Roberto Khoury
PERRIGO CoAbout Roberto Khoury
Executive Vice President and President, Consumer Self‑Care International (CSCI) at Perrigo; joined the company on May 20, 2024 with appointment effective August 1, 2024, after serving as Senior Vice President and General Manager of the global skin care portfolio at Kenvue (formerly part of Johnson & Johnson) . Company performance context for 2024: reported 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 and net leverage reduced to 4.0x . Long‑term equity pay linked to relative TSR paid 0% for the 2022–2024 cycle (below 30th percentile vs. S&P 500), emphasizing market underperformance; Khoury’s 2024 annual incentive paid 63.7% of target, with noted accomplishments including a new CSCI operating model, synergy delivery, and divestments .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kenvue (formerly J&J Consumer) | SVP & GM, Global Skin Care | Not disclosed | Led global skin care portfolio, relevant to Perrigo’s CSCI leadership mandate |
External Roles
No external public company directorships or committee roles for Khoury are disclosed in the filings reviewed .
Fixed Compensation
| Metric | FY 2024 | Notes |
|---|---|---|
| Base Salary (USD) | $557,258 | Converted from EUR at year-end FX rate |
| Target AIP (% of Salary) | 75% | Executive-level design; measured on Total Perrigo metrics |
| Actual AIP Payout (% of Target) | 63.7% | Performance plus individual modifier; below target |
| Non‑Equity Incentive (Cash-Equivalent) | $285,695 | One-third paid in cash; two-thirds delivered as RSUs +10% premium in Mar-2025 |
| Perquisites | $52,248 | Car allowance $25,885 and Irish pension contributions $26,363 |
| Tax Gross‑Ups | None | No gross‑ups disclosed for Khoury |
Performance Compensation
Annual Incentive Plan (AIP) – Corporate Metrics and Outcomes (FY 2024)
| Metric | Weighting | Target | Actual | Payout (% of Target) |
|---|---|---|---|---|
| AIP Net Sales | 20% | $4,654.6M | $4,345.9M | 66.8% |
| AIP Operating Income (currency-neutral) | 40% | $626.7M | $579.5M | 81.1% |
| AIP Gross Margin | 20% | 38.9% | 38.5% | 89.5% |
| AIP Operating Cash Flow | 20% | $341.2M | $306.8M | 0% |
Design highlights and vesting:
- 2024 AIP paid one‑third cash in Mar‑2025; two‑thirds plus a 10% premium as service‑vesting RSUs vesting 50% in Mar‑2026 and 50% in Mar‑2027 (one‑time change under Project Energize) .
- Individual performance modifier: Khoury credited for new operating model, synergies, divestments, and inventory improvement despite segment targets shortfall .
Long‑Term Incentive Plan (LTIP) – Khoury’s 2024 Grants
| Award Type | Grant Date | Threshold (#) | Target (#) | Max (#) | Grant Date Fair Value (USD) | Vesting |
|---|---|---|---|---|---|---|
| rTSR PSUs | 06/07/2024 | 2,980 | 5,959 | 11,918 | $126,212 | Earned based on 3‑yr TSR percentile vs comparator; linear interpolation; cap at 100% if absolute TSR negative |
| PSU OI (Adj. Operating Income) | 06/07/2024 | 7,450 | 14,899 | 29,798 | $401,379 | 3‑yr 2024–2026 cumulative OI; threshold 80%, target 100%, max 120% |
| RSUs (service‑based) | 06/07/2024 | — | 24,715 | — | $665,822 | Ratable over 3 years from grant date |
Program context:
- 2022–2024 rTSR PSUs paid 0% (below 30th percentile vs S&P 500 constituents), signaling share-price underperformance over that cycle .
- 2024–2026 PSU OI cumulative targets: Threshold $1,580.5M, Target $1,975.7M, Max $2,370.8M (company-wide goal-setting) .
Equity Ownership & Alignment
| Ownership Item | Value | Notes |
|---|---|---|
| Ordinary Shares Beneficially Owned | 0 | As of record date March 3, 2025 |
| Shares Acquirable within 60 days | 1,197 | Typically RSUs vesting within 60 days |
| Total Beneficial Ownership | 1,197 | Less than 1% of class |
| Unvested RSUs (12/31/2024) | 24,715 | Market value $615,651 at $24.91 closing price |
| Unearned PSUs (12/31/2024) | 9,987 | Payout value $248,776 at $24.91 closing price (assumptions per table) |
Alignment policies and pressure indicators:
- Executive Stock Ownership Guidelines: EVP multiple = 3× base salary; executives must retain ≥50% of net shares until guidelines are met; all NEOs in compliance or subject to retention rules as of YE 2024 .
- Anti‑hedging and anti‑pledging: Executives prohibited from hedging/pledging or margining company stock, reducing forced‑sale risk; also prohibits short sales and derivatives .
- Clawback: Compensation Recovery Policy adopted in Aug‑2023; requires recovery upon restatement due to misconduct .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Type | Irish Employment Agreement; effective May 2024 |
| Notice Period | 3 months for termination by either party |
| One‑Time Buy‑Out | $425,000 RSUs (2‑year ratable vesting) plus pro‑rata 2024 LTI grant $758,333 (mix of RSUs and PSUs; 3‑year ratable vesting) |
| Severance – Qualifying Termination (Ireland) | Ex‑gratia 2.5×(base + target bonus); for Khoury cash = $2,438,005; statutory entitlements and outplacement support |
| Equity Treatment – Qualifying Termination | RSUs/PSUs continue to vest for 24 months under original schedules; PSUs vest based on actual performance at period end |
| Change‑in‑Control Treatment | Immediate vesting of all equity upon termination in connection with change‑in‑control (double trigger for equity); cash for Khoury same as qualifying termination per Irish program |
| Confidentiality | Confidentiality provisions included |
Investment Implications
- Pay‑for‑performance alignment: AIP outcomes and rTSR PSU design directly link cash and equity to operational and market results; 2024 payout below target and 2022–2024 rTSR 0% underscore disciplined payout calibration .
- Retention risk balanced: Irish severance (2.5× cash) plus 24‑month continued vesting and the 2024 AIP RSU deferral (vesting Mar‑2026/Mar‑2027) create meaningful retention hooks; anti‑hedging/pledging and ownership retention rules further reduce near‑term selling pressure .
- Equity alignment: Direct ownership is modest (1,197 units; <1% of class), but guideline compliance/retention requirements and significant unvested equity support alignment over time; no pledging permitted .
- Execution track record in role: Early tenure highlights include establishing CSCI’s operating model, delivering synergies, and portfolio streamlining; segment targets were mixed, with inventory targets exceeded—suggesting operational improvement focus before full financial translation .
- Program evolution: For 2025 LTIP, Perrigo replaced PSU OI with PSUs on Free Cash Flow Return on Net Sales and refined the rTSR comparator set, increasing accountability for cash conversion—a constructive step for investor alignment .