Posted 15 February, 2024
CENTRAL GARDEN & PET CO appointed new CEO
CEO Change detected for ticker Nasdaq:CENT in a 8-K filed on 15 February, 2024.
Mr. Cofer resigned as the Company's Chief Executive Officer effective October 6, 2023.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of CENTRAL GARDEN & PET CO
Consumer Goods • Nondurable Household Products
Central Garden & Pet Co. engages in the production and distribution of branded and private label products for the lawn, and garden and pet supplies markets. It operates through the following segments: Pets and Garden. The Pet segment includes dog and cat supplies such as dog treats and chews, toys, pet beds and grooming products, waste management and training pads, pet containment, supplies for aquatics, small animals, reptiles and pet birds including toys, cages and habitats, bedding, food and supplements, products for equine and livestock, animal and household health and insect control products, live fish and small animals as well as outdoor cushions. The Garden segment includes lawn and garden consumables such as grass, vegetable, flower and herb seed, wild bird feed, bird houses and other birding accessories, weed, grass, and other herbicides, insecticide and pesticide products, fertilizers and live plants. The company was founded by William E. Brown in 1980 and is headquartered in Walnut Creek, CA.Market Cap
$2.35B
View Company Details
$2.35B
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Fiscal 2023 Bonus Determinations On February 9, 2024, the Compensation Committee of the Company's Board of Directors approved cash bonus payments to the Company's named executive officers in respect of fiscal 2023. This bonus compensation information was not included in the Summary Compensation Table included in the Company's Proxy Statement for its 2024 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 28, 2023 (the "Proxy Statement"), because the amount of the bonuses had not been determined at the time of filing the Proxy Statement. In accordance with Item 5.02(f), the table below updates the Non-Equity Incentive Plan Compensation and Total columns in the fiscal 2023 summary compensation table for the named executive officers previously set forth in the Proxy Statement. No other amounts have changed. SUMMARY COMPENSATION TABLE Name and Principal Position Year Salary ($) Bonus ($) Stock Awards (1)($) Option Awards (2)($) Non-Equity Incentive Plan Compensation ($) All Other Compensation (3)($) Total ($) Timothy P. Cofer Former Chief Executive Officer(4) 2023 1,080,902 - 2,299,977 614,800 - 2,620,159 6,615,838 2022 1,017,308 - 3,199,970 - 581,175 2,407,971 7,206,424 2021 992,404 - 1,149,978 1,107,000 1,512,000 264,624 5,026,006 Nicholas Lahanas Chief Financial Officer 2023 508,669 - 249,998 - 222,000 11,685 992,352 2022 478,662 - 249,983 - 125,400 10,426 864,471 2021 466,988 - 100,013 75,442 326,000 9,998 978,441 John Hanson President Pet Consumer Products 2023 545,838 - 249,998 - 328,000 48,113 1,171,949 2022 513,716 - 249,983 - 135,300 100,112 999,111 2021 501,235 - 100,013 75,442 342,000 132,955 1,151,645 Joyce M. McCarthy General Counsel and Secretary 2023 448,252 50,000 199,998 - 157,000 124,742 979,992 John D. Walker President Garden Consumer Products 2023 559,000 - 249,998 - 136,000 43,735 988,733 2022 525,519 - 249,983 - 127,100 38,098 940,700 2021 512,733 - 100,013 75,442 320,000 47,272 1,055,460 __________________________ (1) This column represents the grant date fair value in accordance with ASC 718 of restricted stock and performance share units ("PSUs") awarded the named executive officers in fiscal 2023. The amounts shown include the aggregate grant date fair value of the shares issuable for PSUs at target achievement. The aggregate grant date fair values of the maximum number of shares issuable pursuant to the PSUs are $2,587,494 for Mr. Cofer, $281,257 for each of Messrs. Lahanas, Hanson, and Walker, and $224,998 for Ms. McCarthy. These amounts do not represent the actual value that may be realized by the named executive officers. (2) This column represents the grant date fair value in accordance with ASC 718. Please refer to Note 14, "Stock-Based Compensation", in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10−K filed on November 28, 2023 for the relevant assumptions used to determine the compensation cost of our stock option awards. These amounts do not represent the actual value, if any, that may be realized by the named executive officers. 2 (3) The components of the "All Other Compensation" column for fiscal 2023 are detailed in the following table: Description Cofer Lahanas Hanson McCarthy Walker Company matching contribution to 401(k) plan $ 9,900 $ 9,900 $ 9,900 $ 12,842 $ 9,900 Retention payment 2,393,453 - - - - Medical and life insurance premiums and medical reimbursement 22,355 1,785 22,176 8,927 24,235 Car allowance or lease 13,200 - 12,000 - 9,600 Commute expense reimbursement 37,106 - - - - Mobile device - - 1,080 - - Housing allowance 67,516 - 2,306 - - Relocation - - - 89,139 - Tax gross up 48,164 - 651 13,834 - Financial planning allowance 28,465 - - - - Total $ 2,620,159 $ 11,685 $ 48,113 $ 124,742 $ 43,735 (4) Mr. Cofer resigned as the Company's Chief Executive Officer effective October 6, 2023. In addition, the Compensation Committee approved an increase in Mr. Lahanas's base salary to $503,846, Mr. Hanson's base salary to $540,638, Ms. McCarthy's base salary to $444,008, and Mr. Walker's base salary to $553,924. The increases were effective as of January 1, 2024. On February 13, 2024, the Board of Directors approved a grant of 3,281 shares of restricted stock to each of the directors under the Company's 2003 Omnibus Equity Incentive Plan.
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