Greg D. Bertrand
Executive Vice President, Global Chief Operating Officer at SYY
Executive
About Greg D. Bertrand
Greg D. Bertrand is Executive Vice President and Global Chief Operating Officer at Sysco; he has served as a Named Executive Officer since July 2016 and previously led U.S. Foodservice Operations, merger integration, and major market operations since joining Sysco in 1991 . As context for incentive alignment, Sysco delivered FY25 sales of $81.4B (+3.2% YoY), operating income of $3.1B ($3.5B adjusted), EPS of $3.73 ($4.46 adjusted), and EBITDA of $4.0B (-1.2% YoY), with AIP payouts at 66.34% reflecting below-target outcomes on core financial measures . Sysco’s incentives continue to weight operating income, sales revenue, and strategic business objectives, with LTIP focused on EPS, ROIC, and revenue plus an S&P 500-relative TSR modifier .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sysco | EVP, Global Chief Operating Officer | Not specifically dated; current role | Oversees global operations; preceded by leading U.S. Foodservice Operations |
| Sysco | EVP, U.S. Foodservice Operations | Jul 2018 – Sep 2023 | Led U.S. foodservice segment operations and growth |
| Sysco | SVP, U.S. Foodservice Operations | Jul 2016 – Jul 2017 | Senior leadership over national operations |
| Sysco | SVP, Foodservice Operations (West) | Aug 2015 – Jul 2016; also Jul 2012 onward in SVP role | Regional operational leadership in the West |
| Sysco | SVP, Merger Integration Deployment | Nov 2014 – Aug 2015 | Drove merger integration deployment across the enterprise |
| Sysco | SVP, Business Process Integration | Mar 2014 – Nov 2014 | Led business process integration initiatives |
| Sysco | President – Sysco Eastern Wisconsin; President – Sysco Chicago | 2005; 2008 (+additional markets in 2009) | Market leadership, consolidation, and performance across Midwest markets |
| Sysco | Market Vice President – Midwest | 2010 | Multi-market operating leadership |
| Sysco Chicago | Vice President – Sales; Senior Vice President – Sales | 1997; 1998 | Advanced sales leadership roles |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $749,025 | $824,924 | $859,154 |
| Base Salary (effective date) | — | — | $863,000 as of Aug 25, 2024 |
| Perquisites and Other Personal Benefits ($) | $147,950 | $103,082 | $117,811 |
| 401(k) Contribution ($) | — | — | $15,675 |
| MSP Employer Contribution ($) | — | — | $98,502 |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and FY25 Outcome
| Component | Weighting | Threshold | Target | Maximum | Actual FY25 | Payout vs Target |
|---|---|---|---|---|---|---|
| Operating Income (adj.) | 50% | $3.516B | $3.742B | $3.899B | $3.523B | 51.52% |
| Sales Revenue | 20% | $80.421B | $83.181B | $85.152B | $81.370B | 67.19% |
| Local Case Growth | 10% | 0.50% | 4.00% | 6.00% | 0.60% | 51.40% |
| USBL Cost Per Piece | 10% | 103% of Target | 100% | 97% of Target | 102% | 70.00% |
| Engagement Improvement | 10% | -1% | 1% | 3% | 2% | 150.00% |
| Individual Performance Modifier | — | — | 1.00 | — | 1.00 | — |
| AIP Detail (Bertrand) | Value |
|---|---|
| AIP Target (% of Base Salary) | 150% |
| FY25 Achievement Rate | 66.34% |
| FY25 AIP Payout ($) | $855,000 |
Long-Term Incentive Plan (LTIP) – FY25 Awards and Mechanics
| Component | Weighting | Grant Date | Quantity/Value | Vesting | Key Performance Metrics |
|---|---|---|---|---|---|
| PSUs | 50% | Aug 21, 2024 | Target 22,746; Max 45,492 | Cliff vest after 3 years; dividend equivalents accrue and pay only if earned | EPS 37.5%, ROIC 37.5%, Revenue 25%; TSR modifier ±25% vs S&P 500 (cap at 200%) |
| RSUs | 30% | Aug 21, 2024 | 13,647 RSUs | Ratable over 3 years; cash dividend equivalents at vest | |
| Stock Options | 20% | Aug 21, 2024 | 35,939 options; strike $76.54; 10-year term to 8/20/2034 | Ratable over 3 years | |
| LTIP Target (as % of Base) | — | — | 400% of base ($3,452,000) | — | PSU/RSU values at grant reflect $76.54 stock price |
Historical PSU Certification (FY23–FY25 Performance Period)
| Metric | Weight | Threshold | Target | Max | Actual | Payout |
|---|---|---|---|---|---|---|
| EPS (adj.) – 3-year average | 50% | $4.19 | $4.46 | $4.87 | $4.26 | 48.69% |
| U.S. Market Share Growth – 3-year average | 50% | 1.10x | 1.40x | 1.60x | 1.45x | 110.00% |
| Relative TSR vs S&P 500 | — | 25th pct: -25% | 50–55th pct: 0% | 75th pct: +25% | 25.2 pct | -23.20% |
| Aggregate PSU Payout | — | — | — | — | — | 56.14% |
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial Ownership (as of Sep 17, 2025) | 43,564 shares directly; 344,550 shares underlying options exercisable within 60 days; total 388,114; <1% of outstanding shares |
| Outstanding Equity Awards (selected) | RSUs unvested: 23,219 (Aug 2024); 17,849 (Aug 2023) |
| Options outstanding (selected vintages) | 35,939 (Aug 2024; $76.54; exp 8/20/2034); 2,830 unexercisable + 1,415 exercisable (Sep 2023; $69.95; exp 9/10/2033); 17,653 unexercisable + 8,827 exercisable (Aug 2023; $73.53; exp 8/9/2033); 10,207 unexercisable + 20,412 exercisable (Aug 2022; $85.57; exp 8/17/2032) |
| FY25 Vesting/Exercises | Options exercised: 43,750 shares; value realized $1,075,375. Stock awards vested: 16,753 shares; value realized $1,317,576 |
| Ownership Guidelines | Executive Vice Presidents: 4x base salary; compliance/on-track for all NEOs by record date |
| Hedging/Pledging | Prohibited for executives and directors under Securities Trading Policy |
| Trading Windows / 10b5-1 | Trades limited to pre-approved Rule 10b5-1 plans, adopted only in open windows; blackout periods enforced |
Employment Terms
Severance and Change-in-Control Economics (Quantified)
| Scenario | Severance Payment ($) | SERP Payments ($, PV) | PSU Payments ($) | Acceleration/Other Unvested Equity ($) | Insurance ($) | Other ($) |
|---|---|---|---|---|---|---|
| Retirement | — | $2,373,984 | $1,613,573 | $818,488 | — | $94,981 |
| Death | — | $2,326,872 | $3,299,930 | $1,863,030 | $1,200,000 | $94,981 |
| Disability | — | $2,373,984 | $3,299,930 | $1,863,030 | $1,211,000 | $94,981 |
| Voluntary Resignation | — | $2,373,984 | — | — | — | — |
| Involuntary Termination w/o Cause or Good Reason | $1,726,000 | $2,373,984 | — | — | $22,266 | $119,981 |
| Termination w/o Cause post-Change-in-Control | $4,315,000 | $2,373,984 | $3,299,930 | $1,863,030 | $22,266 | $119,981 |
- SERP monthly benefit illustrations: Disability/Involuntary/Good Reason or CIC Termination → 362 payments of $13,924/month; Death (spousal life annuity) → 354 payments of $14,036/month .
- Double-trigger applies for accelerated vesting of LTIP awards upon change-in-control (CIC + qualifying termination within 24 months) .
- Clawback: recovery for restatements or misconduct causing material financial or reputational harm; lookback 36 months for restatements .
Pension and Deferred Compensation
| Plan | Credited Service (Years) | Present Value of Accumulated Benefit ($) | Notes |
|---|---|---|---|
| Pension Plan | 34.0 | $483,589 | Plan frozen; benefits payable at age 65; early reductions apply |
| SERP | 34.0 | $2,377,122 | SERP frozen; designed to provide 50% of final average compensation (caps apply) |
| EDCP/MSP (FY25) | — | Above-market interest $7,018; change in pension value $32,670; change in SERP value $(81,664) | EDCP deferrals no longer permitted; MSP supplemental contributions ongoing |
Multi-Year Compensation (Summary)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | $749,025 | $824,924 | $859,154 |
| Stock Awards ($) | $1,745,800 | $2,311,492 | $2,785,520 |
| Option Awards ($) | $740,980 | $586,587 | $690,388 |
| Non-Equity Incentive (AIP) ($) | $848,808 | $1,141,000 | $855,000 |
| Change in Pension/Deferred Comp ($) | $9,906 | $17,650 | $39,688 |
| All Other Compensation ($) | $147,950 | $103,082 | $117,811 |
| Total ($) | $4,242,469 | $4,984,735 | $5,347,561 |
Performance Compensation – Plan Design Detail
| Element | Weight/Target | Structure | Vesting/Modifier |
|---|---|---|---|
| AIP (Bertrand) | 150% of base | 70% financial (Operating Income 50%, Sales 20%); 30% SBOs (Local Case Growth 10%, USBL Cost per Piece 10%, Engagement 10%) | Component-level payouts 0–200%; individual performance modifier applied (1.00 in FY25) |
| PSUs | 50% of LTIP | EPS 37.5%, ROIC 37.5%, Revenue 25% (3-year performance) | TSR modifier ±25% vs S&P 500; capped at 200% |
| RSUs | 30% of LTIP | Time-based | Ratable over 3 years; cash dividend equivalents at vest |
| Options | 20% of LTIP | Strike at grant-day close; Black-Scholes valuation | Ratable over 3 years; 10-year term |
Governance and Stockholder Feedback
- Say-on-Pay approval: 93.80% support in 2024 .
- Independent compensation consultant (Semler Brossy) advises CLD Committee; peer group spans logistics, distribution, consumer, retail; Sysco positioned ~53rd percentile market cap, 58th percentile revenue .
Investment Implications
- Pay-for-performance alignment is intact: FY25 AIP at 66.34% reflects below-target operating income and sales results, limiting cash incentive payouts and supporting discipline; LTIP remains majority PSUs with EPS/ROIC/revenue plus TSR modifier, reinforcing multi-year value creation and shareholder returns focus .
- Retention considerations: Significant frozen SERP value and quantified CIC protection (double-trigger, material severance) reduce retention risk; executive ownership guidelines (4x salary) and hedging/pledging prohibitions strengthen alignment and mitigate governance red flags .
- Selling pressure signals: FY25 option exercises (43,750 shares; $1.08M value) and sizable options currently exercisable (344,550 within 60 days) warrant monitoring for additional 10b5-1 plan activity; policy requires pre-approved trading plans and blackout enforcement, moderating opportunistic selling risk .
- Execution risk: AIP and PSU measures center on operating income, sales, EPS, ROIC, and revenue; continued variance vs targets (e.g., FY25 EBITDA -1.2% YoY) could suppress realized pay, incentivizing operational improvements across local case growth and cost per piece .