01—Abstract
Summary
Summary of the 8-K filed November 18, 2021. Cited figures are marked; the original filing is the authoritative source.
Ecolab Inc. (ECL) has announced a significant leadership change within its finance department.
Effective December 31, 2021, Daniel J. Schmechel will retire as Chief Financial Officer after a long tenure with the company, having served in the CFO role since 2012. He will remain with Ecolab through a transition period until mid-2022 to ensure a smooth handover.
To succeed Mr. Schmechel, Ecolab has appointed Scott D. Kirkland as the new Chief Financial Officer, effective January 1, 2022. Mr. Kirkland is a seasoned executive within Ecolab, having joined in 2005 and most recently serving as Senior Vice President and Corporate Controller.
His appointment reflects an internal promotion and continuity within the company's financial leadership. Details regarding Mr. Kirkland's compensation package have also been disclosed, including his base salary, target annual cash incentive, and long-term incentive awards.
02—Key points
Key Highlights
- Daniel J. Schmechel, CFO since 2012, will retire effective December 31, 2021, with a transition period extending to mid-2022.
- Scott D. Kirkland appointed as the new CFO, effective January 1, 2022.
- Kirkland has been with Ecolab since 2005, most recently as Senior Vice President and Corporate Controller.
- Kirkland's new role comes with a base salary of $600,000.
- He is eligible for an annual cash incentive target of 75% of his base salary.
- Kirkland will receive an annual long-term incentive award valued at $1,750,000, split between performance-based RSUs and nonqualified stock options.
- The appointment signifies an internal succession plan for a key executive role.
03—Questions
Frequently Asked Questions
Why is Daniel J. Schmechel retiring?
Daniel J. Schmechel is retiring from his position as Chief Financial Officer of Ecolab Inc. effective December 31, 2021. He will stay with the company for a transition period until mid-2022.
Who is replacing Daniel J. Schmechel as CFO?
Scott D. Kirkland has been appointed as the new Chief Financial Officer, succeeding Daniel J. Schmechel. His appointment is effective January 1, 2022.
What is Scott D. Kirkland's background with Ecolab?
Scott D. Kirkland has been with Ecolab since 2005. Prior to his appointment as CFO, he held various senior finance roles, including Senior Vice President and Corporate Controller since June 2019. His experience spans across different segments and regions of the company.
What will be Scott D. Kirkland's compensation package as CFO?
Scott D. Kirkland's compensation package includes a base salary of $600,000 annually, eligibility for an annual cash incentive award targeted at 75% of his base salary, and an annual long-term incentive award valued at $1,750,000. The long-term incentive award will be composed of 50% performance-based restricted stock units and 50% nonqualified stock options.
04—Continue