Business Context and Reporting Period
This Form 8-K filing by Spectrum Brands Holdings, Inc. (SPB) reports on events occurring on September 3, 2025. The filing addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer (CFO) and the appointment of a successor.
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 executive compensation arrangements and employment terms.
Material Changes
- Departure of CFO: Jeremy W. Smeltser, Executive Vice President and CFO, is departing the company. His employment is being terminated without "cause" effective December 31, 2025, though he will remain employed full-time until that date to assist with transition.
- Appointment of New CFO: Faisal Qadir, previously Vice President of Strategic Finance and Enterprise Reporting, has been appointed as the new Executive Vice President and CFO effective September 3, 2025.
- Strategic Rationale: The company states the departure is part of a prior stated objective to reduce spending and is not the result of any disagreement.
Guidance, Outlook, and Compensation Details
Outgoing CFO (Jeremy W. Smeltser) Severance
- Severance Cash: 18 months' base salary plus target annual bonus, payable over 18 months.
- Benefits: Health insurance for 18 months post-separation; continued access to leased car and financial planning programs through the separation date.
- Equity: Pro-rata vesting of unvested time-based 2024 and 2025 LTIP awards and the second tranche of the 2024 supplemental award. All other unvested equity awards will be forfeited.
- 2026 Bonus: Eligible for a pro-rata portion of the Fiscal 2026 annual bonus based on weeks worked prior to the separation date.
Incoming CFO (Faisal Qadir) Compensation
- Base Salary (Fiscal 2026): $450,000 annually.
- Bonus: Management Incentive Plan (MIP) target of 75% and maximum of 150% of base salary.
- Equity: LTIP award with a target value of 200% of base salary.
- Severance Terms: If terminated without cause or resigns for good reason, he receives 1.5x base salary plus 1x annual bonus over 18 months, 18 months of medical coverage, and pro-rata vesting of time-based equity. Performance-based equity would be forfeited.
Investor Verification Checklist
- Verify the exact total cash severance amount for Mr. Smeltser by reviewing his specific base salary and target bonus figures in prior filings (e.g., DEF 14A or 10-K).
- Confirm the specific vesting schedules and performance metrics for Mr. Qadir's new LTIP award in the full Employment Agreement exhibit.
- Monitor future filings for any impact on the company's stated cost-reduction initiatives resulting from this leadership change.
- Check for any subsequent 8-K filings regarding the transition of duties or further executive departures.