Libbey Inc. (NYSEMKT:LBY) 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 Arrangement of Certain Officers.
On January 9, 2018, Libbey Inc. (the Company) announced that Salvador Miñarro Villalobos, Vice President, General Manager, U.S. and Canada, and the Company have mutually agreed that Mr. Miñarro will leave the Company on January 15, 2018. Mr. Miñarro’s departure will be treated as a termination without cause, and, as a result, he will be entitled to the severance and other benefits contemplated by the Company’s Executive Severance Compensation Policy and the terms of the performance cash, restricted stock unit and non-qualified stock option agreements to which he is a party. See the Company’s proxy statement on Form DEF 14A filed with the Securities and Exchange Commission on April 4, 2017, for more information regarding these benefits. In addition, the Compensation Committee of the Board of Directors has agreed to accelerate vesting of 3,000 restricted stock units that otherwise would have vested on February 17, 2019.
About Libbey Inc. (NYSEMKT:LBY)
Libbey Inc. is a manufacturer and marketer of glass tableware products. The Company’s segments include U.S. & Canada; Latin America; Europe, the Middle East and Africa (EMEA), and Other. The U.S. & Canada segment includes the sales of manufactured and sourced glass tableware and sourced ceramic dinnerware, metal tableware, hollowware and serveware having an end market destination in the United States and Canada. The Latin America segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in Latin America, including glass products for original equipment manufacturers (OEMs) that have an end market destination outside of Latin America. The EMEA segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in EMEA. The Other segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in Asia Pacific.