Summary
Cummins Inc. (CMI) filed an 8-K on November 16, 2016, to report a significant executive change. Marsha L. Hunt, the Vice President - Corporate Controller and Principal Accounting Officer, has announced her departure from the company. Her last day of employment will be on or before June 30, 2017. This departure is due to Ms. Hunt's acceptance of a prestigious appointment to the Financial Accounting Standards Board (FASB), a role that commences on July 1, 2017. While this represents a loss of a key finance executive for Cummins, her move to the FASB is a recognition of her expertise and likely signals a continued, albeit different, engagement with accounting standards that could indirectly benefit the company. Investors should monitor the company's subsequent filings for information regarding the appointment of a successor to this critical role.
Key Highlights
- 1Marsha L. Hunt, Vice President - Corporate Controller and Principal Accounting Officer, is departing Cummins.
- 2Her departure is scheduled for on or before June 30, 2017.
- 3Ms. Hunt is leaving to accept an appointment to the Financial Accounting Standards Board (FASB).
- 4The FASB appointment begins on July 1, 2017.
- 5This filing falls under Item 5.02 of Form 8-K, concerning departures of certain officers.
- 6No immediate replacement for Ms. Hunt has been announced in this filing.