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CARRIER GLOBAL Corp 8-K Report, Executive Changes (Oct 19, 2020)

Filed October 19, 2020For Securities:CARR

Summary

Carrier Global Corporation (CARR) announced a key leadership change with the appointment of Patrick Goris as the new Senior Vice President & Chief Financial Officer (CFO), effective November 16, 2020. Mr. Goris brings extensive financial experience from his previous role as CFO at Rockwell Automation, Inc. This transition involves the retirement of the current CFO, Timothy McLevish, who will serve as a Special Advisor until February 2021, ensuring a smooth handover. The company has structured Mr. Goris's compensation to include a competitive base salary, bonus potential, and significant sign-on equity and cash awards, reflecting the importance of this executive appointment and aiming to attract and retain top talent during a pivotal period for the company.

Key Highlights

  • 1Patrick Goris appointed as new Senior Vice President & Chief Financial Officer (CFO), effective November 16, 2020.
  • 2Current CFO, Timothy McLevish, to retire effective February 15, 2021, and will serve as Special Advisor until then.
  • 3Mr. Goris joins Carrier from Rockwell Automation, Inc., where he held the CFO position.
  • 4Mr. Goris's compensation package includes a $700,000 base salary.
  • 5Annual bonus target of 100% of base salary commencing in 2021.
  • 6Significant sign-on awards: $4,000,000 in equity (stock appreciation rights and RSUs) vesting over three years, and a $1,000,000 cash award payable in December 2020.
  • 7The press release also included a statement regarding Carrier's 2020 outlook and trends (Exhibit 99.1).

Frequently Asked Questions

Patrick Goris has been appointed as the new Senior Vice President & Chief Financial Officer (CFO), effective November 16, 2020.

Mr. Goris was most recently the Senior Vice President and Chief Financial Officer of Rockwell Automation, Inc. He has also held other financial leadership roles at Rockwell Automation and has served as a director for Lincoln Electric Holdings, Inc.

Timothy McLevish, the current CFO, will retire on February 15, 2021. He will remain with the company as a Special Advisor to the President & CEO until his retirement to facilitate a smooth transition.

Mr. Goris will receive a base annual salary of $700,000, an annual bonus target of 100% of his base salary starting in 2021, a $4,000,000 sign-on equity grant (50% stock appreciation rights, 50% RSUs) vesting over three years, and a $1,000,000 sign-on cash award payable in December 2020.