Afternoon, and welcome to the WK Kellogg Co Annual Meeting of Shareowners. I will now turn the call over to Chairman of the Board and Chief Executive Officer, Gary Pilnick. Please go ahead. Good afternoon, and thank you all for joining us today for our WK Kellogg Co Annual Shareowners Meeting. We are all excited to have all of you with us today. We are utilizing a virtual format for our annual meeting to make participation accessible for all shareholders from any geographic location with internet connectivity. Now, it is my privilege to call our annual shareowners meeting of WK Kellogg Co to order. As you can see on slide two, there are some very important people we'd like to acknowledge before we get started. We'd like to pay tribute to some special members of our WK Kellogg family, those currently serving our country in the military. We thank you for your service and hope for a safe and quick return home to your loved ones. Also, we cannot forget those who served in the past, our veterans, whose courage and dedication continue to be an inspiration to us all. Turning to the next slide, our order of business will follow today's agenda. Also on the call today is Gordie Paulson, who will act as Secretary of the Meeting. Gordie, please take us through our meeting agenda. Thank you, Gary. On our agenda, we have the Secretary's report. Items of business include the election of directors, the advisory vote on approval of executive compensation, and the ratification of the independent registered accounting firm. In a few minutes, you will have an opportunity to ask questions about the proposals being voted upon using the virtual meeting site. Any shareowners wishing to ask a question regarding the matters being voted upon may do so by entering it in the box labeled "Ask a Question" on the virtual meeting site and then clicking "Submit." That will be followed by preliminary voting results. The official business of the meeting will be concluded, and the meeting adjourned. We will then present a brief overview of our sustainable business strategy. As the company's bylaws provide, Gary will act as Chairman of this meeting. The Board of Directors has appointed a representative of Carl Hagberg and Associates to act as independent judge of election. The customary oath of office has been taken and signed and will be filed with the records of the meeting. His function is to decide upon the qualifications of voters, accept the votes, and tally the ballots cast. Also present today are representatives of PricewaterhouseCoopers LLP, our company's auditors. Thank you, Gordie. Before we get to our first order of business, I'd like to recognize our independent directors. This talented group of individuals will help WK Kellogg Co continue to succeed in a complex business environment. Each is an exceptional leader in their own right, with the specific skills and experiences that align well with our strategic priorities. This group has profound depth of experience in supply chain, sales, spinoffs, startup businesses, finance, strategy, people management, and so much more. They are passionate about helping us drive the right culture for WK Kellogg and operating in what we call the WK Way. I am proud to serve on this board with them. Now, would the Secretary please report on the mailing of the annual report, notice of meeting, and proxy statement, and advise whether the necessary quorum to conduct the business of the meeting is present. Mr. Chairman, beginning on or about March 12th, 2025, copies of the annual report on Form 8-K, notice of the annual meeting, and proxy statement were distributed to each holder of record of common stock at the close of business on the record date for this meeting, March 3rd, 2025, which is in accordance with the bylaws of the company. We have received an affidavit attesting to the mailing. A list of shareholders as of the record date has been duly certified by our transfer agent. That list has been available for inspection by the shareowners for the past 10 days and is available on the Shareowner Annual Meeting Webcast during this meeting for examination by any shareowner. In addition, I have been advised by the independent judge of election that there are present at today's meeting holders of approximately 71,573,337 shares of common stock, representing approximately 83% of the shares of stock outstanding and entitled to vote. Because a majority of the company's shares are represented here today, a quorum is present, the meeting is duly constituted, and the business of the meeting may proceed. Thank you, Gordie. The report of the Secretary on the existence of a quorum is accepted. I direct that the affidavit of mailing is to be part of the minutes of the meeting. On behalf of the Board of Directors, we would like to express our appreciation to all shareowners who returned their proxies and otherwise voted. The first order of business to come before us is the election of Directors. The three nominees for reelection to the board for a one-year term expiring at the 2026 annual meeting are Michael Corbo, Ramón Murguía, and Mindy Sherwood. Information concerning the nominees' experiences and qualifications is in the proxy statement. The Board of Directors has recommended that shareholders vote for the reelection of each nominee. The next order of business is the advisory resolution to approve executive compensation. At this time, I would like to ask Gordie to present the proposal. The Board of Directors has recommended that the shareholders vote for the resolution approving the compensation of our named executive officers as disclosed in the company's proxy statement. The next order of business is the proposal to ratify the appointment of an independent registered public accounting firm for fiscal year 2025. At this time, I would like to ask Gordie to present the proposal. The Board of Directors recommends that the shareholders ratify PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year 2025. The company has not received advance notice, as required under the company's bylaws, from any shareowner of any other nominees for directors or matters to be considered at today's meeting, and so no other director nominees or proposals may be introduced or voted upon by shareowners at today's meeting. The polls for voting on each matter before this meeting are now open, and I direct that a vote of the shareowners be taken. If you have previously sent in a proxy or voted by telephone or the internet and do not wish to change your vote, your vote has already been recorded, and you do not need to take any further action. Any shareowner who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the virtual meeting portal and following the instructions on the website. We will now open the floor for questions specifically related to the matters being voted upon. As we said earlier, any shareowners wishing to ask a question regarding the matters being voted upon may do so by entering it in the box labeled "Ask a Question" on the virtual meeting site and then clicking "Submit." I will invite Stacy Flathau, our Chief Corporate Affairs Officer, to read the questions. Thank you. On the proposals. you. On the proposals. Thank you, Stacy. Investors are always invited to reach out with questions to our investor relations team. Voting will close in the next minute or so. While you are voting, I'd like to remind you that we will be announcing our quarterly earnings on May 6th, so the overview I will share shortly will not contain any new information about our business performance. We will be sharing those updates on our earnings call next week. There being no comments or questions on the proposals, and now that everyone has had the opportunity to vote, I now declare the polls for the 2025 Annual Meeting of Shareowners closed. Any votes submitted before the polls close but not reflected in the preliminary voting report will be reflected in the final report of the inspector of elections and reported in the company's Form 8-K that will be filed with the SEC within four business days of today's meeting. The inspector of elections has presented their preliminary report, and on the basis of that report, the three nominees for Director have been duly reelected for a term expiring at the 2026 Annual Meeting. The resolution on the compensation of the company's named executive officers has been approved by our shareholders on an advisory basis. The appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year 2025 has been ratified. The official business of the meeting is now adjourned, and we will continue with an update on our Feeding Happiness sustainable business strategy. I would like to spend a few minutes providing an overview of Feeding Happiness. For more than a century, doing good has guided our company's commitment to operate ethically, responsibly, and sustainably. Our founder, WK Kellogg, led the way as a conservationist, dedicated philanthropist, and a well-being visionary. He believed that making the lives of children happier, healthier, and more promising was important work. Today, we proudly carry on Mr. Kellogg's legacy by doing good with Feeding Happiness. Feeding Happiness builds upon WK's vision for well-being and our company's purpose to unlock the power of foods, creating joy and connection to inspire great days. We are putting healthier and happier futures within reach through the foods we make, the way we make them, and how we share that food. The strategy's three key focus areas: making eating well easy, help kids be their best, and better our communities, will positively impact people and the planet and provide ongoing inspiration to us to advance our efforts. I'd like to highlight just a few of the milestones we recently reached with our Feeding Happiness strategy. First, Mission Tiger. Since 2019, Tony the Tiger and Kellogg's Frosted Flakes have embarked on a mission to give more kids access to the benefits of sports with the launch of Mission Tiger, an initiative aimed at helping save middle school sports. We have reached more than 2 million kids to date in over 3,000 schools, and in 2024, we reached a milestone where we now have programs in all 50 states. I want to recognize the WK Kellogg team as well. Our commitment to giving back would not be possible without our employees. Our team is passionate about making a difference in the communities where we live and where we work. In fact, we just completed National Volunteer Month, where our employees gave their time cleaning up community gardens, packing food at food banks, serving lunch at local organizations, and so much more. We are incredibly proud of our employees and their commitment to continue our founders' legacy. Now more than ever, understanding the impact of our business on both people and our planet is essential for us to be a sustainable business, one that withstands the test of time. As you can see, we're building this into our DNA to connect doing good with good business. Now I'd like to share an update on our dividend. Earlier today, we were pleased to announce our quarterly dividend of $0.165 per share. Dividends are part of our previously described approach to returning value to our shareowners. The dividend is payable on June 13, 2025, with a record date at the close of business on May 30, 2025. To conclude, we would like to express our sincere appreciation to those shareowners who attended today's virtual meeting, and I want to give a heartfelt thank you to our world-class employees. The determination they displayed is extraordinary. As we've said before, we are a 119-year-old startup, and we're just getting started. This concludes the second meeting of WK Kellogg Shareowners.
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