8-KLeadership ChangesExhibits & Filings

Eaton Corp plc 8-K Report, Executive Changes (Oct 22, 2024)

Filed October 22, 2024For Securities:ETN

Summary

Eaton Corp plc (ETN) announced a board refreshment through the election of Andre Schulten as a new director, increasing the Board size to twelve members. Mr. Schulten brings significant financial expertise, currently serving as the Chief Financial Officer of The Procter & Gamble Company (P&G). His appointment is effective immediately, and he will serve on key committees including Audit, Finance, and Innovation and Technology, signaling a focus on financial oversight and strategic growth. Mr. Schulten's appointment is structured with standard director compensation, including a pro rata Restricted Stock Unit (RSU) grant valued at approximately $85,000, reflecting his partial service during the current grant cycle. The company has also entered into standard director indemnification agreements. This addition diversifies the Board's experience and provides valuable insights from a leader at a major multinational consumer goods company, with the company noting prior business relationships with P&G.

Key Highlights

  • 1Eaton Corp plc expanded its Board of Directors from eleven to twelve members with the appointment of Andre Schulten.
  • 2Andre Schulten, CFO of The Procter & Gamble Company, brings extensive financial and executive leadership experience to the Board.
  • 3Mr. Schulten has been appointed to serve on the Audit Committee, Finance Committee, and Innovation and Technology Committee.
  • 4He will receive a pro rata RSU grant valued at approximately $85,000, reflecting compensation for his service in the current year.
  • 5Standard director indemnification agreements have been executed with Mr. Schulten.
  • 6Eaton had approximately $22.9 million in sales to P&G in the ordinary course of business since the beginning of 2023, with no other arrangements or understandings influencing his selection.
  • 7The company filed a press release on October 22, 2024, announcing the appointment.

Frequently Asked Questions

The new director appointed is Andre Schulten, who is currently the Chief Financial Officer of The Procter & Gamble Company (P&G).

Mr. Schulten will serve on the Audit Committee, the Finance Committee, and the Innovation and Technology Committee of Eaton's Board of Directors.

Mr. Schulten will receive compensation according to the company's standard arrangements for non-employee directors. This includes a pro rata Restricted Stock Unit (RSU) grant on November 4, 2024, equivalent to $85,000 in Ordinary Shares, reflecting his partial service for the 2024 grant cycle.

The filing notes that Eaton had sales of approximately $22.9 million to P&G in the ordinary course of business since the beginning of 2023. The company has stated there are no other arrangements or understandings with any other persons concerning Mr. Schulten's selection, and standard indemnification agreements are in place, suggesting these relationships are managed within standard corporate governance practices.