Kellogg Company (NYSE:K) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the recent CEO succession announcement and in recognition for their contributions to Kellogg Company (the “Company”) and the importance of leadership continuity, the independent members of the Board of Directors granted performance-based restricted stock units (the “Awards”) to Paul Norman, President, Kellogg North America (11,910 units); Gary Pilnick, Vice Chairman (10,660 units); and Chris Hood, President, Kellogg Europe (8,540 units). The Awards will vest in full on the second anniversary of the grant date, but only if the Company exceeds a minimum fully diluted earnings per share threshold measured on a cumulative basis commencing at the beginning of the fourth quarter of fiscal 2017 and ending at the end of the third quarter of fiscal 2019. If vested, the Awards are paid in shares at the end of the performance period, except for amounts withheld by the Company for minimum statutory withholding requirements. Dividends are not paid on unvested Awards.
About Kellogg Company (NYSE:K)
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S. Specialty; North America Other; Europe; Latin America, and Asia Pacific. The U.S. Morning Foods operating segment includes cereal, toaster pastries, health and wellness bars, and beverages. The U.S. Snacks segment includes cookies, crackers, cereal bars, savory snacks and fruit-flavored snacks. Its U.S. Specialty segment primarily represents food away from home channels, including food service, convenience, vending, Girl Scouts and food manufacturing. The North America Other segment includes the U.S. Frozen, Kashi and Canada operating segments. The Company’s Asia Pacific segment includes Sub-Saharan Africa, Australia and other Asian and Pacific markets.
