Bloomin' Brands CFO Departs, New Interim Appointed
Ticker: BLMN · Form: 8-K · Filed: 2024-08-26T00:00:00.000Z
Sentiment: neutral
Topics: executive-change, cfo, personnel
Related Tickers: BLMN
TL;DR
CFO out, new interim CFO in at Bloomin' Brands. Expect financial strategy shifts.
AI Summary
Bloomin' Brands, Inc. announced on August 21, 2024, the departure of its Chief Financial Officer, Christopher R. Meyer, effective August 23, 2024. The company also appointed Sarah E. Wedeking as the new Interim Chief Financial Officer. Additionally, the company disclosed compensatory arrangements for certain officers.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational focus, potentially impacting investor confidence and the company's financial performance.
Risk Assessment
Risk Level: medium — A CFO departure, especially when not immediately replaced by a permanent successor, can introduce uncertainty regarding financial leadership and strategy.
Key Players & Entities
- Bloomin' Brands, Inc. (company) — Registrant
- Christopher R. Meyer (person) — Departing Chief Financial Officer
- Sarah E. Wedeking (person) — Appointed Interim Chief Financial Officer
- August 21, 2024 (date) — Date of Report
- August 23, 2024 (date) — Effective date of CFO departure
FAQ
Who is the new Interim Chief Financial Officer for Bloomin' Brands?
Sarah E. Wedeking has been appointed as the Interim Chief Financial Officer.
When did Christopher R. Meyer's departure as CFO become effective?
Christopher R. Meyer's departure as CFO was effective August 23, 2024.
What is the exact date of this 8-K filing?
The date of the report is August 21, 2024.
What other items are disclosed in this 8-K filing besides the CFO change?
The filing also covers the election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as Regulation FD Disclosure and Financial Statements and Exhibits.
In which state is Bloomin' Brands, Inc. incorporated?
Bloomin' Brands, Inc. is incorporated in Delaware.
Filing Stats: 1,097 words · 4 min read · ~4 pages · Grade level 12.1 · Accepted 2024-08-26 08:47:04
Key Financial Figures
- $1,000,000 — r which Mr. Spanos' base salary will be $1,000,000, his annual target bonus will be 175% o
- $1,500,000 — target grant date fair market value of $1,500,000 (his "Transition Award"), and he will r
- $500,000 — e a cash signing bonus in the amount of $500,000, a relocation payment in the amount of
- $25,000 — t of his employment attorney fees up to $25,000. Beginning in 2025, the target value of
- $6,000,000 — ual equity award under the Plan will be $6,000,000. If Mr. Spanos' employment is terminate
Filing Documents
- blmn-20240821.htm (8-K) — 36KB
- ex991-pressreleasexceoappo.htm (EX-99.1) — 10KB
- blmn-20240821_g1.jpg (GRAPHIC) — 37KB
- blmnlogov3a.jpg (GRAPHIC) — 37KB
- 0001546417-24-000129.txt ( ) — 336KB
- blmn-20240821.xsd (EX-101.SCH) — 2KB
- blmn-20240821_lab.xml (EX-101.LAB) — 25KB
- blmn-20240821_pre.xml (EX-101.PRE) — 15KB
- blmn-20240821_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On August 26, 2024, the Company issued a press release announcing the appointment of Mr. Spanos as a director and Chief Executive Officer and Mr. Deno's retirement. A copy of the press release is filed with this Form 8-K as Exhibit 99.1.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 99.1 Press release issued by the Company on August 26, 2024 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. BLOOMIN' BRANDS, INC. (Registrant) Date: August 26, 2024 By: /s/ Kelly Lefferts Kelly Lefferts Executive Vice President and Chief Legal Officer