Summary
TechnipFMC plc (FTI) has filed an 8-K report detailing a significant leadership change within its executive team. Effective April 24, 2022, Barry Glickman will step down from his role as President of Surface. While he will depart from his executive position, Mr. Glickman will remain with the company as an employee until June 30, 2022, to facilitate a smooth transition of his responsibilities. In connection with his departure, the company has entered into a Separation Agreement with Mr. Glickman, outlining specific benefits and obligations. These include a severance package equivalent to two times his base salary and target incentive, a pro-rata incentive for 2022, continued medical and dental benefits for up to 24 months, and reimbursement for financial planning services. This agreement is contingent upon Mr. Glickman releasing the company from claims, adhering to non-compete and non-solicitation clauses for 24 months, cooperating with the company, and maintaining confidentiality and non-disparagement. This event primarily signals a change in operational leadership for the Surface segment.
Key Highlights
- 1Barry Glickman is stepping down as President of Surface, effective April 24, 2022.
- 2Mr. Glickman will continue as an employee until June 30, 2022, to ensure an orderly transition.
- 3A Separation Agreement has been executed between Mr. Glickman and TechnipFMC.
- 4The agreement includes severance equivalent to two times base salary and annual target incentive.
- 5Mr. Glickman will receive a pro-rata incentive payment for 2022.
- 6Continued medical and dental benefits will be provided for up to 24 months.
- 7The agreement includes restrictive covenants, including a 24-month non-compete and non-solicitation period.