Spicy Pickle Franchising Inc., operator of Spicy Pickle in the United States and Bread Garden Urban Café in Canada, has announced the resignation of its president Marc Geman following the company's appointment of a new CEO and election of three new board members.
The company announced in April the appointment of Mark Laramie, 59, as CEO.
The company has also accepted the resignation of Anthony Walker as a director although Walker will continue in his current role as chief operating officer. His responsibilities will include company-owned restaurant operations, franchise support, distribution, training and commissary operations.
"As we look to the future and prepare for expansion of our brands, we are reorganizing the key management staff and infrastructure to elevate us to the next level, while also maximizing cost efficiencies and cash flow," Laramie said in a news release. "We thank Mr. Geman for his years of service and wish him well in his new endeavors."
According to an SEC filing, Geman resigned April 30. The company also had previously granted Geman 2 million shares of its common stock in consideration for his agreement to reduce his salary beginning May 1. Geman agreed to relinquish 1 million of these shares. The company also is paying Geman a severance payment of $50,000 and has agreed he may retain all of his stock options.
Laramie will receive an annual salary of $225,000 and option to purchase 6 million shares of Spicy Pickle common stock at $0.14 per share, the market price as of his election date.
