Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 3, 2022, Mission Produce, Inc. (the "Company") announced the appointment
of Timothy A. Bulow as the Company's President and Chief Operating Officer.
Mr. Bulow will join the Company no later than August 1, 2022. Stephen J. Barnard
will continue to serve as the Company's Chief Executive Officer and a member of
the Board of Directors.
Mr. Bulow, age 56, is the Chief Operating Officer of Minor Education, part of
Minor International Pcl which is one of the largest hospitality, restaurant, and
lifestyle companies in the Asia Pacific, a role he has held since 2019. From
2012 to 2019, Mr. Bulow held various senior executive roles at Laureate
International Universities, a global network of degree-granting educational
institutions. Previously, Mr. Bulow held various management positions in
marketing at General Mills, Inc. (NYSE: GIS), a multinational manufacturer and
marketer of branded consumer foods, for 15 years. He has also held various roles
in accounting, finance, and strategy at PepsiCo, Inc. (NASDAQ: PEP), one of the
world's leading food and beverage companies. Mr. Bulow holds a B.S. from
Tennessee Tech University and an MBA from Harvard Business School.
Mr. Bulow's compensation package consists of: (1) an annual base salary of
$475,000; (2) participation in the Company's annual cash incentive plan with a
target bonus percentage of 75% (for fiscal 2022, Mr. Bulow's annual cash
incentive will be subject to the 2022 annual cash incentive plan, but he will be
guaranteed a payout of at least 50% of his target bonus opportunity, pro-rated
based on the number of months between his start date and October 31, 2022); (3)
a one-time, sign-on cash bonus of $350,000 which is subject to repayment on a
pro-rated basis if Mr. Bulow terminates his employment prior to the expiration
of three years from the effective date of hire; (4) participation in our
long-term equity incentive plan beginning with fiscal 2023 (for fiscal 2023, the
value of Mr. Bulow's equity grant will be guaranteed at $500,000); (5) a
biweekly car allowance and Company-paid health premiums consistent with our
other executive officers; and (6) certain relocation assistance, including
temporary housing for a maximum of three months, reimbursement for interim
health insurance, and reimbursement of costs and expenses associated with one
relocation trip. Mr. Bulow will also be eligible to participate in and/or
receive the Company's other standard benefits and plans.
There are no arrangements or understandings between Mr. Bulow and any other
person pursuant to which he was selected as an executive officer. Mr. Bulow is
not a party to any transactions with the Company that would require disclosure
under Item 404(a) of the Securities and Exchange Commission Regulation S-K, and
there are no family relationships between Mr. Bulow and any of the Company's
executive officers or directors.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release dated May 3, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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