Valmont finalizes CEO Kaniewski separation; cash severance $648,937, benefits through Dec 2023

VALMONT INDUSTRIES INC

Former CEO Stephen Kaniewski to provide consulting services until Dec 30, 2023; receives base salary and health benefits during transition.
Cash severance: 16 weeks base salary ($346,103) plus 14 weeks service pay ($302,834) = $648,937 lump sum on Dec 29, 2023.
Certain RSUs and stock options vest on original Dec 2023 schedule; unvested awards forfeited.
Eligible for prorated bonuses under 2023 STIP and 2022-2024/2023-2025 LTIP based on performance goals.

item 5.02 item 9.01

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Departed

Stephen G. Kaniewski

President and Chief Executive Officer

VMI · VALMONT INDUSTRIES INC

Effective: 2023-07-10
Successor: Avner Applbaum
Filed: August 2, 2023, 7:59 PM ET

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.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Stephen G. Kaniewski departed as President and Chief Executive Officer at VALMONT INDUSTRIES INC.

Action: succeeded
Role: President and Chief Executive Officer

Exact text from the filing

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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Source: SEC EDGAR

accession 0001104659-23-086528

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