Myers Industries Appoints New CEO, Michael McGaugh
Ticker: MYE · Form: 8-K · Filed: Nov 22, 2024 · CIK: 69488
| Field | Detail |
|---|---|
| Company | Myers Industries INC (MYE) |
| Form Type | 8-K |
| Filed Date | Nov 22, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $800,000, $2,500,000, $2,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointment
TL;DR
Myers Industries gets a new CEO, Michael McGaugh, starting Dec 2nd. Big changes ahead?
AI Summary
Myers Industries, Inc. announced on November 21, 2020, the appointment of Michael J. McGaugh as the new President and Chief Executive Officer, effective December 2, 2024. McGaugh will also join the Board of Directors. He previously served as Executive Vice President and Chief Operating Officer of The Timken Company.
Why It Matters
The appointment of a new CEO can signal a strategic shift for the company, impacting its future direction, operations, and shareholder value.
Risk Assessment
Risk Level: medium — Leadership changes can introduce uncertainty and potential shifts in strategy, which may affect the company's performance.
Key Players & Entities
- Myers Industries, Inc. (company) — Registrant
- Michael J. McGaugh (person) — Appointed President and CEO
- December 2, 2024 (date) — Effective date of new CEO appointment
- The Timken Company (company) — Previous employer of new CEO
FAQ
Who is the new President and CEO of Myers Industries, Inc.?
Michael J. McGaugh has been appointed as the new President and Chief Executive Officer of Myers Industries, Inc.
When does Michael J. McGaugh's appointment become effective?
The appointment of Michael J. McGaugh is effective December 2, 2024.
Will the new CEO also join the Board of Directors?
Yes, Michael J. McGaugh will also join the Board of Directors.
What was Michael J. McGaugh's previous role?
Michael J. McGaugh previously served as Executive Vice President and Chief Operating Officer of The Timken Company.
What is the filing date of this 8-K report?
This 8-K report was filed on November 22, 2024.
Filing Stats: 1,476 words · 6 min read · ~5 pages · Grade level 12.3 · Accepted 2024-11-22 06:01:14
Key Financial Figures
- $800,000 — Schapper's initial base salary will be $800,000, subject to annual review by the Board
- $2,500,000 — ogram at an initial grant date value of $2,500,000. His 2025-27 long-term incentive awards
- $2,500 — apper will be eligible to receive up to $2,500 per month for up to 12 months as assist
Filing Documents
- mye-20241121.htm (8-K) — 52KB
- mye-ex10_1.htm (EX-10.1) — 44KB
- mye-ex10_2.htm (EX-10.2) — 44KB
- mye-ex99_1.htm (EX-99.1) — 18KB
- img184536972_0.jpg (GRAPHIC) — 9KB
- img266228555_0.jpg (GRAPHIC) — 9KB
- img266228555_1.jpg (GRAPHIC) — 10KB
- 0000950170-24-129920.txt ( ) — 332KB
- mye-20241121.xsd (EX-101.SCH) — 23KB
- mye-20241121_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. As described in "Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" above, on November 21, 2024, the Company issued a press release announcing that it has appointed Aaron M. Schapper as President and Chief Executive Officer and a director effective January 1, 2025. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act except as may be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit Number Description 10.1 Offer Letter dated November 21, 2024 10.2 Non-Competition and Confidentiality Agreement 99.1 Press Release dated November 21, 2024 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. Myers Industries, Inc. Date: November 22, 2024 By: /s/ Grant E. Fitz Grant E. Fitz Executive Vice President and Chief Financial Officer