Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnJuly 1, 2021 , the Board of Directors ofSilgan Holdings Inc. , or the Company, elected and appointedAdam J. Greenlee as Chief Executive Officer of the Company, effectiveSeptember 1, 2021 , as part of the continuation of the Company's long-term succession planning.Mr. Greenlee will also continue to serve as President of the Company.Mr. Greenlee will succeedAnthony J. Allott as Chief Executive Officer of the Company.Mr. Allott has served as Chief Executive Officer of the Company sinceMarch 2006 .Mr. Allott will continue to serve as Chairman of the Board of the Company in an executive capacity afterSeptember 1, 2021 .Mr. Greenlee , age 48, has been President of the Company sinceApril 2019 and Chief Operating Officer of the Company sinceAugust 2009 . FromOctober 2007 throughMarch 2019 ,Mr. Greenlee was an Executive Vice President of the Company. FromJanuary 2006 untilOctober 2007 ,Mr. Greenlee was President of the North American operations ofSilgan Closures , and he was Executive Vice President of the North American operations ofSilgan Closures fromMarch 2005 untilJanuary 2006 . Prior to that,Mr. Greenlee was Vice President & General Manager of ATI Allegheny Rodney fromJanuary 2003 throughFebruary 2005 and its Director of Marketing fromFebruary 2001 untilJanuary 2003 . OnJuly 1, 2021 , in connection withMr. Greenlee's election and appointment as Chief Executive Officer of the Company effectiveSeptember 1, 2021 , the Compensation Committee of the Board of Directors of the Company approved (i) a$229,192 increase in the annual base salary ofMr. Greenlee from$770,808 to$1,000,000 , effectiveSeptember 1, 2021 , (ii) an increase in the annual cash bonus forMr. Greenlee for 2021 to up to a maximum of 100% of his annual base salary received from and afterSeptember 1, 2021 , with his annual cash bonus remaining at up to a maximum of 80% of his annual base salary received prior toSeptember 1, 2021 , all calculated and determined as previously approved by the Compensation Committee, and (iii) for purposes of the Company's annual awards of restricted stock units that would typically vest ratably over a five year period under the Company's Amended and Restated 2004 Stock Incentive Plan, as amended, a change in the compensation ofMr. Greenlee to be used by the Compensation Committee, starting in 2022, for purposes thereof to his annual base salary plus his annual bonus (at 100%), with his target multiple being, starting in 2022, three times his annual base salary and annual bonus (at 100%).
A copy of the Company's press release announcing its succession plan for its Chief Executive Officer is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description 99.1 Press Release datedJuly 1, 2021
announcing the Company's CEO
Succession Plan. 104 Cover Page Interactive File (the
cover page tags are embedded within
the Inline XBRL document). 2
--------------------------------------------------------------------------------
© Edgar Online, source