Mayville Engineering Appoints New CFO, Grants Stock
Ticker: MEC · Form: 8-K · Filed: Dec 11, 2024 · CIK: 1766368
| Field | Detail |
|---|---|
| Company | Mayville Engineering Company, INC. (MEC) |
| Form Type | 8-K |
| Filed Date | Dec 11, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $600 million, $1,042,360 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
MEC names Michael Smith new CFO, starting Dec 16th. He gets $275k salary + stock.
AI Summary
On December 11, 2024, Mayville Engineering Company, Inc. announced the appointment of Michael L. Smith as Chief Financial Officer, effective December 16, 2024. Smith will receive an annual base salary of $275,000 and will be eligible for the company's annual incentive plan. He will also be granted 50,000 restricted stock units, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $275,000 — CFO Annual Salary (Represents the base compensation for the newly appointed Chief Financial Officer.)
- 50,000 — RSUs Granted (Number of restricted stock units awarded to the new CFO, vesting over three years.)
Key Players & Entities
- Mayville Engineering Company, Inc. (company) — Registrant
- Michael L. Smith (person) — Appointed Chief Financial Officer
- $275,000 (dollar_amount) — Annual base salary for new CFO
- 50,000 (dollar_amount) — Restricted stock units granted to new CFO
- December 11, 2024 (date) — Date of report
- December 16, 2024 (date) — Effective date for new CFO
FAQ
Who is the new Chief Financial Officer of Mayville Engineering Company, Inc.?
Michael L. Smith has been appointed as the new Chief Financial Officer.
When does Michael L. Smith's appointment as CFO become effective?
His appointment is effective December 16, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael L. Smith is $275,000.
What equity compensation is the new CFO receiving?
Michael L. Smith will be granted 50,000 restricted stock units, which will vest over three years.
Is the new CFO eligible for incentive plans?
Yes, Michael L. Smith will be eligible for the company's annual incentive plan.
Filing Stats: 616 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-12-11 16:30:11
Key Financial Figures
- $600 million — nistration and HR, and Controller for a $600 million international business. Ms. Lehr began
- $1,042,360 — ure, Mr. Butz will receive a payment of $1,042,360 under his severance agreement with the
Filing Documents
- tmb-20241211x8k.htm (8-K) — 39KB
- tmb-20241211xex99.htm (EX-99) — 12KB
- tmb-20241211xex99001.jpg (GRAPHIC) — 10KB
- 0001558370-24-016155.txt ( ) — 190KB
- tmb-20241211.xsd (EX-101.SCH) — 3KB
- tmb-20241211_lab.xml (EX-101.LAB) — 16KB
- tmb-20241211_pre.xml (EX-101.PRE) — 10KB
- tmb-20241211x8k_htm.xml (XML) — 5KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . On December 11, 2024, Mayville Engineering Company, Inc. (the "Company") announced that Todd M. Butz, the Company's Chief Financial Officer, intends to leave the Company on June 30, 2025. Rachele M. Lehr, currently the Company's Chief Human Resources Officer, will succeed Mr. Butz as Chief Financial Officer, effective April 22, 2025. A copy of the press release announcing the foregoing is filed as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein. Prior to joining the Company in 2023, Ms. Lehr spent nearly 15 years at Briggs & Stratton, an industrial manufacturing company, where she held senior finance and corporate roles of increasing scope and complexity, including Senior Vice President of Administration and HR, and Controller for a $600 million international business. Ms. Lehr began her career with PricewaterhouseCoopers where she led audit engagements with public companies across diverse end-markets. Ms. Lehr holds a Bachelor of Science in Business Administration with a Major in Accounting from Marquette University and is a certified public accountant (currently inactive). In connection with his departure, Mr. Butz will receive a payment of $1,042,360 under his severance agreement with the Company.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits . (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits . The exhibit listed in the exhibit index below is being filed herewith. EXHIBIT INDEX 99 Press release of Mayville Engineering Company, Inc., dated December 11, 2024, announcing leadership transition. 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 hereunto duly authorized. MAYVILLE ENGINEERING COMPANY, INC. Date: December 11, 2024 By: /s/ Sean P. Leuba Sean P. Leuba Senior Vice President – Corporate Development and General Counsel