UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
September 26, 2007
UNIFI, INC.
(Exact
name of registrant as specified in its charter)
|
New
York |
1-10542 |
11-2165495 |
7201
West Friendly Avenue
Greensboro,
North Carolina 27410
(Address of principal executive offices,
including zip code)
(336) 294-4410
(Registrant's telephone number,
including area code)
Not Applicable
(Former name or former address, if changed since last report)
- -------------------------------------------------------------
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:
[ ] 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-4(c))
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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.
Effective September 26, 2007, the Board of Directors of Unifi, Inc. (the "Corporation") elected William L. Jasper ("Mr. Jasper") as the Corporation's President and Chief Executive Officer and R. Roger Berrier, Jr. ("Mr. Berrier") as the Corporation's Executive Vice President of Sales, Marketing and Asian Operations. In connection with the appointment of Mr. Jasper as the Corporation's President and Chief Executive Officer, Mr. Stephen Wener stepped down as the Corporation's "acting" Chief Executive Officer, but will remain the Chairman of the Board of Directors. On the same date, the Board of Directors of the Corporation also appointed Messrs. Jasper and Berrier to the Board of Directors of the Corporation. Both individuals were appointed to terms expiring at the Corporation's 2007 Annual Meeting of Shareholders, and they will be nominated to stand for election by the shareholders of the Corporation for one year terms. Furthermore, both Mr. Jasper and Mr. Berrier were appointed to the newly created Executive Committee of the Corporation's Board of Directors.
Mr. Jasper, age 54, has been employed by the Corporation since September 2004 and has been Vice President of Sales since 2006. Prior to 2006, Mr. Jasper was the Corporation's General Manager of the Polyester segment, having responsibility for all natural polyester businesses. He joined the Corporation following the purchase of the Kinston polyester POY assets from INVISTA in September 2004. Prior to joining the Corporation, he was the Director of INVISTA's Dacron polyester filament business. Before working at INVISTA, Mr. Jasper held various management positions in operations, technology, sales and business for DuPont since 1980. Mr. Berrier, age 38, has been employed by the Corporation since 1991 and has been Vice President of Commercial Operations since April 2006. Prior to that Mr. Berrier had been the Corporation's Commercial Operations Manager responsible for corporate product development, marketing and brand sales management from April 2004 to April 2006. Mr. Berrier joined the Corporation in 1991 and has held various management positions within operations, including international operations, machinery technology, research & development and quality control. There are no transactions to which the Corporation or any of its subsidiaries is a party and in which Mr. Jasper or Mr. Berrier, or any member of their immediate families, has a material interest that are required to be disclosed under Item 404(a) of Regulation S-K, other than their compensation as officers of the Corporation. Mr. Jasper's compensation for the fiscal year ended June 24, 2007 was disclosed in the Corporation's definitive proxy statement, as amended, for its 2007 Annual Meeting of Shareholders filed on October 1, 2007. For the fiscal year ended June 24, 2007, Mr. Berrier received a total compensation of $380,973 from the Corporation, which was comprised of salary, bonus, the amount expensed by the Corporation for any options awarded, and the cash value of other perquisites.
On September 26, 2007, the Corporation issued a press release announcing, among other things, the appointment of Messrs. Berrier and Jasper to their new positions and to the Board of Directors. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
|
EXHIBIT NO. |
DESCRIPTION OF EXHIBIT |
|
99.1 |
Press Release disseminated on September 26, 2007 by the Corporation |
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.
By: /s/ CHARLES
F. MCCOY
Charles F. McCoy
Vice President, Secretary and General Counsel
|
EXHIBIT NO. |
DESCRIPTION OF EXHIBIT |
|
99.1 |
Press Release disseminated on September 26, 2007 by the Corporation |
For more information, contact:
Ronald L. Smith
Vice President of Finance
Treasurer
(336) 316-5545
Election of New Chief Executive Officer
GREENSBORO, N.C. - September 26, 2007 - Unifi, Inc. (NYSE:UFI) announced that effective today, the Board of Directors has elected William L. Jasper as the Company's President and Chief Executive Officer, R. Roger Berrier, Jr. as its Executive Vice President of Sales, Marketing and Asian Operations, and Ronald L. Smith as its Vice President of Finance and Treasurer. Messrs. Jasper and Berrier have also been appointed to the Board of Directors effective today.
Mr. Jasper has been employed by Unifi since 2004, when Unifi purchased the Kinston POY facility from INVISTA and has been Vice President of Sales since 2006. Prior to joining Unifi, he was the Director of INVISTA's Dacron® polyester filament business and, prior to that, he held various management positions in operations, technology, sales, and business for the DuPont Company.
Mr. Berrier has been employed by Unifi since 1991 and has been Vice President of Commercial Operations since April 2006. Mr. Berrier previously served the Company as Commercial Operations Manager responsible for corporate product development, marketing, and brand sales management and has held various management positions within operations including international operations, machinery technology, research & development, and quality control.
Mr. Smith has been employed by Unifi since 1994 and has held positions as Controller, Chief Accounting Officer, and Director of Business Development and Corporate Strategy, among others. Mr. Smith's most recent position was as Treasurer and with additional responsibility for Investor Relations.
The Company also announced the formation of a new Executive Committee of the Board of Directors, which shall initially be comprised of Mr. Stephen Wener, the Company's Chairman, Mr. G. Alfred Webster, Mr. Jasper and Mr. Berrier. Mr. Webster will be the Chairman of the Executive Committee.
-continued-
Election of New Chief Executive Officer - page 2
Unifi, Inc. (NYSE: UFI) is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but are not limited to: aio® - all-in-one performance yarns, Sorbtek®, A.M.Y.®, Mynx® UV, Repreve®, Reflexx®, MicroVista® and Satura®. Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications. For more information about Unifi, visit http://www.unifi.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal security laws about Unifi, Inc.'s (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, availability, sourcing and pricing of raw materials, pressures on sales prices and volumes due to competition and economic conditions, reliance on and financial viability of significant customers, operating performance of joint ventures, alliances and other equity investments, technological advancements, employee relations, changes in construction spending, capital expenditures and long-term investments (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, outcomes of pending or threatened legal proceedings, negotiation of new or modifications of existing contracts for asset management and for property and equipment construction and acquisition, regulations governing tax laws, other governmental and authoritative bodies' policies and legislation, and proceeds received from the sale of assets held for disposal. In addition to these representative factors, forward-looking statements could be impacted by general domestic and international economic and industry conditions in the markets where the Company competes, such as changes in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.
-end-