Summary
This 8-K filing from Caterpillar Inc. (CAT) announces a significant change in its financial leadership. Effective September 1, 2018, Andrew Bonfield will assume the role of Chief Financial Officer (CFO), succeeding Brad Halverson who is retiring. To ensure a smooth transition, Joe Creed, currently VP of Finance Services Division, has been appointed as interim CFO starting May 4, 2018, while continuing his VP duties. Mr. Bonfield brings extensive financial experience from his previous roles as CFO at National Grid plc, Cadbury plc, and Bristol-Myers Squibb Company, among others. His compensation package includes a base salary of $800,000, a target annual incentive of 115%, a long-term incentive award valued at $1,500,000, a $800,000 sign-on bonus (subject to repayment conditions), and a $5,360,000 restricted stock unit grant, all with defined vesting schedules aligning with company policies.
Key Highlights
- 1Caterpillar appoints Andrew Bonfield as the new Chief Financial Officer (CFO) effective September 1, 2018.
- 2Current CFO, Brad Halverson, is retiring effective May 4, 2018.
- 3Joe Creed appointed as interim CFO from May 4, 2018, in addition to his current VP role.
- 4Andrew Bonfield has a strong financial background with experience at National Grid, Cadbury, and Bristol-Myers Squibb.
- 5Mr. Bonfield's compensation includes an $800,000 base salary, incentive plans, and significant equity awards.
- 6A cash sign-on bonus of $800,000 and an RSU grant of $5,360,000 are part of Mr. Bonfield's onboarding.
- 7The filing also discloses a relative of Mr. Creed employed by the company and his compensation.