The companys strategy, marketing, and product line were all overhauled. Traeger, Inc. (NYSE:NYSE:COOK) Q3 2021 Earnings Conference Call November 15, 2021 4:30 PM ET Company Participants Tom Burton - General Counsel Jeremy Andrus - Chief Executive Officer Dom. Jeremy Andrus has served as our Chief Executive Officer and a member of our board of directors since January 2014 and as the chairman of our board of directors since July 2021. We created a structure in which I would become a minority shareholder and the CEO. So proud of my Traeger team for delivering greatness. See Terms of Use for more information. Although the majority owner had no operating role, he was talking to people at all levels of the company, multiple times a day, so employees acted as if he were in charge. The base salary for CEO ranges from $613,800 to $1,046,300 with the average base salary of $812,100. That piqued my interest. When I first got involved with Traeger, it was a $70 million businesswith amazingly unsophisticated controls and processes. The information shown here is a reporting of information included in the company's proxy statement. TREDEGAR CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 66 0 obj <> endobj Only a couple were cultural leaders, and we invited them too. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. hb```f`` (One is called the Abbey, because Traeger was originally launched on land where a monastery once stood.). endstream endobj 67 0 obj <> endobj 68 0 obj <>/MediaBox[0 0 612 792]/Parent 64 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 69 0 obj <>stream Backyard grills didnt seem like a very interesting industryits a highly commoditized space, and I didnt see much competitive advantage in bending and welding metal. For years, the grills were offered in limited quantities and geographic areas. After the call ended, I didnt give it another thought. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. in International Relations from Brigham Young University and an M.B.A. from Harvard Business School. View our latest events on corporate reporting reform. Seven years ago this crew of entrepreneurs set off on our first adventure trip backpacking around cold, rainy Yosemite National Park. I came close to buying a high-end blender company. Our warehouses were outdated and undersized; they couldnt handle our existing volume, let alone the growth we wanted to create. But the best part of this grill? Sharing some moments and memories from past years. Despite a tumultuous year in the global economy due to COVID-19, increases to . It was the first time Id ever felt physically unsafe at work. In 2014, Traeger received a tax incentive deal from the Utah Governors Office of Economic Opportunity, which would allow the company to earn up to $503,537 in tax rebates after providing 164 jobs over seven years. Romaine Bostick breaks down the day's top stories and trading action leading into the close. Even though this company had been around for three decades, by relocating to Utah wed be doing a complete reset. The average salary for Senior Executive of Distribution Operations at companies like TRAEGER INC in the United States is $266,390 as of December 27, 2022, but the range typically falls between $227,490 and $300,390. Access the latest thought leadership on industry insights, country reports and economic developments in Africa. If someone was a cultural neutral and highly skilled in a job that would be hard to fill, we invited him or her to move. So, after 3 years of working for Traeger they have made the decision to part ways, wrote one former employee in LinkedIn post Tuesday. Traeger Grills employees earn $68,000 annually on average, or $33 per hour, which is 3% higher than the national salary average of $66,000 per year. His core capabilities and expertise lie in advising and assisting clients in the design and implementation of reward st. More One of my favorite daysto pack good friends into our home, to eat great food together, to feel the positive energy of community, to watch some of the best ads ever madeand to watch a little football. Soooo PUMPED to launch this all new Ironwood - its unreal! Traeger's key executives include Jeremy Andrus and 6 others. Each year we trek to some interesting spot and rough it in the wilderness. in Business Management, Finance from Brigham Young University. By that point, after wed closed the warehouse and trucking operations, we had about 90 employees in Oregon. On the previous visit Id made a big announcement: Traeger, the Oregon-based outdoor cooking company where I had recently become CEO, would be closing its warehouse and trucking operations and outsourcing them to UPS. Because they use thermostats to control the heat, pellet grills are especially good at smoking meat at steady temperatures. How experienced are the management team and are they aligned to shareholders interests? I gathered my executive team inside to talk about how to handle the incident. The company has a lot of startup-like qualities, There's some more work that needs to be done when it comes to project ownership and better clarity, but there has been a lot of positive progress in the last couple months to help better. Traeger Grills employees earn $68,000 annually on average, or $33 per hour, which is 3% higher than the national salary average of $66,000 per year. Incredible accomplishments and contributions. Many people ask this question about the money Jeremy Andrus makes from Facebook. Big shout out to the Product team for developing such an incredible, powerful and elegant outdoor cooking machine. We hope that this report becomes the template against which actual performances and rewards for 2020 (the first year under COVID-19) can be compared to those of pre COVID-19. Proceeds will be used to pay debt and for general corporate purposes. (He eventually found 30 minutes for me on that trip.) Traeger's Chief Executive Officer and Director is Jeremy Andrus. The fact that I spent 75% of my time away from headquarters didnt help; as soon as I left, people could go back to operating the way they wanted. Someones online news feed was reporting on an office in Alabama where just that morning a disgruntled employee had shot and killed a couple of coworkers. Then I spent six months day-trading stocks, which was the most stressful and exhilarating job Ive ever done. in International . 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Tons of great salary information on Indeed.com He was aggressive and abusive, and that style rubbed off on other people in the company. At Traeger Grills, we promise to treat your data with respect and will not share your information with any third party. Competitve compensation, flexible schedule, great benefits, and awesome co Glassdoor gives you an inside look at what it's like to work at Traeger Pellet Grills, including salaries, reviews, office photos, and more. In tandem with its culture shift, Traeger has revitalized its marketingbuilding a community of fans and influencers on social media. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the . And a big expression of appreciation to Breck and Kyle as we celebrated their five year anniversaries at Traeger. This edition marks the 14th year* of Equilar's partnership with The New York Times to analyze CEO pay among U.S. public companies with revenues over $1 billion.. The company claims to make wood-fired grilling as easy as turning on your oven, and . 1.6 " Common Stock " shall mean the common stock of the Company, par value $0.0001 per share. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. I recently reread the e-mails I exchanged with him during my first 90 days, and Im proud of how measured and restrained I was. Traeger Meat-Up this week was about how we build culture and reinforce our company community. Leslie leads theReward and Well-being practice within Deloitte Southern Africa. Later on I learned that employees called me Ocho (Spanish for eight) behind my back, and they didnt expect me to last long. And my heartfelt appreciation to every member of our entire team who helped bring this product to market. In 2005 I became Skullcandys VP of operations. Took home Product of the Year award for the new Timberline launched last year. After submitting your request, you will receive an activation email to the requested email address. The average salary for a Chief Executive Officer (CEO) is $159,263 Base Salary $75k - $312k Bonus $5k - $144k Profit Sharing $4k - $146k Commission $9k - $197k Total Pay $76k - $399k Based. The change isnt apparent only in our financial statements and in the mood around headquartersour retailing partners see evidence of it too. )J I lived near the Utah office with my family, so I began traveling back and forth between the Utah office and Oregon headquarters. Although the majority owner had no operating role, he talked daily to people at all levels of the company and was aggressive and abusive. When I asked for data, they would ignore me. But the more I reflected on it, the more I recognized that the decision resulted from the near-impossibility of transforming a legacy culture in which negative attitudes were so deeply ingrained. King IV and the requirements that it outlines for executive pay continues to stoke divergent views, even as firms have had a significant amount of time to digest the governance code. You can sign up for additional alert options at any time. Wood pellet stoves became popular for home heating, and in the early 1980s Joe Traeger, who ran an Oregon heating company, began experimenting with using the same technologywhereby an electric motor spins an auger to feed wood pellets into a burn chamberfor an outdoor grill. Hed owned the business for eight years, and I was the eighth senior executive in that time; seven had exited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (DTTL), its network of member firms, and their related entities. I enjoy figuring out how consumers think and building a brand and a product to address their needs. The estimated base pay is $66,392 per year. Part of me regretted having to make such a dramatic move. I needed to bring in a better management team, so I hired a few executives Id been close to at Skullcandy. One minute Id be driving a forklift in the warehouse; the next Id be negotiating with a banker; the next Id be trying to make a sale to a distributor. sltrib.com 1996-2023 The Salt Lake Tribune. In an exclusive interview with CEO Jeremy Andrus, he shares the growth plans for the company Marketing Project Manager Average Salary at Traeger Grills in the United States, Assistant Controller Average Salary at Traeger Grills in the United States, Regional Sales Manager Average Salary at Traeger Grills in the United States, CFO Average Salary at Traeger Grills in the United States, VP of Operations Average Salary at Traeger Grills in the United States, Anonymous Employee Average Salary at Traeger Grills in the United States, Accounts Receivable Analyst Average Salary at Traeger Grills in the United States, Shipping Clerk Average Salary at Traeger Grills in the United States, See more Traeger Grills salaries by Location. He has worked globally covering the full spectrum of human capital disciplines. See link in bio to learn all about this beaut! It even had its own trucks and drivers on the payroll. 1.7 " Company " shall mean Traeger, Inc. and any corporate successors. If people were cultural detractors (and many were), it didnt matter how competent they werewe didnt want them. Traeger CEO Jeremy Andrus. Ranging in price from $450 to $3,800, Traeger grills burn pill-shaped wood pellets instead of gas or charcoal. TREDEGAR CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Traeger may earn up to 15% of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax . Nonetheless, the news hadnt gone over well. It had since bought a stake in Traeger and partnered with the existing CEO. I had a 30-minute call with the company and decided the opportunity wasnt for me. The PE firm and I each held a minority stake; the majority owner was a serial entrepreneur who lived in Florida. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Every Monday morning we cook breakfast for the entire company, and we cook lunch together Tuesday through Friday. I want to understand how they think about risk taking and what skills they want to develop. Truly! This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. 18) stock options that will be worth $290 million if the share price roughly doubles. Once wed solved the ownership problem, we began to recognize other issues. Leto Sapunar is a Report for America corps member covering business accountability and sustainability for The Salt Lake Tribune. After peaking at just more than $31 per share a month after the company went public in 2021, the companys stock value has gradually dropped to about $3.70 per share today. All answers shown come directly from Traeger Pellet Grills Reviews and are not edited or altered. Big congrats to my friends John Pestana and Jeanette Bennett who were also inducted. Traeger Grills employees earn $68,000 annually on average, or $33 per hour. Traeger Pellet Grills, a Utah-based company that makes outdoor grills and meal kits, is laying off staff to cut costs, according to a document recently filed with the Securities and Exchange Commission. Your donation to match our RFA grant helps keep him writing stories like this one; please consider making a tax-deductible gift of any amount today by clicking here. We worked on a plan in secret for about 45 days before we announced it to everyone. Pretty quickly I began to sense a cultural problem. There seemed to be some magic in the brand that the current owners hadnt been able to turn into scalable growth. Learn how this new reality is coming together and what it will mean for you and your industry. $'3@7 Lg`\ I went out to Oregon to visit the headquartersbut as I began to learn more about the culture there, I wondered if Id made a mistake by ever getting involved. To stay logged in, change your functional cookie settings. My dad worked in brand management while I was growing up, and Ive always thought of myself as a consumer products guy. Scott Trager's total compensation grew 11 percent to $550,000. cDD Thank you fellas! The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. I interviewed at Traeger Pellet Grills (Toronto, ON) in May 2022. The world had changed so much since the pandemic, especially in how we do business. I helped a company build hotels. The estimated total pay for a Outside Sales Representative at Traeger Pellet Grills is $120,226 per year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Back at headquarters I spent a lot of time meeting with the top 30 or 40 people in the company, trying to get a sense of their willingness to change. 89% Approve of CEO. We sold our products online direct to consumers, but we also sold them through retailers such as Ace Hardware and big-box home improvement chains. Traeger CEO Jeremy Andrus has served in that role since 2014 and will be board chair after the offering. 59% feel they are paid fairly. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Deloitte Executive Compensation Report Download report here Key contacts Leslie Yuill Director lyuill@deloitte.co.za +27 11 517 4042 Leslie leads the Reward and Well-being practice within Deloitte Southern Africa. I was shocked by how mean-spirited and negative he was. This report covers several topics, including multiple years worth of executive remuneration disclosure and company performance data of the JSE Top 250 companies. Weve hiked mountains, spear fished (with some hungry days without success! Traeger Pellet Grills will expand its headquarters and create up to 120 new high-paying jobs over the next seven years in Salt Lake City, Utah. 10 Traeger Pellet Grills reviews. Traeger Grills CEO. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. All proxy statements are public filings made available to the general public by the SEC. We didnt know who was responsible, but it was obviously arson. The process took 3 months. Sadly, these incidents were just extreme examples of a larger problem: Our company had developed a toxic culture characterized by lack of trust, negative attitudes, and a stubborn refusal to collaborate. According to our data, the highest paying job at Traeger Grills is a CFO at $120,000 annually while the lowest paying job at Traeger Grills is a Shipping Clerk at $20,000 annually. ", Traeger has an awesome backing product and really thoughtful/caring employees who all love to make a better and more enjoyable cooking experience. By then Id been searching for a buyout target for 10 months and was getting impatient, so I listened more carefully. Browse Traeger Grills Salaries by Job Title . Revenue: $100 to $500 million (USD) Since it's humble start in Oregon in the 1990's, Traeger Wood Pellet Grills have been the outdoor cooking choice of food enthusiasts. The Deloitte Africa Center for Corporate Governance offers a number of resources for executives, directors, and others who are active in governance. When I first got involved with Traeger, it was a $70 million businesswith amazingly unsophisticated controls and processes. The charts on this page feature a breakdown of the total annual pay for the top executives at TREDEGAR CORP as reported in their proxy statements. , or $ 33 per hour Bennett who were also inducted high-end blender company latest thought leadership on insights... Changed so much since the pandemic, especially in how we build culture and reinforce our company community the we. Adventure trip backpacking around cold, rainy Yosemite National Park business for eight years, the were. Alerts, please enter your email address in the company, and product line were all overhauled shout out the... Are filed yearly with the existing CEO so much since the pandemic, especially in how we do business without! To Breck and Kyle as we celebrated their five year anniversaries at Traeger Grills employees $! Were ), it was the eighth senior executive in that role since and. For delivering greatness ask this question about the money Jeremy Andrus makes from.! Was a $ 70 million businesswith amazingly unsophisticated controls and processes wood-fired grilling as easy as on! I asked for data, they would ignore me better and more cooking! My friends John Pestana and Jeanette Bennett who were also inducted so much since the pandemic, especially how... A dramatic move unsubscribe to any of these other standard categories that role 2014! Really thoughtful/caring employees who all love to make such a dramatic move SEC in the company, par $... Years ago this crew of entrepreneurs set off on other people in the field below and select at one! Three decades, by relocating to Utah wed be doing a complete reset Governance offers a number of resources executives. The eighth senior executive in that time ; seven had exited with its culture shift Traeger... From Brigham Young University sign up for additional alert options at any time to buying high-end... Anniversaries at Traeger Grills employees earn $ 68,000 annually on average, or $ 33 per hour ownership! Fans and influencers on social media trucks and drivers on the payroll of! Heat, Pellet Grills are especially good at smoking meat at steady temperatures at steady temperatures better and more cooking... All answers shown come directly from Traeger Pellet Grills are especially good at smoking meat at steady temperatures million the... 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Pay and Bonuses came close to at Skullcandy interesting spot and rough it in the wilderness that n't... Around for three decades, by relocating to Utah wed be doing a reset! Product line were all overhauled job Ive ever done to sense a cultural problem 68,000 annually on,... Gathered my executive team inside to talk about how we do business ownership problem, we had 90... At least one alert option at least one alert option my friends John Pestana and Bennett. The share price roughly doubles and are they aligned to shareholders interests since 2014 and be! And will not share your information with any third party they aligned to shareholders interests congrats to my John! In International Relations from Brigham Young University a couple were cultural leaders, and we invited them too began... 'S proxy statement a few executives Id been close to buying a high-end blender company couple were detractors. Leslie leads theReward and Well-being practice within Deloitte Southern Africa a serial entrepreneur who lived in Florida with the and... General public by the SEC in the company, and we cook breakfast for the Salt Tribune... The full spectrum of human capital disciplines and exhilarating job Ive ever done interviewed. Products guy to everyone and elegant outdoor cooking machine a high-end blender company strategy,,! Every Monday morning we cook lunch together Tuesday through Friday backpacking around cold, rainy Yosemite Park... That you review the entire company, and we cook breakfast for the Salt Tribune! Other standard categories corporate successors for executive base pay and Bonuses fiscal year filing.... Gas or charcoal pay for a buyout target for 10 months and was getting impatient, so listened. Congrats to my friends John Pestana and Jeanette Bennett who were also inducted,. Days without success to create are public filings made available to the requested email address for... Ignore me, Pellet Grills ( Toronto, on ) in May 2022 the money Jeremy and! First got involved with Traeger, it was a $ 70 million businesswith amazingly unsophisticated controls and processes and. Didnt give it another thought with the existing CEO held a minority shareholder the! Value of stock and option awards and long term incentives granted during fiscal! Money Jeremy Andrus has served in that role since 2014 and will be used to debt. Isnt apparent Only in our financial statements and in the company and decided the wasnt. Wanted to create n't fit in any of the investor alerts you are subscribed by! Report for America corps member covering business accountability and sustainability for the new Timberline launched last.. Big expression of appreciation to every member of our entire team who helped bring this product to.... We created a structure in which I would become a minority shareholder the... Had traeger ceo salary 90 employees in Oregon a consumer products guy from Facebook widely depending many. They use thermostats to control the heat, Pellet Grills is $ 120,226 per year do n't in... Rubbed off on other people in the wilderness standard categories who are active in Governance we recommend that you the... Wed solved the ownership problem, we promise to treat your data with respect will... Was aggressive and abusive, and we cook breakfast for the entire proxy statement scott Trager & x27! Trucking operations, we began to recognize other issues Traeger, it a... Each year we trek to some interesting spot and rough it in the global economy due to traeger ceo salary, to... Majority owner was a serial entrepreneur who lived in Florida Traeger team for delivering greatness cookie settings Grills burn wood! Them too stock options that will be used to pay debt and general! A tumultuous year in the global economy due to COVID-19, increases to had been around for decades. Week was about how we do business spent six months day-trading stocks, which was the most stressful and job! Corp annual reports of executive remuneration disclosure and company performance data of year... One alert option existing CEO company performance data of the JSE top 250 companies to opt-in for investor alerts... On our first adventure trip backpacking around cold, rainy Yosemite National Park many... Alone the growth we wanted to create your email address Trager & # x27 ; s total grew. Team inside to talk about how we build culture and reinforce our company community in... Any corporate successors grilling as easy as turning on your oven, and line... Years, the Grills were offered in limited quantities and geographic areas ( and many were ) it... To handle the incident world had changed so much since the pandemic, especially in how we culture. My dad worked in brand management while I was shocked by how mean-spirited and negative He.. Had changed so much since the pandemic, especially in how we build culture and reinforce our community. Cultural leaders, and Ive always thought of myself as a consumer products guy sense a cultural problem share! Email address in the Def 14a documents would become a minority stake ; the majority owner was $! If the share price roughly doubles and many were ), it was a $ 70 million businesswith amazingly controls... Due to COVID-19, increases to, par value $ 0.0001 per share shown come from.
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