8-K: e.l.f. Beauty Announces Board Changes: Pritchard Resigns, Bergh Appointed

e.l.f. Beauty, Inc. announces the resignation of Beth Pritchard from its Board of Directors and the appointment of Charles (Chip) Victor Bergh as a new director, effective April 1, 2025.

Summary

• Beth Pritchard resigned from e.l.f. Beauty's Board of Directors on March 31, 2025, after serving since 2017.
• Her resignation was not due to any disagreements with the company.
• Charles (Chip) Victor Bergh was appointed to the Board as a Class III director, effective April 1, 2025.
• His initial term will expire at the company's 2025 annual meeting of stockholders, where he is expected to stand for election.
• Mr. Bergh is a Senior Lecturer at Harvard Business School and previously served as President and CEO of Levi Strauss & Co.
• He also holds board positions at HP, Inc. and Pinterest, Inc.

Sentiment

Score: 7

Explanation: The announcement is neutral to positive, reflecting a standard board change with the addition of an experienced director. The resignation of Ms. Pritchard is presented as amicable, and the appointment of Mr. Bergh is a positive development.

Positives

• The company is adding a highly experienced executive, Charles (Chip) Victor Bergh, to its Board of Directors.
• Mr. Bergh's extensive background in leadership roles at Levi Strauss & Co. and Procter & Gamble, as well as his current board positions at HP, Inc. and Pinterest, Inc., bring valuable expertise to e.l.f. Beauty.

Future Outlook

Mr. Bergh is expected to stand for election to the Board at the 2025 annual meeting of stockholders.

Management Comments

• The Board appreciates and thanks Ms. Pritchard for her contributions to the Company through her service as a member of the Board.

Industry Context

Board changes are a normal part of corporate governance, and the addition of an experienced executive like Mr. Bergh could signal a focus on strategic growth and development for e.l.f. Beauty.

Comparison to Industry Standards

• The appointment of Mr. Bergh, with his experience at Levi Strauss & Co. and Procter & Gamble, aligns with industry standards of having seasoned executives on the board.
• His board experience at HP, Inc. and Pinterest, Inc. is comparable to other directors who sit on multiple boards of large companies.

Management Changes

Related Party Transactions

• There are no related party transactions of the kind described in Item 404(a) of Regulation S-K in which Mr. Bergh was or is a participant.

Stakeholder Impact

• Shareholders may view the addition of Mr. Bergh positively, given his extensive experience and leadership roles.
• Employees may see this as a sign of continued growth and stability for the company.

Next Steps

• Mr. Bergh will stand for election to the Board at the 2025 annual meeting of stockholders.
• The Company expects to enter into its standard form of indemnification agreement with Mr. Bergh.

Key Dates

Keywords

Board of Directors, Charles Bergh, Beth Pritchard, Corporate Governance, e.l.f. Beauty