Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
On December 7, 2016, USANA Health Sciences, Inc. (the "Company" or "USANA")
announced that Jim Brown has been appointed as President and Chief Operating
Officer of the Company.
Mr. Brown,48, joined USANA in 2006 as Vice President of Operations. In July
2011, he was appointed Vice President of Global Operations and served in that
role until July 2012, when he was appointed Chief Production Officer. He served
in that role until November 2013 when he was appointed Chief Operating
Officer. Prior to joining USANA, Mr. Brown was employed at Sonoco as a plant
manager where he was responsible for safety, quality, finance, production, and
maintenance. Mr. Brown received a bachelor's degree with a double major in
computer science and math, as well as an M.B.A. degree from Francis Marion
University in Florence, South Carolina.
As President and Chief Operating Officer, Mr. Brown will continue to receive an
annual salary of $411,000, which will be reviewed going forward by the
Compensation Committee. Mr. Brown will also continue to be eligible to
participate in the Company's Executive Bonus Plan, and be eligible to receive
equity grants under the Company's 2015 Equity Incentive Award Plan. He will also
be eligible to participate in the Company's 401K plan and to receive medical and
other benefits coverage, both of which are generally available to the Company's
other employees. There is no arrangement or understanding between Mr. Brown and
any other persons pursuant to which Mr. Brown was selected as President and
Chief Operating Officer. There are no family relationships between Mr. Brown and
any director or executive officer of the Company and there are no relationships
between Mr. Brown and the Company or any of its subsidiaries that would require
disclosure pursuant to Item 404(a) of Regulation S-K of the Securities Exchange
Act of 1934, as amended.
The Company also announced that, effective immediately, Douglas Braun will
transition out of the role of Chief Marketing Officer and become a strategic
adviser to the Chief Executive Officer. The Company and Mr. Braun are
negotiating transition documentation and the Company will file an amended
Current Report on Form 8-K upon the finalization of this documentation.
The Company issued a press release on December 7, 2016 announcing these events.
A copy of the press release is furnished as Exhibit 99.1 hereto and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release issued by USANA Health Sciences, Inc. dated December
7, 2016 (furnished herewith).
© Edgar Online, source Glimpses