This section provides an overview ofCompensation Discussion and Analysis The compensation discussion and analysis that follows describes our compensation philosophy, policies and practices, summarizes our compensation programs, and discusses compensation decisions made by the compensation of our principal executive officer and our next two most highly-compensatedCompensation Committee under those programs in Fiscal 2023 with respect to the executive officers for Fiscal 2021. We referwho are named in the Summary Compensation Table below (referred to these individualsherein as our named“named executive officers. Ourofficers”). For Fiscal 2023, our named executive officers are:
Alex Ryan, our former President, Chief Executive Officer and Chairman;
Lori Beaudoin,Jennifer Fall Jung, our Executive Vice President, Chief Financial Officer;
Sean Sullivan, our Executive Vice President, Chief Strategy and Legal Officer;
Pete Przybylinski, our Executive Vice President, Chief Sales Officer;
Zach Rasmuson, our Executive Vice President, Chief Operating Officer; and
Lori Beaudoin, our former Executive Vice President, Chief Financial Officer.
Summary compensation table
The following table sets forthOn September 27, 2023, Mr. Ryan retired from his position as our President, Chief Executive Officer and Chairman. In connection with his retirement, we entered into a separation agreement with Mr. Ryan pursuant to which Mr. Ryan received his annual bonus for Fiscal 2023, in addition to pay for work performed through his retirement. Upon Mr. Ryan’s retirement, the compensation awardedBoard appointed Deirdre Mahlan as Chairperson and interim President and Chief Executive Officer. In connection with her appointment as interim President and Chief Executive Officer, we entered into a consulting agreement with Ms. Mahlan, which provides for an annual consulting fee in the amount of $655,000, as well as an annual incentive fee equal to earned by or paid to our named executive officers in respect100% of their service to us during Fiscal 2021 and, if applicable, the annual consulting fee, pro-rated for any partial fiscal year ended July 31, 2020 (“during which Ms. Mahlan provides services under the consulting agreement. In addition, Ms. Mahlan was granted 115,089 restricted stock units, 50% of which shall vest on March 27, 2024, subject to Ms. Mahlan’s continued service through such date, and the remainder of which shall vest on September 27, 2024, subject to Ms. Mahlan’s continued service through such date and Ms. Mahlan’s continued service as interim President and Chief Executive Officer through March 27, 2024. The consulting agreement will automatically terminate on the date when a permanent Chief Executive Officer commences employment, or earlier upon written notice by us or thirty days’ written notice by Ms. Mahlan.
On June 16, 2023, Ms. Beaudoin retired from her position as our Executive Vice President, Chief Financial Officer. In connection with her retirement, the Compensation Committee approved (i) the accelerated vesting of a prorated amount of the number of shares subject to the applicable equity award that would have vested on the next vesting date based on the number of days Ms. Beaudoin was employed between the prior vesting date and the date of her retirement and (ii) the vesting of her unvested account balance under the Duckhorn Wine Company Deferred Compensation Plan. Ms. Beaudoin was also permitted to retain her cellular phone and certain other electronic equipment.
Business Overview and Fiscal
2020”).2023 Performance Highlights Alex Ryan | | | 2021 | | | 564,910 | | | — | | | 2,031,480 | | | 1,652,673 | | | 764,720 | | | 81,778 | | | 5,095,561 |
President, Chief Executive Officer and Chairman
| | | 2020 | | | 530,450 | | | 252,871 | | | — | | | — | | | — | | | 53,045 | | | 836,366 |
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Lori Beaudoin | | | 2021 | | | 365,150 | | | — | | | 1,015,728 | | | 826,325 | | | 425,000 | | | 53,689 | | | 2,685,892 |
Executive Vice President, Chief Financial Officer
| | | 2020 | | | 339,900 | | | 140,039 | | | — | | | — | | | — | | | 37,590 | | | 517,529 |
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Pete Przybylinski | | | 2021 | | | 355,156 | | | — | | | 777,729 | | | 632,710 | | | 356,956 | | | 49,390 | | | 2,171,941 |
Executive Vice President, Chief Sales Officer(7)
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We are a premier producer of luxury wines in North America. Sourcing grapes from our acclaimed Estate properties and grape growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central Coasts, Oregon, Washington State and Burgundy, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $200 across more than 15 varieties and 39 appellations. Our overall performance remained strong in Fiscal 2023, and reflects our sustained, healthy share of gains within the luxury wine sector. Below is a summary of some of our key financial and operational performance highlights for Fiscal 2023:
Our Net Sales were $403.0 million for Fiscal 2023, compared to $372.5 million for Fiscal 2022, an increase of approximately 8.2% year-over-year;
Our Gross Profit was $215.7 million for Fiscal 2023, compared to $185.2 million for Fiscal 2022, an increase of approximately 16.5% year-over-year;