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
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(Board) of Louisiana-Pacific Corporation (the Company) that he will
retire from the Company effective June 30, 2017. In connection with
Mr. Stevens’ retirement, the Compensation Committee of the
Company’s Board (the Compensation Committee) approved the
continued participation by Mr. Stevens in the Company’s Annual
Cash Incentive Award Plan on a prorated basis for his service
through June 30, 2017. Additionally, in connection with Mr.
Stevens’ retirement, the Company anticipates recording a non-cash
charge of $1 to $2 million in the fourth quarter of 2017 associated
with benefits to which Mr. Stevens will be entitled under certain
executive retirement plans.
as Chief Executive Officer of the Company, effective July 1, 2017.
The Board also elected him to the Company’s Board, effective July
1, 2017. Mr. Southern, age 57, is currently the Company’s
Executive Vice President and Chief Operating Officer, a position
that he has held since November 1, 2016. Mr. Southern previously
served as the Company’s Executive Vice President of OSB since
March 2015 and previously served as the Company’s Senior Vice
President of Siding since May 2012 and Vice President of Specialty
Operations since 2004.
approved Mr. Southern’s compensation package, which includes an
annual salary of $750,000 and continued participation, on a
prorated basis for 2017, in the Company’s Management Incentive
Plan with an increased target opportunity level of 100 percent of
his annual salary and with the actual payout ranging from 0 to 200
percent of target based on corporate performance and 0 to 200
percent of target based upon individual performance. The
Compensation Committee also awarded to Mr. Southern, upon the
effective date of his appointment as Chief Executive Officer, (the
Award Date), a time-based restricted stock award with a grant date
fair value of $350,000.
changes is furnished as Exhibit 99.1.
and Exhibits.
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Exhibit
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Description
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99.1
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Press release issued by Louisiana-Pacific Corporation on
May 5, 2017, regarding retirement of Curtis M. Stevens as CEO and appointment of W. Bradley Southern as CEO. |
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. LOUISIANA-PACIFIC CORPORATION (NYSE:LPX) Recent Trading Information
LOUISIANA-PACIFIC CORPORATION (NYSE:LPX) closed its last trading session 00.00 at 25.20 with 2,711,198 shares trading hands.