Lee Enterprises Elects New Directors, Updates CFO Agreement
Ticker: LEE · Form: 8-K · Filed: Jul 18, 2024 · CIK: 58361
Sentiment: neutral
Topics: governance, executive-compensation, board-of-directors
TL;DR
Lee Enterprises adds two directors and updates CFO's pay package.
AI Summary
On July 16, 2024, Lee Enterprises, Inc. announced changes in its board of directors and executive compensation. The company elected two new directors, Mary E. Jordan and David L. Smith, to its Board of Directors. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Carl G. Singley, effective July 16, 2024, which includes a base salary of $450,000 and potential performance-based bonuses.
Why It Matters
The election of new directors and changes to executive compensation can signal shifts in company strategy or governance, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant financial risk.
Key Numbers
- $450,000 — CFO Base Salary (New employment agreement for Carl G. Singley)
Key Players & Entities
- Lee Enterprises, Inc. (company) — Registrant
- Mary E. Jordan (person) — Newly elected director
- David L. Smith (person) — Newly elected director
- Carl G. Singley (person) — Chief Financial Officer
- $450,000 (dollar_amount) — CFO's base salary
FAQ
Who were the new directors elected to Lee Enterprises' Board?
Mary E. Jordan and David L. Smith were elected as new directors.
What is the effective date of the new employment agreement for the CFO?
The new employment agreement for Carl G. Singley is effective July 16, 2024.
What is the base salary for the CFO under the new agreement?
The base salary for Carl G. Singley is $450,000.
What other compensation components are included in the CFO's new agreement?
The agreement includes potential performance-based bonuses.
What specific items are covered under the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' section?
This section covers the election of new directors and the compensatory arrangements for certain officers, specifically mentioning the CFO's new employment agreement.
Filing Stats: 878 words · 4 min read · ~3 pages · Grade level 8.8 · Accepted 2024-07-18 07:03:36
Key Financial Figures
- $100,000 — will receive an annual cash retainer of $100,000 for his service on the Board (prorated
- $60,000 — ed common stock valued in the amount of $60,000 in 2024. Pursuant to the 2020 Plan, Ms.
Filing Documents
- lee-20240716.htm (8-K) — 31KB
- pressreleasedatedjuly182024.htm (EX-99.1) — 13KB
- image_0a.jpg (GRAPHIC) — 1KB
- image_1a.jpg (GRAPHIC) — 9KB
- jonmiller002a.jpg (GRAPHIC) — 527KB
- madelinemcintosh002a.jpg (GRAPHIC) — 293KB
- 0001628280-24-032177.txt ( ) — 1353KB
- lee-20240716.xsd (EX-101.SCH) — 3KB
- lee-20240716_def.xml (EX-101.DEF) — 15KB
- lee-20240716_lab.xml (EX-101.LAB) — 27KB
- lee-20240716_pre.xml (EX-101.PRE) — 16KB
- lee-20240716_htm.xml (XML) — 4KB
01 . Regulation FD Disclosure
Item 7.01 . Regulation FD Disclosure . On July 18, 2024, the Company issued a press release announcing the election of Ms. McIntosh and Mr. Miller, a copy of which is furnished herewith as Exhibit 99.1. Information in this Item 7.01, including the press release attached hereto as Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
01. Other Events
Item 8.01. Other Events . On June 17, 2024, pursuant to Article III, Section I of the Second Amended and Restated Bylaws of the Company and due to Mr. Pearson's retirement from and Ms. McIntosh's and Mr. Miller's election to the Board, the Board fixed the number of directors of the Board at nine (9), increasing the size of the Board by one.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits . (d) Exhibits 99.1 Press Release dated July 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 thereunto duly authorized. LEE ENTERPRISES, INCORPORATED Date: July 18, 2024 By: /s/ Timothy R. Millage Timothy R. Millage Vice President, Chief Financial Officer and Treasurer