We are Central to home
2024
Proxy Statement
O U R M I S S I O N
Lead the future of the
Garden and Pet industries...
one blade of grass and
one wagging tai at a time
L E A D I N G P O S I T I O N S
Lawn & Garden | Pet Supplies | |
#2Consumables | #2 | |
(ex. Dog & Cat Food, Cat Litter) |
G R E A T B R A N D S
F I S C A L 2 0 2 3 F I N A N C I A L R E S U LT S
Net
Sales
$3.3
Operating
Income
$211''
EPS
$2.35
Cash &
Cash Equiv.
$489''
CENTRAL GARDEN & PET COMPANY
1340 Treat Blvd., Suite 600
Walnut Creek, California 94597
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
Tuesday, February 13, 2024, 10:30 A.M. Pacific Time
TO THE SHAREHOLDERS:
The Annual Meeting of Shareholders of Central Garden & Pet Company will be held virtually over the Internet on Tuesday, February 13, 2024, at 10:30 A.M. Pacific Time for the following purposes:
- To elect nine directors;
- To ratify the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending on September 28, 2024; and
- To transact such other business as may properly come before the Annual Meeting.
Only holders of record of Common Stock and Class B Stock on the books of the Company as of 5:00 P.M. Pacific time, December 15, 2023, will be entitled to vote at the Annual Meeting and any adjournment thereof. Holders of Class A Common Stock are welcome to participate in the Annual Meeting. A complete list of the Company's shareholders entitled to vote at the Annual Meeting will be available for examination by any shareholder for 10 days prior to the Annual Meeting during normal business hours at the Company's principal executive offices at 1340 Treat Blvd., Suite 600, Walnut Creek, California, 94597.
Shareholders may participate and vote shares electronically at the virtual Annual Meeting and submit questions by following the instructions at www.virtualshareholdermeeting.com/CENT2024.
Except for those shareholders who have already requested printed copies of the Company's proxy materials, the Company is furnishing proxy materials for the Annual Meeting to shareholders through the Internet. On or about December 28, 2023, the Company mailed to shareholders on the record date a Notice of Internet Availability of Proxy Materials (the ''Notice''). Certain shareholders who previously requested email notice in lieu of mail received the Notice by email. If a shareholder received a Notice by mail or email, that shareholder will not receive a printed copy of the proxy materials unless such shareholder specifically requests one. Instead, the Notice instructs shareholders on how to access and review all of the important information contained in the Proxy Statement and in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (which the Company posted on the Internet on December 28, 2023), as well as how to submit proxies over the Internet. The Company believes that mailing or emailing the Notice and posting other materials on the Internet allow it to provide shareholders with the information they need while lowering the costs of delivery and reducing the environmental impact of the Annual Meeting. If a shareholder received the Notice and would still like to receive a printed copy of the proxy materials, such shareholder may request a printed copy of the proxy materials by any of the following methods: through the Internet at www.proxyvote.com; by telephone at 1-800-579-1639; or by sending an email to sendmaterial@proxyvote.com.
Whether or not you plan to participate in the Annual Meeting, please vote as soon as possible in accordance with the instructions provided to you to ensure that your vote is counted at the Annual Meeting.
Dated: December 28, 2023
By Order of the Board of Directors
Joyce M. McCarthy, Secretary
CENTRAL GARDEN & PET COMPANY
1340 Treat Blvd., Suite 600
Walnut Creek, California 94597
PROXY STATEMENT
The Board of Directors of Central Garden & Pet Company (the ''Company'') is soliciting proxies to be used at the Annual Meeting of Shareholders on February 13, 2024 (the ''Annual Meeting''), for the purposes set forth in the foregoing notice. This proxy statement and, in the case of holders of Common Stock and Class B Stock, the form of proxy, were first sent to shareholders on or about December 28, 2023. Holders of Class A Common Stock will receive this proxy statement but will not be entitled to vote at the Annual Meeting of Shareholders or any adjournment thereof.
Pursuant to rules adopted by the Securities and Exchange Commission (the ''SEC''), the Company has elected to provide access to proxy materials (consisting of the Notice of Annual Meeting, this Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended September 30, 2023) by posting them on the Internet on December 28, 2023. Therefore, the Company is sending a Notice of Internet Availability of Proxy Materials (the ''Notice'') to its shareholders. Starting on the date of distribution of the Notice, all shareholders will have the ability to access the proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials over the Internet or to request printed copies may be found in the Notice. If a Class B or Common shareholder requests printed versions of the proxy materials by mail, the materials will also include a proxy card or other voting instruction form.
If a Class B or Common shareholder holds shares in its own name as a shareholder of record, such Class B or Common shareholder may vote shares at the Annual Meeting or by proxy. The platform for the virtual Annual Meeting includes functionality that affords validated shareholders the same meeting participation rights and opportunities they would have at an in-person meeting. Instructions to access and log-in to the virtual Annual Meeting are provided below, and once admitted, shareholders may view reference materials such as our list of shareholders as of the record date, submit questions and (for Class B or Common shareholders) vote their shares by following the instructions that will be available on the meeting website. To vote by proxy, Class B or Common shareholders should vote in one of the following ways:
- Via the Internet. Class B or Common shareholders may vote through the Internet at www.proxyvote.com by following the instructions provided in the Notice.
- By Telephone. If a Class B or Common shareholder received proxy materials or requested printed copies by mail, such Class B or Common shareholder located in the United States may vote by calling the toll-free number found on the proxy card.
- By Mail. If a Class B or Common shareholder received proxy materials or requested printed copies by mail, such Class B or Common shareholder may vote by mail by marking, dating, signing and mailing the proxy card in the envelope provided.
Voting by proxy will not affect the right of Class B or Common shareholders to vote shares during the Meeting-by voting during the Meeting such Class B or Common shareholders automatically revoke their proxy. Class B or Common shareholders may also revoke a proxy at any time before the applicable voting deadline by giving the Company's Secretary written notice of revocation, by submitting a later-dated proxy card or by voting again using the telephone or Internet (the latest telephone or Internet proxy is the one that will be counted).
If you vote by proxy, the individuals named as proxyholders will vote the shares as instructed. If a Class B or Common shareholder votes shares over the telephone, such Class B or Common shareholder must select a voting option (''For'' or ''Withhold'' (for directors) and ''For,'' ''Against'' or ''Abstain'' (for Proposal Two) in order for the proxy to be counted on that matter. If a Class B or Common shareholder validly votes shares over the Internet or by mail but does not provide any voting instructions, the individuals named as proxyholders will vote such shares FOR the election of the nominees for director and FOR the ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending September 28, 2024.
If shares are registered in street name, Class B or Common shareholders must vote shares in the manner prescribed by the broker, bank or other nominee. In most instances, a Class B or Common shareholder can do this over the telephone or Internet, or if a Class B or Common shareholder has received or requested a hard copy of the proxy statement and accompanying voting instruction form, the Class B or Common shareholder may mark, sign, date and mail the voting instruction form in the envelope the broker, bank or other nominee provides. The materials that were sent to Class B or Common shareholders have specific instructions for how to submit votes and the deadline for doing so. If a Class B or Common
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shareholder would like to revoke its proxy, such Class B or Common shareholder must follow the broker, bank or other nominee's instructions on how to do so. If a Class B or Common shareholder wishes to vote at the Annual Meeting, such Class B or Common shareholder may vote their shares by participating in the Annual Meeting and voting their shares over the Internet.
Access and Log-In Instructions for Virtual Annual Meeting
To be admitted to the Annual Meeting, go to https://www.virtualshareholdermeeting.com/CENT2024 and enter the 16-digit control number on your notice of internet availability of proxy materials or proxy card previously distributed to shareholders. Online access to the Annual Meeting will open at 10:15 a.m. Pacific Time to allow time for shareholders to log-in prior to the start of the live audio webcast of the Annual Meeting at 10:30 a.m. Pacific Time. The virtual meeting platform is widely supported across most browsers and devices running the most updated version of applicable software and plugins. Participants, however, should allow sufficient time prior to the start of the meeting to log-in and ensure that they can hear streaming audio prior to the start of the meeting. If any log-in difficulties are encountered, please call the technical support number on the log-in page. It is important that shareholders read the proxy materials that were previously distributed, and we strongly encourage Class B and Common shareholders to vote in advance of the Annual Meeting, even if they are planning to log in and participate through the internet.
VOTING SECURITIES
Only shareholders of record of Common Stock and Class B Stock on the books of the Company as of 5:00 P.M. Pacific Time, December 15, 2023, will be entitled to vote at the Annual Meeting.
As of the close of business on December 15, 2023, there were outstanding 11,077,612 shares of Common Stock of the Company, entitled to one vote per share, and 1,602,374 shares of Class B Stock of the Company, entitled to the lesser of ten votes per share or 49% of the total votes cast. There were also outstanding 41,047,531 shares of Class A Common Stock, which generally have no voting rights unless otherwise required by Delaware law. Holders of Common Stock and Class B Stock will vote together on all matters presented to the shareholders for their vote or approval at the Annual Meeting.
The holders of not less than a majority of the shares of Common Stock and Class B Stock of the Company entitled to vote, present in person or by proxy, will constitute a quorum for the transaction of business at the Annual Meeting or any adjournment thereof. Votes cast by proxy at the Annual Meeting will be tabulated by the election inspector appointed for the Annual Meeting and will determine whether or not a quorum is present. The election inspector will treat abstentions and broker non-votes as shares that are present and entitled to vote for purposes of determining the presence of a quorum but as unvoted for purposes of determining the approval of any matter submitted to the shareholders for a vote. Under the General Corporation Law of the State of Delaware, shareholders are not entitled to dissenter's rights with respect to any matter to be considered and voted on at the Annual Meeting, and we will not independently provide shareholders with any such right.
With regard to the election of directors, votes may be cast ''For'' or ''Withhold'' for each nominee; votes that are withheld will be excluded entirely from the vote and will have no effect. The directors will be elected by a plurality of the votes of the shares present in person, voted or represented by proxy at the Annual Meeting and entitled to vote on the election of directors. As a result, if you withhold your authority to vote for any nominee, your vote will not count for or against the nominee, nor will a broker ''non-vote'' affect the outcome of the election. The other matters submitted for shareholder approval at the Annual Meeting will be decided by the affirmative vote of a majority of the shares present in person or represented by proxy at the Annual Meeting and entitled to vote on the subject matter. Abstentions are included in the determination of shares present for quorum purposes.
If a shareholder's shares are held in street name and the shareholder does not instruct his or her broker how to vote the shares, the brokerage firm, in its discretion, may either leave the shares unvoted or vote the shares on routine matters. The proposal to ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the current fiscal year should be treated as a routine matter. To the extent a shareholder's brokerage firm votes shares on the shareholder's behalf on that proposal, the shares also will be counted as present for the purpose of determining a quorum.
Householding of Materials
In order to reduce printing and postage costs for shareholders who request a printed copy of the proxy materials, only one Annual Report and one Proxy Statement will be mailed to multiple shareholders who request a printed copy of the proxy materials sharing an address unless we receive contrary instructions from one or more of the shareholders sharing an address. This practice is commonly referred to as ''householding.'' If your household has received only one Annual Report and one Proxy Statement, we will promptly deliver a separate copy of the Annual Report and the Proxy Statement to any shareholder who sends a written request to Investor Relations at our executive offices, which are located at 1340 Treat Blvd., Suite 600, Walnut Creek, California 94597, or calls (925) 948-4000 and requests such a delivery. If your household is receiving multiple copies of our annual reports or proxy statements and you wish to request delivery of a single copy, you may send a written request to our executive offices, or call (925) 948-4000 with such a request.
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PROPOSAL ONE
ELECTION OF DIRECTORS
The persons named below are nominees for director to serve until the next annual meeting of shareholders and until their successors shall have been elected. The nominees are all members of the present Board of Directors. Daniel P. Myers is not standing for re-election. In the absence of instructions to the contrary, shares represented by proxy will be voted for the election of all such nominees to the Board of Directors. If any nominee is unable or unwilling to be a candidate for the office of director at the date of the Annual Meeting, or any adjournment thereof, the proxies will vote for such substitute nominee as shall be designated by the proxies. Management has no reason to believe that any of the nominees will be unable or unwilling to serve if elected. Set forth below is certain information concerning the nominees which is based on data furnished by them.
Served as | ||||||
Business Experience During Past | Director | |||||
Nominees for Director | Age | Five Years and Other Information | Since | |||
William E. Brown(2)(4) | 82 | Chairman of the Board of the Company from 1980 until | 1980 | |||
February 2018 and since September 2019 and Chief | ||||||
Executive Officer from 1980 to 2003 and from 2007 until | ||||||
2013. | ||||||
Mr. Brown founded the Company and has extensive | ||||||
management and leadership experience and a deep | ||||||
knowledge of the lawn and garden and pet supplies | ||||||
industries and the financial and operational issues faced | ||||||
by the Company. | ||||||
Courtnee Chun(3)(4) | 49 | Ms. Chun serves as Senior Advisor to Liberty Media | 2021 |
Corporation. Until January 2023, she was Chief Portfolio Officer for Liberty Media Corporation, Qurate Retail. Inc., Liberty TripAdvisor Holdings, Inc., Liberty Broadband Corporation and GCI Liberty, having joined Liberty Media in February 2008. Previously, Ms. Chun served as VP Opportunity Development at Level 3, Chief Financial Officer at New Global Telecom and prior to these roles received extensive transaction experience through corporate development work at FirstWorld Communications and investment banking at JP Morgan. She previously was a director of HSN, Inc., Expedia Group, Inc., and LendingTree, Inc.
Ms. Chun has broad based experience in a number of industries including eCommerce, media, technology and direct-to-consumer marketing and a strong background in M&A, portfolio management and investor relations.
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Served as | ||||||
Business Experience During Past | Director | |||||
Nominees for Director | Age | Five Years and Other Information | Since | |||
Lisa Coleman(1)(3)(5) | 53 | Ms. Coleman has more than 25 years of experience in | 2021 | |||
talent management and development including executive | ||||||
coaching, leadership development, leadership and | ||||||
succession planning and talent acquisition. Since | ||||||
January 2010, she has provided executive career | ||||||
coaching and board advisory through her firm Lisa | ||||||
Coleman Advisory Services. Before starting her firm, | ||||||
Ms. Coleman served as Managing Director, Head of | ||||||
Leisure and Hospitality Practice, member of the | ||||||
Consumer and Private Equity Practices and Head of | ||||||
Research Americas at Russell Reynolds Associates | ||||||
where she led business development, executive search | ||||||
and organization assessments for consumer sector | ||||||
clients. Prior to that she served as the Human Capital | ||||||
Partner at Maveron, a venture capital firm and spent five | ||||||
years at Korn/Ferry International as Partner, Retail | ||||||
Practice and Head of eCommerce. | ||||||
Ms. Coleman has expertise in CEO and senior | ||||||
management succession planning, human capital | ||||||
management, leadership development and talent | ||||||
acquisition and brings broad-based experience in a | ||||||
number of industries including leisure and hospitality, | ||||||
private equity, retail and eCommerce. | ||||||
Brendan P. Dougher(3) | 61 | Mr. Dougher served in executive roles at | 2020 | |||
PricewaterhouseCoopers LLP (''PwC'') for 36 years, | ||||||
including as Managing Partner of the NY Metro Region of | ||||||
PwC from July 2006 until June 2019 and most recently as | ||||||
Managing Partner of the US Cyber Security & Privacy | ||||||
Practice from January 2019 to September 2019. | ||||||
As a former senior partner of one of the Big Four audit | ||||||
firms, Mr. Dougher has strong leadership experience in a | ||||||
wide variety of financial matters including reporting, | ||||||
governance, strategy and regulatory matters. | ||||||
Michael J. Griffith(1)(4)(5) | 66 | Mr. Griffith served as Vice Chairman of Activision | 2019 | |||
Blizzard, Inc., a worldwide online, personal computer, | ||||||
console, handheld, and mobile game publisher, from | ||||||
March 2010 to August 2016 and served as President and | ||||||
Chief Executive Officer of Activision Publishing, Inc. (prior | ||||||
to merger with Blizzard Entertainment, Inc.), from | ||||||
June 2005 to March 2010. Previously, he served in | ||||||
various executive positions at the Procter & Gamble | ||||||
Company, a multinational consumer goods corporation, | ||||||
including as President of the Global Beverage Division, | ||||||
Vice President and General Manager of Coffee Products, | ||||||
and Vice President and General Manager of Fabric & | ||||||
Home Care-Japan and Korea and Fabric & Home Care | ||||||
Strategic Planning-Asia. Mr. Griffith is also a director of | ||||||
Dave & Buster's Entertainment, Inc. |
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Served as | ||||||
Business Experience During Past | Director | |||||
Nominees for Director | Age | Five Years and Other Information | Since | |||
As a former senior executive of one of the leading | ||||||
multinational consumer products companies, Mr. Griffith | ||||||
brings extensive experience leading and managing many | ||||||
aspects of large consumer products companies. | ||||||
Christopher T. Metz | 58 | Mr. Metz served as a director and Chief Executive Officer | 2019 | |||
of Vista Outdoor Inc. from October 2017 through | ||||||
January 2023. Prior to joining Vista Outdoor Inc., he | ||||||
served as President and Chief Executive Officer of Arctic | ||||||
Cat Inc., a manufacturer of all-terrain vehicles, | ||||||
recreational off-road vehicles and snowmobiles, from | ||||||
December 2014 to March 2017. Mr. Metz served as a | ||||||
Managing Director of Sun Capital Partners, Inc., a global | ||||||
private equity firm, from 2005 to July 2014. Prior to joining | ||||||
Sun Capital, he worked for Black & Decker, a | ||||||
manufacturer of power tools, accessories, hardware, | ||||||
home improvement products, and technology based | ||||||
fastening systems, for over 13 years, serving in a variety | ||||||
of capacities, including President of its Hardware and | ||||||
Home Improvement Group from 1999 to 2005. Mr. Metz | ||||||
also served as a director of Achushnet Holdings Corp., a | ||||||
performance-driven golf company, from 2015 to 2017. | ||||||
Mr. Metz has extensive experience leading global | ||||||
consumer products companies and proven leadership, | ||||||
strategic decision making, and business performance | ||||||
skills and a background in private equity. | ||||||
Brooks M. Pennington III(2)(4) | 69 | Mr. Pennington is co-owner of Pennington & Pennington, | 1998 | |||
LLC, which provides management services for family | ||||||
entities involved in real estate development, student |
housing, timber production, farming, market investments and other businesses. He served as the Company's Chairman from February 2018 to September 2019 and was Director of Special Projects for the Company from October 2006 through March 2023. From 1994 through September 2006, he was the President and Chief Executive Officer of Pennington Seed, Inc., a business which was acquired by the Company in 1998.
Mr. Pennington also serves on the boards of several private companies and was a member of the Board of Trustees of the University of North Georgia from July 2005 through June 2023.
Mr. Pennington has over 45 years of work experience in the lawn and garden industry, including 12 years as the former Chief Executive Officer of Pennington Seed, Inc.
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Served as | ||||||
Business Experience During Past | Director | |||||
Nominees for Director | Age | Five Years and Other Information | Since | |||
John R. Ranelli(4)(5) | 77 | Mr. Ranelli served as the Company's Chief Executive | 2010 | |||
Officer from February 2013 to May 2016 and as Acting | ||||||
Principal Financial Officer from February 2016 to | ||||||
September 2016. He served as Chairman of the Board of | ||||||
Woolrich, Inc., a global apparel and accessories | ||||||
company, from 2011 until November 2016, and also | ||||||
served as Chief Executive Officer from March 2012 until | ||||||
October 2012. From 2008 to 2012, Mr. Ranelli was | ||||||
engaged in pursuing corporate acquisition opportunities | ||||||
while advising companies and private equity firms. From | ||||||
2007 to 2008, he was Chief Executive Officer and | ||||||
President of Mikasa, Inc., a global dinnerware, crystal and | ||||||
home accessories company. From 1999 to 2006, | ||||||
Mr. Rannelli served as Chairman, Chief Executive Officer | ||||||
and President of FGX International, an optical and jewelry | ||||||
company. Previously, he served in senior executive | ||||||
capacities with Stride Rite Corporation, Deckers Outdoor | ||||||
Corporation, TLC Beatrice and The Timberland | ||||||
Company. Mr. Ranelli serves on the Board of OrthoLite | ||||||
Holdings, LLC and is a member of the Massachusetts | ||||||
General Hospital Cancer Center Advisory Board. He was | ||||||
a member of the Trilantic Capital Partners Advisory Board | ||||||
from 2017 to 2020. | ||||||
As a former Chief Executive Officer of the Company and | ||||||
an experienced chief executive officer of consumer | ||||||
products companies and a chairman and director of | ||||||
public and private equity owned companies, Mr. Ranelli | ||||||
has deep knowledge about the Company and extensive | ||||||
experience leading and managing all aspects of | ||||||
mid-sized to large consumer products companies. | ||||||
Mary Beth Springer(5) | 59 | Ms. Springer has been the Interim Chief Executive Officer | 2013 | |||
of the Company since October 2023. From October 2020 | ||||||
until her appointment as Interim CEO, she served as the |
Company's lead independent director. From 2009 to 2011, Ms. Springer served as Executive Vice President and General Manager of the Clorox Company. She served as Clorox's Group Vice President - Strategy and Growth from 2007 until 2009. Ms. Springer was Group Vice President and General Manager, Specialty Division from 2005 to 2007 and Vice President and General Manager, Glad Products Business Unit from 2002 through 2004. She joined Clorox in 1990 as associate marketing manager for household products and subsequently held marketing positions of increasing responsibility. Ms. Springer also serves as an independent director of Amy's Kitchen, a privately held organic food company and previously served as a director of Nature's Sunshine Products, Inc., a natural health and wellness company.
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Served as | ||||||
Business Experience During Past | Director | |||||
Nominees for Director | Age | Five Years and Other Information | Since | |||
As a former senior executive of one of the country's | ||||||
leading consumer products companies, Ms. Springer | ||||||
brings significant experience in general management, | ||||||
marketing, sales and branding and many other aspects of | ||||||
the operations of a public consumer products company. |
- Member of Compensation Committee.
- Member of Executive Committee.
- Member of Audit Committee.
- Member of Investment Committee.
- Member of Talent, Capabilities & Succession Committee.
Recommendation of the Board
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE ''FOR'' EACH OF THE DIRECTOR NOMINEES LISTED ABOVE.
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Disclaimer
Central Garden & Pet Company published this content on 27 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2023 07:04:34 UTC.