Summary
Howmet Aerospace Inc. (HWM) announced a significant leadership transition in its finance department through an 8-K filing. Executive Vice President and Chief Financial Officer, Ken Giacobbe, will retire on December 31, 2025, after 21 years of dedicated service. Mr. Giacobbe will serve as a special advisor to the CEO during December to ensure a smooth handover. In parallel, the company has appointed Patrick Winterlich as the new Executive Vice President and Chief Financial Officer, effective December 1, 2025. Mr. Winterlich brings extensive experience, having served as CFO at Hexcel Corporation since 2017, with a career spanning various finance, operations, and IT roles at Hexcel since 1998. His compensation package is detailed, including a substantial base salary, performance-based incentives, and significant equity awards, along with a sign-on bonus and relocation assistance. The company has also put in place standard protective agreements for Mr. Winterlich.
Key Highlights
- 1Retirement of long-serving CFO Ken Giacobbe, effective December 31, 2025.
- 2Appointment of Patrick Winterlich as the new Executive Vice President and Chief Financial Officer, starting December 1, 2025.
- 3Mr. Giacobbe will act as a special advisor to the CEO in the interim period to facilitate a smooth transition.
- 4Mr. Winterlich joins from Hexcel Corporation, where he served as EVP and CFO since 2017.
- 5Mr. Winterlich's compensation includes a $700,000 base salary, 100% target bonus, and a $2 million annual equity award target.
- 6A sign-on cash bonus of $800,000 and relocation assistance will be provided to Mr. Winterlich.
- 7Standard executive agreements, including confidentiality, non-competition, and indemnification, are in place for Mr. Winterlich.