Bradford R. Turner
NEWELL BRANDSAbout Bradford R. Turner
Bradford R. Turner is Chief Legal and Administrative Officer and Corporate Secretary of Newell Brands, serving in this role since August 2017 after joining the company in 2004 and progressing through multiple senior legal positions (age 52) . Turner’s remit spans corporate governance, legal, compliance, and administrative oversight, including acting as Compliance Officer under the Securities Transaction Policy . Company performance in 2024 featured an 18% total shareholder return and substantial improvements in margins, cash flow, and forecast accuracy, which drove elevated incentive payouts under annual and special programs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Newell Brands | Chief Legal & Administrative Officer and Corporate Secretary | Since Aug 2017 | Lead corporate legal/admin; governance and policy execution including Compliance Officer responsibilities |
| Newell Brands | Chief Legal Officer and Corporate Secretary | Apr 2016–Aug 2017 | Oversaw enterprise legal and governance |
| Newell Brands | SVP, General Counsel & Corporate Secretary | Mar 2015–Mar 2016 | Enterprise legal leadership |
| Newell Brands | VP & Deputy General Counsel | Oct 2011–Mar 2015 | Supported enterprise legal operations |
| Newell Brands | Group VP & General Counsel, Office Products | Jun 2007–Oct 2011 | Business unit legal leadership |
External Roles
- Not disclosed in filings
Fixed Compensation
| Component | 2024 Amount |
|---|---|
| Base Salary | $725,000 |
| Flexible Perquisites Cash Stipend | $21,638 |
| 401(k) Company Match | $20,700 |
| Supplemental ESP Company Match | $95,880 |
| Insurance Premiums (Life + LTD) | $2,498 |
| All Other Compensation Total | $140,716 |
Performance Compensation
Annual Bonus – Management Bonus Plan (Corporate Goals)
| Metric | Weight | 2024 Target Zone | 2024 Actual | Payout % |
|---|---|---|---|---|
| Adjusted Operating Cash Flow | 25% | $375–$425mm | $526mm | 176% |
| Adjusted EPS | 25% | $0.58–$0.62 | $0.68 | 175% |
| Core Sales | 20% | $7.80–$7.87bn | $7.81bn | 100% |
| FUEL Productivity | 15% | $225mm | $341mm | 200% |
| Weighted Forecast Accuracy | 15% | 38% | 45.6% | 200% |
| Final Corporate Payout | — | — | — | 168% |
| Bonus Item | 2024 |
|---|---|
| Target (% of Earned Salary) | 100% |
| Actual Bonus Paid | $1,218,000 |
Long-Term Incentive Plan (LTIP) – 2024 Grants
| Award Type | Target Shares | Grant Date | Grant Price | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| PRSUs | 118,155 | Feb 16, 2024 | $7.67 | Cliff vest at 3 years | 50% annual adjusted EPS; 50% free cash flow (FCF) productivity over 2024–2026 |
| TRSUs | 118,155 | Feb 16, 2024 | $7.67 | Ratable over 3 years (1/3 annually) | Time-based |
Key LTIP metric targets:
- FCF Productivity: Threshold >60%; Target 90%; Max 120% (each year 2024–2026)
- Annual Adjusted EPS: 2024 Threshold >$0.50; Target $0.60; Max $0.68; 2025/2026 growth targets Threshold >0%; Target 8%; Max 15%
2023 Special Incentive Program (SIP)
| Award | Target Value | PRSUs (target) | TRSUs | Cash Bonus | Performance | Result |
|---|---|---|---|---|---|---|
| SIP (granted Jul 5, 2023) | $3,625,000 | 208,333 | 145,833 | $543,750 | 2024 Gross Margin improvement; 2024 FCF Productivity (equally weighted) | 460 bps GM improvement; 339% FCF Productivity → 200% payout at vest (70% at Jul 2025; 30% at Jul 2026), subject to continued employment |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 610,695 shares; less than 1% of outstanding |
| Includes Vested Options | 327,463 options included in beneficial ownership |
| Ownership Guidelines | CL&AO required to hold 3× annual salary ; all NEOs in compliance |
| Anti-Hedging / Anti-Pledging | Executives prohibited from hedging and pledging company securities ; Policy also prohibits pledging/hedging and short sales |
| 2024 Stock Vested (RSUs) | 199,919 shares vested; value realized $1,420,290 including dividend equivalents |
Outstanding Equity Awards (12/31/2024)
| Category | Quantity | Notes |
|---|---|---|
| Unvested TRSUs | 46,141 | Market value $459,564 at $9.96 |
| Unearned PRSUs (LTIP) | 69,211 | Payout subject to performance; value at target $689,342 |
| Unearned PRSUs (SIP) | 208,333 | Will pay out at 200% based on certified 2024 results, at vest in 2025/2026 (subject to employment) |
| Stock Options (Exercisable) | 69,605; 126,892; 96,163 | Exercise prices $25.86; $23.79; $20.02 respectively |
| Stock Options (Unexercisable) | 34,803 | Exercise price $25.86 |
Vesting Schedule (Forward Indicators of Potential Selling Pressure)
| Date | Instrument | Shares |
|---|---|---|
| Feb 16, 2025 | TRSUs | 39,385 |
| Feb 17, 2025 | TRSUs | 23,070 |
| Feb 18, 2025 | TRSUs | 13,921 |
| Feb 18, 2025 | Stock Options (third tranche) | 34,803 |
| Jul 5, 2025 | SIP PRSUs (70% tranche; pays at 200%) | 145,833 |
| Feb 17, 2026 | PRSUs (LTIP cycle) | 69,211 |
| Jul 5, 2026 | SIP PRSUs (remaining 30%; pays at 200%) | 62,500 |
| Feb 16, 2026/2027 | TRSUs | 39,385 each year |
| Feb 16, 2027 | PRSUs (2024 LTIP target) | 118,155 |
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance (no CIC) | 1× base salary + target annual cash bonus; pro rata annual bonus based on actual results; pro rata vesting of RSUs and options scheduled within 3 years post-termination; option exercise window up to 1 year post-termination; up to 1 year of medical/dental benefits; 12 months outplacement |
| Severance (within 24 months of CIC) | 2× base salary + target annual cash bonus; pro rata annual bonus at target; full vesting of equity and long-term incentives with PRSUs deemed at target; extended option exercise period; benefits as applicable |
| Non-Compete / Non-Solicit | Required as condition of severance; duration equals the years (or partial years) of severance pay, capped at 2 years; company may claw back severance upon breach |
| Clawback Policy | Executive Compensation Recoupment Policy adopted Nov 7, 2023 per SEC/Nasdaq Rule 10D-1; mandatory recovery of incentive comp following accounting restatement; prior policy also allows recovery for fraud/willful misconduct causing restatement |
| Change-in-Control Trust | Company maintains Employment Security Agreements and Executive Severance Plan Trust (grantor trust) to fund benefits post-CIC; contributions and distributions governed by trust agreement (Dec 1, 2023) |
Deferred Compensation
| Plan | 2024 Company Contributions | 2024 Activity | Aggregate Balance at 12/31/2024 |
|---|---|---|---|
| Supplemental ESP | $95,880 | Aggregate earnings $53,729; withdrawal $(70,924) | $835,890 |
| 2008 Deferred Comp Plan (legacy SERP cash account credits) | — | Aggregate earnings $26,936 | $345,867 |
Governance & Securities Policy (Selected Controls)
- Compliance Officer designation: Turner serves as Compliance Officer under Securities Transaction Policy .
- Blackout & Pre-clearance: Directors/Section 16 officers and senior personnel must observe blackout windows and pre-clear trades; Rule 10b5-1 plans require cooling-off period and approvals; short sales, options, hedging, and pledging prohibited .
Compensation Structure Analysis
- Mix and rigor: 2024 pay for NEOs generally ~50% performance-based; LTIP is 50% PRSUs tied to EPS growth and FCF productivity; annual bonus tied to five corporate metrics; no special awards or target increases in 2024 following shareholder feedback .
- SIP (2023) retentive special awards: One-time PRSUs/TRSUs/cash for certain executives including Turner, designed to address retention and holding-power during CEO transition; certified results led to maximum PRSU payout at 200%, vesting across 2025–2026 .
- Say-on-Pay & investor engagement: 2024 Say-on-Pay failed (43% support); committee streamlined metrics (LTIP from three to two; bonus from six to five), avoided TSR in 2024–2025 LTIP, and committed to limit special awards absent extraordinary circumstances .
- Peer group: Custom comparator group (Avery Dennison, Clorox, Kimberly-Clark, Mattel, Whirlpool, etc.) used for benchmarking .
Equity Ownership & Alignment
- Holds 610,695 shares (including vested options), less than 1% ownership; meets stock ownership guidelines (3× salary); prohibited from hedging/pledging .
- Upcoming vesting and option tranches in 2025–2027 may create episodic trading windows; company policy requires pre-clearance and blackout compliance to mitigate indiscriminate selling .
Performance & Track Record
- 2024 highlights: +470 bps reported gross margin and +460 bps normalized gross margin, nearly $500mm operating cash flow, improved core sales trend and forecast accuracy, and +18% TSR; improvements contributed to strong incentive outcomes (168% corporate bonus; SIP PRSUs at max 200%) .
Employment Terms
| Topic | Details |
|---|---|
| Severance & CIC Economics | See table above for multiples and vesting mechanics |
| Trust Funding & Administration | Grantor trust established post-CIC to fund obligations; distributions governed by trust |
| Clawbacks | Mandatory recovery for restatements; prior policy for misconduct |
Investment Implications
- Alignment: Strong ownership and compliance with 3× salary guideline plus prohibition on hedging/pledging bolster alignment; extensive pre-clearance/blackout controls reduce governance risk .
- Incentive drivers: Current LTIP focuses on EPS growth and FCF productivity; 2024–2026 targets emphasize cash generation and earnings quality—favorable for deleveraging and margin recovery narratives .
- Near-term supply/demand: Significant RSU and SIP PRSU vesting windows in 2025–2026 could modestly elevate insider selling pressure; company policies and stock ownership requirements mitigate outsized disposals .
- Governance and pay risk: 2024 Say-on-Pay failure prompted design changes (fewer metrics, elimination of TSR modifier, restraint on future special awards), reducing pay risk; monitoring 2025 Say-on-Pay will be important .
- Retention: SIP awards certified at max and vesting through mid-2026 imply strong retention hooks; severance/CIC protections standard vs peers .
Note: Insider Form 4 transactions were not retrieved; analysis of vesting schedules and potential selling pressure is based on proxy-reported award vesting calendars and values realized .