Turning Point Brands CFO Departs, Interim Appointed
Ticker: TPB · Form: 8-K · Filed: Mar 12, 2024 · CIK: 1290677
| Field | Detail |
|---|---|
| Company | Turning Point Brands, INC. (TPB) |
| Form Type | 8-K |
| Filed Date | Mar 12, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, cfo, board-changes
TL;DR
CFO out, interim in. Board shakeup too. Watch this space.
AI Summary
Turning Point Brands, Inc. announced on March 8, 2024, the departure of its Chief Financial Officer, Michael L. Cunningham. The company has appointed David Shane as interim CFO. Additionally, the company announced the election of new directors and changes in officer compensation arrangements.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational challenges, impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding financial strategy and operational stability.
Key Players & Entities
- Turning Point Brands, Inc. (company) — Registrant
- Michael L. Cunningham (person) — Departing Chief Financial Officer
- David Shane (person) — Interim Chief Financial Officer
- March 8, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the interim Chief Financial Officer?
David Shane has been appointed as the interim Chief Financial Officer.
When was the earliest event reported in this filing?
The earliest event reported in this filing was on March 8, 2024.
What was the previous role of Michael L. Cunningham?
Michael L. Cunningham was the Chief Financial Officer of Turning Point Brands, Inc.
What other significant events are reported in this 8-K filing besides the CFO change?
The filing also reports the election of directors and changes in compensatory arrangements of certain officers.
In which state was Turning Point Brands, Inc. incorporated?
Turning Point Brands, Inc. was incorporated in Delaware.
Filing Stats: 1,498 words · 6 min read · ~5 pages · Grade level 11.5 · Accepted 2024-03-12 16:05:31
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value TPB New York Stock Exchan
- $400,000 — t provides for an annual base salary of $400,000, subject to adjustment by the Board, an
Filing Documents
- ef20023900_8k.htm (8-K) — 38KB
- ef20023900_ex10-1.htm (EX-10.1) — 129KB
- ef20023900_ex99-1.htm (EX-99.1) — 9KB
- image0.jpg (GRAPHIC) — 33KB
- 0001140361-24-012800.txt ( ) — 394KB
- tpb-20240308.xsd (EX-101.SCH) — 4KB
- tpb-20240308_lab.xml (EX-101.LAB) — 21KB
- tpb-20240308_pre.xml (EX-101.PRE) — 16KB
- ef20023900_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 Chief Financial Officer Transition On March 11, 2024, Turning Point Brands, Inc. (the "Company") announced that Louie Reformina, Senior Vice President and Chief Financial Officer of the Company, would be stepping down from his position in order to pursue other opportunities, effective as of March 8, 2024. Mr. Reformina's decision to pursue other opportunities was not the result of any dispute or disagreement regarding any matter relating to the Company's operations, policies or practices. The Board of Directors of the Company (the "Board") has appointed Andrew Flynn to serve as Senior Vice President and Chief Financial Officer of the Company, with an anticipated start date of April 1, 2024, to take Mr. Reformina's position. Andrew Flynn, age 48, previously served as the CFO of Connected Cannabis Co. ("Connected") from September 2021 until March 2024, where he was responsible for bringing sustained profitable growth, expanding geographically and recapitalizing the company. Prior to joining Connected, from June 2019 until September 2021, Mr. Flynn served in various positions at Juul Labs, including as Sr. Vice President. Earlier in his career, Mr. Flynn served as Vice President of Finance at James Hardie Building Products, and Vice President of Finance at Arrow Electronics. Mr. Flynn holds a BS from Indiana University and an MBA from the University of Colorado, Denver. There are no family relationships between Mr. Flynn and any director or other executive officer of the Company, nor are there any transactions to which the Company was or is a participant and in which Mr. Flynn has a material interest subject to disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings between Mr. Flynn and any other person pursuant to which he was selected as an officer of the Company. Fly
01
Item 7.01 Regulation FD Disclosure On March 11, 2024, the Company issued a press release announcing Mr. Flynn's appointment and Mr. Reformina's resignation. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated March 11, 2024 10.1 Employment Agreement by and between the Company and Andrew Flynn , dated as of March 6, 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. TURNING POINT BRANDS, INC. Date: March 12, 2024 By: /s/ Brittani Cushman Name: Brittani Cushman Title: Senior Vice President, General Counsel and Secretary