x

Posted 30 September, 2022

CAL-MAINE FOODS INC appointed new CEO

CEO Change detected for ticker Nasdaq:CALM in a 8-K filed on 30 September, 2022.


  Transition of Chief Executive Officer  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of CAL-MAINE FOODS INC
Agriculture • Farming
Cal-Maine Foods, Inc. engages in the production, grading, packing, marketing, and distribution of shell eggs. It operates farms, processing plants, hatcheries, feed mills, warehouses, offices and other properties. It markets shell eggs to national and regional grocery store chains, club stores, foodservice distributors, and egg product manufacturers. The company was founded by Fred R. Adams Jr. in 1957 and is headquartered in Ridgeland, MS.
Market Cap
$4.13B
View Company Details
CAL-MAINE FOODS 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 

Transition of Chief Executive Officer 

On September

30, 2022,

Cal-Maine Foods,

Inc. (the

"Company") announced

that Adolphus B.

Baker, Chief

Executive Officer 

("CEO") and Chairman of the Board,

will step down as the Company's CEO

effective immediately. Mr. Baker has

served as the 

Company's

CEO

since

2010

and

was

elected

Chairman

of

the

Board

in

2012.

He

will

continue

to

serve

as

the

Company's 

Chairman of the Board and as an executive officer of the Company. 

On September 30, 2022, the

Board of Directors named Sherman

L. Miller President and Chief

Executive Officer of the Company, 

effective immediately. This transition is consistent with the Board's succession planning process. Mr. Miller previously served as 

the

Company's

President

and

Chief

Operations

Officer

and

will remain

interim

Chief

Operations

Officer

until

a

successor

is 

named.

Mr.

Miller

(age

48)

has

served

as

the

Company's

President

since

2018,

as

its

Chief

Operations

Officer

since

2011,

and

as

a 

member of the Board since 2012. Mr. Miller has devoted his professional career to the Company since joining in 1996, including 

by

serving

in

various

positions

of

increasing

responsibility

in

operations

prior

to

his

promotion

to

Company

Vice

President, 

Operations, in 2007.


As

an

executive

officer

of

the

Company,

Mr.

Miller

receives

compensation,

including

base

pay,

bonuses,

certain

employee 

benefits,

and

awards under

the Company's

long-term

incentive plan.

The details

of his

compensation

for fiscal

year

2022

are 

disclosed

in

the

Company's

proxy

statement

filed

with

the

Securities

and

Exchange

Commission

on

August

18,

2022. In 

connection with Mr.

Miller's appointment as

Chief Executive Officer,

Mr. Miller is

receiving a $50,000

increase in base salary. 

Mr. Baker's compensation has not been changed.

There are no arrangements or understandings between Mr.

Miller and any other person pursuant to

which Mr. Miller was selected 

as an

officer

of

the

Company.

Mr.

Miller

does

not

have

any

family

relationship

with

any

director

or

executive

officer

of

the 

Company. There are no

related party transactions involving

Mr. Miller and

the Company that require

disclosure under Item

404(a) 

of Regulation S-K. 

A copy of the Company's press release is attached hereto as Exhibit 99.1 to this Current Report.