The Hain Celestial Group, Inc., a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life, announced April 17 that Jerry Wolfe has been hired as the Chief Supply Chain Officer. Mr. Wolfe will be responsible for leading the Company's supply chain organization including supply chain planning, logistics, contract management, continuous improvement, plant operations and procurement. He will report directly to Hain Celestial's President and Chief Executive Officer, Mark L. Schiller, and will be a member of the Executive Leadership Team.
Mr. Wolfe is an accomplished supply chain executive with over 30 years of supply chain leadership experience and had been consulting with the Company while it conducted a Chief Supply Chain Officer search. He has held executive level supply chain roles with McCormick & Company and Ernst & Young, and he will play in integral role in working with Mr. Schiller and the Hain Celestial's executive leadership team to simplify the portfolio, strengthen capabilities, reinvigorate top line growth, and expand margins and cash flow.
Additionally, the independent Compensation Committee of the Board of Directors approved an inducement award for Mr. Wolfe.
The inducement award was granted on April 14, under The Hain Celestial Group, Inc. 2019 Equity Inducement Award Program, which was approved by the Company's Board of Directors on February 15, and provides for the granting of equity awards to new employees of the Company. The inducement award was granted as an inducement material to the new employee's acceptance of employment with the Company, in accordance with NASDAQ Listing Rule 5635(c)(4).
Mr. Wolfe will receive an inducement award of 135,993 Performance Share Units ("PSUs") and 13,594 Restricted Share Units ("RSUs") intended to represent the long-term incentive opportunities for fiscal years 2019 to 2021. The total PSUs earned pursuant to the inducement award shall range from 0 to 135,993 based upon the Company's achievement of certain pre-established performance goals with respect to compound annual total shareholder return over the three-year period beginning on November 6, 2018, aligned with the inducement award granted to Mr. Schiller in connection with his hire. With respect to the RSUs comprising Mr. Wolfe's inducement award, the RSUs will vest in thirds on the first, second and third anniversaries, respectively, of the grant date, provided that Mr. Wolfe remains employed with the Company through each of those dates.