Libbey Appoints Michael Bauer As CEO

(RTTNews) - Libbey Inc. (LBY) said it appointed Michael Bauer as the Company's next chief executive officer, effective March 25, 2019. Bauer was also appointed to the Company's board of directors effective March 25, 2019. William (Bill) A. Foley, Libbey's current chief executive officerand chairman of the board, will retire as CEO effective March 24, 2019, but will remain with the Company as executive chairman of the board.

Mr. Bauer has more than 30 years of experience with leading consumer product manufacturers. Most recently, he served as president of The Master Lock Company (the Security segment of Fortune Brands Home & Security, Inc.), from 2014 to 2018.

The company noted that the Compensation Committee of the board of directors has authorized the issuance to Mr. Bauer, on March 25, 2019, of 116,827 restricted stock units (RSUs) that are scheduled to vest in equal installments on March 25, 2020, March 25, 2021 and March 25, 2022, respectively.

In addition, Mr. Bauer will receive an award of 150,000 non-qualified stock options (NQSOs) that will cliff vest on March 25, 2022 and have a 10-year term. These 150,000 NQSOs will be divided into four groups of 37,500 NQSOs each. The exercise price of the first group of NQSOs will be $7.00 per share, the exercise price of the second group of NQSOs will be $8.50 per share, the exercise price of the third group of NQSOs will be $10.00 per share, and the exercise price of the fourth group of NQSOs will be $11.50 per share.