Meredith Stevens
About Meredith Stevens
Meredith (Meri) Stevens, age 62, is Chief Operations Officer (COO) of Kenvue and a member of the Kenvue Leadership Team since May 2023. She previously led Consumer Health Supply Chain and Delivery at Johnson & Johnson (J&J) and held global operations leadership roles at Newell Rubbermaid, Tyco, Bertelsmann, Knoll, and General Electric . Company performance in 2024: Net sales $15.5B (+0.1% reported; +1.5% organic), GAAP diluted EPS $0.54 and adjusted diluted EPS $1.14, gross profit margin 58.0% (60.4% adjusted), and free cash flow $1.3B, with focus on productivity and restructuring (“Our Vue Forward”) to fuel brand investment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kenvue | Chief Operations Officer | Since May 2023 | Leads global operations; accelerated Transition Service Agreement exits, supply chain productivity, on-time-in-full delivery, inventory management . |
| Johnson & Johnson (Consumer Health) | Worldwide VP, Consumer Health Supply Chain & Delivery; led Supply Chain Strategy & Deployment | 2015–2023 | Drove end-to-end consumer health supply chain strategy and execution . |
| Newell Rubbermaid | Chief Supply Chain Officer | Not disclosed | Led enterprise supply chain transformation to support consumer brands . |
| Tyco; Bertelsmann; Knoll; General Electric | Operations & Procurement Leadership Roles | Not disclosed | Progressive leadership across industrial and media supply chains . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Smithsonian Science Education Center | Advisory Board Member | Not disclosed |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $517,115 | $593,556 | $595,000 |
| Bonus ($) | — | $750,000 (Separation Engagement Award tranche) | $750,000 (Separation Engagement Award tranche) |
| Target Annual Incentive (% of Salary) | Not disclosed | Not disclosed | 85% ($505,750) |
| Annual Incentive Earned ($) | $321,923 | $480,463 | $371,473 (73.5% of target) |
| Perquisites/Other ($) | $23,270 | $14,483 | $112,641 (incl. $25,000 capped perqs) |
| Stock Awards ($) | $765,611 | $2,143,274 | $1,168,717 |
| Option Awards ($) | $303,337 | $1,199,893 | $508,725 |
| Total Compensation ($) | $2,045,256 | $5,181,669 | $3,506,556 |
| 2024 Long-Term Incentive Grant (Mar 5, 2024) | Grant Details |
|---|---|
| PSUs (2024–2026 performance) | 44,601 target units (0–200% payout range) |
| RSUs | 17,840 units; vest in equal annual installments on Mar 5, 2025/2026/2027 |
| Stock Options | 160,481 options @ $19.01 exercise price; vest in equal annual installments on Mar 5, 2025/2026/2027; expire 3/5/2034 |
| Target LTI Value | $1,695,750 |
Performance Compensation
| Annual Incentive Plan (2024) | Metric | Weighting | Target | Actual | Payout % | Notes/Vesting |
|---|---|---|---|---|---|---|
| Company Performance Factor (70% of bonus) | Organic net sales | Not disclosed (within 70%) | Not disclosed | Below threshold | 0% | Corporate performance portion; cash paid, no vesting. |
| Adjusted gross profit margin | Not disclosed | Not disclosed | Above target | 188.2% (weighted 37.6%) | ||
| Adjusted net income | Not disclosed | Not disclosed | Below target | 79.4% (weighted 15.9%) | ||
| Free cash flow | Not disclosed | Not disclosed | Below threshold | 0% | ||
| Aggregate company factor | — | 70% | — | — | 53.5% | |
| Individual Performance Factor (30% of bonus) | COO (Stevens) | 30% | Role goals | Exceeded in operations productivity and transition execution | 120.0% | Key achievements: productivity, cost reductions, supply chain effectiveness, on‑time in‑full, inventory management . |
| Total Payout (Stevens) | — | — | Target $505,750 | Earned $371,473 | 73.5% of target | Paid in cash; annual plan. |
| PSU Design (2024–2026) | Metric | Weighting/Modifier | Measurement | Vesting |
|---|---|---|---|---|
| Organic net sales CAGR | Core metric | 50% of PSUs (with EPS; exact split not disclosed) | 3-year CAGR | After performance period end (12/31/2026), subject to service . |
| Adjusted diluted EPS CAGR | Core metric | 50% of PSUs (with sales; exact split not disclosed) | 3-year CAGR | Same as above . |
| Relative TSR vs Performance Peer Group | Modifier | 0.75 / 1.00 / 1.25 at <25th / 25–75th / >75th percentile | Peers list disclosed | PSU payout capped at 200% . |
Equity Ownership & Alignment
| Ownership as of Mar 24, 2025 | Current Shares Beneficially Owned | Rights to Acquire (60 days) | Total Beneficial Shares | % Outstanding |
|---|---|---|---|---|
| Meredith (Meri) Stevens | 64,441 | 598,017 | 662,458 | <1% |
- Stock ownership guidelines: CEO 6x salary; other executive officers 3x salary; RSUs count; options and unvested PSUs do not. All NEOs in compliance as of Dec 29, 2024 .
- Policy prohibits hedging, pledging, short-selling or derivatives by executives and directors .
- 2024 vesting/exercises: Stevens had 46,099 shares vest (value realized $920,593); no option exercises reported for 2024 .
Employment Terms
| Scenario (as of Dec 29, 2024) | Cash Severance ($) | Healthcare Coverage ($) | Equity Treatment and Value ($) | Total ($) |
|---|---|---|---|---|
| Reduction in Force or Specified Divestiture | 1,651,125 | 18,612 | Pro‑rata vesting for Founder PSUs (Oct 2023), Dec 2023 PSUs, and all Mar 2024 equity; full continued vesting for Feb 2022, Feb 2023 equity, and Dec 2023 RSUs/options; value $2,800,109 | 4,469,846 |
| Other involuntary termination without Cause or for Good Reason | 1,651,125 | 18,612 | Pro‑rata/full per above; value $2,424,180 | 4,093,917 |
| Retirement | — | — | Continued vesting value $2,424,180 | 2,424,180 |
| Death/Disability | — (Death shown) | 9,306 | Accelerated value $4,731,238 | 4,740,544 |
| Change of Control (Double Trigger) | 2,201,500 | 18,612 | Accelerated value $4,731,238 | 6,951,350 |
- Executive Severance Pay Plan governs eligible executives; no individual employment agreements (other than country requirements; Lawson) . Amended and Restated Executive Severance Plan was updated Nov 2, 2025 to add pro rata target bonus to severance and restrict adverse amendments for two years post-merger closing .
- Clawbacks: NYSE‑aligned Incentive Compensation Recovery Policy on restatements; broader Compensation Recoupment Policy for Significant Misconduct covering ~1,400 employees; equity awards include forfeiture/recoupment for non‑compete/non‑solicit breaches .
- No tax gross‑ups, indemnities or reimbursements for excise taxes (280G/4999) under transaction agreements .
Investment Implications
- Pay‑for‑performance alignment: Stevens’ 2024 bonus paid 73.5% of target, reflecting strong operations execution against corporate headwinds and above‑plan productivity, while corporate factor was 53.5%—indicative of discipline in annual plan payouts .
- Equity alignment and retention: Significant unvested RSUs/options and 3‑year PSUs align with multiyear value creation; vesting across Mar 2025–2027 and PSU performance through 2026 supports retention but creates periodic settlement windows that can add selling supply; hedging/pledging prohibited and ownership guidelines met .
- Change‑of‑control economics: Double‑trigger acceleration and ~$6.95M total potential package in CoC scenario balance retention with shareholder protections (no excise tax gross‑ups; robust clawbacks) .
- Execution track record: COO delivered notable productivity and supply chain effectiveness, supporting adjusted margin outperformance in 2024 and enabling free‑up of resources for brand investment; company organic sales grew 1.5% with adjusted EPS $1.14 amid category and seasonal headwinds .
- Governance signal: 2024 say‑on‑pay passed with ~97% support, suggesting broad investor acceptance of compensation design and outcomes .