Business Context and Reporting Period
This Form 8-K Current Report was filed by Integer Holdings Corporation on October 9, 2023. The filing discloses a significant executive appointment within the company's leadership team.
Key Financial Metrics
This filing does not contain 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
The primary material change reported is the appointment of Diron Smith as Executive Vice President and Chief Financial Officer, effective October 9, 2023. Mr. Smith previously served as the Company's Vice President and Interim Chief Financial Officer. This appointment concludes an internal and external search for a permanent CFO.
Management Commentary and Compensation
In connection with his appointment as CFO, Mr. Smith's compensation package includes:
- Base Salary: $440,000 annually.
- Short-Term Incentive: Eligibility for a cash incentive plan with a target of 70% of annual salary and a maximum payout of 200% of the annual target.
- Long-Term Incentive: Annual grants with a grant date value of $1,200,000.
- Benefits: Eligibility to participate in health, profit sharing, retirement, and other executive benefit plans.
Mr. Smith joined the company in August 2021. Prior experience includes various finance roles at Tiffany & Co., 15 years at General Electric, and five years as an auditor at KPMG. The filing states there are no family relationships between Mr. Smith and other directors or officers, and no undisclosed transactions involving Mr. Smith.
Investor Verification Checklist
- Verify the effective date of the CFO appointment (October 9, 2023).
- Confirm the total value of the long-term incentive grant ($1,200,000).
- Review the terms of the short-term cash incentive plan (70% target, 200% maximum).
- Check for any subsequent filings regarding the departure of the previous Interim CFO.