8-KLeadership ChangesMaterial AgreementsExhibits & Filings

Johnson Controls International plc 8-K Report, Material Agreement (Feb 15, 2005)

Filed February 15, 2005For Securities:JCI

Summary

This Form 8-K filing from Tyco International Ltd., dated February 14, 2005, primarily announces a significant change in its executive leadership. David J. FitzPatrick, the current Executive Vice President and Chief Financial Officer (CFO), will retire at the end of 2005. To ensure a smooth transition, the company has appointed Christopher J. Coughlin as his successor, effective March 7, 2005. This transition is a key event for investors, as the CFO role is critical to financial reporting and strategy. Mr. Coughlin brings a wealth of experience from previous senior financial roles at major corporations like The Interpublic Group and Pharmacia Corporation, suggesting a continuity of strong financial leadership. The filing also details the comprehensive compensation package offered to Mr. Coughlin, indicating the company's investment in retaining experienced talent.

Key Highlights

  • 1Announcement of the retirement of CFO David J. FitzPatrick, effective December 31, 2005.
  • 2Appointment of Christopher J. Coughlin as the new Executive Vice President and Chief Financial Officer, effective March 7, 2005.
  • 3Mr. Coughlin has prior significant financial leadership experience at The Interpublic Group, Pharmacia Corporation, and Nabisco Holdings.
  • 4Details of Mr. Coughlin's compensation package include a base salary of $750,000, a $100,000 sign-on bonus, and substantial long-term incentives (stock options and restricted stock).
  • 5The offer letter includes competitive benefits, severance plans, and restrictive covenants related to competition and solicitation.
  • 6The filing includes the employment offer letter and a press release detailing these executive changes.

Frequently Asked Questions

This filing is important because it announces a critical executive change at the Chief Financial Officer level. The CFO plays a vital role in financial strategy, reporting, and investor relations. The smooth transition of this position with an experienced individual like Christopher J. Coughlin signals stability and continued financial stewardship for the company.

Mr. Coughlin's compensation includes an annual base salary of $750,000, a $100,000 sign-on bonus, and potential for significant bonuses through the annual incentive plan. He will also receive long-term incentives, including stock options and restricted stock, both as part of his annual awards and as sign-on grants. Additionally, he is entitled to a perquisite allowance and participation in various employee benefit and severance plans.

David J. FitzPatrick, the current CFO, will retire on December 31, 2005. Christopher J. Coughlin will officially take over as Executive Vice President and Chief Financial Officer on March 7, 2005, allowing for an overlap and a structured handover period.

Christopher J. Coughlin has extensive financial leadership experience. He previously served as Chief Operating Officer and Chief Financial Officer at The Interpublic Group, CFO at Pharmacia Corporation, and held similar roles at Nabisco Holdings, including President of Nabisco International. He is also a director of The Dun & Bradstreet Corporation.