8-KLeadership ChangesRegulation FDExhibits & Filings

Corteva, Inc. 8-K Report, Executive Changes (Jun 23, 2021)

Filed June 23, 2021For Securities:CTVA

Summary

Corteva, Inc. (CTVA) announced on June 23, 2021, that its Chief Executive Officer, James C. Collins, Jr., will retire from all his positions with the company effective December 31, 2021. The company and Mr. Collins mutually agreed to this transition. An external search for his successor is underway. This report details the terms of Mr. Collins' retirement, including his continued role as an advisor if a successor is appointed before his retirement date. He will be entitled to severance compensation and benefits under the company's existing severance plan, with specific provisions for his annual bonus and continued vesting of equity awards. This transition is identified as a risk factor, and the company will provide further updates as necessary.

Key Highlights

  • 1CEO James C. Collins, Jr. to retire on December 31, 2021.
  • 2External search for a successor CEO is in progress.
  • 3Mr. Collins will serve as an advisor to facilitate transition if a successor is named before his retirement date.
  • 4Retirement will be treated as a separation without 'Cause', entitling Mr. Collins to severance compensation and benefits.
  • 5Outstanding equity awards for Mr. Collins will continue to vest according to existing agreements.
  • 6Severance is conditioned on compliance with one-year non-compete and non-solicitation requirements.
  • 7CEO transition is listed as a potential risk factor for the company.

Frequently Asked Questions

James C. Collins, Jr. will retire from all his positions with Corteva, Inc. effective December 31, 2021.

Corteva has initiated an external executive search for Mr. Collins' successor. The company will provide updates on the appointment process.

Mr. Collins is entitled to severance compensation and benefits under the Corteva, Inc. Change in Control and Executive Severance Plan. This includes specific provisions for his pro-rated annual bonus and continued vesting of outstanding equity awards. These benefits are subject to his execution of a release of claims and compliance with non-compete and non-solicitation clauses.

The company's filing identifies 'risks associated with our CEO transition, including failure to timely identify a successor CEO and the impact on employee hiring and retention' as a potential risk factor. Investors should monitor the succession process and any forward-looking statements from the company regarding this transition.