Bega Cheese Management

Management criteria checks 3/4

Bega Cheese's CEO is Pete Findlay, appointed in Jan 2022, has a tenure of 2.33 years. total yearly compensation is A$929.92K, comprised of 90% salary and 10% bonuses, including company stock and options. directly owns 0.008% of the company’s shares, worth A$103.27K. The average tenure of the management team and the board of directors is 3.3 years and 6.7 years respectively.

Key information

Pete Findlay

Chief executive officer

AU$929.9k

Total compensation

CEO salary percentage	90.0%
CEO tenure	2.3yrs
CEO ownership	0.008%
Management average tenure	3.3yrs
Board average tenure	6.7yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Pete Findlay's remuneration changed compared to Bega Cheese's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 24 2023	n/a	n/a	-AU$211m
Sep 24 2023	n/a	n/a	-AU$220m
Jun 30 2023	AU$930k	AU$837k	-AU$230m
Mar 31 2023	n/a	n/a	-AU$113m
Dec 25 2022	n/a	n/a	AU$4m
Sep 25 2022	n/a	n/a	AU$14m
Jun 30 2022	AU$900k	AU$648k	AU$24m
Mar 31 2022	n/a	n/a	AU$54m
Dec 26 2021	n/a	n/a	AU$84m
Sep 26 2021	n/a	n/a	AU$81m
Jun 30 2021	AU$1m	AU$613k	AU$78m
Mar 31 2021	n/a	n/a	AU$56m
Dec 27 2020	n/a	n/a	AU$34m
Sep 27 2020	n/a	n/a	AU$28m
Jun 30 2020	AU$752k	AU$371k	AU$21m

Compensation vs Market: Pete's total compensation ($USD612.15K) is below average for companies of similar size in the Australian market ($USD1.02M).

Compensation vs Earnings: Pete's compensation has increased whilst the company is unprofitable.

CEO

Pete Findlay

2.3yrs

Tenure

AU$929,919

Compensation

Mr. Pete Findlay had been Chief Financial Officer of Bega Cheese Limited since November 11, 2019 until October 03, 2022 and joined in November 2019 and serves as its Chief Operating Officer since June 2022...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Barry Irvin	Executive Chairman	34.7yrs	AU$732.61k	no data
Pete Findlay	COO & CEO	2.3yrs	AU$929.92k	0.0076% A$ 103.3k
Gunther Burghardt	Chief Financial Officer	1.6yrs	AU$750.90k	0.0072% A$ 98.4k
Jacqueline Scarlett	Group General Counsel	4.3yrs	no data	no data
David McKinnon	Executive General Manager of Human Resources	no data	no data	no data
Brett Kelly	Company Secretary	22.3yrs	no data	no data

3.3yrs

Average Tenure

Experienced Management: BGA's management team is considered experienced (3.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Barry Irvin	Executive Chairman	34.7yrs	AU$732.61k	no data
Peter Margin	Independent Deputy Chairman	3.7yrs	AU$170.37k	0.012% A$ 161.2k
Raelene Murphy	Independent Non-Executive Director	8.9yrs	AU$144.84k	0.0073% A$ 99.6k
Richard Cross	Non-Executive Director	12.4yrs	AU$135.64k	0.066% A$ 905.4k
Patria Mann	Independent Non Executive Director	4.7yrs	AU$120.32k	no data
Terrence O'Brien	Independent Non-Executive Director	6.7yrs	AU$144.84k	0.013% A$ 180.5k
George Kilpatrick	Non-Executive Director	3.1yrs	AU$120.32k	0.010% A$ 139.0k

6.7yrs

Average Tenure

63yo

Average Age

Experienced Board: BGA's board of directors are considered experienced (6.7 years average tenure).

Bega Cheese Management

Management criteria checks 3/4

Key information

Recent management updates

Non-Executive Director recently sold AU$209k worth of stock

Insufficient new directors

Bega Cheese Limited, Annual General Meeting, Oct 24, 2023

Bega Group Announces CEO Changes

Bega Cheese Limited Announces CEO Changes

Bega Cheese Limited Names Gunther Burghardt as Chief Financial Officer

Recent updates

Non-Executive Director recently sold AU$209k worth of stock

First half dividend of AU$0.04 announced

First half 2024 earnings released: EPS: AU$0.087 (vs AU$0.024 in 1H 2023)

Bega Cheese Limited (ASX:BGA) completed the acquisition of Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) and The Van Diemen's Land Company.

Insufficient new directors

Bega Cheese Limited, Annual General Meeting, Oct 24, 2023

Bega Cheese Limited (ASX:BGA) entered into an agreement to acquire Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) for AUD 11 million.

Bega Cheese Limited Declares Final Fully Franked Dividend, Payable on 21 September 2023

New major risk - Dividend sustainability

Charter Hall Group (ASX:CHC) agreed to acquire 1 Vegemite Way, Port Melbourne site of Bega Group from Bega Cheese Limited (ASX:BGA) for approximately AUD 120 million.

Charter Hall Group (ASX:CHC) agreed to acquire 1 Vegemite Way, Port Melbourne site of Bega Group from Bega Cheese Limited (ASX:BGA) for approximately AUD 120 million.

Now 20% undervalued

Now 21% undervalued

Now 23% undervalued after recent price drop

First half 2023 earnings released: EPS: AU$0.024 (vs AU$0.093 in 1H 2022)

Bega Group Announces CEO Changes

Bega Cheese Limited Announces CEO Changes

Bega Cheese Limited Names Gunther Burghardt as Chief Financial Officer

Bega Cheese Limited, Annual General Meeting, Oct 26, 2022

Full year 2022 earnings released: EPS: AU$0.08 (vs AU$0.29 in FY 2021)

Bega Cheese Limited Declares Fully Franked Ordinary Distribution for the Six Months Ended June 30, 2022, Payable on September 23, 2022

Insider recently bought AU$15m worth of stock

Bega Cheese Appoints Pete Findlay as Chief Operating Officer

Insider recently bought AU$15m worth of stock

Insider recently bought AU$35m worth of stock

First half 2022 earnings: EPS in line with expectations, revenues disappoint

Bega Cheese Limited Announces Fully Franked Dividend for Six Months Ended December 26, 2021, Payable on March 24, 2022

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

Insider recently bought AU$108m worth of stock

Non-Executive Director recently bought AU$55k worth of stock

Full year 2021 earnings released: EPS AU$0.27 (vs AU$0.099 in FY 2020)

First half 2021 earnings released: EPS AU$0.096 (vs AU$0.04 in 1H 2020)

Bega Cheese Limited Announces Fonterra Legal Proceedings

New 90-day high: AU$5.90

New 90-day high: AU$5.55

Bega Cheese Limited (ASX:BGA) completed the acquisition of Lion-Dairy & Drinks Pty Ltd from Kirin Foods Australia Holdings Pty Ltd.

Bega Cheese Limited (ASX:BGA) entered into share purchase agreement to acquire Lion-Dairy & Drinks Pty Ltd from Kirin Foods Australia Holdings Pty Ltd for approximately AUD 530 million.

The High Court of Australia Dismisses Kraft Heinz's Application for Special Leave in the Legal Proceedings Against Bega Cheese Limited

An unknown buyer acquired Coburg Facility from Bega Cheese Limited (ASX:BGA) for AUD 5 million.

The Bega Co-Operative Society Limited completed the acquisition of a 70% stake in Tatura Milk Industries Limited.

New 90-day high - AU$5.25

Earnings released

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Board Members

Average Tenure

Average Age