Business Context and Reporting Period
This Form 8-K Current Report was filed by Simpson Manufacturing Co., Inc. on October 23, 2024. The filing addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer 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 personnel changes and associated compensation arrangements.
Material Changes
- Departure of CFO: Brian Magstadt will retire as Chief Financial Officer and Treasurer effective December 31, 2024.
- Transition Role: Mr. Magstadt will remain employed as an Executive Advisor until June 30, 2025, receiving a base salary of $568,218 annually, continuing health benefits, and vesting in outstanding equity awards.
- Appointment of New CFO: Matt Dunn, currently Senior Vice President, Finance, will succeed Mr. Magstadt as Chief Financial Officer and Treasurer effective January 1, 2025.
Guidance, Outlook, and Compensation Details
The filing details the compensation package for the incoming CFO, Matt Dunn, effective January 1, 2025:
- Base Salary: $575,000 annually.
- Cash Profit Sharing (CPS): Target bonus of $431,250 (range 0% to 200% of target).
- Long-Term Incentives: Target award of $862,500 for the 2025 grant in performance stock units (PSUs) and restricted stock units (RSUs) (range 0% to 200% of target).
- Benefits: Customary employee benefits and fringe benefits consistent with other senior executives.
There are no specific financial guidance updates, risk disclosures, or unusual items reported in this filing beyond the standard executive transition.
Investor Verification Checklist
- Verify the exact effective dates for the CFO transition (Dec 31, 2024 for departure; Jan 1, 2025 for appointment).
- Review the attached press release (Exhibit 99.1) for additional context on the leadership change.
- Monitor future filings for the appointment of a permanent successor to the Executive Advisor role after June 30, 2025.
- Check subsequent quarterly reports (10-Q) for any impact of the leadership transition on financial operations or strategy.