8-KLeadership ChangesExhibits & Filings

ECOLAB INC. 8-K Report, Executive Changes (Aug 2, 2012)

Filed August 2, 2012For Securities:ECL

Summary

Ecolab Inc. (ECL) filed an 8-K on August 2, 2012, primarily announcing a significant leadership change in its finance department. Steven L. Fritze, who has served as Chief Financial Officer (CFO) since 2002 and with the company since 1980, will retire from his CFO role on October 1, 2012, and from Ecolab entirely on December 31, 2012. This transition marks the end of a long tenure for Mr. Fritze, who has been instrumental in the company's financial operations for over three decades.

Key Highlights

  • 1Steven L. Fritze, CFO since 2002, is retiring from his CFO position effective October 1, 2012, and from Ecolab effective December 31, 2012.
  • 2Daniel J. Schmechel has been appointed as the new CFO, effective October 1, 2012, succeeding Mr. Fritze.
  • 3Mr. Schmechel brings extensive experience within Ecolab, having been with the company since 1995 in various senior finance roles, including Executive Vice President, Finance.
  • 4Mr. Schmechel's prior roles include responsibility for Tax, Treasury, Corporate Controller, Shared Services, Information Technology, Global Supply Chain (interim), Business Transformation in Europe, and Treasurer.
  • 5Mr. Schmechel holds an MBA from Dartmouth College and a B.S. from Yale University.
  • 6Mr. Schmechel will participate in Ecolab's standard executive compensation arrangements.
  • 7There are no disclosable related-party transactions between Mr. Schmechel and Ecolab.

Frequently Asked Questions

This 8-K filing is primarily to announce the retirement of the current Chief Financial Officer, Steven L. Fritze, and the appointment of Daniel J. Schmechel as his successor.

Steven L. Fritze joined Ecolab in 1980 and has served as Chief Financial Officer since 2002, indicating a long and substantial career with the company.

Daniel J. Schmechel has been with Ecolab since 1995 and has held numerous senior finance positions, including Executive Vice President, Finance, Corporate Controller, Treasurer, and has had oversight of Tax, Treasury, Shared Services, IT, and Supply Chain functions. He also has international experience.

According to the filing, Mr. Schmechel will be entitled to continue to participate in Ecolab’s regular compensation arrangements for executive officers, with details referenced in the company's proxy statement.