Glatfelter CFO Departs, New Directors Appointed
Ticker: MAGN · Form: 8-K · Filed: Mar 5, 2024 · CIK: 41719
| Field | Detail |
|---|---|
| Company | Glatfelter CORP (MAGN) |
| Form Type | 8-K |
| Filed Date | Mar 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $3,000,000, $550,000, $300,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-departure, board-changes, cfo-appointment
TL;DR
Glatfelter CFO out, new board members in. Big changes coming?
AI Summary
Glatfelter Corporation announced on February 28, 2024, the departure of its Chief Financial Officer, Thomas F. D'Alba, effective March 1, 2024. The company has appointed Steven R. Schwalbach as interim CFO. Additionally, Glatfelter announced the election of two new directors, Christopher J. Lenton and Kevin M. Fogarty, to its Board of Directors, effective March 1, 2024.
Why It Matters
Changes in key executive positions and board composition can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive departures and board changes can introduce uncertainty regarding leadership stability and strategic direction.
Key Players & Entities
- Glatfelter Corporation (company) — Registrant
- Thomas F. D'Alba (person) — Departing Chief Financial Officer
- Steven R. Schwalbach (person) — Interim Chief Financial Officer
- Christopher J. Lenton (person) — Newly Elected Director
- Kevin M. Fogarty (person) — Newly Elected Director
- February 28, 2024 (date) — Date of Report
- March 1, 2024 (date) — Effective Date of Changes
FAQ
What is the effective date of Thomas F. D'Alba's departure as CFO?
Thomas F. D'Alba's departure as CFO is effective March 1, 2024.
Who has been appointed as the interim CFO of Glatfelter Corporation?
Steven R. Schwalbach has been appointed as the interim CFO.
When were the new directors elected to Glatfelter's Board?
The new directors, Christopher J. Lenton and Kevin M. Fogarty, were elected to the Board of Directors effective March 1, 2024.
What is the primary reason cited for the CFO's departure?
The filing does not specify a reason for Thomas F. D'Alba's departure.
What is Glatfelter Corporation's state of incorporation?
Glatfelter Corporation is incorporated in Pennsylvania.
Filing Stats: 692 words · 3 min read · ~2 pages · Grade level 13.6 · Accepted 2024-03-05 16:30:36
Key Financial Figures
- $0.01 — e on which registered Common Stock, $0.01 par value per share GLT New York St
- $3,000,000 — otal Award Value Thomas M. Fahnemann $3,000,000 Ramesh Shettigar $550,000 David C.
- $550,000 — hnemann $3,000,000 Ramesh Shettigar $550,000 David C. Elder $300,000 SIGNATURES
- $300,000 — h Shettigar $550,000 David C. Elder $300,000 SIGNATURES Pursuant to the requirem
Filing Documents
- tm248033d1_8k.htm (8-K) — 27KB
- 0001104659-24-031047.txt ( ) — 196KB
- glt-20240228.xsd (EX-101.SCH) — 3KB
- glt-20240228_lab.xml (EX-101.LAB) — 33KB
- glt-20240228_pre.xml (EX-101.PRE) — 22KB
- tm248033d1_8k_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 28, 2024, the board of directors (the "Board") of Glatfelter Corporation, a Pennsylvania corporation ("Glatfelter"), following approval by the Compensation Committee of the Board, approved 2024 long-term incentives for its senior executives and other employees eligible to participate in the 2024 program, which includes equity grants under the amended and restated Glatfelter Corporation 2022 Long-Term Incentive Plan ("Equity Incentive Plan") and cash payments under a new one-time cash program. The total award value of the 2024 long-term incentive awards will be composed of 75% equity grants and 25% cash program, to allow Glatfelter to preserve share pool availability under its Equity Incentive Plan. Under the cash program, 25% of each named executive officer's 2024 long-term incentive award opportunity will be in the form of cash restoration payments awarded outside of the Equity Incentive Plan. The remaining 75% of each such officer's award opportunity will be in the form of time-based restricted stock units granted under the Equity Incentive Plan. The cash restoration payments and time-based restricted stock units will vest on the same vesting schedule in three tranches, with one-third of the applicable award vesting on each of December 31, 2024, February 28, 2026 and February 28, 2027. Recipients must remain employed through each vesting date to receive the award, provided that recipients who are terminated without cause or for good reason after a change in control (including in the context of the proposed transaction with Berry Global Group, Inc.) will have partial vesting of their award, with the next tranche becoming vested on the date of termination as if the recipient remained employed through the next vesting date. The following named executive officers will be eligible to receive the f
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. Glatfelter Corporation March 5, 2024 By: /s/ Jill L. Urey Name: Jill L. Urey Title: Vice President, General Counsel & Compliance