UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
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| 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). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MISSION PRODUCE, INC. | ||||||
| Date: May 3, 2022 | ||||||
| /s/ Stephen J. Barnard | ||||||
| Stephen J. Barnard | ||||||
| Chief Executive Officer |