UNIFI, INC. (NYSE:UFI) 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 December 20, 2018, Unifi, Inc. (the “Company”) and Jeffrey C. Ackerman, the Company’s Executive Vice President & Chief Financial Officer (principal financial officer and principal accounting officer), mutually agreed that Mr. Ackerman would resign from his position as Executive Vice President & Chief Financial Officer, effective such date.Subject to his execution of a general release of claims in favor of the Company and continuing compliance with certain restrictive covenants, Mr. Ackerman will be entitled to receive severance payments and health and welfare benefits consistent with the terms of his employment agreement.A copy of Mr. Ackerman’s employment agreement was attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 6, 2017.
In connection with the resignation of Mr. Ackerman, on December 20, 2018, the Company appointed Christopher A. Smosna, age 47, as the Company’s Interim Chief Financial Officer (interim principal financial officer and interim principal accounting officer), effective such date. Mr. Smosna is a certified public accountant and has been Treasurer of the Company since 2008 and a Vice President of the Company since 2011. Mr. Smosna previously has served as Interim Chief Financial Officer of the Company from June 2017 to September 2017 and as Interim Chief Financial and Chief Accounting Officer of the Company from November 2015 to January 2016. Mr. Smosna has no family relationships with any director or executive officer of the Company, and there are no arrangements or understandings between Mr. Smosna and any other person to which he was selected as Interim Chief Financial Officer of the Company. In addition, there have been no transactions directly or indirectly involving Mr. Smosna that would be required to be disclosed to Item 404(a) of Regulation S-K.
About UNIFI, INC. (NYSE:UFI)
Unifi, Inc. is a manufacturing company. The Company processes and sells commodity yarns, specialized yarns and premier value-added (PVA) yarns. The Company operates through three segments: Polyester segment, Nylon segment and International segment. The Company’s polyester products include polyester polymer beads (Chip), partially oriented yarn (POY), textured, solution and package dyed, twisted, beamed and draw wound yarns. Each polyester product is available in virgin or recycled varieties, where the recycled is made from both pre-consumer yarn waste and post-consumer waste, including plastic bottles. The Company’s nylon products include textured, solution dyed and spandex covered products. The Company’s products include REPREVE, Sorbtek, Reflexx, aio, Augusta and A.M.Y. The Company’s principal geographic markets for its products are located in North America, Central America, South America and Asia.