BT Brands Announces Board Changes and Appoints New Member

BT Brands, Inc. (NASDAQ: BTBD) recently disclosed in an 8-K filing significant changes to its board of directors. On October 24, 2024, Steven W. Schussler tendered his resignation as a board member and from the audit committee of the board. Following his resignation, the Compensation Committee accelerated the vesting of all unvested options granted to Schussler under the 2019 Incentive Plan, making them fully vested as of the resignation date.

Schussler’s resignation was not due to any disagreements concerning the company’s operations, policies, or practices. The board of directors swiftly moved to fill the board vacancy, appointing Fred Croci on October 25, 2024. Croci will serve on the board and as a member of both the audit and compensation committees. Upon his appointment, Croci received options under the 2019 Incentive Plan to purchase 5,000 shares of common stock at a price of $1.73 per share, with the options fully vested upon grant.

The board of directors assessed Croci’s independence in accordance with NASDAQ Stock Market and SEC regulations. It was determined that he meets the criteria for independence as defined by the NASDAQ Listing Rules and is financially literate, satisfying the independence standards required for service on both the audit and compensation committees.

In other news, Blue Bird Corporation (NASDAQ: BLBD), a leader in electric and low-emission school buses, announced the appointment of Edward T. Hightower to its Board of Directors. Hightower, with over 35 years of executive leadership experience in the global automotive industry, brings valuable insights to the iconic school bus manufacturer. Prior to joining Blue Bird, Hightower served as the CEO and President of Lordstown Motors Corp., where he successfully oversaw the operational turnaround and launch of the company’s first electric vehicle, the Endurance all-electric pickup truck.

BT Brands and Blue Bird Corporation, though separate entities, both demonstrate a commitment to effective governance and strategic leadership through recent board appointments.

This news comes in line with ongoing developments in the management and leadership structures of public companies, reflecting the broader landscape of corporate governance in today’s markets.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BT Brands’s 8K filing here.

BT Brands Company Profile

BT Brands, Inc owns and operates fast-food restaurants in the north central region of United States. The company operates Burger Time restaurants located in Minnesota, North Dakota, and South Dakota; and a Dairy Queen franchise in Ham Lake, Minnesota. Its Burger Time restaurants provide various burgers and other food products, such as chicken sandwiches, pulled pork sandwiches, chicken chunks, side dishes, and soft drinks; and Dairy Queen restaurant offers burgers, chicken, sides, ice cream and other desserts, and various beverages.