Business Context and Reporting Period
This Form 8-K Current Report was filed by Boise Cascade Company on January 15, 2020. The filing discloses significant changes in corporate leadership, specifically the departure of the Chief Executive Officer and the appointment of a successor, effective March 6, 2020.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on executive compensation and personnel changes.
Material Changes
- CEO Departure: Tom Corrick notified the Company of his retirement as CEO and director, effective March 6, 2020.
- CEO Appointment: Nate Jorgensen was elected as the new Chief Executive Officer, effective March 6, 2020. Mr. Jorgensen previously served as Chief Operating Officer since January 2019.
- Board Election: Mr. Jorgensen was elected to the Board of Directors to fill the seat vacated by Mr. Corrick, effective March 6, 2020.
Compensation and Management Commentary
In connection with his election as CEO, the Compensation Committee approved the following compensation package for Nate Jorgensen, effective March 6, 2020:
- Annual Base Salary: $850,000
- Short-Term Incentive Target: 110% of annual base salary
- Severance: Mr. Jorgensen's existing severance agreement, dated February 2019, remains in effect.
- Director Compensation: As an employee-director, Mr. Jorgensen will not receive additional compensation for his board service and will not serve on any committees.
The filing states there are no arrangements or understandings regarding Mr. Jorgensen's selection that require disclosure, nor are there family relationships or related party transactions to report.
Investor Verification Checklist
- Verify the effective date of the leadership transition (March 6, 2020).
- Review the attached Press Release (Exhibit 99.1) for additional strategic context regarding the succession plan.
- Confirm the terms of the existing severance agreement referenced in the filing (Exhibit 10.1 to the August 30, 2016 Form 8-K).
- Monitor future filings for the formal resignation of Tom Corrick and the official start of Nate Jorgensen's tenure.