Summary
This 8-K filing from AMETEK, Inc. reports on a key executive change and compensation adjustment. Effective July 1, 2012, Executive Vice President and Chief Financial Officer John J. Molinelli is retiring after over 43 years of service, including 18 years as CFO. To recognize his long tenure and valued contributions, AMETEK has accelerated the vesting of 25,043.25 shares of restricted stock previously granted to Mr. Molinelli. The accelerated vesting allows Mr. Molinelli to realize the value of his long-term incentive awards that would have otherwise been forfeited upon his retirement. This decision reflects the company's appreciation for his significant service and aims to provide a positive transition for a key executive.
Key Highlights
- 1John J. Molinelli, Executive Vice President and Chief Financial Officer, is retiring effective July 1, 2012.
- 2Mr. Molinelli has served AMETEK for over 43 years, with 18 years in the CFO role.
- 3AMETEK is accelerating the vesting of 25,043.25 shares of restricted stock for Mr. Molinelli.
- 4The accelerated vesting is intended to allow Mr. Molinelli to realize value from unvested Long-Term Incentive awards.
- 5This action is described as a reward for his long and valued service to the Company.
- 6The restricted stock was granted under the 2007 Omnibus Incentive Compensation Plan.
Frequently Asked Questions
John J. Molinelli, the Executive Vice President and Chief Financial Officer of AMETEK, Inc., is retiring from his positions effective July 1, 2012.
The company is accelerating the vesting of 25,043.25 shares of restricted stock to allow Mr. Molinelli to realize the value of his unvested long-term incentive awards, which he would otherwise forfeit upon retirement. This action is also noted as a reward for his over 43 years of service, including 18 years as CFO.
A total of 25,043.25 shares of restricted stock will have their vesting accelerated.
Mr. Molinelli's retirement and separation from the Company will be effective on July 1, 2012.