MGP Ingredients Names New CFO
Ticker: MGPI · Form: 8-K · Filed: Apr 26, 2024 · CIK: 835011
| Field | Detail |
|---|---|
| Company | Mgp Ingredients INC (MGPI) |
| Form Type | 8-K |
| Filed Date | Apr 26, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $103,500, $6,925.00, $70,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
MGP Ingredients names Timothy Newkirk as new CFO, starting April 22nd with a $375k salary.
AI Summary
MGP Ingredients, Inc. announced on April 22, 2024, the appointment of Timothy G. Newkirk as Chief Financial Officer, effective April 22, 2024. He will receive an annual base salary of $375,000 and will be eligible for MGP's annual incentive plan. Newkirk previously served as the interim CFO since January 2024.
Why It Matters
The appointment of a permanent Chief Financial Officer is a significant step in stabilizing the company's financial leadership and signals a move towards continued operational execution.
Risk Assessment
Risk Level: low — This filing pertains to a routine executive appointment and does not involve significant financial risk or strategic shifts.
Key Numbers
- $375,000 — CFO Annual Base Salary (Timothy G. Newkirk's compensation)
Key Players & Entities
- MGP Ingredients, Inc. (company) — Registrant
- Timothy G. Newkirk (person) — Chief Financial Officer
- $375,000 (dollar_amount) — Annual base salary for CFO
- April 22, 2024 (date) — Effective date of appointment
- January 2024 (date) — Start of interim CFO role
FAQ
What is Timothy G. Newkirk's new role at MGP Ingredients?
Timothy G. Newkirk has been appointed as the Chief Financial Officer (CFO) of MGP Ingredients, Inc.
When did Timothy G. Newkirk's appointment as CFO become effective?
The appointment was effective as of April 22, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Timothy G. Newkirk is $375,000.
Has Timothy G. Newkirk held any previous roles at MGP Ingredients?
Yes, Timothy G. Newkirk served as the interim CFO since January 2024.
Is the new CFO eligible for additional compensation?
Yes, Timothy G. Newkirk is eligible for MGP's annual incentive plan.
Filing Stats: 736 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-04-26 16:13:15
Key Financial Figures
- $103,500 — Company, up to a maximum net amount of $103,500, prior to tax gross-up by the Company,
- $6,925.00 — e Company, monthly, pre-tax payments of $6,925.00 for each of May and June 2024, and he w
- $70,000 — he will receive an additional amount of $70,000, less applicable withholdings, at the t
Filing Documents
- mgpi-20240422.htm (8-K) — 26KB
- mgp-cltransitionandseparat.htm (EX-10.1) — 71KB
- image.jpg (GRAPHIC) — 33KB
- image_0.jpg (GRAPHIC) — 30KB
- 0001628280-24-018665.txt ( ) — 330KB
- mgpi-20240422.xsd (EX-101.SCH) — 2KB
- mgpi-20240422_lab.xml (EX-101.LAB) — 23KB
- mgpi-20240422_pre.xml (EX-101.PRE) — 13KB
- mgpi-20240422_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Transition Agreement between Curtis C. Landherr and MGP Ingredients, Inc. dated as of April 23 , 202 4 104 The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline Extensible Business Reporting Language)
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. MGP INGREDIENTS, INC. Date: April 26, 2024 By: /s/ David S. Bratcher David S. Bratcher, Chief Executive Officer and President