Lamb Weston Holdings, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Lamb Weston Holdings, Inc. on July 22, 2021. The report details a significant change in the Company's executive leadership structure effective August 6, 2021.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel appointments and compensation arrangements.
Material Changes
- Leadership Transition: Gregory W. Jones was appointed as Vice President and Controller, succeeding Bernadette Madarieta.
- Promotion: Bernadette Madarieta will assume the position of Senior Vice President and Chief Financial Officer.
- Effective Date: Both changes are effective August 6, 2021.
- Role of Mr. Jones: He will serve as the Company's principal accounting officer.
Management Commentary and Compensation
Mr. Jones, age 51, has been with the Company since November 2016, most recently serving as Senior Director, Financial Reporting. His compensation package includes:
- Base Salary: $275,000 annually.
- Annual Bonus Target: 40% of base salary.
- Long-Term Incentive Target: $120,000 annually.
- Restricted Stock Units: A grant with a value of $60,000, vesting on the third anniversary.
The filing states there are no reportable transactions between Mr. Jones and the Company under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of the CFO transition (August 6, 2021).
- Confirm the total value of the compensation package for the new Vice President and Controller.
- Review the Company's 2016 Stock Plan terms regarding the vesting of the restricted stock units.
- Check subsequent filings for any updates to the leadership structure or financial reporting responsibilities.