Summary
Emerson Electric Co. (EMR) filed an 8-K on November 30, 2023, announcing the retirement of Sara Y. Bosco, Senior Vice President, Secretary, and Chief Legal Officer, effective December 31, 2023. Ms. Bosco will continue in her role until her retirement date and has entered into a letter agreement outlining the terms of her departure. The agreement ensures Ms. Bosco receives her current salary and benefits until her retirement date. Importantly, she remains eligible for full payouts under certain performance share programs, contingent on the company achieving performance objectives. The filing also details her continued eligibility for pension and 401(k) plan distributions. In conjunction with her retirement, Michael Tang has been appointed as the new Senior Vice President, Secretary, and Chief Legal Officer, effective January 1, 2024.
Key Highlights
- 1Retirement of Senior Vice President, Secretary, and Chief Legal Officer, Sara Y. Bosco, effective December 31, 2023.
- 2Ms. Bosco to receive base salary and certain benefits through her retirement date.
- 3Ms. Bosco remains eligible for full payout of earned awards under Fiscal 2022-2024 and Fiscal 2023-2025 Performance Shares Programs, subject to company performance.
- 4Ms. Bosco will receive distributions from qualified and non-qualified pension and 401(k) plans as per plan terms.
- 5Ms. Bosco has agreed to a four-year non-compete and non-solicitation period post-retirement.
- 6Ms. Bosco will release the Company from all claims and liabilities.
- 7Michael Tang appointed as the new Senior Vice President, Secretary, and Chief Legal Officer, effective January 1, 2024.