Business Context and Reporting Period
This Form 8-K is a current report filed by Schweitzer-Mauduit International, Inc. on November 11, 2013. The filing addresses Item 5.02 regarding the departure of a certain officer and the appointment of a new Corporate Controller and Principal Accounting Officer. Note: The company name in the metadata (Mativ Holdings, Inc.) differs from the registrant name in the filing text (Schweitzer-Mauduit International, Inc.).
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure: Mr. Mark Spears notified the Company on November 11, 2013, of his intention to resign as Corporate Controller and Principal Accounting Officer.
- Appointment: Mr. Robert Cardin will be appointed to replace Mr. Spears, effective November 18, 2013.
- Background: Mr. Cardin, age 50, previously served as Controller for Syncreon (since 2011) and held controller roles at DENTSPLY International Inc. from 2004 to 2011.
Guidance, Outlook, and Compensation
The filing details the compensation package for the newly appointed officer, Mr. Cardin:
- Base Salary: $241,000 per year.
- Annual Incentive Bonus: Target of 40% of base salary.
- Long-Term Incentive: Target of 25% of base salary, payable in restricted stock.
- Other Benefits: Includes relocation assistance, participation in the severance plan, and standard health and welfare benefits.
- Contract Status: Mr. Cardin does not have an employment contract and is not a party to any related person transactions.
The filing text does not provide guidance, outlook, management commentary on operations, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the transition timeline for the Controller role between Mr. Spears and Mr. Cardin (effective November 18, 2013).
- Confirm the total potential annual compensation for the new Controller, including variable components.
- Review subsequent filings to ensure no undisclosed related party transactions exist for Mr. Cardin.
- Clarify the corporate name discrepancy between the metadata (Mativ Holdings) and the filing (Schweitzer-Mauduit International).