Danielle Benedict
UNITED NATURAL FOODSAbout Danielle Benedict
Danielle Benedict, age 53, is Chief Human Resources Officer (CHRO) at United Natural Foods, Inc. (UNFI). She has served as CHRO since September 2017 and joined UNFI in April 2013, previously holding senior HR roles; she holds a bachelor’s degree in management from Emmanuel College and serves on the board of The Food Project (non-profit) since September 2022 . UNFI’s fiscal 2025 pay-for-performance program emphasized Adjusted EBITDA ($552M actual vs $550M target) and Free Cash Flow ($239M actual vs $150M target), with payouts contingent on exceeding thresholds; long-term PSUs for the 2023–2025 cycle paid out at 45% after a negative Relative TSR modifier, underscoring rigorous alignment to multi-year performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UNFI | Chief Human Resources Officer | Sep 2017 – Present | Executive human capital leadership aligned to UNFI’s “people first” strategy and Compensation Committee oversight of human capital management |
| UNFI | SVP, Human Resources | May 2016 – Sep 2017 | — |
| UNFI | National VP, Human Resources | Aug 2014 – May 2016 | — |
| UNFI | Director, Compensation & Benefits | Apr 2013 – Aug 2014 | — |
| Clean Harbors Environmental Services | VP, Human Resources & Leadership Development | 2007 – 2013 | — |
| Dunkin Brands, Inc. | Early HR career | Began 1999 | — |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Food Project (non-profit) | Board Member | Since Sep 2022 | Community-focused board service |
Fixed Compensation
Summary Compensation (FY 2023–FY 2025)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | 529,934 | 549,105 | 562,367 |
| Stock Awards ($) | 872,949 | 855,007 | 1,046,003 |
| Non-Equity Incentive Plan Compensation ($) | — | 438,474 | 579,274 |
| All Other Compensation ($) | 16,250 | 12,500 | 11,750 |
| Total ($) | 1,419,133 | 1,855,086 | 2,199,394 |
Merit and Target Adjustments (Effective FY 2026)
| Item | FY 2025 | FY 2026 | Change |
|---|---|---|---|
| Base Salary (annual rate) | $571,070 | $633,888 | +11% |
| Target Annual LTI ($) | $1,000,000 | $1,300,000 | +30% |
| Annual Incentive Maximum | 150% | 200% | Increased to align with market |
Performance Compensation
Annual Cash Incentive Structure (FY 2025)
| Component | Threshold (Payout %) | Target (Payout %) | Stretch (Payout %) |
|---|---|---|---|
| Benedict Target as % of Salary | 42.5% | 85.0% | 127.5% |
Target vs Actual Payout (FY 2025)
| Named Executive | Target ($) | Actual ($) |
|---|---|---|
| Danielle Benedict | 478,012 | 579,274 |
Company-Level FY 2025 Performance Metrics (program design)
| Metric | Weight | Target | Actual | Performance vs Target | Weighted Payout |
|---|---|---|---|---|---|
| Adjusted EBITDA | 20% | $550M | $552M | 100.4% | 20.4% |
| Free Cash Flow | 10% | $150M | $239M | 159.4% | 15.0% |
| Retail Adjusted EBITDA | 40% | $19M | $6M | 31.3% | —% (below threshold) |
| Retail Free Cash Flow | 30% | $9M | $5M | 55.4% | 16.6% |
Long-Term Incentive (Dec 19, 2024 Grants)
| Award Type | Grant Date | Shares (Threshold) | Shares (Target) | Shares (Max) | Grant Date Fair Value ($) | Vesting / Performance |
|---|---|---|---|---|---|---|
| PSUs | 12/19/2024 | 11,446 | 22,892 | 45,784 | 646,012 | 3-year cumulative Core Adjusted EPS (60%) and Free Cash Flow (40%) for FY 2025–2027; Relative TSR ±10% modifier; max capped at 200% |
| RSUs | 12/19/2024 | — | 15,261 | — | 399,991 | 3 equal annual installments beginning Dec 19, 2025 |
Prior PSU Cycle Results (FY 2023–FY 2025)
| Metric | Weight | Target | Actual | Performance vs Target | Final PSU Payout % (after -10% TSR) |
|---|---|---|---|---|---|
| Adjusted EPS Growth (FY23–FY25) | 75% | FY23 10%, FY24 13%, FY25 14% | FY23 -54%, FY24 -94%, FY25 407% | Mixed; overall below target | 45% (after -10% TSR modifier; -6,001 bps) |
| Adjusted ROIC (FY 2025) | 25% | 12.2% | 3.9% | 32% | 0% |
Equity Ownership & Alignment
Beneficial Ownership (as of Oct 22, 2025)
| Holder | Shares Beneficially Owned | Ownership % of Outstanding |
|---|---|---|
| Danielle Benedict | 76,014 | 0.125% (76,014 ÷ 60,931,668 shares) |
Outstanding Equity Awards at FY-End (Aug 2, 2025)
| Grant Date | Award Type | Unvested/Unearned Shares (#) | Market/Payout Value ($) | Notes |
|---|---|---|---|---|
| 10/06/2022 | RSUs | 3,213 | 86,783 | Market value at $27.01 close |
| 12/21/2023 | RSUs | 13,974 | 377,438 | Market value at $27.01 |
| 12/19/2024 | RSUs | 15,261 | 412,200 | Market value at $27.01 |
| 10/06/2022 | PSUs (final payout) | 6,504 | 175,673 | FY23–FY25 cycle, final 45% payout |
| 12/21/2023 | PSUs (shown at max 200%) | 62,884 | 1,698,497 | Cliff vest after 3-year period; subject to TSR modifier |
| 12/19/2024 | PSUs (shown at max 200%) | 45,784 | 1,236,626 | FY25–FY27 cumulative EPS/FCF; TSR ±10%, max 200% |
| Totals | — | 38,952 RSUs; 108,668 PSUs | $1,052,094 RSUs; $2,935,123 PSUs | — |
Stock Vested — Fiscal 2025
| Name | Shares Vested (#) | Value Realized ($) | Shares Surrendered for Taxes (#) |
|---|---|---|---|
| Danielle Benedict | 17,606 | 397,099 | 5,435 |
Stock Ownership Guidelines and Policies
- Executives (other than CEO) must hold stock equal to 3x base salary; compliance measured annually. Due to sustained stock decline, 5-year accumulation period reset at FY 2025 end; executives were in compliance or on track as of Aug 2, 2025 .
- Prohibition on hedging and pledging company stock for directors and executive officers; robust insider trading controls .
Employment Terms
Potential Payments upon Termination (as of Aug 2, 2025)
| Scenario | Cash Severance Pay ($) | Medical Benefits ($) | Acceleration of Stock Awards ($) | Total ($) |
|---|---|---|---|---|
| Separation Without Cause / Resignation for Good Reason | 1,635,754 | 35,000 | 1,310,660 | 2,981,414 |
| Termination Without Cause (not qualifying as Separation) | 1,635,754 | 35,000 | — | 1,670,754 |
| Change in Control (Double Trigger) | 2,692,233 | 105,000 | 2,519,655 | 5,316,888 |
| Death or Disability | 478,012 target bonus | — | 2,519,655 (vest at target) | 2,997,667 |
| Retirement | — | — | — | — |
| For Cause / Other than Good Reason | — | — | — | — |
Plan and Covenant Features
- Other Executives (incl. CHRO): Severance multiples set at 1x base and 1x target bonus; CIC multiples 2x base and 2x target bonus; prorated bonus based on actual performance; medical benefits lump sums ($35k severance; $105k CIC) .
- Agreements include restrictive covenants: non-compete and non-solicit apply for two years following CIC termination; confidentiality without term; one-year post-employment covenants under severance plan; no excise tax gross-ups; all CIC benefits are double-trigger .
Clawbacks and Equity Plan Protections
- Awards subject to NYSE-mandated executive clawback and broader recoupment policy (misconduct, restatements); one-year minimum vesting requirement; no repricing of options/SARs; double-trigger CIC treatment and clear death/disability/retirement rules .
Investment Implications
- Alignment and pay-for-performance: Benedict’s variable pay is driven by company performance metrics (Adjusted EBITDA and FCF) with FY 2025 actuals above targets; long-term PSU rigor produced a 45% payout after negative TSR, signaling multi-year execution expectations and disciplined FCF focus .
- Retention risk mitigants: FY 2026 adjustments (+11% base; LTI target +30%; annual incentive max to 200%) address market-median gaps and retention, increasing equity exposure and long-term alignment .
- Near-term supply/insider selling pressure: RSUs vest in three equal annual installments starting Dec 19, 2025; FY 2025 vesting involved share surrenders for tax (5,435 shares), creating predictable calendar-based settlement and potential net-selling activity for withholding needs around vest dates .
- Governance safeguards reduce red flags: Prohibitions on hedging/pledging and robust clawbacks, double-trigger CIC, and no tax gross-ups limit shareholder-unfriendly practices; ownership guidelines (3x salary) with reset accumulation timing help maintain alignment even in stock declines .
- Skin-in-the-game: Benedict’s beneficial ownership is ~0.125% of outstanding shares, plus meaningful unvested RSUs/PSUs, supporting alignment while indicating limited outright ownership relative to float; continued PSU exposure ties outcomes to multi-year EPS/FCF goals .
