Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 22, 2021, the Board of Directors of Lamb Weston Holdings, Inc. ("we,"
"our, "us" or the "Company") appointed Gregory W. Jones as our Vice President
and Controller, effective August 6, 2021. Mr. Jones will succeed Bernadette
Madarieta, our current Vice President and Controller, who will assume the
position of Senior Vice President and Chief Financial Officer on August 6, 2021.
In this capacity, Mr. Jones will serve as the Company's principal accounting
officer.
Mr. Jones, age 51, has served as our Senior Director, Financial Reporting, since
January 2018. Mr. Jones joined the Company as our Director, Financial Reporting
in November 2016. Prior to that, he served as Director, Paper Finance at
Packaging Corporation of America, a containerboard and corrugated packaging
manufacturer, from October 2013 to August 2016, and Director, Investor Relations
at Boise Inc., a packaging and paper products manufacturer, from 2012 to October
2013. Prior to joining Boise Inc. in March 2008, Mr. Jones was an Audit Senior
Manager at Deloitte Touche Tohmatsu Limited, a professional services firm.
Mr. Jones' compensation will consist of an annual base salary of $275,000, an
annual bonus target under the Company's annual incentive plan of 40% of base
salary and an annual target opportunity under the Company's long-term incentive
plan equal to $120,000. Mr. Jones will also receive a grant of restricted stock
units with a grant date value equal to $60,000 that will vest on the third
anniversary of the grant date, subject to the terms of the Company's 2016 Stock
Plan.
There are no transactions between Mr. Jones and us that would be reportable
under Item 404(a) of Regulation S-K. Mr. Jones was not selected pursuant to any
arrangement or understanding between him and any other person.
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