Christopher Corey
Reynolds Consumer ProductsAbout Christopher Corey
Christopher Corey, age 47, is President, Presto Products at Reynolds Consumer Products (REYN), appointed effective November 2, 2022 after serving as SVP, International & Canada since joining the Company in 2019; he holds a B.S. in Finance (University of New Mexico) and an MBA in Marketing (Thunderbird School of Global Management) . Company performance relevant to incentive payouts during his tenure: FY2024 Adjusted EBIT was $549 million vs. $512 million in FY2023; Net Income was $352 million vs. $298 million; cumulative Company TSR (fixed $100 since IPO) was 109 vs. 105 the prior year; FY2024 Revenue used for AIP was $3,695 million (98% of FY2023) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Reynolds Consumer Products | President, Presto Products | 2022–present | Leads Presto business unit (plastics storage/products) |
| Reynolds Consumer Products | SVP, International & Canada | 2019–2022 | Ran international and Canadian businesses |
| Kraft Heinz | Various CPG leadership roles | Not disclosed | Not disclosed |
| Boehringer Ingelheim Consumer Healthcare | Various leadership roles | Not disclosed | Not disclosed |
| Johnson & Johnson | Various leadership roles | Not disclosed | Not disclosed |
External Roles
None disclosed .
Fixed Compensation
| Element | Corey-specific | Company program details (applies to senior executives / business unit presidents) |
|---|---|---|
| Base salary | Not disclosed | Set near peer 50th percentile; adjusted for performance/retention |
| Target annual bonus % (AIP) | Not disclosed | Business unit presidents (examples in NEOs) at 65% of base salary in 2024 |
| Perquisites | Not disclosed | Limited perquisites; broad-based benefits; nonqualified deferred comp available |
| Ownership guidelines | 3x base salary | Must achieve by the later of July 1, 2028 or 5 years after becoming subject; 50% net share retention until compliant |
| Hedging/pledging | Not permitted | Anti-hedging and anti-pledging policy |
| Clawback | Applies | Nasdaq-compliant recoupment of incentive-based comp upon restatement |
Performance Compensation
| Metric | Weight | Target | Actual | Payout factor | Vesting mechanics |
|---|---|---|---|---|---|
| Adjusted EPS Growth (FY2024 vs FY2023) | 50% | $1.47 (103.5% of FY2023) | $1.67 (118% of FY2023) | 190.9% | PSUs earned convert and vest on 3rd anniversary of grant |
| Free Cash Flow (FY2024) | 50% | $315m | $369m | 185.7% | Same as above |
| Total PSU payout (FY2024 performance) | 100% | 100% | — | 188% | Earned PSUs vest 2/1/2027 for 2024 grants |
Additional Corey-specific equity outcomes:
- 2024 PSUs earned: 20,594 units (from his 2/1/2024 grant), now RSUs that vest on 2/1/2027 .
- 2/1/2025 RSU vesting and tax withholding events consistent with 1/3 annual RSU schedules (multiple tranches vested; shares withheld for taxes), indicating delivery of net shares while avoiding discretionary sales .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Recent insider activity | 1/29/2025: 20,594 PSUs earned for FY2024 (now RSUs, vest 2/1/2027); 2/1/2025: RSU vesting with share tax withholding (coded “F”), no open-market sales . |
| Stock options | None indicated; company NEOs held no options in 2024 . |
| Pledging/hedging | Prohibited by Company policy (alignment positive) . |
| Ownership guidelines | Business Unit Presidents: 3x base salary; time to comply: by July 1, 2028 or within 5 years of becoming subject; retention requirement until compliant . |
| Shares outstanding reference | 210,318,222 shares as of 2/28/2025 (basis for % ownership if disclosed) . |
Vesting calendar and potential supply:
| Grant/earn | Instrument | Amount | Vesting date |
|---|---|---|---|
| FY2024 PSUs (earned 1/29/2025) | RSUs (earned PSUs) | 20,594 | 2/1/2027 |
| Prior RSU tranches | RSUs | Multiple tranches (e.g., 1/3 schedules) | Portions vested 2/1/2025; remaining tranches scheduled 2/1/2026 and 2/1/2027 |
Employment Terms
| Provision | Terms (Business Unit President agreements) |
|---|---|
| Severance (no Sale of Business) | 12 months base salary; 12 months health coverage; for some roles (e.g., CEO) additional proration applies; Business Unit Presidents align to 12 months . |
| Severance (Sale of Business within 12 months) | 24 months base salary + prorated target annual incentive; paid over 24 months; continued health coverage . |
| Non-compete / Non-solicit | During employment and for one year post-termination for any reason . |
| Equity treatment (Retirement/Enhanced Retirement) | Pro-rata vesting or continued vesting per RSU/PSU agreements; enhanced retirement adds extended vesting with additional conditions and notice . |
| Change-in-Control (CIC) | Equity awards generally vest and settle at CIC; PSUs vest based on likely/actual performance; CEO future awards moved to double-trigger in Oct 2024; no change disclosed for Corey . |
| Clawback | Incentive comp recoupment for restatements (3-year look-back) . |
| Tax gross-ups | No excise tax gross-ups . |
Compensation Structure Notes and Peer Benchmarking
- Program mix: 50% RSUs (time-based, 3-year ratable vest) + 50% PSUs (one-year performance, vest on 3rd anniversary); emphasizes performance and retention .
- AIP design (2024): 80% Adjusted EBIT Growth; 20% Revenue Growth; total payout at 121% of target company-wide; Business Unit Presidents shown at 65% target in NEO examples (Corey’s specific target not separately disclosed) .
- Peer group used for benchmarking executive pay includes Aptar, Church & Dwight, Clorox, Sealed Air, Sonoco, Spectrum Brands, Yeti, Pactiv Evergreen, etc. .
- Say-on-pay support: ~99% approval in 2024 (indicates investor support for pay design) .
Investment Implications
- Strong pay-for-performance linkage: Corey’s 2024 PSU outcome (188% of target) was driven by Company Adjusted EPS and Free Cash Flow materially above targets, aligning awards with value creation metrics (Adjusted EBIT, FCF) .
- Low insider selling pressure: Reported activity in 2024–2025 reflects RSU/PSU vesting and tax withholding, not discretionary sales, suggesting limited near-term selling overhang; the notable 20,594-unit vest in 2027 is a future supply point to monitor .
- Alignment safeguards: Prohibitions on hedging/pledging, ownership guidelines (3x salary) and clawback policy mitigate misalignment risk and enhance governance quality .
- Retention and transition risks: Standard severance and one-year non-compete reduce abrupt departure risk; PSU/RSU continued vesting under retirement/enhanced retirement increases stickiness, though CIC provisions (single-trigger for most) could accelerate vesting in a transaction scenario .