Acushnet Holdings Corp. (NYSE:GOLF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Acushnet Holdings Corp. (“Acushnet”) announced today that Walter R. Uihlein, President and Chief Executive Officer (“CEO”) of Acushnet, has notified the Acushnet Board of Directors of his plan to retire, effective January1, 2018. Mr.Uihlein started with Acushnet in 1976 and has been the senior golf executive since 1995. Upon his retirement as President and CEO of Acushnet, Uihlein will remain on the Board of Directors of Acushnet and will also become an Advisor to the Chairman of the Board of Directors.
Acushnet also announced today that its Board of Directors has appointed David E. Maher, Acushnet’s current Chief Operating Officer, to succeed Mr.Uihlein as President and CEO of Acushnet, effective upon Mr.Uihlein’s retirement. Mr.Maher, age 49, joined Acushnet in 1991 and was appointed Chief Operating Officer in June2016. Prior to that, Mr.Maher was Senior Vice President, Titleist Worldwide Sales and Global Operations from February2016 to June2016 and Vice President, Titleist U.S. Sales from 2001 to January2016.
Effective upon his promotion to President and CEO of Acushnet on January1, 2018, Mr.Maher’s base salary will be increased to $750,000 and he will become eligible to receive a target annual cash incentive award equal to his base salary. Mr.Maher will also receive an equity grant with a grant date fair value of $3,000,000 which will vest as to one third of such grant on each of the first three anniversaries of the grant date.
A copy of the Company’s press release announcing this executive transition is attached hereto as Exhibit99.1.
Item 9.01 Financial Statements and Exhibits.