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Posted 28 September, 2021

UNITED NATURAL FOODS INC appointed new CEO

CEO Change detected for ticker NYSE:UNFI in a 8-K filed on 28 September, 2021.


  (e) On September 22, 2021, the Compensation Committee of the Board of Directors of United Natural Foods, Inc. (the "Company") considered the compensation arrangements with the Company's executive officers, excluding its Chief Executive Officer, Sandy Douglas, whose compensation was determined in connection with his appointment, effective August 9, 2021.  

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Overview of UNITED NATURAL FOODS INC
Retail/Wholesale • Food Retail
United Natural Foods, Inc. engages in the distribution of natural, organic, and specialty foods and non-food products. It offers food and non-food, frozen, perishables, bulk, body care products, and supplements. It operates through the following segments: Wholesale, Retail, and Other. The Wholesale segment refers to the national distribution of natural, organic, specialty, produce, and conventional grocery and non-food products, and providing retail services in the United States and Canada. The Retail segment derives revenues from the sale of groceries and other products at retail locations operated by company. The company was founded by Michael S. Funk and Norman A. Cloutier in July 1976 and is headquartered in Providence, RI.
Market Cap
$1.68B
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UNITED NATURAL FOODS INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(e) On September 22, 2021, the Compensation Committee of the Board of Directors of United Natural Foods, Inc. (the "Company") considered the compensation arrangements with the Company's executive officers, excluding its Chief Executive Officer, Sandy Douglas, whose compensation was determined in connection with his appointment, effective August 9, 2021. The information in the table below sets forth the base salaries for the Company's chief financial officer and the three other most highly compensated executive officers who were serving as executive officers on July 31, 2021 (the "Named Executive Officers"), which reflect increases between six and eight percent over prior-year amounts. The cash incentive plan targets as a percent of base salary were unchanged from the prior year. Additionally, the Compensation Committee determined that each Named Executive Officer's long-term equity incentive plan awards would be established at a fixed dollar amount rather than as a percentage of base salary to allow for separate consideration of appropriate adjustments to base salary and equity awards. Additionally, the Committee determined that, beginning in Fiscal 2022, Annual Long-Term Incentive Plan Awards will be granted sixty percent (60%) in performance-based restricted stock units and forty percent (40%) in time-based restricted stock units. The new compensation arrangements are effective October 31, 2021.


Name FY22 Base Salary FY22 Annual Cash Incentive Plan Target Annual Long-Term Incentive Plan Award 

John W. Howard $ 675,000 100% $ 1,500,000 

Christopher P. Testa $ 810,000 100% $ 1,800,000 

Eric A. Dorne $ 787,500 100% $ 1,800,000 

Jill E. Sutton $ 614,800 85% $ 1,000,000 


The Compensation Committee bases its compensation determinations on several factors, including relevant industry benchmarks, the Company's peer group where information for comparable role is available, individual performance, expectations for the performance in the upcoming year, experience in the role, accountabilities and responsibilities, and stockholder feedback. 


Annual incentive plan payments for the Company's executive officers are determined at the end of the fiscal year based on achievement against preestablished financial goals. If these goals are exceeded, the annual cash bonus incentive payment could increase up to a maximum of 150% of the executive's bonus target, subject to the discretion of the Compensation Committee. Performance-based restricted stock units vest in amounts between 0% and 200% of target based on Company performance against pre-established metrics over the three-year performance period.