Item 5.02 Departure of Director or Certain Officers; Election of Directors;
Appointment of Certain Officers.
Yuengling's Ice Cream Corporation ("Yuengling's" or the "Company") announced on
October 26, 2022, that Charles Green ("Green") and Robert C. Bohorad ("Bohorad")
have signed a Letter of Intent ("LOI") whereas, upon the signing of the
Definitive Agreement, Bohorad will resign as President and Chief Executive
Officer and become the Chief Operating Officer and Chief Financial Officer and
Green will become President, Chief Executive Officer, and a Director. As part of
the transaction, Green and Bohorad will receive a combined 25% of the equity
carry, which will increase upon reaching certain milestones. The Company expects
the Definitive Agreement to be signed within 45 days.
Green, 68, currently serves as Managing Partner of the consulting firm, Desmond
Partners. Green has 40+ years in the ice cream, logistics, and consumer packaged
goods (CPG) industries. He initially started in ice cream with his cousin and
grew their business into the largest independent distributor in the country.
Green partnered with Ben & Jerry to become their first distributor outside of
Vermont. After consulting to Ben & Jerry's on expansion, Green accepted a
full-time position as Director of Sales. He directed the nation-wide expansion
and eventual international expansion in countries such as the UK, Israel and
Japan. Green later was promoted to Sr. Director of Sales & Marketing,
Distribution, and Franchises. As a Board member, Green negotiated the sale of
Ben & Jerry's to Unilever where he stayed as leader of the integration. Green
remained at Unilever as Sr. Vice President and Executive Board Member for
Unilever Ice Cream until his retirement. Subsequent to Green's departure from
Unilever, some of his work included CEO of Brigham Ice Cream, CEO of Traders
Point Creamery, Co-General Manager and Commercial Manager of Weetabix NA cereal
products, CEO Backyard Farms indoor greenhouse, COO of Bongiovi Pasta Sauce, and
CEO of Steve's Ice Cream. Through Chuck's consulting firm, Desmond Partners, he
has worked with numerous other brands, such as Ample Hills, Jenni's Ice Cream,
Sunkist Frozen, G&G Foods, Cold Snap Ice Cream Machines, SoCo Creamery, Barts
Ice Cream, and several others.
Bohorad, 50, joined the Company as President and CEO on October 28, 2021 after
being Chief Operating Officer of YIC Acquisitions Corp, a wholly-owned
subsidiary of the Company. Prior to YIC Acquisitions Corp, Mr. Bohorad was the
Chief Financial Officer and Chief Operating Officer of Yuengling's Ice Cream.
Mr. Bohorad earned a Bachelor of Science degree with concentrations in
Management and Marketing from the Wharton School of the University of
Pennsylvania and a Master of Business Administration from Fordham University's
Gabelli School of Management. Prior to Yuengling's Ice Cream, Mr. Bohorad worked
for several companies in various stages of their life cycles and in numerous
capacities, including finance, accounting, business & strategic development,
operations, and human resources. While maintaining a diverse background, areas
of particular focus include logistics, consumer products, medical devices, and
software.
Neither Green nor Bohorad have any direct or indirect material interest in any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K,
and neither Green nor Bohorad have any familial relationships with executives or
directors of the Company.
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Item 7.01 Regulation FD Disclosure.
Press Release
The information in this Item 7.01 of this Current Report is furnished pursuant
to Item 7.01 and shall not be deemed "filed" for any purpose, including for the
purposes of Section 18 of the Exchange Act, or otherwise subject to the
liabilities of that Section. The information in this Current Report on Form 8-K
shall not be deemed incorporated by reference into any filing under the
Securities Act or the Exchange Act regardless of any general incorporation
language in such filing.
On October 26, 2022 Yuengling's Ice Cream Corporation issued a press release.
The text of the press release in its entirety is attached herewith as Exhibit
99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibits. The exhibits listed in the following Exhibit Index are filed as part
of this Current Report on Form 8-K
Exhibit No. Description
99.1 Press Release
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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