UNIVERSAL CORP /VA/ 8-K

What Happened

• Universal Corporation (UVV) announced in an 8-K that the Board elected Anubhav Mittal as Senior Vice President and Chief Financial Officer, effective February 17, 2026. Current SVP & CFO Johan C. Kroner had previously notified the company he will retire effective July 1, 2026; Kroner will step down as CFO on Feb 17 but remain with the company as a Senior Vice President until his retirement. The company issued a press release about the appointment on January 21, 2026.

Key Details

• Effective date: Anubhav Mittal begins as SVP & CFO on February 17, 2026; Johan Kroner retires July 1, 2026.
• Background: Mittal (age 50) joins from Archer Daniels Midland (ADM), where he most recently was Global Head of Business Development & M&A and CFO of ADM Nutrition; earlier finance and strategy roles at Kellogg.
• Pay package: annual base salary $650,000; annual target bonus $500,000; long-term equity awards targeted at $850,000 beginning May 2026.
• One-time awards: ~ $2.0 million in restricted stock units (RSUs) granted on the Effective Date (VWAP measured Dec 19, 2025–Feb 16, 2026); RSUs vest one‑third on May 19 of 2026, 2027 and 2028, subject to continued employment and earn dividend equivalents. Signing bonus: $600,000 one‑time payment, repayable in full if Mittal voluntarily resigns or is terminated for cause within 24 months.

Why It Matters

• A CFO change is material for investors because the CFO leads financial reporting, planning, and investor communications. The staggered vesting and mix of cash and equity in Mittal’s package tie his pay to continued service and company performance. The firm has disclosed the transition timeline and compensation terms, reducing uncertainty about leadership continuity through the handoff from Kroner to Mittal.