Compass Minerals International, Inc. (NYSE:CMP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 3, 2017, Compass Minerals International, Inc. (the “Company”) announced that James D. Standen has been appointed to serve as the Company’s Chief Financial Officer. Mr.Standen will continue to serve as the Company’s principal accounting and financial officer.
Mr. Standen, age 42, had served as the Company’s Interim Chief Financial Officer, Treasurer and principal accounting and financial officer since April 25, 2017. Prior to assuming this role, Mr. Standen served as the Company’s Vice President, Finance and Treasurer since 2016, as Treasurer from 2011 to 2016 and as Assistant Treasurer from 2006 to 2011. Prior to joining the Company in 2006, Mr. Standen spent six years in various finance roles at Kansas City Southern.
In connection with Mr. Standen’s assumption of the Chief Financial Officer role on a permanent basis, his annual base salary will be increased to $400,000, retroactive to April 25, 2017. In addition, Mr. Standen’s targeted cash bonus under the Company’s management annual incentive program will be calculated at 60% of his base salary, effective as of April 25, 2017. Any bonus payments are dependent on the Company’s pre-established performance goals and personal performance objectives. Mr. Standen will also be eligible to receive equity awards as part of the Company’s long-term incentive program, which are granted in April each year, with a target equity award value of 150% of his base salary.Mr.Standen will be eligible to participate in the employee benefit plans and programs generally available to the Company’s executive officers.
Mr. Standen and the Company have also entered into the Company’s standard Change in Control Severance Agreement (filed as Exhibit 10.44 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016) in connection with Mr. Standen’s appointment as Chief Financial Officer. Mr. Standen is also a party to the Company’s standard Restrictive Covenant Agreement (filed as Exhibit 10.45 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016).
There is no arrangement or understanding between Mr. Standen and any other person to which Mr. Standen was appointed as Chief Financial Officer. Furthermore, there are no transactions between Mr. Standen (or any member of his immediate family) and the Company (or any of its subsidiaries) that would be required to be reported under Item 404(a) of Regulation S-K.
On August 3, 2017, the Company issued a press release announcing the appointment of Mr. Standen as Chief Financial Officer. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Exhibit Description |
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99.1 |
Press Release issued by Compass Minerals International, Inc. on August 3, 2017. |
COMPASS MINERALS INTERNATIONAL INC ExhibitEX-99.1 2 cmp8k08032017ex99.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASE Compass Minerals Names James Standen Chief Financial OfficerOVERLAND PARK,…To view the full exhibit click here
About Compass Minerals International, Inc. (NYSE:CMP)
Compass Minerals International, Inc. is a holding company. The Company, through its subsidiaries, is engaged in producing and marketing essential minerals, including salt, sulfate of potash (SOP) specialty fertilizer, magnesium chloride and micronutrients. It operates through two segments, which include salt and plant nutrition. The salt segment mines, produces, processes, distributes and markets sodium chloride and magnesium chloride in North America and sodium chloride in the United Kingdom. The salt segment products include rock salt, mechanically evaporated and solar evaporated salt, and brine and flake magnesium chloride. The plant nutrition segment includes sales of SOP and micronutrients. It sells micronutrient products under Wolf Trax brand. Its SOP product is marketed under the brand name Protassium+. The Company operates over 10 production and packaging facilities, including the rock salt mines in Goderich, Ontario, Canada, and in the United Kingdom in Winsford, Cheshire.