PGT Innovations, Inc. (NYSE:PGTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
As previously announced, Rod Hershberger, the Company's co-founder and current CEO, will be retiring as CEO effective December 31, 2017, but will continue to serve as Chairman of the Company's Board. On December 12, 2017, the Company's Board approved a consulting arrangement between the Company and Mr. Hershberger. Under that consulting arrangement, Mr. Hershberger will perform various customer, community, governmental and regulatory affairs services for the Company on a part-time basis, as well as services related to product innovation and strategic initiatives. The Company will pay Mr. Hershberger a monthly consulting fee of $29,166.67 for these services, and will reimburse him for his health care insurance premiums during the term of service.
Mr. Hershberger's consulting arrangement begins on January 1, 2018 and is scheduled to expire on December 31, 2018, subject to extension on terms agreed to by the Company and Mr. Hershberger. The Company intends to enter into a consulting agreement with Mr. Hershberger effective January 1, 2018, which will reflect this consulting arrangement.
Mr. Hershberger will receive the same annual cash fee and equity grant as all other non-employee directors who serve on the Company's Board, as well as an annual fee of $10,000 for serving as Chairman of the Board.
About PGT Innovations, Inc. (NYSE:PGTI)
PGT Innovations, Inc., formerly PGT, Inc., is a manufacturer of impact-resistant windows and doors. The Company’s brands include CGI, PGT Windows + Doors and WinDoor. CGI serves residential and commercial markets in both new and existing construction. CGI manufacturing and delivery facilities are based in Miami, Florida. PGT Custom Windows + Doors is a manufacturer and supplier of residential impact-resistant glass products. The Company’s manufacturing, glass plant, and delivery facilities are located in North Venice, Florida. WinDoor serves five-star resorts, luxury high-rise condominiums and mansions along the United States coastline. WinDoor’s aluminum and vinyl products come in an array of expansive sizes, custom colors, and configurations. WinDoor manufacturing and delivery facilities are based in Orlando, Florida.
