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Posts tagged ‘FMI Annual Business Conference’

28
Oct

Executive Compensation at FMI, the Food Industry Association (2024)

FMI, the Food Industry Association, which is also known as the Food Marketplace, Inc (legally) is a non-profit 501 (c) 6 – an organization formed by businesses to promote common industry interests – based in Arlington, Virginia whose mission, as a trade association, is to “represent, educate and improve the food industry.”  Formerly called the Supermarket Institute, FMI represents an estimated 1,500 members (40,000 retail food stores, 25,000 pharmacies and an indeterminate number of suppliers and business partners within the food retail industry).

In a country flush with trade associations that raise hundreds of millions of dollars, FMI is small:  they raise about $40 million annually ($26-$45 million annually over past 10 years) that comes primarily from three sources (membership dues and registration fees/exhibit fees, and sponsorships, exhibit sales, royalties, and licensing) and spend less (primarily on compensation for the 104 employees, travel and conferences along with travel, fees for outside services, and office expenses), allowing the organization to accumulate $65 million in net assets.

FMI, the Food Industry Association is actually 3 organizations:

  • Food Marketplace, Inc.:  a 501 (c) 6 and essentially, FMI, the Food Industry Association
  • FMI Foundation:  a 501 (c) 3 controlled by Food Marketplace, Inc.
  • FoodPAC:  a 527 controlled by Food Marketplace, Inc.

But what sets FMI, the Food Industry Association apart is the compensation bestowed upon Leslie Sarasin, the long-time President and CEO,, who received $6.2 million in 2024 – an enormous sum relative to the revenue this non-profit receives.

From 2013-2024, Ms. Sarasin received $34 million in compensation:

Leslie Sarasin:  Total Compensation 2013-2024:  $34 million

  • 2024:  $6.2 million
  • 2023:  $3.3 million
  • 2022:  $3.3 million
  • 2021:  $3.2 million
  • 2020:  $2.7 million
  • 2019:  $2.8 million
  • 2018:  $2.5 million
  • 2017:  $2.4 million
  • 2016:  $2.2 million
  • 2015:  $2.0million
  • 2014:  $1.7 million
  • 2013:  $1.4 million

FMI has 104 employees who received $21 million, which equates to an average compensation of $204,000. However, only 48 employees received more than $100,000 annually which suggests there are some very well compensated employees at the top.  The 13 most highly compensated employees were:

  • $6,206,721:  Leslie Sarasin, President and CEO
  • $  786,183:  Mark Baum, SVP
  • $  623,860:  Jennifer Hatcher, SVP
  • $  610,955:  Salvadore J DiCarlo, Treasurer and CFO
  • $  486,429:  David Fikes, SVP
  • $  483,738:  Giovanna Vita, SVP
  • $  449,293:  Hilary Thesmar, SVP
  • $  426,488:  Heather Garlich, SVP
  • $  364,909:  Diane Gill, VP
  • $  350,156:  Richard Stein, VP
  • $  316,914:  Carol Abel, VP
  • $  315,302:  Stephanie Harris, VP
  • $  314,645:  Douglas Baker, VP

The 13 most highly compensated employees received $12 million i9n 2024, more than half of all compensation paid out to all employees.  If the 13 employees and corresponding compensation are deducted from total employees and total compensation then the remaining 101 employees received total compensation of $9 million, which equates to an average compensation of $87,000, still significant for a small non-profit but significantly less the the overall average compensation.

5 of the 13 (38%) most highly compensated employees are male while 8 (62%) are female, including the most highly compensated employee, Leslie Sarasin, President and CEO.

The question that needs to be asked is why a small profit that raises about $40 million annual primarily through membership dues and registration fees to the conferences the organization hosts (i.e. FMI Midwinter Executive, FMI Annual Business, Annual Meat, etc) pay the President millions annually and also compensate the next 12 highly compensated employees $6 million annually?

To read the IRS Form 990 (2024), click here.