WestRock Company (NYSE:WRK) 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.
In connection with the previously announced retirement of Robert Feeser as President, Consumer Packaging of WestRock Company, and in recognition of Mr. Feeser’s nearly 32-year career with the Company and its predecessor companies, the Compensation Committee of the Board of Directors determined on March 26, 2019 to modify the terms of certain equity award agreements (the “Modifications”). As a result of the Modifications, Mr. Feeser will be entitled to receive a prorated number of shares of the Company’s common stock under his February 17, 2017, February 1, 2018 and January 31, 2019 stock grant awards (the “Stock Grants”) through his retirement date, which is expected to be on April 30, 2019. He will receive the shares associated with the Stock Grants on the vesting dates included in the Stock Grant award agreements based on actual achievement of any performance conditions. The performance periods for the Stock Grants run through the end of 2019, the end of 2020 and the end of 2021, respectively. As of March 25, 2019, assuming target performance for the 2019 Stock Grant and reflecting current projected performance for the 2018 and 2017 Stock Grants and proration for each of the Stock Grants, Mr. Feeser would receive approximately 21,100 shares, although that number will increase or decrease depending on actual results.
In connection with his 2019 Stock Grant, Mr. Feeser agreed to certain restrictive covenants, including non-competition and non-solicitation obligations.
About WestRock Company (NYSE:WRK)
WestRock Company is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment consists of its containerboard mill and corrugated packaging operations, as well as its recycling operations. The Consumer Packaging segment consists of consumer mills, folding carton, beverage, merchandising displays, home, health and beauty dispensing, and partition operations. The Land and Development segment is engaged in the development and sale of real estate primarily in Charleston, South Carolina. As of September 30, 2016, the Company owned approximately 61,000 acres of development landholdings primarily in the Charleston, South Carolina region. The Corrugated Packaging segment produces containerboard and high-graphics preprinted linerboard.
