Tile Shop Appoints New CFO, Offers $500K Stock Grant
Ticker: TTSH · Form: 8-K · Filed: Mar 7, 2024 · CIK: 1552800
| Field | Detail |
|---|---|
| Company | Tile Shop Holdings, Inc. (TTSH) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $300,000, $200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation
TL;DR
Tile Shop got a new CFO, Michael Ruzek, starting March 4th with a $375K salary + $500K stock grant.
AI Summary
Tile Shop Holdings, Inc. announced on March 1, 2024, the appointment of Michael R. Ruzek as Chief Financial Officer, effective March 4, 2024. Ruzek will receive an annual base salary of $375,000 and is eligible for a discretionary annual bonus. He will also receive a one-time grant of restricted stock units valued at $500,000, 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 financial leadership can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $375,000 — CFO Annual Salary (Base compensation for Michael R. Ruzek)
- $500,000 — CFO Stock Grant (Value of restricted stock units awarded to Michael R. Ruzek)
Key Players & Entities
- Tile Shop Holdings, Inc. (company) — Registrant
- Michael R. Ruzek (person) — Appointed Chief Financial Officer
- $375,000 (dollar_amount) — Annual base salary for new CFO
- $500,000 (dollar_amount) — Value of restricted stock units granted to new CFO
- March 1, 2024 (date) — Date of earliest event reported
- March 4, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Tile Shop Holdings, Inc.?
Michael R. Ruzek has been appointed as the new Chief Financial Officer.
When is the effective date of Michael R. Ruzek's appointment?
The appointment is effective March 4, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael R. Ruzek is $375,000.
What is the value of the one-time stock grant provided to the new CFO?
The one-time grant of restricted stock units is valued at $500,000.
How will the restricted stock units granted to the new CFO vest?
The restricted stock units will vest over three years.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 12.4 · Accepted 2024-03-07 06:03:02
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value TTSH The Nasdaq Stock Mar
- $300,000 — s will receive an annual base salary of $300,000, and his target annual cash incentive c
- $200,000 — quity awards with an aggregate value of $200,000 pursuant to the Company's 2021 Omnibus
Filing Documents
- tm248111d1_8k.htm (8-K) — 24KB
- 0001104659-24-031650.txt ( ) — 191KB
- tts-20240301.xsd (EX-101.SCH) — 3KB
- tts-20240301_lab.xml (EX-101.LAB) — 33KB
- tts-20240301_pre.xml (EX-101.PRE) — 22KB
- tm248111d1_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On March 5, 2024, the Board of Directors (the "Board") of Tile Shop Holdings, Inc. (the "Company") appointed Mark B. Davis, current Vice President, Investor Relations, and Chief Accounting Officer (Principal Accounting Officer) of the Company as Senior Vice President, Chief Financial Officer and Secretary of the Company, effective as of April 1, 2024. On March 1, 2024, Karla Lunan, current Senior Vice President, Chief Financial Officer and Secretary, notified the Company that she is leaving the Company to pursue another opportunity, effective as of April 1, 2024. As of such date, Mr. Davis will serve as Principal Financial Officer and Principal Accounting Officer of the Company. In connection with his appointment as Chief Financial Officer, effective April 1, 2024, Mr. Davis will receive an annual base salary of $300,000, and his target annual cash incentive compensation opportunity will be 50% of his base salary. In addition, Mr. Davis will be granted equity awards with an aggregate value of $200,000 pursuant to the Company's 2021 Omnibus Equity Compensation Plan and applicable equity award agreements. Biographical information regarding Mr. Davis, age 43, has been previously disclosed in the Company's proxy statement for its 2023 annual meeting of stockholders , as filed with the Securities and Exchange Commission on April 20, 2023, which information is incorporated herein by reference. There are no arrangements or understandings between Mr. Davis and any other person pursuant to which he was selected for his position. In addition, there are no family relationships between Mr. Davis and any directors or executive officers of the Company, and no transactions are required to be reported under Item 404(a) of Regulation S-K between Mr. Davis and the Company.
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. TILE SHOP HOLDINGS, INC. Date: March 7, 2024 By: /s/ Cabell H. Lolmaugh Name: Cabell H. Lolmaugh Title: Chief Executive Officer