Freshpet Management

Management criteria checks 4/4

Freshpet's CEO is Billy Cyr, appointed in Sep 2016, has a tenure of 8.17 years. total yearly compensation is $1.61M, comprised of 38.4% salary and 61.6% bonuses, including company stock and options. directly owns 0.16% of the company’s shares, worth €11.23M. The average tenure of the management team and the board of directors is 4.3 years and 5.4 years respectively.

Key information

Billy Cyr

Chief executive officer

US$1.6m

Total compensation

CEO salary percentage	38.4%
CEO tenure	8.2yrs
CEO ownership	0.2%
Management average tenure	4.3yrs
Board average tenure	5.4yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Billy Cyr's remuneration changed compared to Freshpet's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$44m
Jun 30 2024	n/a	n/a	US$25m
Mar 31 2024	n/a	n/a	US$10m
Dec 31 2023	US$2m	US$620k	-US$34m
Sep 30 2023	n/a	n/a	-US$52m
Jun 30 2023	n/a	n/a	-US$63m
Mar 31 2023	n/a	n/a	-US$67m
Dec 31 2022	US$915k	US$620k	-US$59m
Sep 30 2022	n/a	n/a	-US$66m
Jun 30 2022	n/a	n/a	-US$49m
Mar 31 2022	n/a	n/a	-US$36m
Dec 31 2021	US$885k	US$600k	-US$30m
Sep 30 2021	n/a	n/a	-US$24m
Jun 30 2021	n/a	n/a	-US$18m
Mar 31 2021	n/a	n/a	-US$10m
Dec 31 2020	US$16m	US$600k	-US$3m
Sep 30 2020	n/a	n/a	US$5m
Jun 30 2020	n/a	n/a	US$4m
Mar 31 2020	n/a	n/a	-US$2m
Dec 31 2019	US$1m	US$600k	-US$1m
Sep 30 2019	n/a	n/a	-US$4m
Jun 30 2019	n/a	n/a	-US$7m
Mar 31 2019	n/a	n/a	-US$5m
Dec 31 2018	US$1m	US$600k	-US$5m
Sep 30 2018	n/a	n/a	-US$6m
Jun 30 2018	n/a	n/a	-US$6m
Mar 31 2018	n/a	n/a	-US$5m
Dec 31 2017	US$1m	US$600k	-US$4m

Compensation vs Market: Billy's total compensation ($USD1.61M) is below average for companies of similar size in the German market ($USD3.51M).

Compensation vs Earnings: Billy's compensation has been consistent with company performance over the past year.

CEO

Billy Cyr (61 yo)

8.2yrs

Tenure

US$1,613,885

Compensation

Mr. William B. Cyr, also known as Billy, has been Chief Executive Officer of Freshpet, Inc. since September 6, 2016. Mr. Cyr joined Freshpet with experience in key consumer packaged foods leadership roles...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
William Cyr	CEO & Executive Director	8.2yrs	US$1.61m	0.16% € 11.2m
Scott Morris	Co-Founder & President	18.8yrs	US$1.07m	0.25% € 17.8m
Cathal Walsh	Co-Founder	18.8yrs	US$805.87k	0.013% € 913.3k
Todd Cunfer	Chief Financial Officer	1.9yrs	US$1.62m	0.038% € 2.7m
Thembeka Machaba	Chief Human Resources Officer	4.3yrs	US$608.56k	0% € 0
Nicola Baty	Chief Operating Officer	less than a year	no data	no data
Nishu Patel	Chief Accounting Officer	less than a year	no data	0.0048% € 336.2k
Jay Dahlgren	Executive VP of Manufacturing	1.8yrs	no data	no data
Christopher Kraus	Chief Information Officer	1.4yrs	no data	no data
Rachel Perkins-Ulsh	Vice President of Investor Relations	no data	no data	no data
Thomas Farina	Senior Vice President of Sales	11.8yrs	no data	no data
Michael Hieger	Senior Vice President of Engineering	10.8yrs	no data	no data

4.3yrs

Average Tenure

53.5yo

Average Age

Experienced Management: 7FP's management team is considered experienced (4.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
William Cyr	CEO & Executive Director	8.2yrs	US$1.61m	0.16% € 11.2m
Craig Steeneck	Independent Director	10yrs	US$191.23k	0.061% € 4.3m
Timothy McLevish	Independent Director	1.3yrs	US$141.54k	0.053% € 3.7m
David West	Independent Director	1.3yrs	US$146.66k	0.0038% € 266.4k
Joseph Scalzo	Independent Director	1.3yrs	US$141.54k	0.0031% € 219.9k
Walter George	Independent Chairman of the Board	10yrs	US$184.14k	0.082% € 5.8m
Daryl Brewster	Independent Director	13.8yrs	US$188.35k	0.11% € 8.0m
Jackie Sue Kelley	Independent Director	5.8yrs	US$183.31k	0.018% € 1.2m
David Biegger	Independent Director	1.5yrs	US$158.75k	0.0039% € 272.0k
Lauri Kien Kotcher	Independent Director	less than a year	no data	0% € 0
Leta Priest	Independent Director	6.2yrs	US$181.78k	0.020% € 1.4m
Olufunlayo Fajemirokun-Beck	Independent Director	5.1yrs	US$181.85k	0.013% € 941.5k

5.4yrs

Average Tenure

64.5yo

Average Age

Experienced Board: 7FP's board of directors are considered experienced (5.4 years average tenure).

Freshpet Management

Management criteria checks 4/4

Key information

Recent management updates

Freshpet, Inc. Appoints Nicki Baty as Chief Operating Officer

Freshpet, Inc., Annual General Meeting, Oct 01, 2024

High number of new directors

High number of new directors

Freshpet Announces Board of Directors and Committees Changes

Freshpet, Inc. Appoints Nishu Patel as Chief Accounting Officer

Recent updates

Freshpet, Inc. Revises Earnings Guidance for the Full Year of 2024

Third quarter 2024 earnings released: EPS: US$0.24 (vs US$0.15 loss in 3Q 2023)

Freshpet, Inc. to Report Q3, 2024 Results on Nov 04, 2024

Freshpet, Inc. Appoints Nicki Baty as Chief Operating Officer

Freshpet, Inc., Annual General Meeting, Oct 01, 2024

Second quarter 2024 earnings released: US$0.035 loss per share (vs US$0.35 loss in 2Q 2023)

Freshpet, Inc. Revises Earnings Guidance for the Full Year of 2024

Freshpet, Inc. to Report Q2, 2024 Results on Aug 05, 2024

High number of new directors

Freshpet, Inc. Provides Earnings Guidance for the Full Year 2024

First quarter 2024 earnings released: EPS: US$0.39 (vs US$0.52 loss in 1Q 2023)

High number of new directors

Freshpet, Inc. to Report Q1, 2024 Results on May 06, 2024

Freshpet Announces Board of Directors and Committees Changes

Freshpet, Inc. Appoints Nishu Patel as Chief Accounting Officer

Freshpet, Inc. Provides Earnings Guidance for the Full Year 2024

Forecast breakeven date moved forward to 2024

Full year 2023 earnings released: US$0.70 loss per share (vs US$1.29 loss in FY 2022)

Freshpet, Inc. to Report Q4, 2023 Results on Feb 26, 2024

Third quarter 2023 earnings released: US$0.15 loss per share (vs US$0.39 loss in 3Q 2022)

Freshpet, Inc. to Report Q3, 2023 Results on Nov 06, 2023

Freshpet, Inc., Annual General Meeting, Oct 10, 2023

Freshpet, Inc. Appoints Timothy McLevish and Joseph E. Scalzo to Its Board of Directors

Second quarter 2023 earnings released: US$0.35 loss per share (vs US$0.45 loss in 2Q 2022)

Freshpet, Inc. to Report Q2, 2023 Results on Aug 07, 2023

Freshpet, Inc. Announces Board Changes

Freshpet Inc. Announces Executive Appointments

JANA Partners Responds to Freshpet

JANA Partners Files a Complaint in the Chancery Court in the State of Delaware Against Freshpet

JANA Partners Delivers Letter to Freshpet’s Legal Counsel

JANA Partners Nominates Candidates to the Freshpet Inc Board

Freshpet, Inc., Annual General Meeting, Jul 25, 2023

Freshpet, Inc. Announces Board Changes

Forecast breakeven date pushed back to 2025

Freshpet, Inc. Reiterates Sales Guidance for the Full Year 2023

First quarter 2023 earnings released: US$0.52 loss per share (vs US$0.40 loss in 1Q 2022)

Forecast breakeven date pushed back to 2025

Full year 2022 earnings released: US$1.29 loss per share (vs US$0.69 loss in FY 2021)

Forecast to breakeven in 2024

Freshpet, Inc. to Report Q4, 2022 Results on Feb 27, 2023

Now 20% undervalued after recent price drop

Now 21% undervalued

Freshpet, Inc. Announces Jay Dahlgren as Executive Vice President of Manufacturing, Technology and Supply Chain

Insider recently bought €74k worth of stock

Jana Partners LLC Intends Solicit Proxies at Freshpet, Inc’s Annual Meeting

Insufficient new directors

Third quarter 2022 earnings released: US$0.39 loss per share (vs US$0.048 loss in 3Q 2021)

Freshpet, Inc. Provides Earnings Guidance for the Full Year 2022

Insufficient new directors

Freshpet, Inc. Announces Todd Cunfer as Chief Financial Officer, Effective December 1, 2022

Forecast breakeven date pushed back to 2024

Freshpet, Inc. to Report Q3, 2022 Results on Nov 01, 2022

Freshpet Reportedly Hires Bankers to Explore Potential Sale

Insider recently bought €3.2m worth of stock

Jana Partners Acquires 10% Stake in Freshpet

JANA Partners Engages in Discussions with Freshpet

Forecast breakeven date pushed back to 2024

Freshpet, Inc. Announces CFO Changes

Freshpet, Inc., Annual General Meeting, Oct 03, 2022

Freshpet, Inc. Provides Earnings Guidance for the Full Year 2022

Second quarter 2022 earnings released: US$0.45 loss per share (vs US$0.17 loss in 2Q 2021)

Freshpet, Inc. to Report Q2, 2022 Results on Aug 08, 2022

Freshpet Voluntarily Recalls One Lot of Freshpet Select Fresh from the Kitchen Home Cooked Chicken Recipe 4.5-Pound Bags Due to Potential Salmonella Contamination

Independent Director recently bought €189k worth of stock

Freshpet, Inc. Reiterates Sales Guidance for the Full Year of 2022

First quarter 2022 earnings released: US$0.40 loss per share (vs US$0.26 loss in 1Q 2021)

Insufficient new directors

Freshpet, Inc. to Report Q1, 2022 Results on May 02, 2022

Insufficient new directors