UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 20, 2022, Latham Group, Inc. (the “Company”) (Nasdaq: SWIM) issued a press release announcing the appointment of Sanjeev Bahl as Chief Operating Officer of Latham Pool Products, Inc., a wholly owned subsidiary of the Company, effective January 24, 2022.
Mr. Bahl, age 51, has more than 20 years of experience in global supply chain and procurement. Prior to joining the Company, Mr. Bahl served as Vice President of Global Operations at Newell Brands since 2019, where he was responsible for all aspects of multi-site global operations including manufacturing, distribution, transportation, procurement, customer service, inventory management, complexity reduction and manufacturing, and sourcing finishing goods and supplier quality. Prior to that, Mr. Bahl was Vice President of Global Procurement and Supply Chain at Danaher from 2015 to 2019. Mr. Bahl started his career as a consulting engineer at SPECS where he designed electrical systems for chemical processing plant projects and has since then served in leadership roles across a variety of companies including Carrier Corporation, Pratt and Whitney, Stanley, Black & Decker and more.
Mr. Bahl will earn an annual base salary of $350,000. He will also be granted, as soon as reasonably practicable following the effective date of his employment, a one-time award of a number of restricted stock units with an equivalent value of $525,000 on the date of the grant. Mr. Bahl will be entitled to an annual bonus of 60% of his base compensation at 100% performance, subject to continued employment through the applicable payment date. Beginning with the 2022 calendar year, Mr. Bahl will be eligible to participate in the Company’s annual equity incentive plan and receive grants of equity or equity-based awards which may be options, subject to the terms and conditions of the Company’s Omnibus Equity Incentive Plan and standard form of agreement. Mr. Bahl’s equity award for the 2022 calendar year will be a number of options to purchase Company common stock with an equivalent value of $525,000 on the date of the grant. Additionally, Mr. Bahl will be eligible to participate in the Company’s employee benefit plans and programs generally available to all employees.
The full text of the press release announcing the appointment of Mr. Bahl is filed herewith as Exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
99.1 | Press Release, dated January 20, 2022, issued by the Company. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: January 20, 2022
LATHAM GROUP, INC. | |||
By: | /s/ Scott M. Rajeski | ||
Name: | Scott M. Rajeski | ||
Title: | Chief Executive Officer and President |
EXHIBIT 99.1
Latham, The Pool Company Appoints Sanjeev Bahl as Chief Operating Officer
NEW YORK, NY – (January 20, 2022) – Latham, The Pool Company (“Latham” or “the Company”) (Nasdaq: SWIM), the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia and New Zealand, today announced the appointment of Sanjeev Bahl as Chief Operating Officer, effective January 24, 2022. In this role, Bahl will lead Latham’s Global operations organization, overseeing all manufacturing, supply chain, EHS, quality, and engineering.
“We are thrilled to have Sanjeev join our executive team," said Scott Rajeski, President and CEO of Latham, The Pool Company. “Sanjeev has a strong track record of enhancing operational performance and delivering on supply chain and manufacturing goals at large, global organizations. He is the ideal candidate to lead our talented operations organization as we continue to reinvest in our business and expand our capacity to support our long-term growth.”
Bahl is an accomplished operations executive with more than 20 years of experience in global supply chain and procurement. Prior to joining Latham, Bahl most recently served as Vice President of Global Operations at Newell Brands, where he was responsible for all aspects of multi-site global operations including manufacturing, distribution, transportation, procurement, customer service, inventory management, complexity reduction and manufacturing, and sourcing finishing goods and supplier quality. Bahl started his career as a consulting engineer at SPECS where he designed electrical systems for chemical processing plant projects and has since then served in leadership roles across a variety of companies including Carrier Corporation, Pratt and Whitney, Stanley Black & Decker and more.
Commenting on his appointment, Bahl said, “I am thrilled to be joining the Latham team at such an exciting time for the business. Scott has built an incredible team with a strong focus on people, safety, product quality and exceptional customer experiences, and I look forward to leveraging my expertise in operations and supply chain management to build upon Latham’s strong foundation and support the continued growth of the business.”
About Latham, The Pool Company
Latham, The Pool Company, headquartered in Latham, NY, is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. Latham has a coast-to-coast operations platform consisting of over 2,000 employees across over 30 facilities.
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MEDIA CONTACT 5W Public Relations LathamPool@5Wpr.com 212-999-5585 |
MEDIA CONTACT Crista Leigh Wunsch Latham Pool Products CristaLeighWunsch@lathampool.com 518-810-5337 |
INVESTOR CONTACT Nicole Briguet Edelman for Latham latham@edelman.com 646-750-7235 |