Who is replacing Jeffrey J. Kutz as Principal Accounting Officer?

William J. Pellicciotti will join Air Products & Chemicals, Inc. as Controller and Chief Accounting Officer on October 25, 2023, and will succeed Mr. Kutz as the Principal Accounting Officer upon Mr. Kutz's retirement on December 18, 2023.

What is the background of the new Controller and Chief Accounting Officer, William J. Pellicciotti?

Mr. Pellicciotti, 44, has a strong financial background, most recently serving as Senior Vice President, Controller and Chief Accounting Officer at Advance Auto Parts, Inc. He also held senior financial positions at The Kraft Heinz Company and Colgate-Palmolive Company, with experience in SEC Reporting, Accounting Policy, and SOX Compliance.

What are the key components of William J. Pellicciotti's compensation package?

Mr. Pellicciotti's compensation includes salary, bonus, and equity awards commensurate with his role. Specifically, he will receive a $200,000 new hire bonus, a $250,000 restricted stock unit (RSU) award vesting after two years, a $325,000 RSU award vesting after three years, and a $250,000 retention bonus payable after his first anniversary, contingent on continued employment. He will also receive standard health, welfare, and retirement benefits.

Are there any potential conflicts of interest or related-party transactions involving William J. Pellicciotti?

The filing states that neither Mr. Pellicciotti nor any of his immediate family members are involved in any transactions requiring disclosure under Item 404(a) of Regulation S-K, and he was not selected to serve as an officer under any special arrangement.

APD 8-K: Leadership Changes

Summary

Air Products & Chemicals, Inc. (APD) announced a change in its principal accounting officer through its 8-K filing on October 9, 2023. Jeffrey J. Kutz, the current Vice President, Corporate Controller, and Principal Accounting Officer, will retire effective December 18, 2023. This transition marks the end of Mr. Kutz's tenure, and the company has appointed William J. Pellicciotti to take over the role. Mr. Pellicciotti's appointment as Controller and Chief Accounting Officer is effective October 25, 2023, and he will officially succeed Mr. Kutz as the principal accounting officer upon his retirement. Mr. Pellicciotti brings a wealth of experience from his previous roles at Advance Auto Parts, Inc., The Kraft Heinz Company, and Colgate-Palmolive Company, including significant experience in financial reporting, accounting policy, and SOX compliance. His compensation package includes a base salary, bonus, equity awards, and specific new hire and retention bonuses, reflecting his senior position.

Key Highlights

1Announcement of the retirement of Jeffrey J. Kutz, Vice President, Corporate Controller, and Principal Accounting Officer, effective December 18, 2023.
2Appointment of William J. Pellicciotti as Controller and Chief Accounting Officer, effective October 25, 2023.
3William J. Pellicciotti will assume the role of Principal Accounting Officer upon Mr. Kutz's retirement.
4Mr. Pellicciotti possesses extensive experience from senior financial roles at Advance Auto Parts, Kraft Heinz, and Colgate-Palmolive.
5Mr. Pellicciotti's compensation package includes a base salary, bonus, equity awards, and specific new hire incentives totaling $450,000 in cash and stock awards ($200,000 bonus, $250,000 initial RSU, $325,000 second RSU).
6A $250,000 retention bonus is also included, contingent upon continued service after one year.
7No related-party transactions were disclosed involving Mr. Pellicciotti.

Air Products & Chemicals, Inc. 8-K Report, Executive Changes (Oct 10, 2023)

Summary

Key Highlights

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