8-KLeadership ChangesExhibits & Filings

ATI INC 8-K Report, Executive Changes (Aug 14, 2018)

Filed August 14, 2018For Securities:ATI

Summary

Allegheny Technologies Incorporated (ATI) announced a significant leadership transition through an 8-K filing on August 14, 2018. The current President and CEO, Richard J. Harshman, is set to retire from his operational role on December 31, 2018. He will transition to Executive Chairman of the Board until his full retirement from the company and the Board at the 2019 Annual Meeting. In conjunction with Mr. Harshman's retirement, ATI has appointed Robert S. Wetherbee as the new President and CEO, effective January 1, 2019. Mr. Wetherbee brings extensive experience, including his recent role as President of ATI Flat Rolled Products and prior leadership positions at Minerals Technologies, Inc., and Alcoa Inc. The company also announced that Diane C. Creel, currently Lead Independent Director, will become the Board Chair upon Mr. Harshman's retirement from the Board. This filing also details Mr. Wetherbee's initial compensation package.

Key Highlights

  • 1Richard J. Harshman to retire as President and CEO effective December 31, 2018.
  • 2Richard J. Harshman to transition to Executive Chairman of the Board until full retirement in 2019.
  • 3Robert S. Wetherbee appointed as the new President and CEO, effective January 1, 2019.
  • 4Diane C. Creel appointed as the new Board Chair, effective immediately upon Mr. Harshman's retirement from the Board.
  • 5Robert S. Wetherbee has prior leadership experience at ATI (Flat Rolled Products, Tungsten Materials), Minerals Technologies, and Alcoa.
  • 6Mr. Wetherbee's compensation includes a base salary of $825,000, a 100% target bonus, and an annual equity award valued at approximately 360% of his base salary for 2019.
  • 7The company issued a press release on August 14, 2018, detailing these leadership changes.

Frequently Asked Questions

This 8-K filing announces significant changes in ATI's executive leadership, specifically the retirement of its President and CEO, Richard J. Harshman, and the appointment of Robert S. Wetherbee as his successor.

Mr. Harshman will transition to the role of Executive Chairman of the Board until the conclusion of his current Board term at the company's 2019 Annual Meeting, after which he will fully retire from the company.

Mr. Wetherbee has a strong background in the metals industry, most recently as President of ATI Flat Rolled Products, and previous leadership roles at Minerals Technologies and Alcoa. His compensation for 2019 includes a $825,000 base salary, a 100% target bonus, and a long-term incentive equity award valued at approximately 360% of his base salary.

Diane C. Creel, who currently serves as the Lead Independent Director, will become the Board Chair immediately upon Mr. Harshman's retirement from the Board.