Welbilt, Inc. (NYSE:WBT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March6, 2017, Welbilt, Inc. (the Company) appointed Brian R.
Gamache to its Board of Directors (the Board), effective
immediately.
Mr.Gamache, 58, was the Chairman and CEO of WMS Industries Inc.,
a designer, manufacturer and marketer of games for the casino and
on-line gaming industries, from 2001 until it was acquired by
Scientific Games Corporation (Nasdaq:SGMS) in 2013. Prior to
rejoining WMS Industries Inc., he served as President of Wyndham
Internationals Luxury and Resort Division where he managed the
hotel organizations 31 luxury properties. Before Wyndham, he
served as President and Chief Operating Officer of WHG Resorts
and Casinos, Inc., a subsidiary of WMS Industries Inc. He
previously held various executive positions with Marriott Hotel
Corporation and Hyatt Hotels Corporation. Mr.Gamache is on the
Board of Directors at KapStone Paper and Packaging Corporation
(NYSE:KS). He currently serves as an advisor to several private
equity firms and corporations. He also is a guest lecturer at
Northwestern Universitys Kellogg School of Management. He
graduated from the University of Florida with a degree in
Business Administration, where he currently serves as a member of
the Deans Council to the Warrington School of Business.
Mr.Gamache will participate in the Companys standard non-employee
director compensation program. to this program, Mr.Gamache will
receive the following compensation in connection with his service
on the Board:
| an annual retainer of $60,000 for service as a Board member; |
| an additional $1,500 for attendance at Board meetings; and |
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a restricted stock grant, to be valued at $110,000 on the date of grant, to be fully vested on the second anniversary of the grant date. |
Since the beginning of the Companys last fiscal year, there have
been no transactions with the Company, and there are currently no
proposed transactions with the Company, in which the amount
involved exceeds $120,000 and in which Mr.Gamache had or will
have a direct or indirect material interest within the meaning of
Item 404(a)of Regulation S-K.No arrangement or
understanding exists between Mr.Gamache and any other person to
which Mr.Gamache was selected as a director of the
Company.
About Welbilt, Inc. (NYSE:WBT)
Welbilt, Inc., formerly Manitowoc Foodservice, Inc., is a commercial foodservice equipment company. The Company designs, manufactures and supplies food and beverage equipment for the global commercial foodservice market. The Company operates through three segments: Americas, EMEA and APAC. The Americas segment includes the United States, Canada and Latin America. The EMEA segment consists of markets in Europe, Middle East and Africa, including Russia and the commonwealth of independent states. The APAC segment consists of markets in China, Singapore, India, Singapore, Malaysia, Thailand, Philippines, Indonesia, Japan, South Korea, Australia and New Zealand. The Company designs, manufactures and services an integrated portfolio of hot and cold category products. Its products include Multiplex Blend-In-Cup Smoothie Machine (with or without Integrated Ice Machine), Convotherm 4, Merrychef eikon, Chick-fil-A Broiler, Merco IntelliHold Series, Manitowoc Indigo Ice Machine and Koolaire. Welbilt, Inc. (NYSE:WBT) Recent Trading Information
Welbilt, Inc. (NYSE:WBT) closed its last trading session down -0.01 at 19.04 with 738,402 shares trading hands.
