Traeger announced today that it added a new member to its Board of Directors effective October 3, 2022. Growing the board from 10 to 11 members, Steven P. Richman, Group President of Milwaukee Tool will serve as a member of the Compensation Committee.
We are thrilled to announce Steve’s appointment as a new member of our Board of Directors. Steve brings deep operational knowledge and we believe his track record of driving strong growth at Milwaukee Tool will allow him to provide valuable insights as we continue to execute upon our strategy of disrupting the grilling category and increasing household penetration. The addition of Steve to our Board will both complement and enhance our current directors’ diverse skill sets and experience. We welcome Steve to our Board and I look forward to working with him and our other Board members as we seek to drive value for our consumers and our shareholders.
Jeremy Andrus, Chief Executive Officer and Chairman of the Board of Traeger
Board Member Compensation
In connection to be appointed to the board, Steven Richman will receive an annual cash compensation retainer of $75,000 and an initial equity award equal to $192,500 that vests in a year. The restricted stock units that Steven Richman received was 47,168 shares.
About Steven Richman
Quoted from the press release, Mr. Richman was appointed Group President of Milwaukee Tool in January 2007 and is responsible for all aspects of its business. Under Mr. Richman’s leadership, Milwaukee Tool has achieved annual topline growth of 20% and has increased its US workforce by seven-fold over the last decade. He has over 25 years of experience in the management of industrial, electrical, plumbing, and retail distribution channels. He has held key management positions with Black and Decker, served as President of SKIL and Bosch Power Tools, and as President and CEO of Werner Co. Mr. Richman contributes an extensive knowledge of manufacturing, product development, sales, and marketing. Mr. Richman holds a Bachelor’s degree from UCLA.