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Michael J. Smith

President and Chief Executive Officer at Lamb Weston Holdings
Board
Since January 3, 2025
Age
48 years
Education
Holds a bachelor's degree in marketing from Brigham Young University and an MBA from the Cox School of Business at Southern Methodist University.
Tenure
Joined LW in May 2011 and held several leadership positions including Vice President and General Manager of Lamb Weston Retail, Senior Vice President, Growth and Strategy, Senior Vice President and General Manager of Foodservice, Retail, Marketing, and Innovation, and Chief Operating Officer before being appointed President and Chief Executive Officer on January 3, 2025.

Also at Lamb Weston Holdings

BMM
Bernadette M. Madarieta
Chief Financial Officer
EJS
Eryk J. Spytek
General Counsel and Chief Compliance Officer
MS
Marc Schroeder
President, International

About

Michael J. Smith is 48 years old and has built an impressive profile marked by advanced education and dynamic leadership. He holds a bachelor's degree in marketing from Brigham Young University and an MBA from the Cox School of Business at Southern Methodist University.

He began his journey with LW in May 2011 and has since ascended through a series of pivotal roles. His career progression includes serving as Vice President and General Manager of Lamb Weston Retail, advancing to Senior Vice President roles where he focused on Growth, Strategy, and innovation, and eventually taking on the responsibilities of Chief Operating Officer.

In his current role as President and Chief Executive Officer, which began on January 3, 2025, he leverages his extensive experience to drive strategic growth and operational excellence at LW. His leadership is characterized by a commitment to record sales achievements, innovation, and integration across global operating teams, reflecting his deep impact on the company's evolution.

$LW Performance Under Michael J. Smith

Past Roles

OrganizationRoleDate RangeDetails
Lamb WestonChief Operating OfficerMay 2023 - January 2025Held before becoming President & CEO
Lamb WestonSenior Vice President and General Manager of Foodservice, Retail, Marketing, and InnovationApril 2018 - May 2023Held before becoming President & CEO
Lamb WestonSenior Vice President, Growth and StrategySeptember 2016 - March 2018Held before becoming President & CEO
Lamb WestonVice President and General Manager of Lamb Weston RetailMay 2011 - September 2016Held before becoming President & CEO
Lamb WestonVice President of Global MarketingJuly 2012 - March 2014Held before becoming President & CEO
Conagra Brands, Inc.Vice President and General Manager of Private BrandsMarch 2014 - February 2016Role at former parent company
Dean Foods CompanyVarious Brand Management RolesMay 2003 - December 2007Early career roles

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Base Salary$750,000 AnnuallyFixed component for fiscal 2024
Company Contribution to 401(k) Plan$32,556 Per plan guidelines during fiscal 2024Represents the employer's matching/contribution under the 401(k) plan
Company Contribution to Non-Qualified Deferred Compensation Plan$156,444 As per plan terms in fiscal 2024Deferred compensation component for fiscal 2024

Performance Compensation

Data from  FY 2024

Annual Incentive Plan (AIP)

MetricThreshold PayoutTarget PayoutMaximum PayoutActual ResultApproved Payout
Net Sales$6,779M (25% payout) $6,953M (100% payout) $7,162M (200% payout) $6,467.6M 0%
Adjusted EBITDA$1,417M (25% payout) $1,540M (100% payout) $1,694M (200% payout) $1,416.7M 0%
  • AIP Target Award: $862,500 representing 115% of base salary.
  • Evaluation Period: Fiscal 2024 with awards typically paid in July of the following fiscal year.

LTIP - Performance Share Awards (PSAs)

ComponentDetails
Performance MetricsRelative TSR (50% weight) measured against S&P 500 Packaged Foods and Meats; Adjusted EBITDA AAGR (50% weight) over a three-year period (2024-2026)
Vesting ScheduleVest over a three-year period with the number of shares earned based on the average achievement of performance metrics
Evaluation & Year 1 PerformanceFor Adjusted EBITDA AAGR, Year 1 (2024) growth was 15.5%, resulting in a 200% payout for that tranche
Grant DetailsGrant Date: July 27, 2023 ; Grant Date Fair Value: $1,235,148
Stock Price AssumptionsCalculated using a Monte Carlo simulation with expected volatility between 29.1%-30.1% and risk-free rate between 4.46%-4.76%; weighted average grant date fair value per unit ranged between $89.19-$122.25
Target and UnitsTarget LTIP Value: $1,875,000; PSA Target Value: $1,125,000; Target Units: 11,006 PSAs