Summary
Eaton Corporation plc (ETN) filed an 8-K on June 16, 2015, detailing significant leadership changes and board expansions. The company announced the election of Craig Arnold and Richard H. Fearon to its Board of Directors, effective September 1, 2015. This filing also revealed a planned leadership transition, with Alexander M. Cutler announcing his resignation as President and Craig Arnold stepping into the President and Chief Operating Officer roles, both effective August 31, 2015. Mr. Cutler will continue as CEO until May 31, 2016, at which point Craig Arnold is slated to succeed him as CEO.
Key Highlights
- 1Craig Arnold and Richard H. Fearon elected to the Board of Directors, effective September 1, 2015.
- 2Board size expanded to fourteen members.
- 3Alexander M. Cutler resigned as President, effective August 31, 2015.
- 4Craig Arnold appointed President and Chief Operating Officer, effective August 31, 2015.
- 5Thomas S. Gross, COO - Electrical Sector, announced his retirement effective August 31, 2015.
- 6Uday Yadav appointed COO - Industrial Sector, and Revathi Advaithi appointed COO - Electrical Sector, both effective September 1, 2015.
- 7Craig Arnold will succeed Alexander M. Cutler as CEO on May 31, 2016.
Frequently Asked Questions
The most significant leadership changes include Craig Arnold's appointment as President and Chief Operating Officer, Alexander M. Cutler's resignation as President, and Thomas S. Gross's retirement as COO of the Electrical Sector. Additionally, Uday Yadav and Revathi Advaithi have been appointed to new COO roles, and Craig Arnold is slated to become CEO in May 2016, succeeding Alexander M. Cutler.
Craig Arnold, currently Vice Chairman and COO of the Industrial Sector, and Richard H. Fearon, Vice Chairman and CFO, were elected to the Board of Directors, with their appointments effective September 1, 2015. This also expands the board size to fourteen members.
Craig Arnold is appointed President and Chief Operating Officer effective August 31, 2015. He is scheduled to succeed Alexander M. Cutler as Chief Executive Officer on May 31, 2016. His election to the Board of Directors is effective September 1, 2015, and his director service will be subject to nomination and stockholder approval at the 2016 Annual General Meeting.
The filing notes that Craig Arnold and Richard H. Fearon will have a portion of their compensation allocated to director fees, with specific amounts to be determined later. Mr. Arnold will continue to be compensated under existing executive plans, and no specific compensation has been determined yet for his future CEO role.