8-KLeadership Changes

GENERAL ELECTRIC CO 8-K Report, Executive Changes (Jul 26, 2018)

Filed July 26, 2018For Securities:GE

Summary

This 8-K filing from General Electric (GE) announces a significant change in its senior accounting leadership. Jan Hauser, GE's Vice President, Controller, and Chief Accounting Officer, has announced her intention to retire. GE plans to appoint Thomas S. Timko to this critical role, effective around September 10, 2018. Mr. Timko brings a strong background in accounting and financial oversight, having previously served in similar capacities at General Motors and Applied Materials. His appointment suggests a focus on experienced leadership to manage the company's financial reporting and controls during a period of transition. Investors should note the details of Mr. Timko's compensation package, which includes a sign-on bonus and guaranteed minimum bonus payout, reflecting the company's efforts to attract and retain experienced talent for this position. The transition plan, with Ms. Hauser assisting Mr. Timko, indicates a commitment to a smooth handover of responsibilities to ensure continuity in financial operations. This change in a key financial executive role is important for maintaining investor confidence in GE's financial integrity and strategic execution.

Key Highlights

  • 1Jan Hauser, GE's VP, Controller, and Chief Accounting Officer, has announced her intention to retire.
  • 2Thomas S. Timko is appointed as the new VP, Controller, and Chief Accounting Officer, effective September 10, 2018.
  • 3Mr. Timko has prior experience as Chief Accounting Officer at General Motors and Applied Materials.
  • 4Timko's compensation package includes a sign-on bonus and a guaranteed minimum bonus payout for 2018.
  • 5Restricted stock units will be granted to Mr. Timko, vesting over three years, to compensate for forfeited equity from his previous employer.
  • 6Ms. Hauser will remain in her role until Mr. Timko's transition to ensure a smooth handover.

Frequently Asked Questions

Thomas S. Timko will be appointed as the new Vice President, Controller, and Chief Accounting Officer. He has previous experience as Chief Accounting Officer at General Motors and Applied Materials.

The appointment of Thomas S. Timko is effective on or about September 10, 2018. Jan Hauser will remain in her role until then to assist with the transition.

Mr. Timko's compensation includes a salary, bonus, and equity awards consistent with his role. Specifically, it features a sign-on bonus, a guaranteed minimum payout of 100% of his salary under GE's 2018 annual cash bonus program, and restricted stock units that vest over three years.

Jan Hauser has communicated her intention to retire from General Electric. She has agreed to remain in her role as Chief Accounting Officer until Mr. Timko assumes his position and will then assist with the transition process.