8-KLeadership Changes

EMERSON ELECTRIC CO 8-K Report, Executive Changes (Jan 16, 2018)

Filed January 16, 2018For Securities:EMR

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.

Frequently Asked Questions

The current Chief Accounting Officer, Richard J. Schlueter, is retiring from the company. To ensure a smooth transition, he will resign from his officer role on February 6, 2018, ahead of his full retirement on March 31, 2018.

Michael J. Baughman will succeed Mr. Schlueter as the new Chief Accounting Officer, effective February 6, 2018. Mr. Baughman was recently appointed as Emerson's Vice President and Controller in October 2017.

No, the company has stated that Mr. Baughman will not receive any additional compensation in connection with his appointment as Chief Accounting Officer.

Mr. Baughman has a substantial financial background. Prior to joining Emerson as VP and Controller in October 2017, he held several senior finance roles at Baxter International Inc., including Vice President, Finance, Global Operations, Quality, and Research and Development, and Corporate Controller.