Newell Brands Inc 8-K, filed Mar 21, 2024
Newell Brands Inc. (NWL)
About this 8-K
Newell Brands Inc filed this 8-K on March 21, 2024, reporting on events of March 19, 2024.
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
Date of report (Date of earliest event reported): March 21, 2024 (
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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 |
On March 19, 2024, Newell Brands Inc. (the “Company”) appointed Robert A. Schmidt to serve as the Company’s Chief Accounting Officer (Principal Accounting Officer), effective March 25, 2024.
Mr. Schmidt, age 47, served as Chief Accounting Officer of Edgewell Personal Care Company, a publicly traded global personal care products company, from January through December 2023. Prior to his role at Edgewell Personal Care Company, he served as Chief Accounting Officer of ADC Therapeutics SA, a publicly traded commercial-stage biotechnology company, from August 2020 through December 2022, and as Chief Accounting Officer of Newell Brands Inc. from March 2019 through August 2020. Prior to March 2019, Mr. Schmidt served as Assistant Corporate Controller at Celgene Corporation, a global biopharmaceutical company, from December 2016 through February 2019, and before that he served at Tyco International, a publicly traded global provider of security, fire detection and suppression products and services, in various roles of increasing responsibility, including Vice President and Assistant Controller and Vice President and Controller, from August 2008 through December 2016. Mr. Schmidt is a Certified Public Accountant and was employed by PricewaterhouseCoopers as a public accountant early in his career.
There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Schmidt and any of the Company’s executive officers or directors or persons nominated or chosen to become directors or executive officers. There is no arrangement or understanding between Mr. Schmidt and any other person pursuant to which Mr. Schmidt will be serving as Chief Accounting Officer (Principal Accounting Officer) of the Company. There are no transactions requiring disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment, Mr. Schmidt will receive a base salary of $450,000 per year and a one-time employment transition bonus of $50,000 payable within 30 days of his start date. Mr. Schmidt will be eligible to participate in: (i) the Company’s Management Bonus Plan, with a target payout equal to 50% of his annual base salary and which can range between 0% and 200% of the target payout based on the extent to which applicable performance criteria are met, (ii) the Company’s Long-Term Incentive Plan, pursuant to which the Company makes awards of restricted stock units on an annual basis, with Mr. Schmidt’s LTIP target value being 75% of his annual base salary, although actual grants may vary from the target based on the Company performance and/or changes in the relevant market for compensation, (iii) the Company’s Flexible Perquisite Program, with a perquisite allowance of $16,128 per year, (iv) the Company’s Supplemental Employee Savings Plan, and (v) other benefit programs provided to the Company employees generally, including the Company’s Employee Savings Plan.
On March 19, 2024, Mr. Jeffrey M. Sesplankis, the Company’s current Chief Accounting Officer, resigned from his current roles as Chief Accounting Officer and Principal Accounting Officer effective as of March 25, 2024, and his employment with the Company will terminate effective as of April 1, 2024.
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.
| NEWELL BRANDS INC. | ||||||
| Dated: March 21, 2024 | By: | /s/ Bradford R. Turner | ||||
| Bradford R. Turner | ||||||
| Chief Legal & Administrative Officer and Corporate Secretary | ||||||