Summary
Cummins Inc. (CMI) filed an 8-K on February 13, 2019, reporting a change to its corporate governance. The Board of Directors approved an amendment to the company's By-Laws, effective February 12, 2019, which increases the mandatory retirement age for directors from seventy-two to seventy-four years of age. This change means that directors can now serve until they reach the age of seventy-four. While a director will not be eligible for re-election once they turn seventy-four, they can complete their current term of office. This amendment allows for greater flexibility in retaining experienced board members, potentially benefiting from their continued guidance and expertise for a longer period.
Key Highlights
- 1Cummins Inc. has amended its By-Laws to increase the mandatory retirement age for directors.
- 2The retirement age for directors has been raised from 72 to 74 years old.
- 3This change became effective upon Board approval on February 12, 2019.
- 4Directors who reach age 74 during their term can complete that term but are not eligible for re-election.
- 5The amendment aims to retain experienced directors for longer periods.
- 6The filing incorporates the Amendment and the updated By-Laws as exhibits.