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.
Frequently Asked Questions
Jurgen Timperman is stepping down as President of Fire & Security as part of a strategic realignment following Carrier Global Corporation's divestiture of its Security Access Solutions Business and the anticipated sale of its Industrial Fire Business. His departure is considered a mutually agreeable termination and early retirement.
Mr. Timperman is entitled to several benefits, including the accelerated vesting of his RSUs and 2022/2023 equity grants, a prorated 2024 annual bonus based on performance, a retention bonus (deal bonus, 2023 and 2024 cash performance incentives), and 12 months of medical, transition, and outplacement services.
In return for the specified payments and benefits, Mr. Timperman is required to execute a release of claims and will be bound by post-termination restrictive covenants. These include perpetual confidentiality and non-disparagement, as well as a two-year non-competition and two-year non-solicitation of employees, customers, and suppliers.