8-KLeadership Changes

EIDP, Inc. 8-K Report, Executive Changes (Nov 9, 2015)

Filed November 9, 2015For Securities:CTA-PBCTA-PA

Summary

This 8-K filing from E. I. du Pont de Nemours and Company (DuPont) announces the official appointment of Edward D. Breen as Chair of the Board and Chief Executive Officer, effective November 9, 2015. Mr. Breen, who had been serving as Interim Chair and CEO since October 16, 2015, brings extensive experience from leadership roles at Tyco International, Motorola, and General Instrument Corporation. His appointment signifies a pivotal moment for DuPont as it navigates its leadership transition and strategic direction. The filing also details Mr. Breen's compensation package, including an annual base salary of $1.5 million starting in 2016, a target short-term incentive award of $2.4 million, and a significant long-term incentive award totaling $11.1 million. This long-term incentive is comprised of stock options and performance-based restricted stock units (PSUs), signaling a strong alignment of his compensation with the company's future performance and shareholder value.

Key Highlights

  • 1Edward D. Breen officially appointed Chair of the Board and CEO, effective November 9, 2015.
  • 2Mr. Breen has prior extensive executive experience, including CEO of Tyco International.
  • 3His compensation package includes a $1.5 million annual base salary (effective 2016).
  • 4Target short-term incentive award of $2.4 million for the 2016 performance year.
  • 5Significant long-term incentive (LTI) award valued at $11.1 million.
  • 6LTI includes stock options vesting over three years and performance-based restricted stock units (PSUs) for a three-year performance period.
  • 7Mr. Breen is eligible for retirement treatment on LTI and is a Tier I participant in the Senior Executive Change in Control Severance Plan.

Frequently Asked Questions

Edward D. Breen has been appointed as the new Chair of the Board and Chief Executive Officer, effective November 9, 2015.

Mr. Breen has a strong track record in executive leadership, notably serving as Chairman and CEO of Tyco International plc. He also held senior positions at Motorola and General Instrument Corporation.

His compensation includes an annual base salary of $1.5 million (starting Jan 1, 2016), a target short-term incentive of $2.4 million for 2016, and a long-term incentive package valued at $11.1 million, consisting of stock options and performance-based restricted stock units.

His annual base salary begins January 1, 2016. The long-term incentive awards have grant dates of November 6, 2015, and February 2016 for the performance-based units, with specific vesting schedules outlined in the filing.