PERFORMANCE FOOD GROUP CO, DEF 14A filed on 10/10/2025
Proxy Statement (definitive)
v3.25.2
Cover
12 Months Ended
Jun. 28, 2025
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name Performance Food Group Company
Entity Central Index Key 0001618673
Amendment Flag false
v3.25.2
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jul. 01, 2023
Jul. 02, 2022
Jul. 03, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table provides information regarding “compensation actually paid” to the Company’s CEO and other NEOs, along with the cumulative TSR of the Company and the S&P MidCap 400 Food, Beverage & Tobacco Index, the Company’s net income, and the Company’s Adjusted EBITDA, which is considered the most important financial measure used by the Company to link compensation actually paid to the Company’s NEOs to Company performance. Compensation actually paid, as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered fiscal year. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the Compensation Discussion and Analysis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100
Investment Based on:

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total
for CEO
(1)

 

 

Compensation
Actually Paid
to CEO
(1)(5)

 

 

Average Summary Compensation
Table Total
for Other
NEOs
(2)

 

 

Average Compensation
Actually
Paid to Other
NEOs
(2)(5)

 

 

Company
Total
Shareholder
Return
(3)

 

 

Peer Group
Total
Shareholder
Return
(3)

 

 

Net
Income
(in millions)

 

 

Adjusted
EBITDA
(4) 
(in millions)

 

Fiscal 2025

 

$

11,661,062

 

 

$

22,419,019

 

 

$

3,591,732

 

 

$

6,267,110

 

 

$

313.74

 

 

$

138.91

 

 

$

340.2

 

 

$

1,766.9

 

Fiscal 2024

 

$

10,363,049

 

 

$

12,212,482

 

 

$

3,325,622

 

 

$

3,851,723

 

 

$

237.12

 

 

$

143.00

 

 

$

435.9

 

 

$

1,506.1

 

Fiscal 2023

 

$

9,487,543

 

 

$

16,029,890

 

 

$

2,676,478

 

 

$

3,979,424

 

 

$

216.07

 

 

$

141.90

 

 

$

397.2

 

 

$

1,363.4

 

Fiscal 2022

 

$

8,660,511

 

 

$

8,228,369

 

 

$

3,245,862

 

 

$

3,196,126

 

 

$

169.80

 

 

$

127.29

 

 

$

112.5

 

 

$

1,019.8

 

Fiscal 2021

 

$

8,228,550

 

 

$

14,307,114

 

 

$

2,564,703

 

 

$

3,763,424

 

 

$

172.13

 

 

$

149.38

 

 

$

40.7

 

 

$

625.3

 

       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)
The amounts in these columns reflect the Summary Compensation Table and Compensation Actually Paid totals, respectively, for Mr. Holm for fiscal years 2021–2025. Mr. Holm was our principal executive officer for fiscal 2021-2025. See footnote 5 below for additional information on the calculation of “compensation actually paid.”
(2)
The amounts in these columns reflect the average Summary Compensation Table and average Compensation Actual Paid totals, respectively, for our non-CEO NEOs. For fiscal 2025, our non-CEO NEOs were Messrs. Hatcher, Hoskins, McPherson, and King. For fiscal 2024, our non-CEO NEOs were Messrs. Hatcher, Hagerty, Hoskins and McPherson. For fiscal 2023, our non-CEO NEOs were Messrs. Hatcher, Hope, Hagerty, Hoskins and McPherson. For fiscal 2022 and 2021, our non-CEO NEOs were Messrs. Hope, Hagerty, Hoskins and King. See footnote 5 below for additional information on the calculation of “compensation actually paid.”
       
Peer Group Issuers, Footnote
(3)
The calculation of TSR is based on the value of an initial fixed investment of $100 from the beginning of fiscal 2021 through the end of fiscal 2025 in the table, assuming reinvestment of dividends. The peer group TSR is represented by the S&P MidCap 400 Food, Beverage & Tobacco Industry Group Index.
       
PEO Total Compensation Amount $ 11,661,062 $ 10,363,049 $ 9,487,543 $ 8,660,511 $ 8,228,550
PEO Actually Paid Compensation Amount $ 22,419,019 12,212,482 16,029,890 8,228,369 14,307,114
Adjustment To PEO Compensation, Footnote
(5)
SEC rules require certain adjustments be made to the Summary Compensation Table amounts to calculate the “compensation actually paid” amounts. The following table details these adjustments:

 

Year

 

Executives

 

Summary
Compensation
Table Total

 

 

Deduct
Stock
Awards
(a)

 

 

Add Equity
Award
Adjustment
(b)

 

 

Compensation
Actually Paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2025

 

CEO

 

$

11,661,062

 

 

$

8,000,107

 

 

$

18,758,064

 

 

$

22,419,019

 

 

 

Other NEOs

 

$

3,591,732

 

 

$

1,900,073

 

 

$

4,575,451

 

 

$

6,267,110

 

Fiscal 2024

 

CEO

 

$

10,363,049

 

 

$

7,000,153

 

 

$

8,849,586

 

 

$

12,212,482

 

 

 

Other NEOs

 

$

3,325,622

 

 

$

1,787,568

 

 

$

2,313,669

 

 

$

3,851,723

 

Fiscal 2023

 

CEO

 

$

9,487,543

 

 

$

6,000,052

 

 

$

12,542,399

 

 

$

16,029,890

 

 

 

Other NEOs

 

$

2,676,478

 

 

$

1,390,058

 

 

$

2,693,004

 

 

$

3,979,424

 

Fiscal 2022

 

CEO

 

$

8,660,511

 

 

$

5,000,035

 

 

$

4,567,893

 

 

$

8,228,369

 

 

 

Other NEOs

 

$

3,245,862

 

 

$

1,800,088

 

 

$

1,750,352

 

 

$

3,196,126

 

Fiscal 2021

 

CEO

 

$

8,228,550

 

 

$

5,350,123

 

 

$

11,428,687

 

 

$

14,307,114

 

 

 

Other NEOs

 

$

2,564,703

 

 

$

1,237,613

 

 

$

2,436,334

 

 

$

3,763,424

 

The following table details these adjustments.

 

 

 

 

 

Unvested Awards

 

 

Vested Awards

 

 

 

 

 

 

 

Year

 

Executives

 

Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested at
Year End ($)

 

 

Year Over
Year Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End ($)

 

 

Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)

 

 

Change as of
Vesting Date
From Prior
Year End of
Prior Awards
That Vested
During Year ($)

 

 

Deduct
Forfeited
Awards (Fair
Value at End
of Prior
Year) ($)

 

 

Equity Award
Adjustment ($)

 

Fiscal 2025

 

CEO

 

 

10,920,488

 

 

 

6,838,285

 

 

 

 

 

 

999,291

 

 

 

 

 

 

18,758,064

 

 

 

Other NEOs

 

 

2,603,002

 

 

 

1,757,434

 

 

 

 

 

 

215,015

 

 

 

 

 

 

4,575,451

 

Fiscal 2024

 

CEO

 

 

6,692,674

 

 

 

1,939,171

 

 

 

 

 

 

217,741

 

 

 

 

 

 

8,849,586

 

 

 

Other NEOs

 

 

1,727,913

 

 

 

474,155

 

 

 

 

 

 

111,601

 

 

 

 

 

 

2,313,669

 

Fiscal 2023

 

CEO

 

 

7,211,752

 

 

 

4,890,740

 

 

 

 

 

 

746,381

 

 

 

(306,474

)

 

 

12,542,399

 

 

 

Other NEOs

 

 

1,682,870

 

 

 

920,813

 

 

 

 

 

 

177,154

 

 

 

(87,833

)

 

 

2,693,004

 

Fiscal 2022

 

CEO

 

 

5,225,446

 

 

 

(258,337

)

 

 

 

 

 

(177,714

)

 

 

(221,502

)

 

 

4,567,893

 

 

 

Other NEOs

 

 

1,881,048

 

 

 

(53,935

)

 

 

 

 

 

(39,573

)

 

 

(37,188

)

 

 

1,750,352

 

Fiscal 2021

 

CEO

 

 

7,720,265

 

 

 

2,682,515

 

 

 

 

 

 

1,102,538

 

 

 

(76,631

)

 

 

11,428,687

 

 

 

Other NEOs

 

 

1,786,194

 

 

 

477,960

 

 

 

 

 

 

184,548

 

 

 

(12,368

)

 

 

2,436,334

 

       
Non-PEO NEO Average Total Compensation Amount $ 3,591,732 3,325,622 2,676,478 3,245,862 2,564,703
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,267,110 3,851,723 3,979,424 3,196,126 3,763,424
Adjustment to Non-PEO NEO Compensation Footnote
(5)
SEC rules require certain adjustments be made to the Summary Compensation Table amounts to calculate the “compensation actually paid” amounts. The following table details these adjustments:

 

Year

 

Executives

 

Summary
Compensation
Table Total

 

 

Deduct
Stock
Awards
(a)

 

 

Add Equity
Award
Adjustment
(b)

 

 

Compensation
Actually Paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2025

 

CEO

 

$

11,661,062

 

 

$

8,000,107

 

 

$

18,758,064

 

 

$

22,419,019

 

 

 

Other NEOs

 

$

3,591,732

 

 

$

1,900,073

 

 

$

4,575,451

 

 

$

6,267,110

 

Fiscal 2024

 

CEO

 

$

10,363,049

 

 

$

7,000,153

 

 

$

8,849,586

 

 

$

12,212,482

 

 

 

Other NEOs

 

$

3,325,622

 

 

$

1,787,568

 

 

$

2,313,669

 

 

$

3,851,723

 

Fiscal 2023

 

CEO

 

$

9,487,543

 

 

$

6,000,052

 

 

$

12,542,399

 

 

$

16,029,890

 

 

 

Other NEOs

 

$

2,676,478

 

 

$

1,390,058

 

 

$

2,693,004

 

 

$

3,979,424

 

Fiscal 2022

 

CEO

 

$

8,660,511

 

 

$

5,000,035

 

 

$

4,567,893

 

 

$

8,228,369

 

 

 

Other NEOs

 

$

3,245,862

 

 

$

1,800,088

 

 

$

1,750,352

 

 

$

3,196,126

 

Fiscal 2021

 

CEO

 

$

8,228,550

 

 

$

5,350,123

 

 

$

11,428,687

 

 

$

14,307,114

 

 

 

Other NEOs

 

$

2,564,703

 

 

$

1,237,613

 

 

$

2,436,334

 

 

$

3,763,424

 

The following table details these adjustments.

 

 

 

 

 

Unvested Awards

 

 

Vested Awards

 

 

 

 

 

 

 

Year

 

Executives

 

Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested at
Year End ($)

 

 

Year Over
Year Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End ($)

 

 

Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)

 

 

Change as of
Vesting Date
From Prior
Year End of
Prior Awards
That Vested
During Year ($)

 

 

Deduct
Forfeited
Awards (Fair
Value at End
of Prior
Year) ($)

 

 

Equity Award
Adjustment ($)

 

Fiscal 2025

 

CEO

 

 

10,920,488

 

 

 

6,838,285

 

 

 

 

 

 

999,291

 

 

 

 

 

 

18,758,064

 

 

 

Other NEOs

 

 

2,603,002

 

 

 

1,757,434

 

 

 

 

 

 

215,015

 

 

 

 

 

 

4,575,451

 

Fiscal 2024

 

CEO

 

 

6,692,674

 

 

 

1,939,171

 

 

 

 

 

 

217,741

 

 

 

 

 

 

8,849,586

 

 

 

Other NEOs

 

 

1,727,913

 

 

 

474,155

 

 

 

 

 

 

111,601

 

 

 

 

 

 

2,313,669

 

Fiscal 2023

 

CEO

 

 

7,211,752

 

 

 

4,890,740

 

 

 

 

 

 

746,381

 

 

 

(306,474

)

 

 

12,542,399

 

 

 

Other NEOs

 

 

1,682,870

 

 

 

920,813

 

 

 

 

 

 

177,154

 

 

 

(87,833

)

 

 

2,693,004

 

Fiscal 2022

 

CEO

 

 

5,225,446

 

 

 

(258,337

)

 

 

 

 

 

(177,714

)

 

 

(221,502

)

 

 

4,567,893

 

 

 

Other NEOs

 

 

1,881,048

 

 

 

(53,935

)

 

 

 

 

 

(39,573

)

 

 

(37,188

)

 

 

1,750,352

 

Fiscal 2021

 

CEO

 

 

7,720,265

 

 

 

2,682,515

 

 

 

 

 

 

1,102,538

 

 

 

(76,631

)

 

 

11,428,687

 

 

 

Other NEOs

 

 

1,786,194

 

 

 

477,960

 

 

 

 

 

 

184,548

 

 

 

(12,368

)

 

 

2,436,334

 

       
Compensation Actually Paid vs. Total Shareholder Return

img134674180_226.jpg

       
Compensation Actually Paid vs. Net Income

img134674180_227.jpg

       
Compensation Actually Paid vs. Company Selected Measure

img134674180_228.jpg

       
Total Shareholder Return Vs Peer Group

img134674180_226.jpg

       
Total Shareholder Return Amount $ 313.74 237.12 216.07 169.8 172.13
Peer Group Total Shareholder Return Amount 138.91 143 141.9 127.29 149.38
Net Income (Loss) $ 340,200,000 $ 435,900,000 $ 397,200,000 $ 112,500,000 $ 40,700,000
Company Selected Measure Amount 1,766,900,000 1,506,100,000 1,363,400,000 1,019,800,000 625,300,000
PEO Name Mr. Holm Mr. Holm Mr. Holm Mr. Holm Mr. Holm
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description
(4)
Adjusted EBITDA is a non-GAAP financial measure. Please see Appendix A at the end of this Proxy Statement for the definitions of non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their respective most directly comparable financial measures calculated in accordance with GAAP.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Net Sales        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (8,000,107) $ (7,000,153) $ (6,000,052) $ (5,000,035) $ (5,350,123)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 18,758,064 8,849,586 12,542,399 4,567,893 11,428,687
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,920,488 6,692,674 7,211,752 5,225,446 7,720,265
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,838,285 1,939,171 4,890,740 (258,337) 2,682,515
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 999,291 217,741 746,381 (177,714) 1,102,538
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 (306,474) (221,502) (76,631)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,900,073) (1,787,568) (1,390,058) (1,800,088) (1,237,613)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,575,451 2,313,669 2,693,004 1,750,352 2,436,334
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,603,002 1,727,913 1,682,870 1,881,048 1,786,194
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,757,434 474,155 920,813 (53,935) 477,960
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 215,015 111,601 177,154 (39,573) 184,548
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ (87,833) $ (37,188) $ (12,368)
v3.25.2
Award Timing Disclosure
12 Months Ended
Jun. 28, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

Our executive compensation program has not included awards of stock options as a component of our long-term incentive plan since 2018. We have no policy, program, practice, or plan pertaining to the timing of stock option grants to our NEOs with respect to the release of material non-public information. We also have not timed the release of material non-public information for the purpose of affecting the value of any executive or director compensation, and we have no plan to do so.

Award Timing Predetermined false
MNPI Disclosure Timed for Compensation Value false
v3.25.2
Insider Trading Policies and Procedures
12 Months Ended
Jun. 28, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true