01—Abstract
Summary
Summary of the 8-K filed August 5, 2024. Cited figures are marked; the original filing is the authoritative source.
The Kraft Heinz Company announced on August 5, 2024 that Rashida La Lande, Executive Vice President and Chief Legal and Corporate Affairs Officer, is stepping down from her role effective immediately.
The filing states that her decision is not due to any disagreement or dispute with the Company. She will remain with the Company as an advisor for a transition period through the completion of certain strategic projects. Under a Separation Agreement, and in recognition of her actual performance for 2024 and her agreement to remain as an advisor and to restrictive covenants, Ms. La Lande will receive a pro-rata payment of her annual bonus under the Company's Performance Bonus Plan.
Her matching restricted stock units from the Bonus Investment Plan, along with accrued dividend equivalent units, which would otherwise vest three years after grant, will vest pro rata at 33%a for her 2023 grant and 66% for her 2022 grant. For investors, the filing is a senior legal executive departure disclosed under Item 5.02, with the key terms of her separation compensation and advisory role set out. The filing does not describe a successor or any financial results.
02—Key points
Key Highlights
- Rashida La Lande, EVP and Chief Legal and Corporate Affairs Officer, is stepping down effective immediately (August 5, 2024).
- The filing states her departure is not due to any disagreement or dispute with the Company.
- She will remain with the Company as an advisor through the completion of certain strategic projects.
- She will receive a pro-rata payment of her annual bonus under the Performance Bonus Plan, in recognition of her actual 2024 performance.
- Matching RSUs from the Bonus Investment Plan, plus accrued dividend equivalent units, will vest pro rata: 33% of the 2023 grant and 66% of the 2022 grant.
- Separation terms are tied to her agreement to restrictive covenants under a Separation Agreement.
03—Questions
Frequently Asked Questions
Why is Rashida La Lande leaving The Kraft Heinz Company?
The filing states that her decision to step down is not due to any disagreement or dispute with the Company. It does not give further reasons.
Will Ms. La Lande have any continuing role at the Company?
Yes. She will remain with the Company as an advisor for a transition period through the completion of certain strategic projects.
What bonus will Ms. La Lande receive?
She will receive a pro-rata payment of her annual bonus under the Company's Performance Bonus Plan, recognizing her actual performance for 2024, in consideration of her advisory role and her agreement to restrictive covenants under a Separation Agreement.
How will her equity awards be treated?
Her matching RSUs from the Bonus Investment Plan, along with accrued dividend equivalent units, which would otherwise vest three years after grant, will vest pro rata at 33% for her 2023 grant and 66% for her 2022 grant.
Does the filing name a replacement for her role?
No. The filing does not identify a successor or interim officer for the Chief Legal and Corporate Affairs Officer role.
04—Continue