Form 4: Mativ Holdings CEO Julie Schertell Reports Changes in Beneficial Ownership Following Resignation
SEC Form 4
Julie Schertell, former President and CEO of Mativ Holdings, reports transactions related to restricted stock units and common stock following her resignation.
Summary
- Julie Schertell, former President and CEO of Mativ Holdings, filed a Form 4 detailing changes in her beneficial ownership of the company's securities.
- The report includes transactions involving the vesting and settlement of restricted stock units (RSUs) and the withholding of shares for tax obligations.
- The filing also corrects previous reporting errors regarding the classification of RSUs.
- Schertell resigned from her position as President and CEO and as a director on March 11, 2025, which triggered the accelerated vesting of a prorated portion of her restricted stock units.
- The report details multiple transactions involving the acquisition and disposition of common stock related to RSU vesting and cash settlements at prices ranging from $6.87 to $12.73.
- Following these transactions, Schertell directly owns 299,847 shares of Mativ Holdings common stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't convey strong positive or negative sentiment.
Industry Context
Executive compensation and stock ownership are standard disclosures for publicly traded companies, providing transparency into executive incentives and alignment with shareholder interests.
Comparison to Industry Standards
- Executive compensation packages, including RSUs, are common across publicly traded companies to incentivize performance and retain key personnel.
- Vesting schedules and performance-based vesting are standard practices to align executive interests with long-term company goals.
- Form 4 filings are a regulatory requirement for reporting changes in beneficial ownership by company insiders, ensuring transparency and preventing insider trading.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| President and Chief Executive Officer | Julie Schertell | 03/11/2025 | Resignation | |
| Director | Julie Schertell | 03/11/2025 | Resignation |
Stakeholder Impact
- Shareholders may be interested in the changes in insider ownership, particularly following the CEO's resignation.
- Employees may be affected by the change in leadership and any potential strategic shifts.
- The resignation of the CEO could impact investor confidence and the company's stock price.
Key Dates
| Date | Description |
|---|---|
| 02/16/2023 | Grant date of 48,114 restricted stock units (RSUs) subject to time vesting. |
| 01/26/2022 | Grant date of 95,269 RSUs subject to time vesting. |
| 01/26/2022 | Grant date of 41,341 RSUs subject to time vesting. |
| 10/04/2022 | Grant date of a target number of 75,944 RSUs subject to performance and time-based vesting. |
| 02/16/2024 | Vesting of 16,038 RSUs granted on February 16, 2023. |
| 04/26/2024 | Grant date of 95,269 RSUs subject to time vesting. |
| 04/26/2024 | Grant date of a target number of 142,904 RSUs subject to performance and time-based vesting. |
| 12/18/2024 | Date of Power of Attorney appointing Mark W. Johnson and Brian Park. |
| 12/31/2024 | The Compensation Committee of the issuer determined that based on the issuer's fiscal year 2023 and 2024 performance, 150% of the target number of RSUs vested on performance-based vesting requirements. |
| 01/06/2025 | Vesting date of 113,916 RSUs. |
| 01/26/2025 | Vesting of 5,906 RSUs granted on January 26, 2022. |
| 01/26/2025 | Vesting of 41,341 RSUs granted on January 26, 2022. |
| 02/13/2025 | Vesting of 31,756 RSUs granted on April 26, 2024. |
| 02/16/2025 | Vesting of 16,038 RSUs granted on February 16, 2023. |
| 02/25/2025 | The Compensation Committee of the issuer determined that based on the issuer's performance between July 2022 and December 2024, 150% of the target number of RSUs vested on performance-based vesting requirements. |
| 03/11/2025 | Julie Schertell resigned as President and CEO and as a director, leading to accelerated vesting of a prorated portion of her RSUs. |
| 03/14/2025 | Date of the Form 4 filing. |
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