Business Context and Reporting Period
This Form 8-K filing by Green Plains Renewable Energy, Inc. (Green Plains Inc.) covers the period ending March 19, 2009. The report primarily addresses a change in executive leadership rather than financial performance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a current report regarding personnel changes and does not contain financial statements or operational metrics.
Material Changes
The material change reported is the appointment of Wayne Hoovestol as Chief Strategy Officer, effective March 16, 2009. Mr. Hoovestol previously served as the Company's Chief Executive Officer (February 2007 to December 2008) and Chief Operating Officer (January 2007 to February 2007). He will continue to serve as Chairman of the Board of Directors.
Management Commentary and Compensation
- Role Commitment: Mr. Hoovestol is expected to devote 50 percent to 75 percent of his time to the new role.
- Compensation: He will receive a salary of $300,000 per year and is eligible to participate in the Company's bonus pool as determined by the Compensation Committee.
- Background: Mr. Hoovestol recently sold his trucking company, Major Transport, to focus on the leadership and strategic oversight of Green Plains. He has been involved with ethanol as an investor since 1995.
Investor Verification Checklist
- Verify the effective date of the Chief Strategy Officer appointment (March 16, 2009).
- Confirm the annual salary of $300,000 and bonus eligibility for the new role.
- Review the attached news release (Exhibit 99.1) for additional strategic details.
- Note that this filing contains no financial data; refer to the most recent 10-K or 10-Q for financial metrics.