8-KLeadership ChangesExhibits & Filings

W.W. GRAINGER, INC. 8-K Report, Executive Changes (Dec 3, 2020)

Filed December 3, 2020For Securities:GWW

Summary

W.W. Grainger, Inc. (GWW) filed an 8-K on December 3, 2020, to announce a CFO transition. Thomas B. Okray, the current Senior Vice President and Chief Financial Officer, will be stepping down from his role effective December 31, 2020. The company emphasized that Mr. Okray's departure is amicable and not related to any disagreements regarding company operations, policies, or its auditors, as he is pursuing another opportunity at a different publicly traded company. Robert F. O’Keef, Jr., currently the Vice President and Treasurer, will assume the responsibilities of interim Chief Financial Officer starting January 1, 2021, until a permanent successor is appointed. Mr. O’Keef has been with Grainger since November 2018 and brings extensive financial experience from his previous roles, including at Motorola Solutions. To compensate for his expanded role, Mr. O’Keef will receive a one-time restricted stock unit grant valued at $250,000, vesting over three years.

Key Highlights

  • 1CFO Thomas B. Okray to resign effective December 31, 2020.
  • 2Mr. Okray's resignation is voluntary and not due to any disputes with the company or its auditors.
  • 3Robert F. O’Keef, Jr., VP and Treasurer, appointed as interim CFO, effective January 1, 2021.
  • 4Mr. O’Keef has significant financial experience and has been with Grainger since November 2018.
  • 5Interim CFO O’Keef to receive a $250,000 restricted stock unit grant as compensation.
  • 6The restricted stock units will vest in three equal installments over three years, subject to continued employment.

Frequently Asked Questions

Thomas B. Okray is stepping down as Senior Vice President and Chief Financial Officer to pursue another opportunity at a different publicly traded company. The company stated that his resignation is not due to any disagreements with respect to the Company’s operations, policies, or practices, or its independent auditors.

Robert F. O’Keef, Jr., currently the Vice President and Treasurer, will serve as the interim Chief Financial Officer. His appointment will be effective January 1, 2021, and he will hold the position until a permanent replacement is identified.

In connection with his appointment as interim CFO, Mr. O’Keef will receive a one-time grant of restricted stock units (RSUs) with an intended grant date fair value of $250,000. These RSUs will vest in three equal installments over three years, contingent on his continued employment with the company.

Thomas B. Okray's resignation is effective December 31, 2020. Robert F. O’Keef, Jr. will assume the role of interim Chief Financial Officer starting January 1, 2021.