Summary
Emerson Electric Co. (EMR) announced on May 2, 2023, significant changes to its Board of Directors with the election of two new independent directors: Leticia Gonçalves and Jim M. McKelvey. Ms. Gonçalves brings extensive experience in global food ingredients and technology development from her roles at Archer Daniels Midland and Monsanto/Bayer. Mr. McKelvey is a notable entrepreneur with a background in founding companies like Block, Inc. (Square) and Invisibly, Inc., as well as involvement in venture capital and the financial sector. Their appointments are intended to enhance the board's expertise and oversight across diverse strategic areas.
Key Highlights
- 1Emerson Electric Co. has appointed two new independent directors, Leticia Gonçalves and Jim M. McKelvey, to its Board of Directors.
- 2Leticia Gonçalves has a strong background in global food ingredients and technology development, with prior experience at Archer Daniels Midland, Monsanto, and Bayer.
- 3Jim M. McKelvey is a serial entrepreneur, co-founder of Block, Inc. (formerly Square), and has experience in venture capital and financial technology.
- 4Both new directors have been appointed to key board committees: Ms. Gonçalves to Audit and Technology/Environmental Sustainability; Mr. McKelvey to Compensation and Technology/Environmental Sustainability.
- 5The board has determined that both new directors meet NYSE, SEC, and company independence standards.
- 6New directors will receive a pro rata restricted stock unit (RSU) award of $116,667, aligning their compensation with existing non-management directors going forward.
- 7The company issued a press release on May 2, 2023, announcing these board changes.
Frequently Asked Questions
Emerson Electric Co. has elected Leticia Gonçalves and Jim M. McKelvey as new independent directors to its Board. These appointments are likely intended to bring new perspectives, diverse expertise, and enhanced oversight to the company's strategic direction and governance. Ms. Gonçalves brings deep experience in global food technology and operations, while Mr. McKelvey offers significant entrepreneurial and financial technology expertise.
Leticia Gonçalves is currently the President, Global Foods for Archer Daniels Midland (ADM) and has over 20 years of experience in technology development and commercial operations at Monsanto and Bayer. Jim M. McKelvey is an entrepreneur who co-founded Block, Inc. (formerly Square), Invisibly, Inc., and is involved with Fintop Capital. He also holds significant positions with the St. Louis Federal Reserve Bank and Washington University.
Ms. Gonçalves and Mr. McKelvey will receive a pro rata award of restricted stock units (RSUs) valued at $116,667, representing a portion of the annual retainer for non-management directors. Going forward, they will be compensated on the same basis as all other non-management directors, with details typically provided in the company's annual Proxy Statement.
Leticia Gonçalves has been appointed to the Audit Committee and the Technology and Environmental Sustainability Committee. Jim M. McKelvey will serve on the Compensation Committee and the Technology and Environmental Sustainability Committee.