Albert Manzone
PERRIGO CoAbout Albert A. Manzone
Albert A. Manzone (age 61) is an independent director of Perrigo (PRGO) since 2022 and serves on the Audit Committee; the Board has determined he qualifies as an “Audit Committee Financial Expert.” He is Deputy Chief Executive Officer at Monte‑Carlo Société des Bains de Mer (2023–present) and formerly CEO/Director of Whole Earth Brands (2016–2023), with earlier senior roles at Oettinger Davidoff, Haleon/Novartis Consumer Health, Wrigley, PepsiCo, and McKinsey, reflecting deep global CPG and M&A experience including taking Whole Earth Brands public on NASDAQ .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Whole Earth Brands | Chief Executive Officer; Director | 2016–2023 | Took the company public on NASDAQ; strategic vision, operational excellence, M&A track record |
| Monte‑Carlo Société des Bains de Mer | Deputy Chief Executive Officer | 2023–present | Luxury hospitality operations leadership |
| Oettinger Davidoff AG | President, Europe | 2012–2016 | Luxury goods, European market leadership |
| Haleon (fka Novartis Consumer Health) | Executive roles | ~2 years (within 1993–2012 span) | Consumer health operational leadership |
| W.M. Wrigley Jr. Company | Executive roles | ~2 years (within 1993–2012 span) | Global branded CPG execution |
| PepsiCo | Executive roles | ~11 years (within 1993–2012 span) | Global operations, marketing/sales experience |
| McKinsey & Company | Consultant | ~3 years (within 1993–2012 span) | Strategy and performance improvement |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Syntec Optics (NASDAQ: OPTX) | Director | 2023–present | Audit Committee member |
| Banjay Group (formerly FL Entertainment) (Amsterdam: FLE.AS) | Director | 2023–present | Not specified |
| Monte‑Carlo Société des Bains de Mer | Deputy CEO | 2023–present | Executive role (not a board) |
Board Governance
- Committee assignments: Audit Committee member; Audit Committee met 8 times in 2024; Board met 7 times, with each director attending at least 75% of meetings; all directors then serving attended the 2024 AGM .
- Financial expert designation: Board determined Manzone has attributes of an “Audit Committee Financial Expert” under SEC rules .
- Independence: Board determined Manzone is independent (10 of 11 nominees, including Manzone) and found no material relationships impairing independence .
- Board structure and practices: Separate independent Chair and CEO; independent directors meet in executive session; majority voting, robust stock ownership guidelines; anti‑hedging and anti‑pledging policies .
Fixed Compensation
| Component | Policy Amount | Notes |
|---|---|---|
| Director Annual Cash Retainer | $75,000 | Applies to non‑employee directors |
| Audit Committee Member Retainer | $12,500 | Non‑chair member amount |
| Committee Chair Retainer (Audit) | $25,000 | In lieu of member retainer (not applicable to Manzone) |
| 2024 Cash Earned – Manzone | $87,491 | Reported fees earned/paid in cash |
- 2024 director fee mix: Cash retainer plus committee member fees; no meeting fees; employee directors receive no board compensation .
Performance Compensation
| Equity Instrument | Grant Date | Shares/Units | Grant Date Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| RSUs (annual director grant) | May 14, 2024 | 9,904 | $299,992 (based on $30.29 per share) | Vest one year from grant | None — service‑based RSUs only; no PSUs/options for directors |
- For 2024, directors received annual equity awards (RSUs) of ~$300,000 intended to link majority of director compensation to shareholder interests; Chair received ~$375,000 .
Other Directorships & Interlocks
| Company | Market | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Syntec Optics | NASDAQ: OPTX | Director; Audit Committee | Not a PRGO competitor; technical optics; low direct conflict risk |
| Banjay Group (formerly FL Entertainment) | Amsterdam: FLE.AS | Director | Media/entertainment; not overlapping with self‑care; low direct conflict risk |
- Number of other public company boards: Two (for Manzone) per election summary .
- Related‑party transactions: NGC reported no transactions requiring disclosure; annual questionnaires and policy oversight in place .
Expertise & Qualifications
- Over 30 years in global branded CPG across food & beverage, consumer health, luxury, hospitality, retail, and entertainment; proven track record in strategy, operations, M&A, team building, and public market transactions (took Whole Earth Brands public) .
- Audit Committee Financial Expert designation; financial literacy and oversight capabilities .
- Extensive global leadership experience across continents and sectors .
Equity Ownership
| Holder | Ordinary Shares Beneficially Owned | Shares Acquirable Within 60 Days | Total | % of Class |
|---|---|---|---|---|
| Albert A. Manzone | 7,405 | — | 7,405 | <1% |
- Director ownership guidelines: Non‑employee directors must attain stock ownership equal to six times annual cash retainer; all non‑employee directors either meet ownership levels or comply with retention requirements .
- Anti‑hedging/anti‑pledging: Directors prohibited from hedging or pledging PRGO securities; restrictions on short sales and monetization transactions .
Governance Assessment
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Strengths for investor confidence:
- Independent director with deep CPG and international leadership background; designated Audit Committee Financial Expert, enhancing financial oversight .
- Strong alignment via majority equity‑based director pay (service‑based RSUs vesting annually) and robust ownership guidelines; anti‑hedging/pledging policy reduces misalignment risk .
- Governance environment supported by separate Chair/CEO, majority independent Board, executive sessions, and strong say‑on‑pay support (>97% at 2024 AGM) indicating shareholder confidence in compensation frameworks .
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Watch items and potential risks:
- Time‑commitment/overboarding risk: Manzone serves on two other public boards and is Deputy CEO at Monte‑Carlo SBM; NGC reviewed overboarding and recommended nominees after evaluating engagement and skill set, but ongoing monitoring of attendance and committee workload remains prudent .
- Related‑party/conflict monitoring: No related‑party transactions disclosed; continued adherence to policy and annual questionnaires mitigates risk .
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Attendance/engagement signal:
- Board met 7 times; committees met 18 times; each director attended at least 75% of meetings and all directors then serving attended the 2024 AGM—indicative of baseline engagement standards .