Knife River Names New CFO, Approves Stock Grants
Ticker: KNF · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1955520
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
Knife River just hired a new CFO, Mark Johnson, and gave him $1M in stock. Starts Aug 26.
AI Summary
Knife River Corporation announced on August 20, 2024, the appointment of Mark W. Johnson as Chief Financial Officer, effective August 26, 2024. Johnson will receive an annual base salary of $375,000 and will be eligible for an annual incentive award of up to 75% of his base salary. He will also receive a one-time grant of restricted stock units valued at approximately $1,000,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The stock grants indicate a commitment to retaining key talent.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $375,000 — CFO Annual Base Salary (Compensation for new CFO Mark W. Johnson.)
- 75% — Max Annual Incentive (Potential bonus for the new CFO.)
- $1,000,000 — RSU Grant Value (Initial stock award to the new CFO.)
Key Players & Entities
- Knife River Corporation (company) — Registrant
- Mark W. Johnson (person) — Appointed Chief Financial Officer
- $375,000 (dollar_amount) — Annual base salary for new CFO
- 75% (dollar_amount) — Maximum annual incentive award percentage
- $1,000,000 (dollar_amount) — Value of one-time restricted stock unit grant
- August 26, 2024 (date) — Effective date for new CFO
FAQ
Who has been appointed as the new Chief Financial Officer of Knife River Corporation?
Mark W. Johnson has been appointed as the new Chief Financial Officer of Knife River Corporation.
When is Mark W. Johnson's appointment as CFO effective?
Mark W. Johnson's appointment as CFO is effective August 26, 2024.
What is the annual base salary for the new CFO?
The annual base salary for the new CFO, Mark W. Johnson, is $375,000.
What is the maximum annual incentive award for the new CFO?
The new CFO is eligible for an annual incentive award of up to 75% of his base salary.
What is the value of the one-time restricted stock unit grant for the new CFO?
The new CFO will receive a one-time grant of restricted stock units valued at approximately $1,000,000.
Filing Stats: 1,090 words · 4 min read · ~4 pages · Grade level 13.7 · Accepted 2024-08-21 16:46:41
Key Financial Figures
- $0.01 — nge on which registered) Common Stock, $0.01 par value KNF New York Stock Exchange
Filing Documents
- knf-20240820.htm (8-K) — 30KB
- exhibit101-changeinctrlsev.htm (EX-10.1) — 129KB
- 0001955520-24-000045.txt ( ) — 339KB
- knf-20240820.xsd (EX-101.SCH) — 2KB
- knf-20240820_def.xml (EX-101.DEF) — 14KB
- knf-20240820_lab.xml (EX-101.LAB) — 26KB
- knf-20240820_pre.xml (EX-101.PRE) — 15KB
- knf-20240820_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being furnished as part of this report. Exhibit Number Description 10.1 Knife River Corporation Change in Control Severance Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS The information in this report includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this report are expressed in good faith and are believed by Knife River Corporation to have a reasonable basis. Nonetheless, actual results may differ materially from the expectations expressed in the forward-looking statements. There can be no assurance that the actual results or developments anticipated by Knife River Corporation will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Knife River Corporation or its business or operations. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A-Risk Factors in Knife River Corporation's Form 10-K and most recent Form 10-Q. All forward-looking statements in this report are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Knife River Corporation does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise. 3 SIGNATURE 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. Knife River Corporation Date: August 21, 2024 By /s/ Karl A. Liepitz Karl A. Liepitz Vice President, Chief Legal Officer and Secretary 4