Bassett Furniture Industries Inc 8-K, filed Apr 2, 2020
Bassett Furniture Industries Inc (BSET)
About this 8-K
Bassett Furniture Industries Inc filed this 8-K on April 2, 2020, reporting on events of March 31, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
In response to the effect of the COVID-19 pandemic on revenue, the Company implemented an across the board 20% reduction in base salary for all monthly salaried employees including members of management. Senior vice presidents’ salaries were reduced by 25%. Robert H. Spilman, Jr. (Chairman and CEO), John E. Bassett, III (SVP-Chief Operations Officer), Jack L. Hawn (SVP-President, Zenith), and J. Michael Daniel (SVP-Chief Financial and Administrative Officer) have each voluntarily taken a 50% total reduction in base salary. These temporary salary reductions were effective with the March monthly salary paid on March 31, 2020 (prorated to start with the week of March 22, 2020) and are expected to continue at least through May 31, 2020.
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.
| April 2, 2020 | By: /s/ J. Michael Daniel |
| J. Michael Daniel | |
| Title: Senior Vice President – Chief Financial & Administrative Officer |