Cracker Barrel Old Country Store, Inc 8-K, filed Nov 8, 2021
Cracker Barrel Old Country Store, Inc (CBRL)
About this 8-K
Cracker Barrel Old Country Store, Inc filed this 8-K on November 8, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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
Date of Report (date of earliest event
reported): November 8, 2021 (
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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.
CFO Appointment
On November 8, 2021, Cracker Barrel Old Country Store, Inc. (the “Company”) announced the appointment of Craig Pommells as the Company’s Senior Vice President and Chief Financial Officer. Mr. Pommells’ expected start date is December 6, 2021.
Mr. Pommells, age 46, currently serves as Executive Vice President and Chief Financial Officer of Red Lobster Seafood Company, a position he has held since October 2020. Prior to serving as Red Lobster’s Chief Financial Officer, Mr. Pommells served as Senior Vice President, Finance and Strategy at Red Lobster from January 2015 to October 2020. Mr. Pommells has almost twenty years of experience at Red Lobster and its former parent company Darden Restaurants, Inc. (NYSE: DRI), where he held leadership positions of progressively greater responsibility in finance, including Vice President, Business Analytics and Reporting and Vice President, Finance.
The appointment of Mr. Pommells was not made pursuant to any arrangement or understanding between him and any other person. Mr. Pommells has no family relationships that would require disclosure under Item 401(d) of Regulation S-K in this Current Report on Form 8-K, and, except as otherwise described in this Current Report on Form 8-K, he is not a party to any material plan, contract or arrangement with the Company. Mr. Pommells neither is a party to nor has any direct or indirect material interest in any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K in this Current Report on Form 8-K.
Mr. Pommells will succeed P. Douglas Couvillion, who has served as the Company’s Interim Chief Financial Officer since January 2021. Mr. Couvillion will resume his former position of Senior Vice President, Sourcing and Supply Chain, a role he previously held from November 2016 to December 2020. Mr. Couvillion’s compensation and benefits will remain unchanged in connection with the resumption of his former duties.
A copy of the press release announcing the Chief Financial Officer transition is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Compensation Details
As Senior Vice President and Chief Financial Officer, Mr. Pommells will receive an annualized base salary of $475,000 (“Base Salary”) and an annual bonus with an initial target of 65% of Base Salary. Mr. Pommells will also be eligible to receive equity awards under the Company’s Long-Term Incentive (LTI) program, with an initial target award of 120% of Base Salary, consisting of two components of substantially equal value: (i) awards of performance shares under the Company’s 2022 Long-Term Performance Plan and (ii) awards of time-vesting restricted stock units that vest ratably over three years. Mr. Pommells’ annual bonus and the amount of any awards payable under the LTI program each will be prorated based upon the number of days during the Company’s 2022 fiscal year that Mr. Pommells is employed by the Company.
In addition, Mr. Pommells will receive a time-vesting restricted stock award of the Company’s common stock, having a grant date fair market value of $500,000, upon joining the Company. This award will vest in full on the third anniversary of the grant date, subject to Mr. Pommells’ continued employment with the Company through the vesting date.
Effective as of Mr. Pommells’ start date, the Company will enter into a change in control agreement (the “CIC Agreement”) and a severance agreement (the “Severance Agreement”) with Mr. Pommells, in substantially the same form as those entered into with each of the Company’s other executive officers (other than the Chief Executive Officer). For additional information regarding the CIC Agreement and the Severance Agreement, reference is made to the descriptions of the terms and conditions of the CIC Agreement and the Severance Agreement included as part of the Compensation Discussion and Analysis in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on October 7, 2021, which is incorporated herein by reference.
Copies of the form of CIC Agreement and Severance Agreement are included as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K. The descriptions of the CIC Agreement and the Severance Agreement incorporated by reference herein are summaries, are not complete and are qualified in their entirety by reference to the terms of the form of CIC Agreement and Severance Agreement filed as exhibits hereto.
Item 9.01. Financial Statements and Exhibits.
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.
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Date: November 8, 2021
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CRACKER BARREL OLD COUNTRY STORE, INC. | |
| By: | /s/ Richard M. Wolfson | |
| Name: | Richard M. Wolfson | |
| Title: | Senior Vice President, General Counsel and Corporate Secretary | |
Exhibit 99.1
| Investor Contact: | Jessica
Hazel (615) 235-4367 |
| Media Contact: | Heidi Pearce (615) 235-4135 |
CRACKER BARREL OLD COUNTRY STORE, INC. NAMES
CRAIG POMMELLS AS CHIEF FINANCIAL OFFICER
Lebanon, Tenn. – Nov. 8, 2021 – Cracker Barrel Old Country Store, Inc. (“Cracker Barrel,” or the “Company”) (Nasdaq: CBRL) today announced that Craig Pommells will join the Company to become its Senior Vice President and Chief Financial Officer, with an anticipated start date of December 6. He will report to the Company’s President and Chief Executive Officer Sandra B. Cochran.
“We are very excited to have Craig join the Cracker Barrel executive team,” said Cochran. “I am confident that Craig’s track record of outstanding financial leadership, extensive industry expertise, and strategic planning talent will make him an outstanding addition to both the team and the Company and help us position Cracker Barrel for continued success.”
Mr. Pommells has more than 20 years of experience in the restaurant industry, most recently as the Executive Vice President and Chief Financial Officer of Red Lobster. Prior to Red Lobster, he spent more than 10 years with Darden Restaurants in various finance and business analytics roles. Mr. Pommells holds an MBA from Rollins College and a Bachelor of Science in Aerospace, Aeronautical and Astronautical Engineering from Embry-Riddle Aeronautical University.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a caring and friendly home-away-from-home experience while offering guests quality homestyle food to enjoy in-store or to-go and unique shopping – all at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate more than 660 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the breakfast and lunch focused fast-casual Maple Street Biscuit Company® restaurants. For more information about the company, visit crackerbarrel.com.