8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 7, 2018

JELD-WEN HOLDING, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-38000	93-1273278
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

2645 Silver Crescent Drive Charlotte, North Carolina	28273
(Address of principal executive offices)	(Zip code)

Registrant's telephone number, including area code: (704) 378-5700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 1, 2018, JELD-WEN Holding, Inc. (the “Company”) issued a press release announcing the appointment of Gary S. Michel as president and chief executive officer of the Company. He is expected to begin his service on June 18, 2018 and will be appointed to the Company’s board of directors as a Class I director at that time as well.

Mr. Michel, age 56, has been the president and chief executive officer of the Home and Building Technologies strategic business group of Honeywell International, Inc., a diversified technology and manufacturing company, since October 2017. Prior to that, he spent 32 years at Ingersoll Rand, a global diversified industrial manufacturing company, most recently as senior vice president and president (from 2011 to 2017) of its residential heating, ventilation and air conditioning business and as a member of Ingersoll Rand’s enterprise leadership team. From 2014 to 2017, Mr. Michel also led the sales excellence initiative as well as serving as a co-lead of the company’s enterprise sustainability efforts. He began his career there as an application engineer and held various product, sales and business management roles before moving into a series of leadership positions across various geographic and market segments. The Board determined to add Mr. Michel to the Board of Directors in light of his board experience and extensive background in management, engineering and global sales.

Mr. Michel holds a B.S. in mechanical engineering from Virginia Tech and an M.B.A. from the University of Phoenix. He has served as a member of the Board of Directors of Cooper Tire & Rubber Company since 2015.

The Company intends to enter into an employment agreement with Mr. Michel containing typical non-competition and termination provisions and his compensation will include the following:

• a base salary of $825,000 per year;

• participation in the Company’s management incentive plan with a target incentive award of 100% of his base salary, on the same terms and conditions as the other executives of the Company participating in such plan, which for 2018 will be subject to a minimum payment of 50% of the annual target value;

• participation in the employee retirement, savings and welfare benefit plans and programs made available to the Company’s executive officers on terms no less favorable than those applicable to other senior executive officers;

• limited personal access to the Company’s aircraft;

• a sign-on award of $800,000 in partial consideration for benefits forfeited at his prior employer, which would be forfeited if he voluntarily left the Company within two years following his start date or were terminated for cause during that period;

• an award of restricted stock units pursuant to the Company’s 2017 Omnibus Equity Plan, as amended (the “Plan”), with a fair market value of $3,000,000 based on the closing price of the Company’s common stock on his start date, which will be scheduled to vest ratably over three years;

• an award of stock options pursuant to the Plan with a Black-Scholes value of $2,000,000 based on the closing price of the Company’s common stock on his start date and an exercise price equal to such closing price, which will be scheduled to vest ratably over three years and expire on the tenth anniversary of their grant; and

• an award of performance stock units (“PSUs”) pursuant to the Plan with a fair market value of $2,000,000 based on the closing price of the Company’s common stock on his start date, which will be scheduled to vest on the third anniversary of the date of the grant and subject to the same performance criteria as the PSUs awarded to the Company’s other executives earlier this year. 

In connection with the commencement of Mr. Michel’s employment, the consulting services agreement under which Kirk Hachigian currently serves as interim CEO, filed as Exhibit 10.1 to the Company’s report on Form 10-Q filed on May 9, 2018, will terminate. 

Item 8.01.   Other Events.

On June 1, 2018, the Company issued a press release relating to the matters described under Item 5.02.  The press release is incorporated herein by reference to Exhibit 99.1 filed herewith. 

Item 9.01.   Financial Statements and Exhibits.

(d)  Exhibits

Exhibit No.	Description
99.1	Press Release issued by JELD-WEN Holding, Inc. dated June 1, 2018

SIGNATURES

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.

Date: June 7, 2018		JELD-WEN HOLDING, INC.
	By:	/s/ Laura W. Doerre
		Laura W. Doerre
		Executive Vice President, General Counsel and Chief Compliance Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release issued by JELD-WEN Holding, Inc. dated June 1, 2018

EX-99.1

Exhibit 99.1 JELD-WEN Names Gary S. Michel as President and CEO June 01, 2018 CHARLOTTE, N.C.--(BUSINESS WIRE)-- JELD-WEN Holding, Inc. (NYSE:JELD) today announced that its board of directors has selected Gary S. Michel as the company’s president and chief executive officer effective June 18, 2018. Mr. Michel will also be elected to the board of directors of JELD-WEN. Kirk S. Hachigian, chairman of the board of directors and acting chief executive officer, will continue to serve as chairman. Mr. Hachigian will devote his time to supporting Mr. Michel and ensuring a successful transition for customers, employees, and shareholders. Mr. Michel joins JELD-WEN from Honeywell International, Inc., where he was president and chief executive officer of Honeywell’s Home and Building Technologies strategic business group. Previously, Mr. Michel had a distinguished 32-year career at Ingersoll-Rand Company, most recently serving as senior vice president and president Residential HVAC and Supply, a business he transformed over six years to deliver substantial improvements in revenue growth, operating income, and new product development. Mr. Michel also led Ingersoll-Rand’s Club Car, Construction Technologies, Road Development, and Utility Equipment businesses. Mr. Michel earned his B.S. in mechanical engineering at Virginia Tech and his M.B.A. at the University of Phoenix. “After a very thorough search process, I am thrilled to have Gary join us as chief executive officer and as a member of our board of directors. Gary has deep operational experience with a compelling track record of delivering financial results at large, complex, global businesses,” said Mr. Hachigian. “Gary is the right leader for JELD-WEN given the breadth of his experience and established relationships in both the residential and commercial segments of the building industry, as well as his demonstrated ability to generate long-term growth and margin improvement.” “I am honored by the board’s selection, and I cannot imagine a more important and exciting time to join JELD-WEN,” said Mr. Michel. “Our focus will remain on supporting our customers while creating shareholder value through continued margin expansion, strong free cash flow generation, and disciplined capital deployment. I am confident that we have the right strategy and operating model already in place, and I have been very impressed by the senior leadership team that I have met so far. I look forward to working with Kirk, the board of directors, and our global team of associates to lead JELD-WEN through its next exciting phase.” About JELD-WEN JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia. Forward-Looking Statements This press release contains certain “forward-looking statements” regarding business strategies, market potential, future financial performance, the potential of our categories and brands, our outlook for the second quarter and full year 2018, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including the factors discussed in our Annual Reports on Form 10-K, and our Quarterly Reports on Form 10-Q, both filed with the Securities and Exchange Commission. The assumptions underlying the guidance provided for the second quarter and full year 2018 include the achievement of anticipated improvements in end markets, competitive position, and product portfolio; stable macroeconomic factors; continued inflation in materials and freight; no changes in foreign currency exchange and tax rates; successful integration of recent acquisitions; and our future business plans. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180601005049/en/ JELD-WEN Holding, Inc. Investor Relations: John Linker, +1.704.378.7007 investors@jeldwen.com or Media Relations: Chris Benware, +1.503.488.4402 JELD-WEN@cmdagency.com Source: JELD-WEN Holding, Inc.