Summary
This 8-K filing announces a CFO transition for Eaton Corp plc (ETN). Thomas B. Okray will depart as Executive Vice President and Chief Financial Officer, effective February 2, 2024. The company states this is a mutual decision and not related to any financial reporting disagreements. Mr. Okray will not receive severance and will forfeit unvested equity. Olivier Leonetti will succeed Mr. Okray as CFO, commencing on February 5, 2024. Mr. Leonetti, previously a director on Eaton's Board, joins from Johnson Controls, where he served as CFO. His compensation package includes a base salary of $890,000, participation in incentive programs, and significant long-term equity awards, including Performance Share Units, Stock Options, and Restricted Share Units, valued at approximately $1.76 million and $881,250 respectively, with additional new hire equity and cash awards to replace unvested compensation from his prior employer. He will also enter into standard indemnification and change of control agreements.
Key Highlights
- 1CFO Thomas B. Okray is departing Eaton effective February 2, 2024, by mutual agreement.
- 2Departure is stated to be unrelated to financial reporting disagreements.
- 3Mr. Okray will not receive severance and will forfeit unvested equity.
- 4Olivier Leonetti appointed as the new Executive Vice President and Chief Financial Officer, effective February 5, 2024.
- 5Mr. Leonetti joins Eaton from Johnson Controls, where he most recently served as CFO.
- 6Mr. Leonetti's compensation includes a base salary of $890,000, annual incentive targets, and substantial long-term equity awards.
- 7Eaton will enter into standard indemnification and change of control agreements with Mr. Leonetti.