Summary
This Form 8-K filing by Emerson Electric Co. (EMR) on November 5, 2009, primarily details an amendment to the company's bylaws, effective November 3, 2009. The key change permits two specific directors, Rozanne L. Ridgway and Vernon R. Loucks, Jr., to serve for an additional year beyond the previous age limit of 72, extending their tenure until the February 2011 Annual Meeting of Stockholders. This amendment suggests a strategic decision by the Board to retain the expertise of these specific directors, potentially due to their valuable contributions or the prevailing economic conditions at the time. Investors should note this deviation from the standard age policy and consider the implications for board continuity and governance. The filing also includes the amended bylaws and a marked-up version showing the changes as exhibits.
Key Highlights
- 1Emerson Electric Co. amended its bylaws on November 3, 2009.
- 2The amendment allows two directors, Rozanne L. Ridgway and Vernon R. Loucks, Jr., to serve an additional year.
- 3These directors can now serve until the February 2011 Annual Meeting of Stockholders.
- 4The previous bylaw restricted directors from standing for election or re-election after reaching age 72.
- 5The amendment provides an exception to the standard age limit for these two specific individuals.
- 6The filing includes the amended bylaws as exhibits for detailed review.