Summary
Emerson Electric Co. (EMR) announced a key change to its Board of Directors with the election of Matthew S. Levatich as a Director, effective August 7, 2012. Mr. Levatich brings external leadership experience as the President and Chief Operating Officer of Harley-Davidson Motor Company, Inc. His appointment to the Compensation Committee also signals a focus on executive remuneration oversight. Investors can view this as a move to enhance board expertise and governance. Mr. Levatich will receive compensation consistent with other non-management directors, including a pro-rata award of restricted stock valued at approximately $62,500. This aligns his compensation with the company's standard practices for board members, ensuring transparency and fairness in director remuneration. The election is a procedural step, with his formal election by stockholders to occur at the 2013 Annual Meeting.
Key Highlights
- 1Matthew S. Levatich, President and COO of Harley-Davidson, elected to Emerson's Board of Directors.
- 2Mr. Levatich appointed to serve on the Company's Compensation Committee.
- 3Director appointment effective August 7, 2012.
- 4Mr. Levatich's election is subject to stockholder approval at the 2013 Annual Meeting.
- 5Compensation for Mr. Levatich will follow the established non-management director plan.
- 6Includes a pro-rata award of 1,240 restricted shares, valued at approximately $62,500.