The Campbell's Company
09/05/2025 | Press release | Distributed by Public on 09/05/2025 06:09
Management Change/Compensation (Form 8-K)
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 2, 2025, Stanley Polomski, Senior Vice President & Controller and principal accounting officer of The Campbell's Company (the "Company"), announced his intention to transition to the role of Senior Vice President, Business Process Optimization, effective September 22, 2025. On September 3, 2025, the Company appointed Kelly L. Palumbo as Senior Vice President, Controller and Chief Accounting Officer, effective September 22, 2025.
Ms. Palumbo, age 51, served as Corporate Vice President, Finance and Corporate Controller at Charles River Laboratories International, Inc. since July 2023. Prior to that, she spent over two decades with Johnson & Johnson in senior finance roles, including Vice President of Finance, Transformation and Talent Strategy, and Senior Finance Director for the company's global beauty and baby portfolios.
In connection with her appointment as Senior Vice President, Controller and Chief Accounting Officer, Ms. Palumbo will receive the following compensation arrangements:
i.base salary of $410,000 per year;
ii.target annual bonus for fiscal 2026 under the Company's Annual Incentive Plan of 55% of base salary, pro rata, payable at the discretion of the Board of Directors of the Company and subject to the achievement of individual and Company performance goals and objectives; and
iii.target long-term incentive award for fiscal 2026 of 110% of base salary under the Company's 2022 Long-Term Incentive Program.
In addition, Ms. Palumbo will receive a one-time grant of time-lapse restricted stock units with a value of $200,000, which will vest in three equal annual installments beginning on the first anniversary of the grant, and a cash payment of $300,000 in recognition of the forfeiture of an annual bonus from her prior employment and the loss of certain benefits.
Ms. Palumbo will participate in the Company's standard employee benefit and retirement programs and receive $2,500 per quarter under the Personal Choice Program. The Personal Choice Program is further described in the Company's 2024 Proxy Statement.
There are no family relationships between Ms. Palumbo and any directors or executive officers of the Company. There are no transactions in which Ms. Palumbo has an interest which would require disclosure by the Company under Item 404(a) of Regulation S-K.
The Campbell's Company published this content on September 05, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 05, 2025 at 12:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]