Prior to 2022 (not disclosed) | Progressive responsibility across brand and commercial functions supporting core growth platforms . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | None disclosed in executive biography | — | — . |
Fixed Compensation
| Component | FY 2024 |
|---|---|
| Salary paid | $537,846 . |
| Base salary rate (effective Apr 1, 2024) | $575,000 . |
| Target annual bonus (% of salary) | 75% . |
| Target annual bonus ($) | $381,804 . |
Performance Compensation
Annual Incentive Plan (AIP) – FY2024
| Metric | Weight | Threshold | Target | Maximum | Actual | Outcome |
|---|---|---|---|---|---|---|
| GAAP Revenue ($000s) | 20% | $2,375,000 | $2,607,000 | $2,775,000 | $2,607,578 | Used in payout calc; part of overall 149.5% pre-modifier . |
| Gross Margin (%) | 40% | 43.2% | 44.2% | 44.7% | 45.1% | Above max threshold; contributes to payout . |
| Operating Income ($000s) | 40% | $300,000 | $371,000 | $425,000 | $380,628 | Above target threshold; gate for strategic modifier . |
| Strategic Modifier | ±20% | — | — | — | Achieved: +20% (Project Jeanius + Supply Chain) | Final AIP factor 169.5% . |
| Individual AIP Award | — | — | $381,804 | — | — | $647,157 paid (169.5% of target) . |
Long-Term Incentives – FY2024 Grants
| Award Type | Grant Date | Count (Target) | Grant Date FV ($) | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| PRSUs | Apr 1, 2024 | 6,911 | $456,679 | 3-year cliff (FY2024–FY2026), with rTSR modifier (±25%) | Adjusted EPS (60%), Revenue (40%), rTSR vs 19-company peer set . |
| RSUs | Apr 1, 2024 | 4,608 | $278,093 | Ratable over 3 years (2025–2027) with dividend equivalents at vest | Time-based retention; aligns with stock price . |
| Total Stock Awards (FY2024 SCT) | — | — | $734,772 | — | — . |
PRSUs – Prior Cycle (FY2022–FY2024) Result
| Cycle | Operating Cash Flow | Adjusted EPS | Weighted Performance | rTSR Modifier | Final Payout |
|---|---|---|---|---|---|
| FY22–FY24 | Below threshold (result $808,364k vs threshold $900,000k) | 31.3% of target (result $14.09 vs $16.16 target) | 31.3% | +25% (94th percentile rTSR) | 56.3% of target . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 32,644 shares; <1% of outstanding; includes spouse’s holdings . |
| RSUs vesting within 60 days (as of Feb 13, 2025) | 7,508 RSUs . |
| Unvested RSUs (FY-end 2024) | 4/1/24: 4,700 ($400,394); 12/15/23: 2,601 ($221,544); 4/1/23: 1,248 ($106,286); 12/15/22: 687 ($58,492); 7/15/22: 104 ($8,883); 4/1/22: 788 ($67,148) . |
| Unearned PRSUs (FY-end 2024) | 4/1/24: 6,911 ($588,748); 4/1/23: 2,646 ($225,413); 12/15/22: 1,699 ($144,747); 7/15/22: 255 ($21,731); 4/1/22: 1,270 ($108,177) . |
| Options | No outstanding options listed at FY-end; exercised 9,070 options in 2024 ($574,156 value realized) . |
| 2024 stock vested | 6,943 shares vested ($478,319) . |
| Ownership guidelines | 3× salary for NEOs; retain 50% of after-tax shares until guideline met; no pledging/hedging allowed; all currently serving NEOs comply with retention requirements and have met or are progressing toward guidelines . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Employment agreement | None; KTB does not use employment agreements for executive officers . |
| Change-in-control protection | Double-trigger; 2-year term with automatic 12-month extensions; benefits payable only upon involuntary termination without cause or resignation for good reason within 24 months post-CIC . |
| Severance formula (CIC) | Lump sum = 2.99× highest annual salary (prior year) + highest AIP payout in prior 3 years (not less than current-year target); plus pro-rata non-equity incentive, equity acceleration (options/RSUs/PRSUs per terms), and benefits continuation; parachute cutback if economically beneficial; no excise tax gross-up . |
| Estimated CIC payout (as of Dec 28, 2024) | Severance $3,085,267; Bonus $647,157; Unvested RSU/PRSU $1,951,902; Benefits $56,911; Total $5,741,237 . |
| Clawback policy | Recovery of erroneously paid incentive compensation upon qualifying restatements; forfeiture for misconduct materially detrimental to KTB; applies to cash and equity . |
| Insider/related party policy | Related Person Transactions reviewed by N&G Committee; spouse employed in Licensing & Business Ventures with 2024 comp ~$511,373 (no reporting line to Broyles) . |
| Anti-hedging/pledging | Prohibited for directors/executives; no margin accounts or pledging KTB stock . |
Compensation Structure Analysis
- Mix and pay-for-performance: FY2024 target TDC weighting for Broyles was 34% salary, 25% annual cash incentive, 41% LTI; half of LTI is performance-based (PRSUs), consistent with emphasis on variable, at-risk pay .
- AIP metrics tightened: Gross Margin weighting increased to 40% (from 30% in 2023), with Revenue reduced to 20%, reinforcing margin quality focus; Operating Income held at 40% .
- Outcomes: Company delivered strong FY2024 performance; AIP paid at 169.5% (including +20% strategic modifier), while FY22–FY24 PRSUs paid at 56.3%—balancing one-year strength against longer-cycle results .
- Peer benchmarking: Compensation targeted near market median; peer group refined in July 2024, adding Abercrombie & Fitch and American Eagle, removing G-III and Ralph Lauren to better match size profile .
Performance & Track Record
| Metric | FY2024 Outcome |
|---|---|
| Total Shareholder Return (TSR) | >40% . |
| EPS (reported; adjusted) | $4.36; $4.89 . |
| Gross Margin | 44.5% (+280 bps YoY) . |
| Operating Cash Flow | $368M (YoY +$11M) . |
| Capital returns | $198M (dividends $112M; buybacks $86M) . |
| AIP payout factor | 169.5% (after +20% strategic modifier) . |
| PRSU FY22–FY24 | 56.3% of target (with +25% rTSR modifier) . |
Governance and Say‑on‑Pay
- Say‑on‑Pay approval: >95% support at 2024 annual meeting, validating program design and outcomes .
- Committee and advisors: Talent & Compensation Committee chaired by Ashley Goldsmith, with independent consultants (CAP and FW Cook); no consultant conflicts identified .
- No excise tax gross‑ups, no repricing of underwater options; robust clawbacks and ownership guidelines .
Investment Implications
- Alignment: High AIP payout reflects strong FY2024 execution; longer-cycle PRSU payout at 56.3% demonstrates balanced pay-for-performance over multiple horizons—supportive of incentive integrity .
- Ownership and supply: Unvested RSUs and PRSUs across 2022–2024 grants create scheduled share delivery from 2025–2027 and at FY2026 cycle-end—potential periodic supply; anti-hedging/pledging reduces overhang risk .
- Retention and economics: CIC protection (~$5.74M estimate) is meaningful but standard double-trigger; no employment agreement, strong clawbacks—moderate retention risk with market-aligned safeguards .
- Related‑party optics: Spouse employment disclosed and reviewed under policy—monitor but currently low risk; say‑on‑pay support (>95%) and governance practices mitigate concerns .
Role expansion in July 2025 (to Chief Commercial Officer & Global Head of Brands) elevates scope and accountability across global commercial operations—watch for updates to incentive design and performance goals aligned to broader remit .