LOUISIANA-PACIFIC CORPORATION (NYSE:LPX) 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.
Sallie B. Bailey, Executive Vice President and Chief Financial Officer of Louisiana-Pacific Corporation (the “Company”), has given the Company notice that she will retire from the Company, effective as of July 13, 2018. The Company has initiated a search for a permanent Chief Financial Officer to replace Ms. Bailey. To ensure a smooth transition, the Company has entered into a retirement agreement with Ms. Bailey. to the terms of the retirement agreement, Ms. Bailey will be entitled to receive, among other things, the following compensation and benefits: a cash amount equal to 18 months’ base salary plus bonus at target under the Company’s 2018 Annual Cash Incentive Award Plan; 18 months’ cash value of COBRA benefits and an additional payment for additional health coverage; treatment of her departure as a retirement for purposes of calculating benefits under the Company’s Supplemental Executive Retirement Plan; continued vesting of certain equity grants of restricted stock and restricted stock units from 2016, 2017, and 2018; up to 18 months of outplacement services; financial planning services through the end of 2019; and tax return preparation services through the end of 2019.
If a permanent successor has not been found by the time Ms. Bailey retires from the Company, it is anticipated that Mike Kinney, age 55, will serve as interim Chief Financial Officer. Mr. Kinney, a 32-year veteran of the Company, is currently the Company’s Director of Investor Relations and Treasurer.
About LOUISIANA-PACIFIC CORPORATION (NYSE:LPX)
Louisiana-Pacific Corporation is a manufacturer of building products. The Company’s products are used in home construction, repair and remodeling, and outdoor structures. The Company operates in four segments: North America Oriented Strand Board (OSB), Siding, Engineered Wood Products (EWP) and South America. The OSB segment includes OSB products produced in North America. The siding segment includes Smart Side siding products, CanExel siding products and other related products. The engineered wood products segment includes laminated veneer lumber and laminated strand lumber, I-joists, plywood and other related products. The South America segment includes products produced and or sold in South America. Its other products category includes its remaining timber and timberlands, and other minor products, services and closed operations. It also markets and sells its products in light industrial and commercial construction.
