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Quotes & Info
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| SWM > SEC Filings for SWM > Form 8-K on 6-Mar-2013 | All Recent SEC Filings |
6-Mar-2013
Change in Directors or Principal Officers, Financial Stateme
Appointment of Principal Officers
Effective March 6, 2013, Mr. Stephen Dunmead, age 49, has been appointed to the position of Chief Operating Officer. Otto R. Herbst, who had been serving as SWM's Chief Operating Officer and Executive Vice President of Global Papers, will continue to lead as Executive Vice President, managing the company's paper business. Additionally, effective March 31, 2013, Wilfred A. Martinez will transition from Vice President, LIP Operations to Vice President, Research and Development.
Prior to joining SWM, Mr. Dunmead served as the Executive Vice President and General Manager of OM Group's Specialties Division. OM Group, Inc. is a leading global solutions provider of specialty chemicals, advanced materials and unique technologies. Mr. Dunmead joined OM Group in 1998 as Director of Research and Development, Powdered Metals Division, was appointed Chief Technology Officer in 2001, and during his 14-year tenure with the organization rose through the ranks to the EVP and GM position. In this role, he had global P&L responsibility for six businesses, representing $1.5 billion in revenue, with 6,500 employees at 32 sites in North America, Europe, Asia, and Africa.
Mr. Dunmead does not have an employment contract with SWM, and he is not a party to any related transactions. Mr. Dunmead's compensation will consist of a base salary of $485,000 per year plus a target annual incentive bonus of 80 percent of base salary and a long-term incentive bonus targeted at 140 percent of base salary, which is payable in the Company's restricted stock. The Company awarded Mr. Dunmead 10,000 shares of restricted stock with a four-year vesting period and he will receive health and welfare and other benefits on the same terms made available to all salaried employees.
The March 6, 2013 press release announcing the change is attached hereto as Exhibit 99.1
(d) Exhibits
99.1 Press Release, dated March 6, 2013, of Schweitzer-Mauduit International, Inc., announcing senior management appointment.
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