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 Officers
On June 11, 2019, the Board of Directors (the “Board”) of Louisiana-Pacific Corporation (“LP”) increased the size of the Board to nine and appointed F. Nicholas Grasberger III to the Board, effective June 14, 2019. Mr. Grasberger’s term will expire at LP’s Annual Meeting of Stockholders in 2021. The Board has determined that Mr. Grasberger has no material relationship with LP and is independent under the New York Stock Exchange’s director independence standards as currently in effect. Mr. Grasberger has been appointed as a member of the Audit and Environmental, Quality Compliance Committees of the Board. Additionally, the Board has determined that Mr. Grasberger is an “audit committee financial expert.” Mr. Grasberger is the Chairman of the Board and Chief Executive Officer of Harsco Corporation, a global market leader providing environmental solutions for industrial waste streams and innovative technologies for the rail and energy sectors.
As a non-employee director, Mr. Grasberger will receive compensation in the same manner as the Company’s other non-employee directors, which compensation shall equal: (i) an annual cash retainer of $85,000, and (ii) annual grants of restricted stock units payable in shares of LP’s common stock with a market value on the grant date of $125,000 (which equals the grant date fair value of such awards), or such lower amount as the Nominating Committee of the Board determines. The terms of such compensation are as LP otherwise previously disclosed under the heading “Directors’ Compensation” in its most recent proxy statement filed with the SEC on March 26, 2019.
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.
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