Judith Buckner
Reynolds Consumer ProductsAbout Judith Buckner
Judith Buckner, age 56, is President of Reynolds Cooking & Baking (RCB) at Reynolds Consumer Products (REYN), a role she has held since November 2022. She joined Reynolds in 2000 after nine years in engineering and operations roles at Hoechst‑Celanese/Invista; she holds a B.S. in Chemical Engineering from Purdue University . Company performance context during her recent tenure includes FY2024 adjusted EBIT of $549 million, net income of $352 million, FY2024 net revenues of $3,695 million, adjusted EPS of $1.67, and Free Cash Flow of $369 million; FY2024 AIP paid at 121% of target and PSUs earned at 188% of target, reflecting pay-for-performance alignment. Cumulative TSR since listing equated to $109 vs a $100 initial investment at year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Reynolds Consumer Products | President, Reynolds Cooking & Baking | Nov 2022–present | Leads flagship RCB brand portfolio; accountable for growth and margin delivery |
| Reynolds Consumer Products | President, Presto Products | 2019–Nov 2022 | Led business unit operations and commercial execution |
| Reynolds Consumer Products | SVP, Business Transformation | 2017–2019 | Drove enterprise transformation initiatives in operations and processes |
| Reynolds Consumer Products | Engineering/Operations roles (Engineering Manager; Director of Manufacturing; Plant Manager; Director of Engineering & NPD; VP Operations & Engineering) | 2000–2017 | Built deep plant/engineering expertise; led NPD and operational excellence |
| Hoechst‑Celanese/Invista | Engineering and leadership roles in product development and operations | 1991–2000 | Early career in polymer/product engineering and operations |
External Roles
No external public company directorships or committee roles for Ms. Buckner are disclosed in REYN’s proxy filing .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 477,083 | 525,000 | 557,083 |
| Target Bonus (%) | — | — | 65% of base |
| Actual AIP Paid ($) | 201,568 | 573,300 | 438,146 |
Notes:
- 2024 AIP corporate payout level was 121% of target (80% Adjusted EBIT, 20% Revenue) .
Performance Compensation
Annual Incentive Program (AIP) – FY2024
| Metric | Weighting | Target | Actual | Payout (metric-level) | Contribution to Total |
|---|---|---|---|---|---|
| Adjusted EBIT Growth vs FY2023 | 80% | $527m / 103% | $549m / 107% | 141% | 113% |
| Revenue Growth vs FY2023 | 20% | $3,850m / 102.5% | $3,695m / 98% | 40% | 8% |
| Total Corporate Payout | — | — | — | — | 121% |
- Ms. Buckner’s 2024 AIP payout of $438,146 reflects 121% of her 65% target bonus on $557,083 base salary .
Long-Term Incentive (LTI) – Grants and PSU Outcomes
| Award Year | Instrument | Grant Date | Target Shares (#) | Grant-Date Fair Value ($) | Vesting | FY2024 Outcome |
|---|---|---|---|---|---|---|
| 2024 | RSUs | 2/1/2024 | 13,631 | 377,988 | 1/3 per year over 3 yrs | — |
| 2024 | PSUs | 2/1/2024 | 13,631 | 377,988 (probable) | Vests on 3rd anniversary | 25,626 earned (188% of target) |
| 2023 | RSUs | 2/1/2023 | — | 354,382 | 1/2 on 2/1/2025 and 2/1/2026 | — |
| 2023 | PSUs (earned) | 2/1/2023 | — | 354,382 (probable) | Vests 2/1/2026 | 20,142 earned |
| 2022 | RSUs | 2/1/2022 | — | 320,606 (probable) | Vested 2/1/2025 | — |
PSU Performance Calibration (2024 awards):
- Adjusted EPS Growth: target $1.47; actual $1.67 (118%); earned 190.9% of target (50% weight) .
- Free Cash Flow: target $315m; actual $369m; earned 185.7% of target (50% weight) .
- Blended PSU earn-out: 188% of target; vests 2/1/2027 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 24,065 shares (<1% of 210,318,222 outstanding) |
| Unvested RSUs (as of 12/31/2024) | 3,554 (2022; vested 2/1/2025), 7,928 (2023; vests 2/1/2025 & 2/1/2026), 13,631 (2024; vests over 3 years) |
| Earned PSUs (unvested) | 20,142 (2023; vests 2/1/2026), 25,626 (2024; vests 2/1/2027) |
| Options | None outstanding; no stock options held or exercised in 2024 |
| Ownership Guidelines | Business Unit Presidents required to hold stock worth 3x base salary; compliance deadline is later of July 1, 2028 or five years from becoming subject; 50% retention of net shares until compliant (then 100% if below threshold) |
| Hedging/Pledging | Company prohibits hedging and pledging of Company securities |
Employment Terms
| Provision | Terms for Judith Buckner |
|---|---|
| Employment Agreement | Provides initial base and target AIP; adjusted by CNG Committee |
| Non‑compete / Non‑solicit | In effect during employment and for 1 year post-termination |
| Severance (no Cause) | 12 months base salary; 12 months COBRA premium assistance |
| Sale of Business (12 months post-close) | 24 months base salary + prorated target annual incentive; paid over 24 months |
| Change‑in‑Control (plan) | Equity awards generally vest immediately; PSUs vest based on likely/actual performance as determined by CNG Committee; Company moved CEO to double-trigger in Oct 2024; Buckner’s awards governed by plan provisions (single-trigger plan-level) |
| Clawback | Nasdaq-compliant clawback for incentive-based comp tied to financial reporting measures (3-year lookback upon restatement) |
| Tax Gross‑Ups | Company policy states no excise tax gross‑ups |
Compensation Structure Analysis
- Mix and trend: Salary rose to $557,083 (2024) from $477,083 (2022); equity grant-date fair value increased to $755,976 (2024) from $641,242 (2022), with AIP outcomes varying in line with results ($201,568 in 2022; $573,300 in 2023; $438,146 in 2024), indicating meaningful at‑risk pay tied to performance .
- AIP and PSU levers: 2024 corporate AIP paid at 121% on Adjusted EBIT and Revenue; 2024 PSU earned at 188% on Adjusted EPS and Free Cash Flow, evidencing alignment of incentives with profitability, EPS and FCF outcomes .
- Governance safeguards: Anti‑hedging/pledging and clawback policies in place; option repricing prohibited; say‑on‑pay support ~99% in 2024, limiting pay inflation risk and signaling shareholder endorsement .
Retirement, Deferred Comp, Perquisites
| Item | FY2024 Detail |
|---|---|
| Pension | Lump sum payout of $132,389 under Pension Plan for Pactiv Evergreen; legacy entitlements only; plan otherwise frozen |
| Nonqualified Deferred Comp | Exec contributions $48,572; company contributions $55,223; withdrawals $(137,349); year-end balance $358,997 |
| All Other Compensation | 401(k) company contribution $27,600; Nonqualified plan company contribution $55,223; dividend equivalents $17,798; group term life $5,056; wellness credits $1,000; total $106,677 |
Performance & Track Record
- Corporate performance backdrop: FY2024 adjusted EBIT $549m; net income $352m; FY2024 net revenues $3,695m; adjusted EPS $1.67; Free Cash Flow $369m, with compensation outcomes linked directly to these measures via AIP and PSU structures .
- TSR: Company TSR from a fixed $100 investment equaled $109 at FY2024 year‑end; peer group $141; payout-versus-performance disclosure charts show CAP tracking profitability and TSR trends .
Compensation Peer Group and Policy
- Peer group used for benchmarking includes AptarGroup, Church & Dwight, Edgewell, Energizer, Greif, Hasbro, Helen of Troy, O‑I Glass, Pactiv Evergreen, Sealed Air, Silgan, Snap‑on, Sonoco, Spectrum Brands, Clorox, Scotts Miracle‑Gro, Yeti; additions/removals updated annually .
- Target positioning: CNG Committee generally aims around 50th percentile for elements of total compensation, adjusted for performance and retention needs .
Equity Vesting Calendar and Potential Selling Pressure
- Key vest dates: RSUs typically vest on Feb 1 annually over 3 years; earned PSUs vest on Feb 1 of year three (notably 2/1/2026 and 2/1/2027 tranches outstanding for Buckner) .
- Trading policy controls: Insider policy governs trading windows; hedging/pledging banned, reducing misalignment risk .
Investment Implications
- Pay-for-performance alignment: AIP and PSU structures directly tied to Adjusted EBIT, Revenue, Adjusted EPS, and FCF delivered 121% AIP payout and 188% PSU earn-out for FY2024, signaling robust operational execution and cash generation focus .
- Retention risk: Material unvested PSU/RSU tranches through 2027, one-year non‑compete/non‑solicit, and severance mechanics (12–24 months base plus prorated bonus in Sale of Business scenarios) support retention; change-in-control terms accelerate equity under plan, with CEO on double-trigger, while Buckner remains under plan provisions .
- Ownership alignment: Beneficial ownership is <1% but executive ownership guidelines require 3x base salary for business unit presidents by July 1, 2028/five-year horizon, with mandatory share retention until compliant; anti-hedging/pledging policy enhances alignment .
- Monitoring signals: Watch annual vest dates (Feb 1) for potential Form 4 activity and gauge ongoing AIP/PSU calibration against Adjusted EBIT/EPS/FCF guidance; strong 2024 result sets a high bar, implying sensitivity to profitability and cash conversion trends in future payouts .