Christopher McCormick
LEVI STRAUSS &About Christopher McCormick
Christopher McCormick, age 69, is an independent director of Levi Strauss & Co. and has served on the Board since 2016, bringing deep channel knowledge and ecommerce/direct marketing experience from his tenure as President and CEO of L.L. Bean (2001–2016) and prior marketing leadership roles there . He currently serves on the Audit Committee and the Nominating, Governance and Corporate Citizenship Committee; he is a Class I director with a term ending at the 2026 annual meeting . The Board has affirmatively determined that all directors other than the CEO are independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| L.L. Bean, Inc. | President & Chief Executive Officer | 2001–2016 | Led direct marketing and ecommerce transformation; brings deep channel expertise |
| L.L. Bean, Inc. | SVP & Chief Marketing Officer | 2000–2001 | Oversaw marketing strategy and brand positioning |
| L.L. Bean, Inc. | Multiple senior roles in advertising/marketing | 1983–2000 | Progressive leadership in marketing |
External Roles
| Company | Role | Status | Notes |
|---|---|---|---|
| Big Lots!, Inc. | Director | Current | Public company board service |
| Sun Life Financial, Inc. | Director | Former | Public company board service |
Board Governance
- Committee memberships: Audit Committee (member) and Nominating, Governance and Corporate Citizenship Committee (member); not a chair .
- Committee meeting cadence FY2024: Audit Committee met 6 times; NGCCC met 5 times .
- Board attendance and engagement: Board met six times; each director attended ≥75% of aggregate Board/committee meetings; all then-serving directors attended the 2024 annual meeting .
- Independence: Majority independent Board; committee membership limited to independent directors; independent Board Chair (Robert Eckert) .
- Executive sessions: Non-management director executive sessions are held at every Board meeting .
- Audit Committee context: The committee oversees financial reporting integrity, EHS/corporate citizenship disclosures, internal controls, compliance, and risk; audit committee financial experts are Alstead and Marberger (McCormick not designated as an “financial expert”) .
Fixed Compensation
| Component | FY2024 Amount (USD) | Detail |
|---|---|---|
| Annual cash retainer | $100,000 | Standard non-employee director cash retainer |
| Committee chair fees | $0 | Not a committee chair; chair fees: Audit $25,000; CHCC $20,000; Finance $15,000; NGCCC $15,000 |
| Meeting fees | $0 | Not used; compensation program uses retainers and RSUs |
| All other compensation (dividend equivalents) | $8,620 | Dividend equivalent RSUs on declared dividends |
| Total cash + other | $108,620 | Sum of cash retainer and other |
Performance Compensation
- Non-employee director equity is time-based RSUs; no performance-based director awards disclosed. RSUs vest in full at the earlier of day before next annual meeting or 1-year anniversary; delivery is deferred until six months post Board service .
- Annual director equity award value was $155,000 in FY2024 (Board increased standard grant to $175,000 starting FY2025) .
Director Compensation – FY2024 Mix
| Component | Amount (USD) | Notes |
|---|---|---|
| Stock awards (RSUs grant-date fair value) | $164,838 | 2019 EIP RSUs; number determined by 20-day average price |
| Cash retainer | $100,000 | Standard |
| All other compensation (dividend equivalents) | $8,620 | Dividend equivalent RSUs |
| Total | $273,458 | FY2024 director compensation total |
Other Directorships & Interlocks
- Current public boards: Big Lots!, Inc. .
- Prior public boards: Sun Life Financial, Inc. .
- Compensation committee interlocks: Company disclosed no CHCC interlocks in FY2024 .
- Related-party transactions: Company reported no related-party transactions over $120,000 in FY2024 other than registration rights with Haas family affiliates; no McCormick-specific transactions disclosed .
Expertise & Qualifications
- Ecommerce and direct marketing, omnichannel and consumer brand expertise; deep channel knowledge derived from L.L. Bean leadership .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Class A shares beneficially owned | 50,041 | As of Feb 1, 2025 |
| Class B shares beneficially owned | 51,529 | As of Feb 1, 2025 |
| % of Class A outstanding | ~0.048% | 50,041 / 104,585,522 Class A shares outstanding on the record date |
| % of Class B outstanding | ~0.018% | 51,529 / 290,742,518 Class B shares outstanding on the record date |
| Aggregate outstanding RSUs | 24,403 | Includes vested but deferred and unvested RSUs |
| Pledging/hedging | Prohibited | Company policy prohibits hedging/pledging by directors |
| Director stock ownership guideline | $500,000 target | 5x annual retainer; all current directors in compliance as of Dec 1, 2024 |
Insider Filings Status
| Item | Status | Notes |
|---|---|---|
| Section 16(a) compliance (directors) | Compliant | Company reported all required filings were made; no delinquent reports |
Governance Assessment
- Alignment: Compensation mix balances fixed cash ($100k) with equity RSUs ($155k value in FY2024), with dividend equivalents; RSUs vest on a time basis and delivery is deferred, supporting long-term alignment. Director ownership guidelines (5x retainer) and compliance enhance skin-in-the-game .
- Independence & workload: McCormick is independent and serves on two key committees (Audit; NGCCC) with meaningful oversight of financial integrity, risk, and governance; committee meeting cadence indicates active engagement (6 Audit; 5 NGCCC in FY2024). Board attendance thresholds met; all directors attended the 2024 annual meeting .
- Conflicts: No related-party transactions or family relationships disclosed for McCormick; CHCC interlock disclosure clean. Company prohibits hedging/pledging and maintains a clawback policy for executives, supporting governance norms; director-specific clawbacks not applicable, but overall governance environment is strong .
- Shareholder signals: 2024 say-on-pay approval exceeded 99%, indicating broad investor support for compensation governance; while focused on executives, it signals positive sentiment toward Board oversight of pay .
RED FLAGS
- None disclosed specific to McCormick: no related-party transactions, no pledging/hedging, independence affirmed, attendance thresholds met .