Inter Parfums Announces CFO Departure and Succession Plan

Strategic Insights -

Inter Parfums, Inc., a fragrance company, has announced the upcoming departure of its Executive Vice President and Chief Financial Officer (CFO), Russell Greenberg, who will retire on September 6, 2022. Greenberg will be succeeded by Michel Atwood, a seasoned fragrance and finance executive, who will take over as CFO. Atwood's compensation package includes a $500,000 annual base salary, a guaranteed annual bonus of $100,000, and a sign-on bonus of $100,000. He will also receive an additional $100,000 annually based on certain milestones.

Greenberg will assist with the transition until September 30, 2022. Atwood brings extensive experience in the fragrance industry, having held senior positions at Estee Lauder, where he oversaw the fragrance category, and Procter & Gamble, where he was Divisional CFO of Global Prestige Fragrances. Atwood holds a Master's degree in Software Engineering and a Master's in International Finance, and has a certified Management Accountant designation.

The company also announced that Greenberg will step down from the board of directors at the annual meeting on September 9, 2022, and Atwood is proposed to fill the board seat being vacated by Greenberg.

Key Takeaways:

  • Russell Greenberg, Executive Vice President and Chief Financial Officer of Inter Parfums, will retire on September 6, 2022, and be succeeded by Michel Atwood.
  • Atwood's compensation package includes a $500,000 annual base salary, a guaranteed annual bonus of $100,000, and a sign-on bonus of $100,000.
  • Atwood will also receive an additional $100,000 annually based on certain milestones.
  • Greenberg will assist with the transition until September 30, 2022.
  • Atwood bring extensive experience in the fragrance industry, having held senior positions at Estee Lauder and Procter & Gamble.
  • Atwood holds a Master's degree in Software Engineering and a Master's in International Finance, and has a certified Management Accountant designation.

Statistics:

  • Greenberg's retirement date: September 6, 2022
  • Atwood's start date: September 6, 2022
  • Atwood's annual base salary: $500,000
  • Atwood's annual guaranteed bonus: $100,000
  • Atwood's sign-on bonus: $100,000
  • Additional bonus amount: $100,000 annually based on certain milestones

Sources:

  • Form 8-K Current Report filed with Securities and Exchange Commission on June 01, 2022
  • Inter Parfums, Inc. SEC Filing (Form 8-K)