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The company said Richard Galanti will retire as Chief Financial Officer effective February 6, 2024, following an announcement made on March 15, 2024. The company said Galanti will remain an Executive Vice President and a member of the Board of Directors.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Period of report Summary published (UTC)

Key points

AI summary

  1. The company said Richard Galanti will retire as Chief Financial Officer effective February 6, 2024, following an announcement made on March 15, 2024. The company said Galanti will remain an Executive Vice President and a member of the Board of Directors.

  2. The company said the Board of Directors appointed Gary Millerchip, age 52, as Executive Vice President effective February 29, 2024 and as Chief Financial Officer effective March 15, 2024. Millerchip was Senior Vice President and Chief Financial Officer of The Kroger Co. from April 2019 to February 2024.

  3. The company said Millerchip will receive an annual base salary of $900,000 and a grant of restricted stock units with a target value of $2.8 million around March 11, 2024. The next company-wide grant, expected in October 2024, will have a target value of $5.6 million. The grants vest in equal installments over 5 years and are subject to performance conditions.

  4. The company said it will provide Millerchip with cash of $4 million and restricted stock units with a target value of $7 million to offset compensation and equity grants he forfeited at his previous employer. Of the cash, $2 million is subject to repayment if he is not employed on March 1, 2025, and $1 million is subject to repayment if he is not employed on March 1, 2026. The restricted stock units vest in equal installments based on continued employment over 3 years.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Galanti to Retire as CFO; Remains on Board

The company said Richard Galanti will retire as Chief Financial Officer effective February 6, 2024, following an announcement made on March 15, 2024. The company said Galanti will remain an Executive Vice President and a member of the Board of Directors.

Source · Based on the filing body and exhibits

Gary Millerchip Named New Chief Financial Officer

The company said the Board of Directors appointed Gary Millerchip, age 52, as Executive Vice President effective February 29, 2024 and as Chief Financial Officer effective March 15, 2024. Millerchip was Senior Vice President and Chief Financial Officer of The Kroger Co. from April 2019 to February 2024.

Source · Based on the filing body and exhibits

Millerchip Base Salary and Annual RSU Compensation Terms

The company said Millerchip will receive an annual base salary of $900,000 and a grant of restricted stock units with a target value of $2.8 million around March 11, 2024. The next company-wide grant, expected in October 2024, will have a target value of $5.6 million. The grants vest in equal installments over 5 years and are subject to performance conditions.

Source · Based on the filing body and exhibits

One-Time Awards to Offset Millerchip's Prior Employer Compensation

The company said it will provide Millerchip with cash of $4 million and restricted stock units with a target value of $7 million to offset compensation and equity grants he forfeited at his previous employer. Of the cash, $2 million is subject to repayment if he is not employed on March 1, 2025, and $1 million is subject to repayment if he is not employed on March 1, 2026. The restricted stock units vest in equal installments based on continued employment over 3 years.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.