Lifecore Biomedical Announces Executive and Director Changes
Ticker: LFCR · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1005286
| Field | Detail |
|---|---|
| Company | Lifecore Biomedical, Inc. \De\ (LFCR) |
| Form Type | 8-K |
| Filed Date | Jul 24, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
Lifecore Biomedical shakes up leadership, new execs and directors in, some out. Compensations also disclosed.
AI Summary
On July 18, 2024, Lifecore Biomedical, Inc. reported changes in its executive and director positions. The company announced the appointment of new officers and directors, alongside the departure of others, and also disclosed details regarding compensatory arrangements for certain officers.
Why It Matters
Changes in key leadership roles can signal shifts in company strategy, operational focus, or financial direction, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive and director changes can introduce uncertainty regarding future strategy and stability.
Key Players & Entities
- Lifecore Biomedical, Inc. (company) — Registrant
- July 18, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Chaska, Minnesota (location) — Principal executive offices
FAQ
What specific roles have been affected by these changes?
The filing indicates changes in director and certain officer positions, including appointments and departures, as well as compensatory arrangements for certain officers.
When did these changes officially take effect?
The earliest event reported in this filing occurred on July 18, 2024.
Are there any details on the compensation arrangements for the officers?
Yes, the filing mentions compensatory arrangements of certain officers are part of the reported information.
What is the primary business of Lifecore Biomedical, Inc.?
Lifecore Biomedical, Inc. is in the Pharmaceutical Preparations industry, SIC code 2834.
Where are Lifecore Biomedical's principal executive offices located?
Lifecore Biomedical's principal executive offices are located at 3515 Lyman Boulevard, Chaska, Minnesota 55318.
Filing Stats: 754 words · 3 min read · ~3 pages · Grade level 15 · Accepted 2024-07-24 16:20:05
Filing Documents
- lndc-20240718.htm (8-K) — 28KB
- 0001005286-24-000093.txt ( ) — 150KB
- lndc-20240718.xsd (EX-101.SCH) — 2KB
- lndc-20240718_lab.xml (EX-101.LAB) — 21KB
- lndc-20240718_pre.xml (EX-101.PRE) — 12KB
- lndc-20240718_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . On July 18, 2024, the Board of Directors (the "Board") of Lifecore Biomedical, Inc. (the "Company") approved a cash incentive award plan for the Company's fiscal year 2025 ending May 25, 2025 (the "2025 Annual Incentive Plan"), which was recommended by the Compensation Committee of the Board. Under the 2025 Annual Incentive Plan, executive officers and other participants are eligible to earn cash bonuses based on the Company's adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and four business objectives, weighted at 80% and 20%, respectively. The four business objectives are a combination of sustaining and growth objectives each weighted equally at 5%. Adjusted EBITDA for purposes of the 2025 Annual Incentive Plan will be based on the Company's fiscal year 2025 Adjusted EBITDA which excludes changes in the fair value of debt derivatives, financing fees, restructuring and reorganization costs, state franchise taxes, amounts paid in settlement of governance matters, and stock based compensation expense, but includes the cost of bonuses under the 2025 Annual Incentive Plan. Under the 2025 Annual Incentive Plan, the Board also set based upon the recommendation of the Compensation Committee the minimum, target and maximum level of achievement of Adjusted EBITDA. Achievement of Adjusted EBITDA at greater or less than target level will result in increasing or decreasing incentive pay relating to that performance goal based upon a Board-approved scale. Additionally, if minimum fiscal year 2025 Adjusted EBITDA is not achieved, no amounts will be earned under the 2025 Annual Incentive Plan. The maximum cash incentive pay that may be earned under the 2025 Annual Incentive Plan by an executive officer or any other participant will not exceed 200% of that person's opportunit