Summary
This 8-K filing from Arconic Inc. (now Howmet Aerospace Inc. as of the date of this filing, though the document refers to Arconic Inc.) announces a significant executive appointment and compensation package related to the upcoming legal separation of the company. Specifically, Timothy D. Myers has been appointed as the Chief Executive Officer of Arconic Corporation, which will be the entity post-separation. His employment is contingent upon the separation occurring by July 31, 2020, and he will transition from his current roles within Arconic Inc. to lead the new corporation.
Key Highlights
- 1Timothy D. Myers appointed CEO of the future Arconic Corporation.
- 2Myers's appointment is contingent upon the legal separation of Arconic Inc. no later than July 31, 2020.
- 3Myers's compensation package includes a base salary of $850,000 and a target annual bonus of 125% of base salary.
- 4Significant equity awards for Mr. Myers include a $1.72 million restricted share unit award and a $2.58 million performance-based restricted share unit award (at target).
- 5Mr. Myers will be subject to a confidentiality, non-competition, and non-solicitation agreement for one year post-termination.
- 6Relocation benefits are provided for Mr. Myers to move to the Pittsburgh, Pennsylvania area.
- 7Mr. Myers has a long tenure with the company, joining in 1991 and holding various leadership roles.