Posted 26 August, 2022
Glatfelter Corp appointed Thomas Fahnemann as new CEO
NYSE:GLT appointed new Chief Executive Officer Thomas Fahnemann in a 8-K filed on 26 August, 2022.
On August 23, 2022, the Company appointed Thomas Fahnemann, 61, to the roles of President and Chief Executive Officer, effective August 24, 2022.
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Overview of Glatfelter Corp
Basic Materials/Resources • Paper/Pulp
Glatfelter Corp. engages in the manufacture of papers and fiber-based engineered materials. It operates through the Composite Fibers and Airlaid Materials segments. The Composite Fibers segment offers food and beverage filtration materials, wallcover base materials, technical specialties, composite laminates decorative laminate solution, and metallized products. The Airlaid Materials segment supplies absorbent and engineered cellulose-based airlaid nonwoven materials for the manufacturing of consumer products for end-user markets. The company was founded by Philip H. Glatfelter in 1864 and is headquartered in Charlotte, NC.Market Cap
$95.3M
View Company Details
$95.3M
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On August 23, 2022, Glatfelter Corporation (the "Company") terminated its Chairman and Chief Executive Officer, Dante C. Parrini, effective immediately. On August 23, 2022, the Company appointed Thomas Fahnemann, 61, to the roles of President and Chief Executive Officer, effective August 24, 2022. Since October 2017, Mr. Fahnemann has served as Non-Executive Director, Member of the Board and Chairman of the Audit Committee for AustroCel Hallein, a producer of pulp and bio-energy. From December 2010 to March 2017, Mr. Fahnemann served as CEO and Chairman of the Management Board of Semperit Holding AG, a global manufacturer of industrial polymer products and solutions. Prior to 2010, he held leadership roles in various fiber- and chemical-based businesses including serving as CEO and Chairman of the Management Board, RHI AG; CEO and Chairman of the Management Board, Lenzing AG; and Vice President, General Manager, KoSa (Koch Industries). Mr. Fahnemann holds a Master of Business Administration degree from Mainz University of Applied Science in Germany and is a graduate of Northwestern University's Executive Management Program. In connection with his appointment as President and Chief Executive Officer, Mr. Fahnemann will receive the following compensation: a.Annual base salary of $1,050,000. b.Special equity award on date of hire with 600,000 shares underlying the award. The award to be structured as follows: i.40% of shares (240,000) will be provided in time-based restricted stock units that vest 50% on second anniversary and 50% on third anniversary; ii.60% of shares (360,000) will be provided in performance shares earned if and only if certain stock price hurdles of $10 and $18 are achieved over a 3-year measurement period (e.g., 50% earned if stock price reached $10 and is maintained for 20 consecutive trading days throughout the performance period; 50% earned if stock price reaches $18 for 20 consecutive trading days throughout the performance period). Mr. Fahnemann will also be eligible to participate in the Company's annual Management Incentive Plan with an annual target bonus of 100% of annual base salary, the Company's long-term incentive equity program and the Company's standard retirement and welfare benefit plans for senior executives. Mr. Fahnemann will also be eligible to receive a one-time cash payment in the amount of $250,000 for the transition On August 23, 2022, Mr. Fahnemann was also appointed to the Company's Board of Directors, effective August 24, 2022.
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