Posted on December 1, 2020 by Scott Shuda
In an 8-K filing this morning, Summer Infant (SUMR) (Disclosure: no position or plans to purchase) made the surprise announcement that it has named Stuart Noyes as its permanent Chief Executive Officer. Mr. Noyes has been serving as a turnaround consultant under a very lucrative contract with his firm, Winter Harbor. This announcement would seem positive for the company as Mr. Noyes skill set will continue to advance the interests of shareholders and, possibly, Mr. Noyes sees long-term potential for the business.
On December 1, 2020, Summer Infant, Inc. (the “Company”) announced that Stuart Noyes has been named as Chief Executive Officer and appointed as a new member of the Company’s Board of Directors, effective November 30, 2020. Mr. Noyes has served as the Company’s interim CEO since December 16, 2019 pursuant to the terms of an existing engagement letter between the Company and Winter Harbor LLC (the “Winter Harbor Agreement”). The Winter Harbor Agreement was amended in connection with his appointment to provide, among other things (i) that either party may terminate the Agreement upon six months’ prior written notice, or earlier upon appointment of a replacement CEO, or for cause, and (ii) to delete the provision providing for a bonus upon a change in control of the Company. Mr. Noyes will not receive any compensation from the Company for his services as CEO and will not receive any compensation for his services as a director. Rather, the Company will compensate Winter Harbor in accordance with the Winter Harbor Agreement, as amended. Mr. Noyes has no family relationship with any directors or executive officers of the Company.Summer Infant 8K Departure of Directors or Certain Officers | SUMR 1 Dec 20 (docoh.com)