Summary
TechnipFMC plc (FTI) announced a key executive leadership change through an 8-K filing on July 31, 2023. Cristina Aalders, previously the Chief Compliance Officer, has been appointed as the new Executive Vice President, Chief Legal Officer, and Secretary, effective immediately. This transition sees Victoria Lazar departing from these roles, though she will remain with the company in an employee capacity until August 31, 2023, to facilitate a smooth handover. The departure of Ms. Lazar is accompanied by a Separation, Release and Waiver of Claims and Restrictive Covenant Agreement. Under this agreement, Ms. Lazar is set to receive a severance package that includes two times her base salary and target bonus, a pro-rata bonus for 2023, continued benefits for up to 18 months, tax preparation assistance, and outplacement services. In return, she has agreed to a release of claims and has committed to specific post-termination restrictive covenants, including non-competition and non-solicitation for 24 months, ongoing cooperation, and adherence to non-disparagement and confidentiality clauses.
Key Highlights
- 1Cristina Aalders appointed as Executive Vice President, Chief Legal Officer and Secretary, effective July 31, 2023.
- 2Victoria Lazar departs as Executive Vice President, Chief Legal Officer and Secretary.
- 3Ms. Lazar will remain an employee through August 31, 2023, to ensure an orderly transition.
- 4Ms. Lazar's separation agreement includes a severance package equivalent to two times her base salary and target bonus.
- 5The severance package also includes a pro-rata 2023 bonus, extended benefits coverage for up to 18 months, tax preparation, and outplacement services.
- 6Ms. Lazar is subject to a 24-month post-termination non-competition and non-solicitation period.
- 7The filing includes the Separation, Release and Waiver of Claims and Restrictive Covenant Agreement as an exhibit.