David Ball
PERRIGO CoAbout David Ball
David Ball is Executive Vice President and Chief Brand and Digital Officer at Perrigo, appointed August 1, 2024; he is a Section 16 officer (Form 3 filed) and age 45 as of February 2025 . He previously led Bayer Consumer Healthcare’s North America Digestive Health business, achieving record financial performance, and spent over eight years in leadership roles at Procter & Gamble; he holds a PhD in Biophysics and Genetics from Sheffield University . Company performance context during FY2024: net sales $4.4B vs $4.7B prior year; adjusted operating income $0.6B (+6% YoY); adjusted operating margin 13.9% (+160 bps); adjusted EPS $2.57; operating cash flow $363M; net leverage 4.0x .
| Metric (FY2024) | Value |
|---|---|
| Reported Net Sales ($B) | 4.4 |
| Adjusted Operating Income ($B) | 0.6 |
| Adjusted Operating Margin (%) | 13.9% |
| Adjusted Diluted EPS ($) | 2.57 |
| Operating Cash Flow ($MM) | 363 |
| Net Leverage to Adjusted EBITDA (x) | 4.0x |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bayer Consumer Healthcare (North America) | General Manager & VP Marketing, Digestive Health | 2019–2024 | Achieved record financial performance; led DTC healthcare tech acquisition; helped establish “white space” incubator |
| Procter & Gamble | Multiple leadership roles across business units/functions | More than eight years (dates not disclosed) | Consumer brand leadership across marketing/innovation; multi-unit experience |
External Roles
- Not disclosed in Perrigo filings or company biography pages .
Fixed Compensation
- Individual base salary and cash compensation for David Ball were not disclosed (he was not a 2024 Named Executive Officer in the proxy) . Perrigo’s program elements for executives consist of base salary, Annual Incentive Plan (AIP), and Long-Term Incentive Plan (LTIP); the majority of pay is performance-based (85% CEO, ~74% other NEOs at target) .
Performance Compensation
Perrigo’s executive incentives are tightly linked to financial performance; as an ELT member, Ball is governed by these designs.
| Metric (AIP – Corporate) | Weighting | Target | Actual | Payout (% of Target) | Vesting/Settlement |
|---|---|---|---|---|---|
| AIP Net Sales ($MM) | 20% | 4,654.6 | 4,345.9 | 66.8% | 2024 AIP paid 1/3 cash Mar-2025; 2/3 +10% premium in RSUs vesting 50% Mar-2026 and 50% Mar-2027 (Project Energize one-time change) |
| AIP Operating Income ($MM) | 40% | 626.7 | 579.5 | 81.1% | Same as above |
| AIP Gross Margin (%) | 20% | 38.9% | 38.5% | 89.5% | Same as above |
| AIP Operating Cash Flow ($MM) | 20% | 341.2 | 306.8 | 0% | Same as above |
Long-term incentives:
- 2024–2026 LTIP mix: 50% PSUs tied to cumulative Adjusted Operating Income, 20% rTSR PSUs vs S&P 500, 30% RSUs vesting ratably over 3 years . 2022–2024 PSU OI paid at 118% (three-year average); rTSR paid 0% due to <30th percentile performance vs S&P 500 .
- 2025–2027 LTIP changes: PSU OI replaced by PSUs based on Free Cash Flow Return on Net Sales (FCF/NS); rTSR comparator group updated to consumer staples peers with $1–$20B revenues plus Perrigo’s peer group .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Stock ownership guideline (EVP) | 3× base salary; retention rules restrict selling if below guideline |
| Compliance status | “All of our executive officers, including our NEOs, were in compliance” as of end-2024 |
| Anti-hedging/anti-pledging | Hedging, short sales, margin accounts, and pledging of Perrigo stock are prohibited for executives/directors |
| Beneficial ownership | Not listed individually in the March 3, 2025 beneficial ownership table (not a 2024 NEO or director) |
| Section 16 filing note | Form 3 for David Ball filed late on August 16, 2024 (administrative/technology issues) |
Employment Terms
| Term | Detail |
|---|---|
| Role & start date | EVP, Chief Brand & Digital Officer; appointed August 1, 2024 |
| Contract terms | Not specifically disclosed for Ball in proxy; executives are covered by company-wide policies . |
| U.S. Severance Policy (general) | On qualifying termination not within two years of a CIC: 52 weeks base salary; pro rata bonus; 12 months health premiums (if no coverage elsewhere) . |
| Change-in-Control Severance Policy (general) | On qualifying termination within two years of CIC: 2× base salary + target bonus; pro rata bonus; health premiums for 18 months plus cash for six months (if no coverage elsewhere) . |
| Ireland Severance Programme (general) | Discretionary ex-gratia payment equal to 2.5× base compensation + target bonus; statutory entitlements; outplacement/pension advice; health cover continuation at individual cost . |
| Clawback policy | Compensation Recovery Policy adopted Aug 2023; requires recovery of incentive comp upon restatement due to misconduct . |
| Ownership/retention | Executives must meet stock ownership multiples; retention provisions restrict net share sales before guideline compliance . |
Note: Applicability of U.S. vs Ireland severance programs for Ball is not specified in filings; terms above are company-wide policies disclosed for executives .
Compensation Peer Group and Governance Signals
- Compensation peer group (18 companies) includes Haleon, Kenvue, Church & Dwight, Clorox, Edgewell, among others; target positioning around the 50th percentile, with discretion beyond benchmarking .
- Say-on-pay 2024 approval: 97% in favor, indicating strong shareholder support for program design and pay-for-performance linkage .
- Independent compensation consultant FW Cook engaged by Talent & Compensation Committee; no conflicts reported .
Performance & Track Record
- At Bayer Consumer Healthcare, Ball achieved record financial performance in North America Digestive Health, led a DTC acquisition, and helped establish a “white space” incubator; he brings >15 years of global consumer goods experience and a scientific PhD background, reinforcing innovation credibility .
- Perrigo’s 2022–2024 rTSR PSU paid 0%, evidencing relative TSR underperformance versus the S&P 500; PSU OI paid 118%, demonstrating internal operating execution despite market headwinds .
- Legal/market backdrop: investor law firms announced investigations/class actions in November 2025 relating to infant formula remediation and guidance cut; stock fell on November 5, 2025 news .
Investment Implications
- Alignment: Strong anti-hedging/anti-pledging policy and EVP 3× salary ownership guideline, with retention constraints until compliance, reduce misalignment risk and near-term selling pressure .
- Incentives: AIP metrics directly tied to net sales, operating income, gross margin, and cash flow; one-time AIP RSU deferral (Project Energize) increases retention through 2027 .
- Execution/cash focus: Shift in LTIP from Adjusted OI to FCF/Net Sales PSUs for 2025–2027 tightens accountability to cash conversion—positive for equity holders seeking cash discipline .
- Market signal: 0% rTSR payout for 2022–2024 underscores relative share performance challenges; ongoing external scrutiny of infant formula segment elevates execution risk around brand strategy and digital growth initiatives under Ball’s remit .
- Governance: Robust say-on-pay support (97%) and independent oversight suggest shareholder acceptance of incentive design; compensation peer benchmarking at ~50th percentile mitigates pay inflation risk .