Summary
Carrier Global Corporation (CARR) has filed an 8-K report detailing the departure of Jurgen Timperman, President of Fire & Security, effective July 1, 2024. This transition follows the recent divestiture of the Security Access Solutions Business to Honeywell and the anticipated Q3 2024 sale of the Industrial Fire Business. Mr. Timperman's departure is structured as a "mutually agreeable termination" and "early retirement," entitling him to a comprehensive package of payments and benefits.
Key Highlights
- 1Jurgen Timperman, President of Fire & Security, is stepping down effective July 1, 2024.
- 2Mr. Timperman's departure is linked to the recent sale of the Security Access Solutions Business and the pending sale of the Industrial Fire Business.
- 3His separation is categorized as a "mutually agreeable termination" and "early retirement" under company plans and agreements.
- 4Mr. Timperman will receive accelerated vesting of RSUs and 2022/2023 equity grants.
- 5He is eligible for a prorated 2024 annual bonus based on performance up to his separation date.
- 6A retention bonus, including deal and performance incentives, will be paid to Mr. Timperman.
- 7The executive will receive 12 months of medical benefits, transition assistance, and outplacement services.
- 8In exchange for these benefits, Mr. Timperman will sign a release and adhere to restrictive covenants including confidentiality and non-competition for two years.