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Posted 03 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 03 August, 2023.


  The Board of Directors of Valmont Industries, Inc. elected Avner Applbaum 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.

The Board of Directors of Valmont Industries, Inc. elected Avner Applbaum as President and Chief Executive Officer on July 10, 2023. On July 31, 2023, the Board of Directors designated Mr. Applbaum as a member of the Board of Directors. The Board of Directors on July 31, 2023, on the recommendation of the Human Resources Committee, approved changes to the compensation for Mr. Applbaum as follows: (i) base salary increased to $950,000, (ii) annual incentive plan target bonus at 110% of base salary, prorated to the CEO start date, (iii) target long-term performance share plan incentives based on 207.5% of base salary with participation in the 2023 Plan prorated to the CEO start date and (iv) long-term option and RSU awards based on 207.5% of base salary. To achieve proration of the 2023 incentives, Mr. Applbaum was granted (i) an award of 1,804 performance shares in Valmont's 2023-2025 Performance Share Plan, (ii) options exercisable for 3,661 shares at an exercise price of $264.75, vesting in three equal annual installments commencing July 31, 2024, and (iii) 1,133 restricted stock units, vesting in three equal annual installments commencing July 31, 2024.

Aaron Schapper became Group President Agriculture and Chief Strategy Officer effective July 31, 2023. The Human Resources Committee granted Mr. Schapper an incentive of 9,442 performance based restricted stock units, with 50% of the units vesting based on 2024 global irrigation business return on invested capital and operating income results and 50% vesting based on 2025 global irrigation business return on invested capital and operating income results.