Thomas E. Salmon
OLD NATIONAL BANCORP /IN/About Thomas E. Salmon
Independent director of Old National Bancorp (ONB), age 61, serving since 2018. Former Chairman & Chief Executive Officer of Berry Global Group, Inc. (NYSE) from February 2017 to October 2023, with nearly two decades of leadership in global manufacturing and public company governance. Holds a BBA from St. Bonaventure University (1985) and was recognized by Plastics News in December 2023 as a Notable Leader in Sustainability for the plastics industry .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Berry Global Group, Inc. | Chairman & CEO; Board Director | Feb 2017 – Oct 2023 | Led Fortune 500 manufacturer; extensive executive management and public-company oversight |
| Berry Global | President & COO | Oct 2016 – Feb 2017 | Enterprise operations leadership |
| Berry Global (Consumer Packaging Division) | President | Nov 2015 – Oct 2016 | Segment leadership |
| Berry Global (Rigid Closed Top Division) | President | Nov 2014 – Nov 2015 | Segment leadership |
| Berry Global (Engineered Materials Division) | President | 2003 – Nov 2014 | Division leadership |
| Honeywell Plastics | General Manager | 2001 – 2003 | Business unit management |
| Allied Signal (Engineering Plastics & Films) | Global Sales Director | 1999 – 2001 | Global commercial leadership |
| GE Plastics; GE Lighting | Various roles | Pre-1999 | Commercial/operations roles |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Magnera Corporation (NYSE) | Director | Current | Chair, Nominating & Governance; Member, Audit |
| Plastics News | Notable Leader in Sustainability (recognition) | Dec 2023 | — |
Board Governance
- Committee assignments: Vice Chair, Enterprise Risk Committee; Member, Executive Committee; Member, Talent Development & Compensation Committee .
- Independence: Board affirmed all nominees except the CEO are independent; Salmon is independent .
- Attendance and engagement: Board met 5 times in 2024; every director attended at least 75% of Board and committee meetings; 13 of 15 had 100% attendance; independent director sessions held at least quarterly .
- Lead Independent Director structure: Duties include presiding over meetings without the Chair, leading independent director sessions, and CEO evaluation; current Lead Independent Director is Daniel S. Hermann .
- Overboarding controls: Directors must notify before joining other boards; none serves on more than one other public company board—Salmon’s single public directorship is within policy .
Fixed Compensation
| Component | Policy Detail | 2024 Amounts (Policy) |
|---|---|---|
| Annual Cash Retainer (Directors) | Paid in cash | $60,000 |
| Annual Stock Grant (Directors) | Fully-vested common stock; directors who meet stock ownership guidelines may elect cash instead of stock | $100,000 |
| Lead Independent Director Retainer | Additional cash retainer | $35,000 |
| Committee Member Fees | Audit; Enterprise Risk; Compensation; Nominating & Corporate Governance; Corporate Responsibility; Executive | Audit $10,000; Enterprise Risk $8,500; Compensation $8,500; Nominating $7,500; Corporate Responsibility $7,500; Executive $7,500; Chair fees per committee vary (Audit $20,000; Enterprise Risk $13,500; Compensation $13,500; Nominating $12,500; Corporate Responsibility $12,500) |
| Director Stock Ownership Guideline | Alignment requirement | 5x annual cash retainer |
| Thomas E. Salmon – 2024 Director Compensation | Amount |
|---|---|
| Fees Earned or Paid in Cash | $177,000 |
| Stock Awards (grant-date fair value) | $0 (elected cash per policy allowing cash in lieu of stock for directors meeting ownership guidelines) |
| Nonqualified Deferred Compensation Earnings | $169,406 (investment earnings on deferred balances) |
| Total | $346,406 |
Performance Compensation
| Element | Terms | 2024 Application |
|---|---|---|
| Equity compensation (Directors) | Annual grants of fully-vested common stock; directors meeting ownership guidelines may elect cash in lieu of stock | Policy in place; Salmon’s 2024 stock award column shows $0, indicating cash election |
| Performance metrics | None for director pay (no performance-linked measures disclosed for directors) | N/A |
Other Directorships & Interlocks
| Company | Role | Interlock/Notes |
|---|---|---|
| Magnera Corporation (NYSE) | Director; Chair Nominating & Governance; Audit Committee | Single other public-company board; within ONB overboarding policy limits |
| Berry Global Group, Inc. (NYSE) | Former Chairman & CEO; Board Director | Prior public-company board role ended Oct 2023 |
Expertise & Qualifications
- Executive leadership: Nearly 20 years leading complex manufacturing divisions and as CEO/COO at a Fortune 500 company; strong operations and finance acumen .
- Risk oversight: Vice Chair of ONB’s Enterprise Risk Committee; experience managing enterprise risk in industrial contexts .
- Governance: Chair of Nominating & Governance at Magnera; public-company board experience .
- Education: BBA, St. Bonaventure University (1985) .
- Sustainability: Plastics News Notable Leader in Sustainability (Dec 2023) .
Equity Ownership
| Security | Holdings | Percent of Class |
|---|---|---|
| ONB Common Stock | 43,422 shares | <1% |
| ONB Depositary Shares (Series A & C) | — | — |
Governance Assessment
- Independence and committee leadership: Independent director with vice-chair role in Enterprise Risk and membership on Compensation and Executive committees—positions indicate active oversight of risk, talent, and strategy .
- Attendance and engagement: ONB’s Board maintained strong attendance in 2024; individual names not disclosed, but overall engagement high and executive/independent sessions at least quarterly .
- Pay design and alignment: Director pay reviewed against peers with WTW advising; stock ownership guideline at 5x cash retainer supports alignment; policy allows cash in lieu of stock for guideline-compliant directors .
- Related-party transactions: ONB disclosed no related person transactions requiring Item 404 disclosure in 2024 (reduces conflict risk) .
- Overboarding risk: Policy oversight and disclosure that no director serves on more than one other public board; Salmon within limits (single current public board) .
- Shareholder sentiment: 2024 say‑on‑pay approval ~91% indicates broad investor support for ONB’s executive compensation governance framework .
- Policies and controls: Robust governance documents (Codes of Ethics, committee charters), risk oversight structure across committees, and lead independent director responsibilities reinforce board effectiveness .
RED FLAGS: None disclosed specific to Salmon. No related-party transactions, no overboarding, and strong board-level attendance and risk oversight structures reported .