Summary
Emerson Electric Co. (EMR) filed an 8-K report on May 7, 2008, detailing a significant addition to its Board of Directors. The company announced the election of William R. Johnson, who was then the Chairman, President, and Chief Executive Officer of H. J. Heinz Company, to its Board. This appointment, effective May 6, 2008, also included his placement on the Compensation Committee, indicating his anticipated contribution to key executive remuneration decisions. For investors, this move signals potential fresh perspectives and experienced leadership being integrated into Emerson's governance structure. Mr. Johnson's compensation as a new director was outlined, including a pro rata award of restricted stock and a monthly cash retainer, consistent with the company's established compensation framework for non-management directors. The filing also notes that this appointment will be subject to shareholder ratification at the 2009 Annual Meeting.
Key Highlights
- 1Emerson Electric Co. elected William R. Johnson, CEO of H. J. Heinz Company, as a Director on May 6, 2008.
- 2Mr. Johnson has been appointed as a member of the Company's Compensation Committee.
- 3As a new director, Mr. Johnson received an award of 1,355 shares of restricted stock valued at $75,000 (pro rata).
- 4Mr. Johnson will receive a monthly cash retainer of $5,833.33.
- 5Further compensation will align with the company's standard director compensation, including meeting fees and expenses.
- 6Mr. Johnson's directorship is subject to election at the Company's 2009 Annual Meeting of Stockholders.
- 7The filing incorporates by reference a press release dated May 8, 2008, as Exhibit 99.1.