Summary
Emerson Electric Co. (EMR) announced a significant leadership change in its financial operations via an 8-K filing on February 4, 2010, effective February 2, 2010. Frank J. Dellaquila has been promoted to Chief Financial Officer (CFO), succeeding Walter J. Galvin. This transition is a key development for investors as it brings an established executive with extensive experience within Emerson into the critical CFO role. Mr. Dellaquila's promotion is accompanied by an adjustment to his compensation, including a base salary increase and a substantial performance share award tied to fiscal 2013 performance targets. The continuity of Mr. Galvin's involvement as Vice Chairman and Director provides stability during this executive transition. Investors should note that the detailed compensation arrangements for Mr. Dellaquila are further elaborated in the company's proxy statement.
Key Highlights
- 1Frank J. Dellaquila appointed as the new Chief Financial Officer (CFO) of Emerson Electric Co., effective February 2, 2010.
- 2Walter J. Galvin, the outgoing CFO, will transition to Vice Chairman and Director, ensuring continuity and leveraging his experience.
- 3Mr. Dellaquila has a long tenure with Emerson, having been an officer since 1991 and previously holding senior roles in Acquisitions and Development, and Finance/Controller.
- 4Mr. Dellaquila's base salary increased to $450,000 upon his promotion to CFO.
- 5Awarded 20,000 performance share units under the 2010 program, contingent on performance targets through Fiscal Year 2013.
- 6The press release announcing the CFO change is attached as an exhibit.
- 7Further details on performance share arrangements can be found in the company's 2010 Proxy Statement.