UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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
Resignation of Chief Accounting Officer
On April 26, 2022, Schweitzer-Mauduit International, Inc. (the “Company”) announced that on April 21, 2022, Michael L. Schmit, the Company’s Corporate Controller and Chief Accounting Officer, tendered his resignation effective as of May 17, 2022, to pursue another public company CFO opportunity.
Appointment of New Chief Accounting Officer
On April 26, 2022, the Company announced that it has named Cheryl Allegri as Corporate Controller and Chief Accounting Officer of the Company, effective as of May 18, 2022.
Ms. Allegri, age 56, has served as the Company’s Assistant Controller since September 2018. She previously served as Assistant Controller Reporting and Control at Halyard Health and Avanos from September 2016 to September 2018. From October 1995 to August 2016, Ms. Allegri served the Company in several positions of increasing responsibility, including as Director, Accounting and Control. Ms. Allegri’s other previous experience includes serving as Audit Manager with Deloitte. She is a CPA and holds a bachelor’s degree in Accounting from Auburn University.
In connection with her appointment as Corporate Controller and Chief Accounting Officer, Ms. Allegri and the Company agreed to an offer letter concerning her employment (the “Offer Letter”), dated April 25, 2022. Pursuant to the Offer Letter, Ms. Allegri will receive an annual base salary of $280,000. Ms. Allegri will be eligible to participate in the Company’s Annual Incentive Plan (“AIP”) as well as the Company’s Long-Term Incentive Plan (“LTIP”). Her 2022 AIP opportunity will be equal to 40% of her base salary at the target level of performance, with a maximum payout opportunity equal to 80% of her base salary. Her 2022 LTIP opportunity will be equal to 40% of her base salary at the target level of performance, with a maximum payout opportunity equal to 80% of her base salary.
The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by the full text of the Offer Letter itself, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(a) Exhibits.
Exhibit No. | Description | |
10.1 | Letter of Agreement, dated April 25, 2022, between Schweitzer-Mauduit International, Inc. and Cheryl Allegri | |
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.
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | ||
(Registrant) | ||
By: | /s/ Andrew Wamser | |
Andrew Wamser Executive Vice President and Chief Financial Officer |
Dated: April 26, 2022
SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
Current Report on Form 8-K
Dated April 26, 2022
INDEX TO EXHIBITS
Exhibit No. | Description | |
10.1 | Letter of Agreement, dated April 25, 2022, between Schweitzer-Mauduit International, Inc. and Cheryl Allegri | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Dated: April 26, 2022