Glatfelter Announces CFO Departure and New Appointments
Ticker: MAGN · Form: 8-K · Filed: May 30, 2024 · CIK: 41719
| Field | Detail |
|---|---|
| Company | Glatfelter CORP (MAGN) |
| Form Type | 8-K |
| Filed Date | May 30, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, board-changes, cfo-departure
TL;DR
Glatfelter's CFO is out, new CFO and board members in as of May 23rd.
AI Summary
Glatfelter Corporation announced on May 23, 2024, changes in its executive team and board. Effective May 23, 2024, Christopher J. Lonas resigned as Executive Vice President and Chief Financial Officer. The company also announced the appointment of Timothy R. Hess as the new Executive Vice President and Chief Financial Officer, effective May 23, 2024. Additionally, the company elected two new directors to its Board: David L. Dacquino and David L. Miller.
Why It Matters
This filing indicates significant leadership changes at Glatfelter, including the departure of its CFO and the appointment of new executives and board members, which could signal strategic shifts or operational adjustments.
Risk Assessment
Risk Level: medium — Leadership changes, especially involving the CFO and board, can introduce uncertainty and potential strategic shifts, warranting closer monitoring.
Key Players & Entities
- Glatfelter Corporation (company) — Registrant
- Christopher J. Lonas (person) — Resigned Executive Vice President and Chief Financial Officer
- Timothy R. Hess (person) — Appointed Executive Vice President and Chief Financial Officer
- David L. Dacquino (person) — Elected Director
- David L. Miller (person) — Elected Director
- May 23, 2024 (date) — Effective date of changes
FAQ
Who has been appointed as the new Executive Vice President and Chief Financial Officer of Glatfelter Corporation?
Timothy R. Hess has been appointed as the new Executive Vice President and Chief Financial Officer, effective May 23, 2024.
Who has resigned from their position as Executive Vice President and Chief Financial Officer?
Christopher J. Lonas has resigned from his position as Executive Vice President and Chief Financial Officer, effective May 23, 2024.
When were the changes in executive and board positions effective?
The changes were effective as of May 23, 2024.
How many new directors were elected to Glatfelter's Board?
Two new directors were elected to Glatfelter's Board: David L. Dacquino and David L. Miller.
What is Glatfelter Corporation's state of incorporation?
Glatfelter Corporation is incorporated in Pennsylvania.
Filing Stats: 1,853 words · 7 min read · ~6 pages · Grade level 16.2 · Accepted 2024-05-30 07:00:34
Key Financial Figures
- $0.01 — e on which registered Common Stock, $0.01 par value per share GLT New York St
Filing Documents
- tm2415861d1_8k.htm (8-K) — 35KB
- 0001104659-24-066410.txt ( ) — 209KB
- glt-20240523.xsd (EX-101.SCH) — 3KB
- glt-20240523_lab.xml (EX-101.LAB) — 33KB
- glt-20240523_pre.xml (EX-101.PRE) — 22KB
- tm2415861d1_8k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, Glatfelter Corporation, a Pennsylvania corporation (" Glatfelter " or the " Company "), entered into certain definitive agreements with Berry Global Group, Inc., a Delaware corporation (" Berry "), and certain of their respective subsidiaries, which provide for a series of transactions, including the spinoff of the global nonwovens and hygiene films business (the " HHNF Business ") of Berry and subsequent merger of the HHNF Business with and into a subsidiary of Glatfelter (collectively, the " Transaction "). We refer to the post-Transaction newly combined company as NewCo (" NewCo "). In connection with the Transaction, the Company has been working with Berry to determine leadership and other organizational positions for NewCo. Effective as of the closing of the Transaction, Mr. David C. Elder will resign from his position as Vice President, Strategic Initiatives, Business Optimization & Chief Accounting Officer and cease to serve in such roles with the Company. Cautionary Statement Concerning Forward-Looking Statements relating to the expected timing, completion and effects of the proposed transaction between Berry Global Group, Inc., a Delaware corporation ("Berry"), and Glatfelter Corporation, a Pennsylvania corporation ("Glatfelter" or the "Company"), are considered "forward-looking" within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "would," "could," "seeks," "approximately," "intends," "plans," "estimates," "projects," "outlook," "anticipates" or "looking forward," o
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 May 30, 2024 By: /s/ Jill L. Urey Name: Jill L. Urey Title: Vice President, General Counsel & Compliance