Utz Brands, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Utz Brands, Inc. on August 19, 2024, covering corporate governance events effective August 20, 2024. The filing details changes to the Company's Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Departure: Michael W. Rice, a non-employee director, retired and resigned from the Board effective August 20, 2024. The resignation was not due to any disagreement with the Company regarding operations, policies, or practices.
- Director Election: William Werzyn Jr. was elected to the Board effective August 20, 2024, to fill the vacancy created by Mr. Rice's retirement.
- Appointment Context: Mr. Werzyn was recommended by Series U of UM Partners, LLC, pursuant to an Investor Rights Agreement dated August 28, 2020. The Board unanimously approved his appointment following a detailed review.
Compensation and Background
Mr. Werzyn will participate in the standard non-employee director compensation program. His compensation includes an annual cash retainer of $87,500 and an annual equity retainer valued at $130,000 in restricted stock units, both prorated for the first year. Mr. Werzyn currently serves as CEO of West Shore Home, LLC, a role he has held since 2006.
Outlook and Risks
The filing does not contain guidance, outlook, or specific risk factors related to financial performance. A press release regarding the Board changes was issued on August 20, 2024, and is attached as Exhibit 99.1.
Key Facts for Investor Verification
- Confirm the effective date of the Board composition change (August 20, 2024).
- Verify the terms of the Investor Rights Agreement with UM Partners, LLC regarding director nominations.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Note that no financial data or operational metrics are disclosed in this specific filing.