Company: TR
Filing Date: 2025-06-02
Form Type: 8-K
Source: 0001558370-25-008345
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Company: TOOTSIE ROLL INDUSTRIES INC
Filing Date: 2025-06-02
Form: 8-K
Item: Item 5.02
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Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 2, 2025, the Board of Directors (the “ Board”) of Tootsie Roll Industries, Inc. (the “ Company”) appointed Karen Gordon Mills to serve as President and as a director of the Company for a term ending at the Company’s 2026 Annual Meeting of Shareholders or until her successor has been duly elected and qualified.

Mills, age 71, has served in executive leadership roles and been an investor in various manufacturing and consumer packaged goods companies. From 2008 to 2013 she served as the 23rd Administrator of the U. S. Small Business Administration. Mills has been a Senior Fellow and faculty member at Harvard Business School since 2014. She received a Bachelor of Arts in economics from Harvard University and earned an MBA from Harvard Business School. Mills was previously a Director of Clarivate Plc from May 2019 until January 2021 and Churchill Capital Corp III and IV through October 2020 and July 2021, respectively, and Churchill Capital Corp V and VI through December 2023. She has served as a director of Skillsoft Corp. since June 2021.

Mills is the daughter of Ellen Gordon, Chairman of the Board and Chief Executive Officer of the Company and the mother of Henry Gordon Mills, the Chief Operating Officer of the Company.

Mills will receive a base salary of $999,000 for her service as President and is eligible to participate in the Company’s Management Incentive, Excess Benefit and Career Achievement Plans in accordance with the Company’s executive compensation practices described in its 2025 Proxy Statement, filed with the Securities and Exchange Commission on March 27, 2025.

A copy of the press release announcing the appointment of Mills as President and as a director of the Company is set forth as Exhibit 99.1 to this Form 8-K.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.