Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-13

McCormick & Co (MKC)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$10,831,581
Brendan Foley total, FY2025
40th
CEO pay percentile vs peers
261:1
CEO-to-median pay ratio
96.12%
Say-on-pay support, latest vote
Companies that benchmark against MKC
18 companies name MKC as a compensation peer

Each company listed discloses MKC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MKC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Brendan Foley$1,139,084$0$8,600,105$0$720,130$0$372,262$10,831,581
Chairman, President and Chief Executive Officer
Jeffery Schwartz683,84601,850,1020236,9464,438174,9392,950,272
Vice President, General Counsel and Secretary
Marcos Gabriel650,00001,700,0740236,3400152,9032,739,317
Executive Vice President and Chief Financial Officer
Andrew Foust634,61501,300,1230206,5050179,1932,320,436
President, Americas
Sarah Piper569,51901,000,0650185,840196171,5551,927,175
Chief Human Relations Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Brendan Foley$10,831,581$5,213,172
Jeffery Schwartz2,950,2723,385,8523,199,663−435,580
Marcos Gabriel2,739,317
Andrew Foust2,320,436
Sarah Piper1,927,1752,058,4181,776,880−131,243

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeffery SchwartzPSU$1,850,102
Andrew FoustPSU1,300,123
Marcos GabrielPSU1,700,074
Sarah PiperPSU1,000,065
Brendan FoleyPSU8,600,105
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeffery Schwartz$0$1,850,102$0100.0%
Andrew Foust01,300,1230100.0%
Marcos Gabriel01,700,0740100.0%
Sarah Piper01,000,0650100.0%
Brendan Foley08,600,1050100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Brendan FoleyPSU115,208$7,774,236
Marcos GabrielOption4,88776.03
Sarah PiperPSU13,058881,154
Brendan FoleyOption133,26376.03
Jeffery SchwartzPSU27,6501,865,822
Brendan FoleyPSU111,3287,512,413
Marcos GabrielPSU22,0081,485,100
Andrew FoustPSU16,8301,135,688
Jeffery SchwartzRSU12,380835,402
Sarah PiperRSU6,692451,576
Marcos GabrielPSU5,378362,907
Marcos GabrielPSU1,26085,025
Andrew FoustPSU53335,967
Andrew FoustOption2,15481.79
Jeffery SchwartzOption14,64481.79
Marcos GabrielPSU24016,195
Brendan FoleyOption20,67281.79
Sarah PiperOption15,10476.03
Andrew FoustOption17,76976.03
Marcos GabrielOption96981.79
Sarah PiperPSU12,946873,596
Sarah PiperOption6,46081.79
Brendan FoleyRSU57,5493,883,407
Jeffery SchwartzPSU23,9501,616,146
Andrew FoustPSU15,3621,036,628
Marcos GabrielRSU11,376767,652
Andrew FoustRSU8,700587,076
Jeffery SchwartzOption31,98476.03
05

Incentive-plan design — the Compensation Discussion & Analysis

The core philosophy of McCormick's executive compensation program is to pay for performance and retain key talent. McCormick's compensation program is designed to align McCormick's executive compensation with our Five Guiding Principles, advance our leadership and differentiation in the market and deliver long-term stockholder value.

CEO STI target (% of salary)155%
CEO LTI target (% of salary)
Independent consultantWTW (Willis Towers Watson)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-016,948,728280,800151,42896.12%Passed
20252025-03-267,834,077162,008291,95097.97%Passed
20242024-03-279,262,165428,103356,76795.58%Passed
20232023-03-2910,390,708286,11840,70297.32%Passed
20222022-03-3010,636,413398,67642,28196.39%Passed
20212021-03-3111,620,070247,68680,73397.25%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-0196.12%a
20252025-03-2697.97%b
20242024-03-2795.58%c

a. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" (see below), if any, are not counted in the number of votes cast and therefore will have no effect on the results of the vote for these proposals.”.

b. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" (see below), if any, are not counted in the number of votes cast and therefore will have no effect on the results of the vote for these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" (see below), if any, are not counted in the number of votes cast and therefore will have no effect on the results of the vote for these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)261 : 1
CEO total compensation$10,831,581
Median employee compensation$41,468
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lawrence E. KurziusIndependent · Departed during FY$25,000$396,000$0$0$421,000
Michael D. ManganIndependent · Lead Independent Director · Compensation and Human Capital130,000170,02700300,027
Anne L. BrammanIndependent · Audit (Chair)125,000170,02700295,027
W. Anthony VernonIndependent · Compensation and Human Capital (Chair) · Not standing for re-election120,000170,02700290,027
Margaret M.V. PrestonIndependent · Nominating and Corporate Governance (Chair)120,000170,02700290,027
Terry S. ThomasIndependent · Nominating and Corporate Governance100,000170,02700270,027
Jacques TapieroIndependent · Compensation and Human Capital100,000170,02700270,027
Maritza G. MontielIndependent · Not standing for re-election100,000170,02700270,027
Michael A. ConwayIndependent · Nominating and Corporate Governance100,000170,02700270,027
Gary M. RodkinIndependent · Compensation and Human Capital100,000170,02700270,027
Valarie L. SheppardIndependent · Audit100,000170,02700270,027
Patricia LittleIndependent · Departed during FY25,0000025,000
Brendan M. FoleyEmployee director · Board Chair00000
Gavin D. HattersleyIndependent · Compensation and Human Capital · Newly elected00000
Richard A. DierkerIndependent · Audit · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$170,027
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,145,000
Equity awards (grant-date value)$2,096,270
All other compensation$0
Total cost of the board$3,241,270

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies McCormick & Co names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including McCormick & Co.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1The Hershey Company2025Kirk Tanner$456,731$14,674,113$0$1,358,052$16,806,399
2International Flavors Fragrances Inc.2025J. Erik Fyrwald1,026,25011,656,76402,047,23015,002,866
3General Mills, Inc.2026Jeffrey Harmening1,350,0007,326,4052,279,9731,404,54014,018,052
4ConAgra Brands, Inc.2026Sean Connolly1,415,0008,958,37202,827,17013,680,675
5The Clorox Company2025Linda Rendle1,307,6929,754,75301,696,00013,333,032
6The Campbell's Company2025Mark Clouse664,0158,932,7300859,14011,056,404
7McCormick & Co2025Brendan Foley1,139,0848,600,1050720,13010,831,581
8Church Dwight Co., Inc.2025Richard Dierker986,5801,770,9735,313,1001,472,6569,799,678
9Flowers Foods, Inc.2025A. Ryals McMullian1,041,7305,735,8420733,5247,776,698
10Hormel Foods Corporation2025James Snee1,050,0002,000,0131,999,7701,453,0007,395,224
11The Hain Celestial Group Inc.2025Wendy Davidson789,8083,530,682004,546,417

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
McCormick & Co40.4%PSU 50 · RSU 50Yes — McCormick's TSR relative to the TSR generated by our Peer Group companiesWTW (Willis Towers Watson)
Church Dwight Co., Inc.125%Options 75 · PSU 15 · RSU 10NoSemler Brossy Consulting Group
ConAgra Brands, Inc.111%Performance Shares 60 · RSU 40not disclosedFW Cook
Flowers Foods, Inc.56.3%PSU 70 · RSU 30Yes — TSR vs. Peer GroupMeridian
General Mills, Inc.58%PSU 50 · RSU 25 · Options 25Yes — Relative TSR ModifierFW Cook
Hormel Foods Corporation66%PSU 50 · Options 25 · RSU 25Yes — Relative TSRPearl Meyer
International Flavors Fragrances Inc.98.9%PSU 60 · RSU 40Yes — Relative TSR vs. S&P 500 - ChemicalsFW Cook
The Campbell's Company74%PSU 60 · RSU 40Yes — TSR performanceFW Cook
The Clorox Company80%PSU 60 · RSU 40NoFW Cook
The Hain Celestial Group Inc.not disclosedRSU 50 · PSU 50Yes — Relative TSR versus the S&P Food & Beverage Select Industry IndexClearBridge Compensation Group, LLC
The Hershey Company165.19%PSU 65 · RSU 35NoFrederic W. Cook & Co., Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Brendan FoleyDEF 14A2026-02-180000063754-26-000140Section “Summary Compensation Table” · page 43. As printed: 10,831,581. Filing ↗machine: r2 · c24 · span 970218–970228
2Section 01, Jeffery SchwartzDEF 14A2026-02-180000063754-26-000140Section “Summary Compensation Table” · page 43. As printed: 2,950,272. Filing ↗machine: r14 · c24 · span 999947–999956
3Section 01, Marcos GabrielDEF 14A2026-02-180000063754-26-000140Section “Summary Compensation Table” · page 43. As printed: 2,739,317. Filing ↗machine: r5 · c24 · span 979603–979612
4Section 01, Andrew FoustDEF 14A2026-02-180000063754-26-000140Section “Summary Compensation Table” · page 43. As printed: 2,320,436. Filing ↗machine: r8 · c24 · span 984151–984160
5Section 01, Sarah PiperDEF 14A2026-02-180000063754-26-000140Section “Summary Compensation Table” · page 43. As printed: 1,927,175. Filing ↗machine: r11 · c24 · span 990920–990929
6Section 03, Jeffery Schwartz PSUDEF 14A2026-02-180000063754-26-000140Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r14 · c4 · span 998152–998161
7Section 03, Andrew Foust PSUDEF 14A2026-02-180000063754-26-000140Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r8 · c4 · span 982356–982365
8Section 03, Marcos Gabriel PSUDEF 14A2026-02-180000063754-26-000140Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r5 · c4 · span 977806–977815
9Section 03, Sarah Piper PSUDEF 14A2026-02-180000063754-26-000140Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r11 · c4 · span 989127–989136
10Section 03, Brendan Foley PSUDEF 14A2026-02-180000063754-26-000140Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r2 · c4 · span 968111–968120
11Section 07, pay ratioDEF 14A2026-02-180000063754-26-000140Section “CEO Pay Ratio”. As printed: 261 : 1. Filing ↗machine: span 1460839–1460844
12Section 08, Lawrence E. KurziusDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 421,000. Filing ↗machine: t65 · r6 · c7 · span 610419–610426
13Section 08, Michael D. ManganDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 300,027. Filing ↗machine: t65 · r8 · c7 · span 614044–614051
14Section 08, Anne L. BrammanDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 295,027. Filing ↗machine: t65 · r2 · c7 · span 602917–602924
15Section 08, W. Anthony VernonDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 290,027. Filing ↗machine: t65 · r15 · c7 · span 626278–626285
16Section 08, Margaret M.V. PrestonDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 290,027. Filing ↗machine: t65 · r10 · c7 · span 617469–617476
17Section 08, Terry S. ThomasDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: t65 · r14 · c7 · span 624312–624319
18Section 08, Jacques TapieroDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: t65 · r13 · c7 · span 622593–622600
19Section 08, Maritza G. MontielDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: t65 · r9 · c7 · span 615755–615762
20Section 08, Michael A. ConwayDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: t65 · r3 · c7 · span 604658–604665
21Section 08, Gary M. RodkinDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: t65 · r11 · c7 · span 619176–619183
22Section 08, Valarie L. SheppardDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 270,027. Filing ↗machine: r12 · c7 · span 620885–620892
23Section 08, Patricia LittleDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 25,000. Filing ↗machine: t65 · r7 · c1 · span 611259–611265
24Section 08, Brendan M. FoleyDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Gavin D. HattersleyDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 0. Filing ↗machine: t65 · r5 · c7 · span 608405–608406
26Section 08, Richard A. DierkerDEF 14A2026-02-180000063754-26-000140Section “Director Compensation”. As printed: 0. Filing ↗machine: t65 · r4 · c7 · span 606484–606485
27Section 06, 2026 voteForm 8-K2026-04-030000063754-26-000196Item 5.07 · say-on-pay result. As reported: 96.12% (votes for as printed: 6,948,728). Filing ↗
28Section 06, 2025 voteForm 8-K2025-03-270000063754-25-000026Item 5.07 · say-on-pay result. As reported: 97.97% (votes for as printed: 7,834,077). Filing ↗machine: span 39813–42084
29Section 06, 2024 voteForm 8-K2024-04-010000063754-24-000035Item 5.07 · say-on-pay result. As reported: 95.58% (votes for as printed: 9,262,165). Filing ↗
30Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
31Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
32Section 09b board cost (computed)ComputedcomputedCash 1,145,000 + equity 2,096,270 + all other 0 = 3,241,270, summed across the director compensation table rows.machine: formula: Σ = 3,241,270
33The Hershey Company, Section 10b CEO totalDEF 14A2026-03-250001628280-26-021065CEO total compensation as printed in The Hershey Company's own proxy. As printed: 16,806,399. Filing ↗machine: t70 · r3 · c16 · span 1119047–1119057
34International Flavors Fragrances Inc., Section 10b CEO totalDEF 14A2026-03-180001140361-26-009960CEO total compensation as printed in International Flavors Fragrances Inc.'s own proxy. As printed: 15,002,866. Filing ↗machine: t297 · r2 · c25 · span 1428753–1428763
35General Mills, Inc., Section 10b CEO totalDEF 14A2026-08-130001628280-26-056619CEO total compensation as printed in General Mills, Inc.'s own proxy. As printed: 14,018,052. Filing ↗machine: t159 · r2 · c8 · span 1890686–1890696
36ConAgra Brands, Inc., Section 10b CEO totalDEF 14ACEO total compensation as printed in ConAgra Brands, Inc.'s own proxy. As printed: 13,680,675.
37The Clorox Company, Section 10b CEO totalDEF 14A2025-10-070001552781-25-000311CEO total compensation as printed in The Clorox Company's own proxy. As printed: 13,333,032. Filing ↗machine: r1 · c9 · span 683061–683071
38The Campbell's Company, Section 10b CEO totalDEF 14A2025-10-080001308179-25-000618CEO total compensation as printed in The Campbell's Company's own proxy. As printed: 11,056,404. Filing ↗machine: span 1065685–1065695
39McCormick & Co (subject), Section 10b CEO totalDEF 14A2026-02-180000063754-26-000140CEO total compensation as printed in McCormick & Co's own proxy. As printed: 10,831,581. Filing ↗machine: r2 · c24 · span 970218–970228
40Church Dwight Co., Inc., Section 10b CEO totalDEF 14A2026-03-190001193125-26-115994CEO total compensation as printed in Church Dwight Co., Inc.'s own proxy. As printed: 9,799,678. Filing ↗machine: r2 · c38 · span 2534673–2534682
41Flowers Foods, Inc., Section 10b CEO totalDEF 14A2026-04-140001104659-26-043025CEO total compensation as printed in Flowers Foods, Inc.'s own proxy. As printed: 7,776,698. Filing ↗machine: r1 · c48 · span 1362376–1362385
42Hormel Foods Corporation, Section 10b CEO totalDEF 14A2025-12-170000048465-25-000074CEO total compensation as printed in Hormel Foods Corporation's own proxy. As printed: 7,395,224. Filing ↗machine: r5 · c27 · span 586269–586278
43The Hain Celestial Group Inc., Section 10b CEO totalDEF 14A2025-09-180001193125-25-207370CEO total compensation as printed in The Hain Celestial Group Inc.'s own proxy. As printed: 4,546,417. Filing ↗machine: t83 · r14 · c38 · span 1813238–1813247
44Section 10a, General Mills, Inc. reciprocityDEF 14A0001628280-26-056619General Mills, Inc.'s most recent proxy was read; its disclosed peer group does not include McCormick & Co. Filing ↗
45Section 10a, The Campbell's Company reciprocityDEF 14A0001308179-25-000618The Campbell's Company's most recent proxy was read; its disclosed peer group does not include McCormick & Co. Filing ↗
46Section 10a, The Hershey Company reciprocityDEF 14A0001628280-26-021065The Hershey Company names McCormick & Co in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Hormel Foods Corporation reciprocityDEF 14A0000048465-25-000074Hormel Foods Corporation's most recent proxy was read; its disclosed peer group does not include McCormick & Co. Filing ↗
48Section 10a, International Flavors Fragrances Inc. reciprocityDEF 14A0001140361-26-009960International Flavors Fragrances Inc. names McCormick & Co in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, ConAgra Brands, Inc. reciprocityDEF 14A0000023217-26-000037ConAgra Brands, Inc. names McCormick & Co in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Flowers Foods, Inc. reciprocityDEF 14A0001104659-24-045106Flowers Foods, Inc. names McCormick & Co in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, The Hain Celestial Group Inc. reciprocityDEF 14A0001193125-25-207370The Hain Celestial Group Inc.'s most recent proxy was read; its disclosed peer group does not include McCormick & Co. Filing ↗