Summary
Emerson Electric Co. (EMR) has announced a leadership transition within its accounting department. Richard J. Schlueter, the current Chief Accounting Officer, will retire effective March 31, 2018, after informing the company of his decision on January 10, 2018. To ensure a smooth handover, Mr. Schlueter will step down from his Chief Accounting Officer role on February 6, 2018, coinciding with the company's annual officer appointments. Michael J. Baughman, who joined Emerson as Vice President and Controller in October 2017, has been appointed as the new Chief Accounting Officer, effective February 6, 2018. Mr. Baughman brings extensive financial leadership experience, most recently from Baxter International Inc. His appointment is effective immediately in the new role, with no change in compensation.
Key Highlights
- 1Richard J. Schlueter, Chief Accounting Officer, to retire effective March 31, 2018.
- 2Mr. Schlueter will resign as Chief Accounting Officer on February 6, 2018, facilitating an orderly transition.
- 3Michael J. Baughman appointed as the new Chief Accounting Officer, effective February 6, 2018.
- 4Mr. Baughman brings prior experience as Emerson's Vice President and Controller since October 2017.
- 5Mr. Baughman has a strong financial background, including significant tenure at Baxter International Inc.
- 6No additional compensation will be provided to Mr. Baughman in connection with his appointment as Chief Accounting Officer.