SOVO Sovos Brands Inc

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): December 4, 2023

Sovos Brands, Inc.

(Exact name of registrant as specified in its charter)

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(720) 316-1225

(Registrant’s telephone number, including area code)

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Not Applicable

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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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.

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On December 5, 2023, Sovos Brands, Inc. (the “Company”) announced the promotion of E. Yuri Hermida, age 50, to President effective December 11, 2023. Mr. Hermida has served as the Company’s Chief Growth Officer since he joined the Company in October 2022.

Prior to joining the Company, Mr. Hermida served as an executive vice president of Reckitt Benckiser from September 2020 to September 2022, overseeing the North American hygiene business and served as the regional director for Central Eastern Europe from January 2019 to August 2020. Prior to January 2019, Mr. Hermida held various positions at Procter and Gamble from August 1996 to October 2018, including country manager for the Malaysia and Singapore region, general manager of Baby Care for the Greater China region, and vice president of Feminine and Baby Care for North America. He earned his B.A. in industrial engineering from ITESM University in Mexico City.

Mr. Hermida will continue to participate in the Company’s Annual Incentive Plan, 2021 Equity Incentive Plan and Amended and Restated 2023 Severance Plan for Executives, and, in connection with his promotion, received 4,562 restricted stock units, with terms consistent with the Company’s annual restricted stock unit award previously granted to Mr. Hermida. Mr. Hermida is also party to an Executive Officer and Director Indemnification Agreement with the Company, consistent with the Company’s form agreement.

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Item 7.01.Regulation FD Disclosure

On December 5, 2023, the Company announced in a press release the promotion of E. Yuri Hermida to President. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

The information provided under this Item 7.01, including the accompanying press release, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

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(d) Exhibits

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

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Exhibit 99.1

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Sovos Brands Announces the Promotion of E. Yuri Hermida to President

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LOUISVILLE, Colo., - December 05, 2023 – Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq: SOVO), one of the fastest-growing food companies of scale in the United States, today announced the promotion of E. Yuri Hermida to President of Sovos Brands, effective December 11, 2023. Mr. Hermida will continue to report to Todd Lachman, Founder and Chief Executive Officer of Sovos Brands.

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“Over the last year, Yuri has proven to be an invaluable asset in executing the Sovos Brands enterprise-wide growth strategy,” said Mr. Lachman. “Yuri’s dedication and collaborative approach is pivotal to our success, and I look forward to continuing to partner with him to drive our strategic plan and further our momentum in 2024.”.

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Mr. Hermida has served as Chief Growth Officer at Sovos Brands since October 2022, overseeing the Company’s sales, marketing, R&D and business segments while driving the Company’s overall growth strategy. Prior to joining Sovos Brands, he served as Executive Vice President at Reckitt Benckiser, a multinational producer of consumer goods in the health, hygiene and nutrition categories, overseeing the company’s multibillion-dollar North American Hygiene business. Prior to Reckitt, Mr. Hermida spent more than two decades at Procter & Gamble, holding key leadership positions around the globe, including Country Manager for the Malaysia and Singapore region, General Manager of Baby Care for the Greater China region, and Vice President of Feminine and Baby Care for North America.

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The Company continues to expect the pending merger with Campbell Soup Company (“Campbell’s”) to be completed in 2024 and will continue to engage with the FTC on its review with the objective of closing in mid-2024.

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About Sovos Brands, Inc.

Sovos Brands, Inc. is a consumer-packaged food company focused on building disruptive growth brands that bring today’s consumers great tasting food that fits the way they live. The Company’s product offerings include a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of which are sold in North America under the brand names Rao’s, Michael Angelo’s and noosa. All Sovos Brands’ products are built with authenticity at their core, providing consumers with one-of-a-kind food experiences that are genuine, delicious, and unforgettable. The Company is headquartered in Louisville, Colorado. For more information on Sovos Brands and its products, please visit www.sovosbrands.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the pending merger with Campbell’s. These forward-looking statements are based on Sovos Brands’ current assumptions, expectations and beliefs and are subject to

substantial risks, uncertainties, assumptions, and changes in circumstances that may cause Sovos Brands’ actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.

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With respect to the pending merger with Campbell’s, these risks and uncertainties include, but are not limited to:

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These and other risks and uncertainties are more fully described in Sovos Brands’ filings with the Securities and Exchange Commission (the “SEC”), including in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and other filings and reports that Sovos Brands may file from time to time with the SEC. Moreover, Sovos Brands operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can Sovos Brands assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Sovos Brands may make. In light of these risks, uncertainties and assumptions, Sovos Brands cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent managements’ beliefs and assumptions only as of the date of this press release. Sovos Brands disclaims any obligation to update forward-looking statements except as required by law.

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Contacts

Investors: 

Joshua Levine                             
IR@sovosbrands.com

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Media:

Lauren Armstrong

media@sovosbrands.com