Performance Food's New CEO Got A Raise To $1,000,000 While Predecessor's Pay Was Halved To $600,000
The proxy also shows bonuses paid at 150.4% of target although adjusted EBITDA came in at 95.6% of its goal.
Performance Food Group's new CEO, Scott E. McPherson, now earns a $1,000,000 base salary, while predecessor George L. Holm took a cut to $600,000 as Executive Chair, according to the company's annual proxy filing. The same document shows the fiscal 2026 cash bonus paid at 150.4% of target even though adjusted EBITDA, one of its two main measures, fell short of its goal.
The salary swap
Holm retired as CEO effective January 1, 2026, and the board named McPherson President and CEO the same day. Holm became Executive Chair on that date.
McPherson's base pay rose from $750,000 to $800,000 in the August 2025 annual review. It then went to $1,000,000 with the promotion, a 33.3% increase on the year, the filing's table shows.
Holm's salary fell from $1,200,000 to $600,000, a 50.0% cut, for the rest of fiscal 2026. The filing says the committee raised pay for every named executive except Holm.
The pay ratio is 109:1, with median employee pay of $85,293.
Bonuses above target despite an EBITDA shortfall
The annual cash bonus plan weights net sales 40%, adjusted EBITDA 40% and strategic initiatives 20%. Each metric pays from 50% of target at threshold to a 200% cap.
Net sales reached the 200% maximum. Adjusted EBITDA paid 95.6%, which the filing calls "slightly below" target. Strategic initiatives, covering safety gains and Foodservice cases sold into Convenience, paid 160.9%. The total was 150.4%.
Net income was $359.3 million, against $340.2 million a year earlier. Adjusted diluted earnings per share rose 1.6% to $4.55 from $4.48. Net sales rose 7.2% to $67.8 billion.
What stays the same, and what Holm still does
The pay committee kept the prior year's structure after about 98% of votes backed fiscal 2025 pay at the 2025 meeting. Annual equity grants are 60% performance shares tied to multi-year relative shareholder return and 40% time-based restricted stock.
The company says say-on-pay support has been 97%+ over the past five years. McPherson's letter says Holm will keep cultivating relationships with customers, suppliers and potential acquisition partners.
The vote
Holders vote on three items: directors, Deloitte & Touche as auditor for fiscal 2027, and the advisory pay vote. The pay vote is non-binding, though the board says it will weigh the result in future decisions.
The annual meeting is Wednesday, November 18, 2026, and the company says the next pay vote is planned for the 2027 meeting.
Sources
- Performance Food Group — DEF 14A (2026-10-09) — SEC EDGAR
- Performance Food Group Inc v. Tucker et al — law360.com
- Performance Food Group, Inc. et al v. Keurig Green Mountain, Inc. — law360.com
