Business Context and Reporting Period
This Form 8-K Current Report was filed by Flowers Foods, Inc. on August 31, 2007. The filing addresses Item 5.02 regarding the departure of a senior officer and the execution of a new employment agreement.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to executive compensation under a new agreement:
- Annual Salary (Remainder of FY 2007): $383,089 for Jimmy M. Woodward.
- Annual Salary (FY 2008 through Feb 28, 2010): $10,000.
- Bonus Eligibility: Eligible for a cash bonus under the Annual Executive Bonus Plan for fiscal year 2007.
Material Changes
The primary material change is the retirement of Jimmy M. Woodward as Senior Vice President and Chief Financial Officer, effective September 15, 2007. Concurrently, the Company entered into an Employment Agreement retaining Mr. Woodward as an employee until February 28, 2010, to provide advisory services on financial and related affairs.
Outlook, Risks, and Management Commentary
Management commentary is limited to the terms of the transition. Mr. Woodward will advise the Chairman, CEO, and President on an as-needed basis. He will retain any outstanding stock options or derivative securities in accordance with existing terms. The filing does not contain specific forward-looking guidance, risk factors, or contingencies beyond the execution of this agreement.
Key Facts for Investor Verification
- Jimmy M. Woodward's retirement as CFO is effective September 15, 2007.
- A new employment agreement extends his tenure as a consultant until February 28, 2010.
- Compensation drops significantly from $383,089 annually to $10,000 annually starting in fiscal 2008.
- The filing does not disclose who has been appointed as the new Chief Financial Officer.