Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Chief Financial Officer and Principal Accounting Officer
On April 4, 2020, K. Scott Gray, Senior Vice President, Chief Financial Officer and Principal Accounting Officer of Luby’s, Inc. (the “Company”), resigned as Senior Vice President, Chief Financial Officer and Principal Accounting Officer of the Company to pursue other interests, effective immediately.
Chief Financial Officer
As of April 4, 2020, the Board of Directors of the Company (the “Board”) elected Steven Goodweather as the Company’s Chief Financial Officer and Treasurer, effective on such date.
Mr. Goodweather, 51, previously served as Vice President of Financial Planning and Analysis with additional responsibility for shareholder relations for the Company since 2009. Prior to that he served as Director of Financial Planning and Analysis for the Company from 2006 to 2009. Mr. Goodweather is a CFA Charterholder, an MBA graduate of the Fuqua School of Business at Duke University, and holds an undergraduate degree in electrical engineering from Cornell University.
In connection with Mr. Goodweather’s election as Chief Financial Officer, his base salary will be $215,000, although, as is the case with all senior management and other salaried employees, his base salary has been temporarily reduced by 50%.
There are no arrangements or understandings between Mr. Goodweather and any other person pursuant to which Mr. Goodweather was appointed as an executive officer of the Company. There are no family relationships between Mr. Goodweather and any director or executive officer of the Company, and Mr. Goodweather has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Chief Accounting Officer
As of April 4, 2020, the Board elected Phillip J. Rider to as the Company’s Chief Accounting Officer and Controller, effective on such date.
Mr. Rider, 61, previously served as Vice President – Accounting and SEC Reporting for the Company since October 2019. Mr. Rider was previously a Senior Consultant for technical accounting issues with Axia Partners, LLC from October 2018 through September 2019 and a Senior Consultant for Aventine Hill Partners from August 2017 through September 2018. Prior to that he was employed by Sidewinder Drilling, Inc. from May 2011 through March 2016 as Vice President – Accounting and Controller and as a consultant on accounting matters from November 2016 through August 2017. He is a CPA in the state of Texas.
In connection with Mr. Rider’s election as Chief Accounting Officer, his base salary will be $205,000, although, as is the case with all senior management and other salaried employees, his base salary has been temporarily reduced by 50%.
There are no arrangements or understandings between Mr. Rider and any other person pursuant to which Mr. Rider was appointed as an executive officer of the Company. There are no family relationships between Mr. Rider and any director or executive officer of the Company, and Mr. Rider has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.