PARK ELECTROCHEMICAL CORP. (NYSE:PKE) 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.
On January 9, 2018, Brian E. Shore, the Chairman and Chief Executive Officer of Park Electrochemical Corp. (the “Company”), volunteered to reduce his annual salary from $357,760 to $250,000 for the Company’s 2019 fiscal year, which begins February 26, 2018. (Previously, Mr. Shore has declined to accept the Compensation Committee’s offer of a salary increase and a bonus each year since the Company’s 2001 fiscal year, except for the bonuses for the 2008 through 2014 fiscal years, which he has donated in their entirety to charity.)
The Chairman’s voluntary reduction in his salary and the non-employee directors’ voluntary reduction in their directors’ fees, described in Item 8.01 of this Report, are not cost reduction measures but are indicative and symbolic of the Chairman’s and the other directors’ unified and enthusiastic commitment to, and support of, the strategic matters recently announced by the Company and reported in a Form 8-K Current Report filed by the Company on January 4, 2018.
Non-Employee Director Fees.
On January 9, 2018, each non-employee Director of the Board of Directors of the Company volunteered to reduce the director’s annual fee by $10,000 for the Company’s 2019 fiscal year.
The current annual fees of non-employee Directors range from $22,000 to $33,000 each depending on the Board of Directors’ Committees of which the Director is a member.
About PARK ELECTROCHEMICAL CORP. (NYSE:PKE)
Park Electrochemical Corp. is a global advanced materials company. The Company develops, manufactures, markets and sells digital and radio frequency (RF)/microwave printed circuit materials products principally for the telecommunications and Internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling products for the aerospace markets. The Company operates through integrated business units in Asia, Europe and North America. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains research and development facilities in Arizona, Kansas and Singapore. The Company’s foreign operations are conducted principally by the Company’s subsidiaries in Singapore and France.