Hostess Brands, Inc. (NASDAQ:TWNK) 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.
Chief Executive Officer and President
As previously announced, Mr. William Toler retired as the Chief Executive Officer and President of Hostess Brands, Inc. (the “Company”) on March 30, 2018. The Company’s search for a new chief executive officer and president remains in process. Mr. C. Dean Metropoulos, the Company’s Executive Chairman who expanded his duties when Mr. Toler announced his retirement to ensure continuity of leadership, is serving as Chief Executive Officer and President on an interim basis.
Mr. Metropoulos will not receive any additional compensation for his service in these roles. The information regarding Mr. Metropoulos required by Item 5.02(c) of Form 8-K is set forth in the Company’s Definitive Proxy Statement on Schedule 14A for its 2017 annual meeting of stockholders, filed with the Securities and Exchange Commission on April 28, 2017, and is incorporated herein by reference.
Annual Incentive Plan
On March 30, 2018, the Compensation Committee of the Board of Directors of the Company adopted the Hostess Brands Incentive Compensation Plan (the “Annual Incentive Plan”). The Annual Incentive Plan provides eligible employees with an opportunity to earn an annual cash bonus based on the Company’s achievement of Net Revenue and EBITDA goals, as well as the achievement of strategic goals based on individual and functional team performance. Full time salaried employees of the Company and its subsidiaries serving in certain designated positions, including all of the Company’s named executive officers, are eligible to participate in the Annual Incentive Plan. If and to the extent that annual cash bonuses are earned under the Annual Incentive Plan, payment will be made on or about March 15th of the year following the year of performance.