Build-A-Bear Names New CEO, CFO Departs
Ticker: BBW · Form: 8-K · Filed: Apr 19, 2024 · CIK: 1113809
Sentiment: neutral
Topics: leadership-change, executive-appointment, executive-departure
Related Tickers: BBW
TL;DR
BBW CEO Sharon John takes over, CFO Maselli out. New era begins.
AI Summary
Build-A-Bear Workshop, Inc. announced on April 16, 2024, the election of Sharon John as Chief Executive Officer and President, effective immediately. John, who has been with the company since 2013, will also join the Board of Directors. The company also announced the departure of Chief Financial Officer, V. Michael Maselli, effective April 19, 2024.
Why It Matters
This leadership change at Build-A-Bear could signal a new strategic direction for the company, impacting its future growth and operational focus.
Risk Assessment
Risk Level: medium — Leadership changes, especially at the CEO level, can introduce uncertainty and affect strategic execution, warranting a medium risk assessment.
Key Players & Entities
- Sharon John (person) — Elected Chief Executive Officer and President
- Build-A-Bear Workshop, Inc. (company) — Registrant
- V. Michael Maselli (person) — Departing Chief Financial Officer
- April 16, 2024 (date) — Effective date of CEO appointment
- April 19, 2024 (date) — Effective date of CFO departure
FAQ
Who has been appointed as the new Chief Executive Officer and President of Build-A-Bear Workshop, Inc.?
Sharon John has been appointed as the new Chief Executive Officer and President, effective April 16, 2024.
When is Sharon John's appointment as CEO and President effective?
Sharon John's appointment is effective April 16, 2024.
Will Sharon John also join the Board of Directors?
Yes, Sharon John will also join the Board of Directors.
Who is departing from Build-A-Bear Workshop, Inc. as Chief Financial Officer?
V. Michael Maselli is departing as Chief Financial Officer.
What is the effective date for the departure of V. Michael Maselli?
The departure of V. Michael Maselli is effective April 19, 2024.
Filing Stats: 1,728 words · 7 min read · ~6 pages · Grade level 14.8 · Accepted 2024-04-19 16:45:46
Key Financial Figures
- $0.01 — ch registered Common Stock , par value $0.01 per share BBW New York Stock Exchang
- $787,700 — President and Chief Executive Officer $787,700 J. Christopher Hurt, Chief Operations
- $479,600 — stopher Hurt, Chief Operations Officer $479,600 Voin Todorovic, Chief Financial Office
- $479,500 — oin Todorovic, Chief Financial Officer $479,500 Eric Fencl, Chief Administrative Offic
- $387,400 — Officer, General Counsel and Secretary $387,400 2 2024 Annual Bonus Program The Com
Filing Documents
- bbw20240418_8k.htm (8-K) — 57KB
- ex_656233.htm (EX-10.1) — 5KB
- ex_656234.htm (EX-10.2) — 35KB
- 0001437749-24-012573.txt ( ) — 238KB
- bbw-20240416.xsd (EX-101.SCH) — 3KB
- bbw-20240416_def.xml (EX-101.DEF) — 11KB
- bbw-20240416_lab.xml (EX-101.LAB) — 15KB
- bbw-20240416_pre.xml (EX-101.PRE) — 11KB
- bbw20240418_8k_htm.xml (XML) — 3KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On April 16, 2024, the Compensation and Development Committee (the "Committee") of the Board of Directors of Build-A-Bear Workshop, Inc. (the "Company") adjusted the compensation for each of the Company's executive officers (the "Executive Officers"), other than the President and Chief Executive Officer. At the recommendation of the Committee, the Board of Directors ratified and approved the President and Chief Executive Officer's compensation. These compensation adjustments included base salary adjustments for the Company's Executive Officers, determination of the 2024 annual bonus program performance objectives, and approval of the 2024 long-term incentive compensation grants, each of which is described below. 2024 Base Salary Adjustments The adjusted annual base salaries for the Company's Executive Officers are: Name/Position Adjusted Annual Base Salary Sharon John, President and Chief Executive Officer $787,700 J. Christopher Hurt, Chief Operations Officer $479,600 Voin Todorovic, Chief Financial Officer $479,500 Eric Fencl, Chief Administrative Officer, General Counsel and Secretary $387,400 2 2024 Annual Bonus Program The Committee established the 2024 performance objectives for the range of cash bonuses that may be paid under the Build-A-Bear Workshop, Inc. Amended and Restated 2020 Omnibus Incentive Plan (the "Omnibus Plan") to each of the Executive Officers in accordance with the terms of the Company's cash bonus program for its Executive Officers (the "Cash Bonus Program"). The "Base Bonus Calculation" for each of the Executive Officers for 2024 is determined by multiplying the 2024 Base Bonus Payout Target (set forth below) by his or her eligible base salary (which excludes items such as relocation allowances, bonuses, stock options exercises, vesting of restricted stock
Financial Statements and Exhibits
Financial Statements and Exhibits . (d) Exhibits Exhibit Number Description of Exhibit 10.1 Description of Build-A-Bear Workshop, Inc. Cash Bonus Program for Executive Officers 10.2 Form of Restricted Stock Agreement under the Registrant's Amended and Restated 2020 Omnibus Incentive Plan 97.1 Clawback Policy (incorporated by reference to Exhibit 97.1 to our Annual Report on Form 10-K, for the year ended February 3, 2024, filed on April 18, 2024) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BUILD-A-BEAR WORKSHOP, INC. Date: April 19, 2024 By: /s/ Eric R. Fencl Name: Eric R. Fencl Title: Chief Administrative Officer General Counsel and Secretary 6