By Denny Jacob
MGP Ingredients added interim chief executive officer to Brandon Gall's list of roles within the company.
The company, which manufactures and trades food, beverage, specialty wheat protein, and starch food ingredients, said the change will take effect on Jan. 1, according to a securities filing. Gall already serves as vice president of finance, chief financial officer and treasurer.
Gall succeeds David Bratcher, whose tenure as president and CEO, as well as member of the board, will conclude at the end of the month. Bratcher agreed to provide certain transition services, and after that, plans to retire.
MGP also disclosed that board member Donn Lux will succeed Karen Seaberg as chairman of the board, effective Jan. 1. Seaberg will remain a director.
Gall has served as CFO and vice president of finance since April 2019 and treasurer since May 2023. His base salary will increase to $525,000, and he will also be entitled to other forms of compensation including a one-time $100,000 supplement cash incentive payout in connection with the transition.
The company also backed its sales and adjusted earnings guidance for the year. It now expects capital expenditures of about $72 million this year, down from $78 million, due to unexpected delays in the construction of a mini-fuel plant for its ingredient solutions segment.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 20, 2024 08:31 ET (13:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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