8-KLeadership Changes

EIDP, Inc. 8-K Report, Executive Changes (Mar 11, 2008)

Filed March 11, 2008For Securities:CTA-PBCTA-PA

Summary

EIDP, Inc. (CTA-PB) announced a change in its Board of Directors via an 8-K filing on March 10, 2008, related to an event on March 4, 2008. The primary development is the retirement of Masahisa Naitoh from the Board of Directors, effective as of the Company's Annual Meeting of Stockholders on April 30, 2008. Mr. Naitoh's retirement is in accordance with the company's age 70 retirement policy, a standard governance practice. Concurrently, EIDP, Inc. has nominated Alexander M. Cutler, who serves as Chairman and Chief Executive Officer of Eaton Corporation, for election to the Board of Directors at the upcoming Annual Meeting. This addition signals a potential infusion of new perspectives and leadership experience, with Mr. Cutler bringing executive experience from a significant industrial company.

Key Highlights

  • 1Masahisa Naitoh is retiring from the EIDP, Inc. Board of Directors.
  • 2Mr. Naitoh will not stand for re-election at the Annual Meeting of Stockholders on April 30, 2008.
  • 3The retirement is in accordance with the company's age 70 retirement policy.
  • 4Alexander M. Cutler has been nominated to join the Board of Directors.
  • 5Mr. Cutler is the Chairman and CEO of Eaton Corporation.
  • 6The new director will be considered for election at the April 30, 2008 Annual Meeting of Stockholders.

Frequently Asked Questions

Masahisa Naitoh is retiring as per EIDP, Inc.'s age 70 retirement policy, as outlined in the Board's Corporate Governance Guidelines.

Alexander M. Cutler, Chairman and Chief Executive Officer of Eaton Corporation, has been nominated to join the Board of Directors.

The changes will take effect following the Company’s Annual Meeting of Stockholders on April 30, 2008, at which time Mr. Naitoh will officially retire and Mr. Cutler will be considered for election.

Mr. Cutler's nomination brings leadership experience from a prominent company, Eaton Corporation, potentially adding valuable strategic insight and governance expertise to the EIDP, Inc. Board.