Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
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On September 7, 2018, Coca-Cola Bottling Co. Consolidated (the
Company) announced that on September 6, 2018, the Executive Committee of the Companys Board of Directors (the Board) elected Scott Anthony to be the Companys Executive Vice President, Chief Financial Officer,
effective December 31, 2018 upon the previously announced succession of Mr. David Katz, the Companys current Executive Vice President and Chief Financial Officer, to the position of President and Chief Operating Officer.
Mr. Anthony is expected to join the Company on November 30, 2018 and will serve as the Companys Senior Vice President, Treasurer until he assumes the role of the Companys Executive Vice President, Chief Financial Officer. A
copy of the Companys news release announcing Mr. Anthonys election is attached as Exhibit 99.1.
Mr. Anthony,
age 55, currently serves as Executive Vice President, Chief Financial Officer of Ventura Foods, LLC, a privately-held food solutions company, a position he has held since April 2011. Prior to joining Ventura Foods, LLC, Mr. Anthony served in a
variety of roles over a
21-year
career with Coca-Cola Enterprises, Inc. (CCE),
including Vice President, Chief Financial Officer of CCEs North America division; Vice President,
Investor Relations & Planning; and Director, Acquisitions & Investor Relations.
In connection with
Mr. Anthonys election, he will (i) receive an annual base salary of $525,000, effective as of November 30, 2018, a bonus of $75,000 upon commencement of employment with the Company and an additional $75,000 bonus after six
months of employment with the Company, (ii) be eligible to participate in the Companys Annual Bonus Plan beginning in 2019, with a target bonus award of 60% of his base salary for 2019, and will be recommended for participation in the
Companys Long-Term Performance Plan for the 2019 2021 performance period, subject to the approval of the Compensation Committee of the Board in March 2019, with a recommended target award of 60% of his base salary, (iii) be
eligible to participate in the Companys Supplemental Savings Incentive Plan, including with a fixed annual discretionary award of $100,000 made under the plan for the years 2019 2023, subject to his continued employment with the
Company, and (iv) receive certain relocation assistance benefits for his relocation from California to the Charlotte, North Carolina area.
Mr. Anthony has no family relationships with any director or executive officer of the Company, there are no arrangements or
understandings between Mr. Anthony and any other persons pursuant to which he was selected as the Companys Senior Vice President, Treasurer or Executive Vice President, Chief Financial Officer, and there have been no transactions
involving the Company and Mr. Anthony that the Company would be required to disclose pursuant to Item 404(a) of Regulation
S-K.