MGP Ingredients, Inc. (NASDAQ:MGPI) 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.
On March 14, 2019, MGP Ingredients, Inc. (the “Company”) announced the departure of Vice President and Chief Financial Officer Tom Pigott, effective as of March 29, 2019. Mr. Pigott is leaving the Company to pursue other opportunities.
In addition, the Company announced the promotion of Brandon Gall to Vice President and Chief Financial Officer, effective April 1, 2019. In this capacity, Mr. Gall will serve as the Company’s principal financial and principal accounting officer.
Mr. Gall, 37, has served as the Company’s Corporate Controller since June 2018. Previously he served as Director of Supply Chain and New Business Development Finance from May 2014 through May 2018. He served as Director of Financial Planning and Analysis from January 2012 through April 2014.
Mr. Gall will have a base salary of $285,000. For 2019, Mr. Gall’s target short-term incentive award under the Company’s Short-Term Incentive Plan for the attainment of the Company’s performance measures will be 50% of his base salary. Mr. Gall will be eligible to participate in the Company’s long-term equity incentive (“LTI”) program, with an award for each year as determined by the Compensation Committee. Mr. Gall will receive an award to the Company’s Equity Plan. The 2019 award will vary depending on the Company’s performance measured against the performance measures, with a target award of 65% of his base salary.
There is no arrangement or understanding between Mr. Gall and any other persons to which Mr. Gall was designated as the Company’s principal accounting officer. There are no family relationships between Mr. Gall and any director or executive officer of the Company and no transactions involving Mr. Gall that would require disclosure under Item 404(a) of Regulation S-K. The changes described in this filing are not the result of any matter relating to the Company’s accounting practices or financial statements.
Attached as Exhibit 99.1, and incorporated into this Item 5.02 by reference, is a press release relating to the appointment of Mr. Gall and the departure of Mr. Pigott.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press release dated March 14, 2019
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MGP INGREDIENTS INC Exhibit
EX-99.1 2 cfoannouncement.htm EXH 99.1 – CFO ANNOUNCEMENT Exhibit MGP ANNOUNCES APPOINTMENT OF BRANDON GALL AS CFOATCHISON,…
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About MGP Ingredients, Inc. (NASDAQ:MGPI)
MGP Ingredients, Inc. is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc. and MGPI of Indiana, LLC (MGPI-I). The Company produces and supplies distilled spirits, and wheat proteins and starches. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company also produces industrial alcohol for use in both food and non-food applications. Its distillery products are derived from corn and other grains, including rye, barley, wheat, barley malt and milo. The Company operates through two segments: distillery products and ingredient solutions. Its distillery products segment consists of food grade alcohol and co-products of its distillery operations, including distillers feed, fuel grade alcohol and corn oil. Its ingredient solutions segment consists of specialty wheat starches, specialty wheat proteins, commodity wheat starch and commodity wheat protein or vital wheat gluten.