Utz Brands Appoints New Directors, Updates Executive Contracts
Ticker: UTZ · Form: 8-K · Filed: Jan 7, 2025 · CIK: 1739566
| Field | Detail |
|---|---|
| Company | Utz Brands, Inc. (UTZ) |
| Form Type | 8-K |
| Filed Date | Jan 7, 2025 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $100,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, governance, executive-compensation
TL;DR
Utz Brands adds two directors and signs new deals with CFO & CLO.
AI Summary
Utz Brands, Inc. announced on January 6, 2025, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael R. Jones and Timothy J. Lorson, to its Board, effective immediately. Additionally, the company entered into new employment agreements with its Chief Financial Officer, Christopher J. Brathwaite, and Chief Legal Officer, Michael R. Gordon.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive employment agreements, which are common and generally do not indicate significant new risks.
Key Players & Entities
- Utz Brands, Inc. (company) — Registrant
- Michael R. Jones (person) — Newly Elected Director
- Timothy J. Lorson (person) — Newly Elected Director
- Christopher J. Brathwaite (person) — Chief Financial Officer
- Michael R. Gordon (person) — Chief Legal Officer
- January 6, 2025 (date) — Date of earliest event reported
FAQ
Who were the new directors elected to Utz Brands' Board?
Michael R. Jones and Timothy J. Lorson were elected as new directors to Utz Brands' Board.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on January 6, 2025.
What positions do Christopher J. Brathwaite and Michael R. Gordon hold at Utz Brands?
Christopher J. Brathwaite is the Chief Financial Officer and Michael R. Gordon is the Chief Legal Officer of Utz Brands.
What type of agreements were entered into with the CFO and CLO?
Utz Brands entered into new employment agreements with its Chief Financial Officer and Chief Legal Officer.
What is the principal executive office address for Utz Brands?
The principal executive offices of Utz Brands are located at 900 High Street, Hanover, PA 17331.
Filing Stats: 1,265 words · 5 min read · ~4 pages · Grade level 16.7 · Accepted 2025-01-07 07:59:59
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share UTZ New York Stock Exchange
- $100,000 — ll decrease as of the Effective Date to $100,000 per calendar year, subject to standard
Filing Documents
- utz-20250106.htm (8-K) — 28KB
- 0001739566-25-000036.txt ( ) — 172KB
- utz-20250106.xsd (EX-101.SCH) — 2KB
- utz-20250106_def.xml (EX-101.DEF) — 14KB
- utz-20250106_lab.xml (EX-101.LAB) — 24KB
- utz-20250106_pre.xml (EX-101.PRE) — 14KB
- utz-20250106_htm.xml (XML) — 3KB
Forward-Looking Statements
Forward-Looking Statements This current report on Form 8-K includes certain statements made herein that are not historical facts but are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as "will", "expect", "intends", "goal", "on track" or other similar words, phrases or expressions. These forward-looking statements include statements related to the Company's expectations to expand revenue, improve productivity and drive operational excellence, and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company's business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: the risk that the Company's gross profit margins may be adversely impacted by a variety of factors, including variations in pricing of raw materials, retail customer requirements and mix, sales velocities, and required promotional support; changes in consumers' loyalty to the Company's brands due to factors beyond the Company's control, including changes in consumer spending due to factors such as increasing household debt; changes in demand for the Company's products affected by changes in consumer preferences and tastes or if the Company is unable to innovate or market its products effectively, particularly in the Company's "expansion geographies"; costs associated with building brand loyalty and interest in the Company's products which may be affected by actions by the Company's competitors that result in the Company's products not being suitably differentiated from the products of their competitors; consolidation of key