Business Context and Reporting Period
This Form 8-K Current Report was filed by JELD-WEN Holding, Inc. on March 27, 2023. The filing discloses a change in senior management regarding the appointment of a new Chief Accounting Officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensation arrangements.
Material Changes
On March 27, 2023, the Company appointed Michael A. Leon as Senior Vice President and Chief Accounting Officer, replacing Scott Vining. Mr. Vining is departing after the first-quarter financial close to ensure a smooth transition. The filing explicitly states that Mr. Vining's departure is not related to any disagreement with the Company regarding operations, policies, or practices.
Management Commentary and Compensation
Mr. Leon brings extensive experience from Sealed Air Corporation and other global manufacturing firms. His compensation package includes:
- Base Salary: $380,000 per year.
- Short-Term Incentive: Target award of 50% of base salary.
- Long-Term Equity Incentive: Target of 100% of base salary.
- Restricted Stock Units (RSUs): An award of 100,000 RSUs vesting in equal installments on the second and third anniversaries of March 27, 2023.
- Benefits: Participation in standard employee retirement, savings, and welfare plans.
The filing confirms no family relationships between Mr. Leon and other directors or officers and no undisclosed arrangements regarding his selection.
Investor Verification Checklist
- Verify the exact timing of Scott Vining's departure relative to the Q1 financial close.
- Confirm the vesting schedule details for the 100,000 RSUs granted to Mr. Leon.
- Review subsequent filings for any changes to the Company's financial reporting controls following the leadership transition.