8-KLeadership Changes

W.W. GRAINGER, INC. 8-K Report, Executive Changes (Apr 19, 2021)

Filed April 19, 2021For Securities:GWW

Summary

This 8-K filing from W.W. Grainger, Inc. (GWW) primarily announces a change in a key financial leadership position. Eric R. Tapia, the Vice President, Controller, and principal accounting officer, has resigned effective April 30, 2021, to pursue other opportunities. The company states that this departure is not due to any disagreements, which is a positive signal for continuity and stability. In his place, Laurie R. Thomson will assume the role of Vice President, Controller, and principal accounting officer, also effective April 30, 2021. Ms. Thomson brings extensive experience within Grainger, having held various finance and audit leadership roles since 2008. Her appointment is accompanied by a new compensation package for 2021, including a base salary, target annual incentive, and equity grant, along with a one-time restricted stock unit award conditional on signing an Unfair Competition Agreement.

Key Highlights

  • 1Eric R. Tapia, VP, Controller, and Principal Accounting Officer, resigns effective April 30, 2021.
  • 2Tapia's resignation is stated to be unrelated to any disagreements with the Company or its auditors.
  • 3Laurie R. Thomson appointed as the new VP, Controller, and Principal Accounting Officer, effective April 30, 2021.
  • 4Ms. Thomson has a long tenure at Grainger, holding various finance and internal audit leadership positions.
  • 5Ms. Thomson's 2021 compensation includes a base salary of $359,000, a 40% target bonus opportunity, and a $204,000 target annual equity grant.
  • 6Ms. Thomson will receive a one-time $100,000 restricted stock unit (RSU) grant, vesting over three years, contingent on signing an Unfair Competition Agreement.

Frequently Asked Questions

The filing states that Eric R. Tapia is resigning to pursue a new opportunity and that his resignation is unrelated to any disagreement with the Company or its independent auditors.

Laurie R. Thomson will be the new Vice President, Controller, and principal accounting officer. She has been with W.W. Grainger, Inc. since February 2008 in various leadership roles within finance and internal audit, most recently as Vice President, Internal Audit and Finance Continuous Improvement.

For 2021, Ms. Thomson will receive an annual base salary of $359,000, a target annual incentive (bonus) opportunity of 40% of her base salary, and a target annual equity grant opportunity of $204,000. She will also receive a one-time promotional grant of restricted stock units valued at $100,000, vesting over three years, subject to her continued employment and signing an Unfair Competition Agreement.

No, this 8-K filing is specifically related to a change in corporate officers (Item 5.02). It does not contain financial results or discuss financial performance. The information provided relates to the appointment of a new Principal Accounting Officer and their compensation.