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Posted 02 August, 2023

VALMONT INDUSTRIES INC appointed Avner Applbaum as new CEO

NYSE:VMI appointed new Chief Executive Officer Avner Applbaum in a 8-K filed on 02 August, 2023.


  As reported by Valmont Industries, Inc. in its Current Report on Form 8-K dated July 11, 2023, Avner Applbaum succeeded Stephen G. Kaniewski as President and Chief Executive Officer on July 10, 2023.  

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Overview of VALMONT INDUSTRIES INC
Real Estate/Construction • Building Materials/Products
Valmont Industries, Inc. engages in the manufacture of products and services for infrastructure and agriculture markets. It operates through the Infrastructure and Agriculture segments. The Infrastructure segment includes five primary product lines such as Transmission, Distribution, and Substation, Lighting and Transportation, Coatings, Telecommunications, and Renewable Energy. The Agriculture segment produces mechanized irrigation equipment and related services. The company was founded by Robert B. Daugherty in 1946 and is headquartered in Omaha, NE.
Market Cap
$4.24B
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VALMONT INDUSTRIES INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As reported by Valmont Industries, Inc. in its Current Report on Form 8-K dated July 11, 2023, Avner Applbaum succeeded Stephen G. Kaniewski as President and Chief Executive Officer on July 10, 2023.


On August 1, 2023, Valmont entered into a separation and release agreement with Mr. Kaniewski specifying the terms of Mr. Kaniewski's employment separation and transition of his duties and responsibilities.


Pursuant to the separation and release agreement, Mr. Kaniewski has agreed to remain in the employ of the company to provide certain consulting services as requested until December 30, 2023. He has agreed to certain confidentiality, cooperation and restrictive covenants as provided in the separation and release agreement and to comply with Company policies in connection with his employment. In consideration of the foregoing, and provided he has not exercised his right to revoke the agreement within seven days following its execution, he will continue to receive his base salary and health benefits until the end of his employment. Subject to conditions set forth in the separation and release agreement, he will receive (i) cash severance according to Valmont's general severance policy, equal to 16 weeks of his base salary plus one week for each year of his service (14 weeks), (ii) his previously awarded restricted stock units and stock options will continue on the grant date terms and will vest while he is employed (until December 30, 2023), and (iii) he will continue to participate at his previously granted performance award levels on the grant date terms in the company's 2023 short-term incentive plan and 2021-2023 long-term incentive plan, and on a prorated basis (to December 30, 2023) in the 2022-2024 and 2023-2025 long-term incentive plans. Payouts under the incentive plans, as determined by the level of achievement of the company's performance goals, will be made no later than March 15, 2024. He is not eligible for any new incentive grants or awards. His restricted stock unit awards and stock options that will not vest by December 30, 2023 are forfeited.


The foregoing summary is qualified by reference to the Separation and Release Agreement, which is filed herewith as Exhibit 10.1.