Vestis Corp Appoints New CFO, Michael L. Smith
Ticker: VSTS · Form: 8-K · Filed: Jul 23, 2024 · CIK: 1967649
| Field | Detail |
|---|---|
| Company | Vestis CORP (VSTS) |
| Form Type | 8-K |
| Filed Date | Jul 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $600,000, $1,200,000, $300,000, $1,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Vestis Corp just hired a new CFO, Michael L. Smith, starting Aug 5th. He's getting $475k base + bonus + $1.5M in stock.
AI Summary
Vestis Corp announced on July 23, 2024, the appointment of Michael L. Smith as Chief Financial Officer, effective August 5, 2024. Smith will receive an annual base salary of $475,000 and will be eligible for an annual incentive award with a target of 75% of his base salary. He will also receive a one-time grant of restricted stock units (RSUs) valued at $1,500,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — A change in CFO can signal shifts in financial strategy or performance, warranting closer investor scrutiny.
Key Numbers
- $475,000 — CFO Base Salary (Annual compensation for Michael L. Smith.)
- 75% — CFO Incentive Target (Potential bonus percentage for Michael L. Smith.)
- $1,500,000 — CFO RSU Grant (Value of stock award for Michael L. Smith.)
Key Players & Entities
- Vestis Corp (company) — The company filing the report.
- Michael L. Smith (person) — Newly appointed Chief Financial Officer.
- $475,000 (dollar_amount) — Annual base salary for the new CFO.
- 75% (dollar_amount) — Target annual incentive award percentage for the new CFO.
- $1,500,000 (dollar_amount) — Value of the one-time restricted stock unit grant for the new CFO.
- August 5, 2024 (date) — Effective date for the new CFO's appointment.
FAQ
Who is the new Chief Financial Officer of Vestis Corp?
Michael L. Smith has been appointed as the new Chief Financial Officer of Vestis Corp.
When does Michael L. Smith's appointment as CFO become effective?
Michael L. Smith's appointment as CFO is effective August 5, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael L. Smith is $475,000.
What is the target annual incentive award for the new CFO?
The target annual incentive award for Michael L. Smith is 75% of his base salary.
What is the value of the stock grant for the new CFO?
Michael L. Smith will receive a one-time grant of restricted stock units valued at $1,500,000.
Filing Stats: 831 words · 3 min read · ~3 pages · Grade level 13 · Accepted 2024-07-23 09:30:41
Key Financial Figures
- $0.01 — ch Registered Common Stock, par value $0.01 per share VSTS New York Stock Exchang
- $600,000 — rd's initial annual base salary will be $600,000 and his target annual bonus opportunity
- $1,200,000 — plan with a target grant date value of $1,200,000, subject to approval by the company's H
- $300,000 — eceive a one-time cash sign on bonus of $300,000 on the same day on which the company's
- $1,500,000 — stock units with a grant date value of $1,500,000 and that vest ratably over three years
Filing Documents
- vsts-20240723.htm (8-K) — 29KB
- vestisemploymentagreement-.htm (EX-10.1) — 139KB
- 0001967649-24-000033.txt ( ) — 319KB
- vsts-20240723.xsd (EX-101.SCH) — 2KB
- vsts-20240723_lab.xml (EX-101.LAB) — 22KB
- vsts-20240723_pre.xml (EX-101.PRE) — 13KB
- vsts-20240723_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Employment Agreement, dated as of June 19, 2024, by and between Vestis Corporation and William Seward. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. Vestis Corporation Date: July 23, 2024 By: /s/ RICK DILLON Name: RICK DILLON Title: Executive Vice President and Chief Financial Officer (principal financial officer)