Louisiana-Pacific Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$LPX
Forest Products
Basic Materials
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 2, 2025
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(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (615 986 - 5600
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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.
Appointment of Executive Officer
On April 2, 2025, the Board of Directors (the “Board”) of Louisiana-Pacific Corporation (“LP”) approved the appointment of Jason Ringblom, who currently serves as Executive Vice President, General Manager, Siding, to the newly created office of President, overseeing all manufacturing and commercial operations of LP, effective April 7, 2025. In connection with Mr. Ringblom’s promotion, effective April 7, 2025, LP will (a) increase Mr. Ringblom’s annual base salary to $800,000, (b) increase Mr. Ringblom's target award value under LP’s Annual Incentive Plan to 90% of his annual base salary, and (c) increase Mr. Ringblom’s long-term equity grants commensurate with his new position to an aggregate value of $2,700,000, by granting additional awards of restricted stock units (“RSUs”) and performance stock units (“PSUs”) under LP’s 2022 Omnibus Stock Award Plan, each with a value equal to $750,000, on the same terms described for the 2025 long-term equity grants to the named executive officers in LP’s definitive proxy statement filed on March 27, 2025. The number of additional RSUs and PSUs to be granted to Mr. Ringblom will be calculated based on the closing price of LP’s common stock on April 7, 2025, the grant date of such awards.
A copy of the press release announcing Mr. Ringblom’s new position is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Biographical information about Mr. Ringblom is included under the heading “Information About Our Executive Officers” in LP’s Form 10-K for the year ended December 31, 2024 and is incorporated by reference herein.
Departure of Executive Officer
In connection with LP’s internal reorganization, LP will eliminate the position of Executive Vice President, General Manager, OSB, resulting in the termination of Jimmy Mason’s employment effective April 7, 2025. Mr. Mason will be entitled to receive severance payments payable in the event of a termination without cause under his severance agreement, the form of which was filed as Exhibit 10.10 to LP’s Form 10-K for the year ended December 31, 2024.
Retention Award
In connection with the internal reorganization, on April 2, 2025 the Compensation Committee of the Board approved a retention award to Alan J.M. Haughie, Executive Vice President, Chief Financial Officer of LP, of RSUs with a value equal to $2,250,000, effective April 7, 2025. The award was made under LP’s 2022 Omnibus Stock Award Plan, and the RSUs will vest in full on the third anniversary of the grant date, subject to Mr. Haughie’s continuous employment with LP through the vesting date. The number of RSUs awarded to Mr. Haughie will be calculated based on the closing price of LP’s common stock on April 7, 2025, the grant date.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) | ||||
SIGNATURE
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.
| LOUISIANA-PACIFIC CORPORATION | ||||||||
| By: | /S/ LESLIE E. DAVIS | |||||||
| Leslie E. Davis | ||||||||
| Vice President, Controller and Chief Accounting Officer | ||||||||