Marcos Gabriel
Executive Vice President and Chief Financial Officer at MKC
Executive
About Marcos Gabriel
Marcos M. Gabriel is Executive Vice President & Chief Financial Officer of McCormick & Company, appointed effective December 1, 2024, and serving as principal financial officer in 2025, with Sarbanes‑Oxley certifications signed October 7, 2025 . He brings 25+ years of global finance leadership (Avon, Unilever, Eli Lilly) and previously served as McCormick CFO – Americas, Chief Transformation Officer, and SVP Global Finance & Capital Markets; he holds a BA in Economics (Mackenzie University), MBA in Finance (University of São Paulo), and a CFO Leadership Program certification (Harvard Business School) . Under the finance organization he leads, MKC reported FY2024 sales +1%, adjusted EPS $2.95 (vs. $2.70), and cash from operations $922M, with the Board authorizing a 7% dividend increase; MKC cites a 10% total annual stockholder return over the past 10 years . In Q3 2025, Gabriel guided 2025 adjusted EPS to $3.00–$3.05 (reported basis) and 4–6% constant‑currency adjusted EPS growth, citing currency headwinds and a higher tax rate, while reaffirming volume-led growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| McCormick & Company | EVP & CFO | Dec 2024–present | Leads global Finance and Global Business Services; principal financial officer |
| McCormick & Company | SVP Global Finance & Capital Markets | Pre‑2024 | Drove capital markets, FP&A, treasury; strengthened planning/process discipline |
| McCormick & Company | Chief Transformation Officer | Pre‑2024 | Led enterprise‑wide initiatives and digital transformation |
| McCormick & Company | CFO – Americas | 2017– | Drove net sales, operating profit, and cash flow in Americas |
| Avon Products | Global VP Corporate Finance & Head of Investor Relations | n/d | Corporate finance, IR leadership across regions |
| Unilever | Finance leadership roles | n/d | Multinational finance leadership across Europe and the Americas |
| Eli Lilly | Finance roles | n/d | Finance management across multiple countries |
External Roles
| Organization | Role | Years | Committees / Notes |
|---|---|---|---|
| National Life Group | Director | n/d | Audit; Nominating & Governance |
Fixed Compensation
- Marcos Gabriel’s FY2024 compensation is not disclosed in the latest DEF 14A because his CFO appointment was effective after the FY2024 year‑end (Dec 1, 2024) .
- MKC executive pay design for U.S. executive officers comprises base salary (~25% of target), annual cash incentive, and long‑term equity (PSUs and stock options), plus limited perquisites; MKC does not provide tax gross‑ups on personal benefits .
Performance Compensation
| Annual Incentive Design (Enterprise NEOs) | Weight | FY2024 Target Definition / Notes |
|---|---|---|
| Adjusted EPS growth (constant currency for plan) | 70% | Threshold equal to prior year; Target +8.58%; Max +14.93% |
| Global McCormick Profit (adjusted operating income with working capital charge) | 21% | Confidential commercial thresholds; based on peer analysis |
| Global Sales Volume Growth | 4.5% | Added in 2024 to align focus on volume-led growth |
| Global Net Sales | 4.5% | Plan metric aligned to top-line priorities |
| Adjusted EPS Goal Table | Threshold | Target | Maximum | FY2024 Actual |
|---|---|---|---|---|
| Growth vs. prior year | 0% | +8.58% | +14.93% | +10.44% |
| Payout (% of target) | 30% | 100% | 200% | 129% |
| FY2024 Annual Incentive Outcome (illustrative for CFO role) | Payout vs. Target |
|---|---|
| Former CFO Michael R. Smith (enterprise responsibility) | 111.7% |
Long‑Term Incentive Plan:
- PSUs: Three‑year cycles, payout based primarily on cumulative net sales growth with a relative TSR modifier; the cycle ending FY2024 vested at 155% of target (52% of max), reflecting strong 3‑year cumulative net sales and no TSR modifier .
- Stock options: Generally vest one‑third per year or earlier at retirement eligibility; as of the Record Date, options granted since March 2021 were underwater .
Equity Ownership & Alignment
- Pledging/hedging: Directors and officers appointed by the Board (including executive officers) are prohibited from pledging or hedging MKC stock; certain employees are not prohibited, but Marcos as an executive officer is covered by the prohibition .
- Stock ownership guidelines: Executive officers are subject to stock ownership guidelines monitored annually by the Compensation & Human Capital Committee (CHCC) .
- Beneficial ownership: Marcos Gabriel’s specific share ownership (vested/unvested breakdown) was not disclosed in the FY2024 proxy given his appointment post‑year‑end .
Employment Terms
- Appointment: Board appointed Marcos Gabriel EVP & CFO effective Dec 1, 2024; Form 8‑K notes no arrangement/understanding pursuant to which he was elected and no related‑party transactions reportable under Item 404(a) .
- Employment agreements: MKC states executive officers generally do not have employment agreements (except where legally required) and do not have guaranteed levels of compensation .
- Clawbacks: MKC maintains two incentive recovery policies—mandatory recovery for restatements under Exchange Act Section 10D/NYSE and broader forfeiture/recoupment under its Omnibus Plan .
- Severance / Change‑of‑Control (CIC): Marcos‑specific economics are not disclosed. As reference to CFO-level program design, former CFO Michael R. Smith’s estimated payments (as of Nov 30, 2024) were: cash severance $2,400,000 (involuntary termination without cause) and $4,000,000 (CIC), plus pro‑rated LTPP and equity acceleration amounts per plan terms; options had zero intrinsic value at $78.41 stock price (underwater) .
| CFO Severance & CIC (Michael R. Smith, illustrative) | Amount ($) |
|---|---|
| Cash severance – Involuntary Termination Without Cause | 2,400,000 |
| Cash severance – CIC termination | 4,000,000 |
| LTPP FY2023–2025 (Ret/Death/Disability/ITWC) | 800,000 |
| LTPP FY2023–2025 (CIC) | 1,200,000 |
| LTPP FY2024–2026 (Ret/Death/Disability/ITWC) | 450,000 |
| LTPP FY2024–2026 (CIC) | 1,350,000 |
| Accelerated Stock Options (Death/Disability/CIC) | 717,812 |
| Pension/SERP payments (various scenarios) | As disclosed in table |
Governance, Peer Group, and Shareholder Feedback
- CHCC independence & consultant: CHCC is solely independent directors and retains WTW; CHCC assessed WTW independence; WTW fees ~$430k (CHCC work) and ~$467k (career framework project) in 2024 .
- Peer groups: Market (talent) and Peer (performance) groups are maintained; 2024 included Campbell Soup, Conagra, Clorox, Flowers Foods, General Mills, Hershey, Hormel, IFF, J.M. Smucker, Keurig Dr Pepper, Lamb Weston, Post Holdings, TreeHouse Foods, plus Kellanova and W.K. Kellogg added post‑split for peer/market usage .
- Say‑on‑pay: 2024 advisory vote received ~96% approval; no direct changes made as a result .
Performance & Track Record
| Metric | FY2023 | FY2024 | Notes |
|---|---|---|---|
| Net Sales ($ billions) | 6.662 | 6.724 | +0.9% as reported; organic +1% |
| Adjusted Operating Income ($ millions) | 1,024.2 | 1,069.8 | +4.5% as reported |
| Adjusted EPS ($) | 2.70 | 2.95 | +9.3% as reported |
| Cash from Operations ($ millions) | 1,237.3 | 921.9 | Working capital impact |
Gabriel’s Q3 2025 commentary highlighted higher commodity inflation (including tariff pass-through) weighing on Q3 profitability, with volume-led constant currency top-line growth expected and adjusted EPS guidance narrowed to $3.00–$3.05 on reported basis (4–6% constant currency adjusted EPS growth) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited for officers; insider trading policies include blackout periods and pre‑clearance for certain officers .
- Related‑party transactions: MKC states no director, executive officer, or >5% stockholder had a direct or indirect material interest in related‑party transactions since beginning of FY2024 .
- Options repricing: Not disclosed; as of Record Date, options granted since March 2021 were underwater .
Expertise & Qualifications
- Education: BA Economics (Mackenzie University); MBA Finance (University of São Paulo); CFO Leadership Program certification (Harvard Business School) .
- Global experience: Finance leadership across Avon, Unilever, Eli Lilly; multilingual (Portuguese, Spanish) with international career .
Investment Implications
- Alignment: Executive pay design is heavily performance‑based (EPS, profit, volume, net sales) with strong LTIP linkage to cumulative net sales and relative TSR; clawbacks are robust and pledging/hedging is prohibited—reducing misalignment risk .
- Retention and selling pressure: Marcos’s individual equity ownership/vesting cadence is not yet disclosed; however, options granted since March 2021 were underwater at FY2024 year‑end, lowering near‑term exercise pressure; PSUs vest on three‑year cycles tied to sales growth/TSR, which can moderate forced selling behavior .
- Transition execution risk: As a relatively new CFO (Dec 2024), Gabriel has rapidly assumed principal certification responsibilities and provided guidance amid commodity/tariff inflation and FX headwinds; continuity is supported by established CHCC governance, stable compensation frameworks, and clear financial targets .
- Shareholder support: Strong say‑on‑pay approval (96%) and disciplined CHCC practices (independent consultant, no tax gross‑ups) signal low governance friction, supportive for valuation stability .