Business Context and Reporting Period
This Form 8-K filing by The Simply Good Foods Company (Simply Good Foods Co) was submitted on August 7, 2017. The report discloses significant changes in executive leadership, specifically the resignation of the Chief Financial Officer (CFO) and the appointment of a successor.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Resignation of CFO: Shaun Mara, Chief Administrative Officer and CFO, notified the company of his resignation effective August 26, 2017.
- Appointment of New CFO: Todd Cunfer, previously Vice President of Finance (joined July 10, 2017), was promoted to CFO effective August 27, 2017.
- Transition Plan: Mr. Mara will remain an employee in an advisory role through November 30, 2017, to assist with the transition and strategic initiatives.
Management Commentary, Risks, and Compensation
Compensation for New CFO:
- Base salary: $350,000.
- Target annual bonus: 50% of base salary.
- Equity: Granted options to purchase 132,147 shares of common stock on July 14, 2017.
- Note: Cash and equity compensation may be adjusted in connection with the promotion, though specific adjustments were undetermined at the time of filing.
Compensation for Outgoing CFO: Mr. Mara remains eligible to receive his annual bonus for fiscal year 2017.
Background of New CFO: Mr. Cunfer brings over 20 years of experience from The Hershey Company, including roles in international finance, global supply chain finance, and North America finance. He holds an MBA from the University of Virginia.
Risks and Contingencies: The filing notes no family relationships or undisclosed transactions requiring disclosure for Mr. Cunfer. No specific financial risks or contingencies are detailed in this report.
Investor Verification Checklist
- Verify the exact effective dates of the CFO transition (August 26 for resignation, August 27 for appointment).
- Review the attached Offer Letter (Exhibit 10.1) for final terms regarding Mr. Cunfer's compensation adjustments.
- Confirm the status of Mr. Mara's advisory role and its duration through November 30, 2017.
- Check subsequent filings for any changes to the company's financial strategy or guidance resulting from this leadership change.