Summary
Illinois Tool Works Inc. (ITW) announced a significant leadership change in its finance department via an 8-K filing on September 9, 2013. The board of directors elected Michael M. Larsen as the new Senior Vice President and Chief Financial Officer (CFO), effective September 16, 2013, succeeding Ronald D. Kropp. Mr. Kropp transitioned to lead the Industrial Packaging Segment. Mr. Larsen brings substantial financial leadership experience, most recently serving as CFO and interim CEO at Gardner Denver, Inc., and prior to that, holding various finance roles at General Electric (GE). His compensation package includes a base salary of $650,000, a guaranteed 2013 bonus of $195,000, and a $2 million equity award comprising stock options and RSUs. He will also receive relocation benefits and is eligible for the company's Change-in-Control Severance Policy.
Key Highlights
- 1Michael M. Larsen appointed as new Senior Vice President and Chief Financial Officer (CFO).
- 2Appointment is effective September 16, 2013.
- 3Ronald D. Kropp transitioned from CFO to lead ITW's Industrial Packaging Segment.
- 4Mr. Larsen has extensive financial experience, including roles at Gardner Denver and General Electric.
- 5New CFO will receive an annual base salary of $650,000.
- 6He will receive a guaranteed bonus of $195,000 for 2013 and a $2 million equity award (stock options and RSUs).
- 7Mr. Larsen is eligible for ITW's Change-in-Control Severance Compensation Policy.