Summary
Johnson Controls International plc (JCI) filed an 8-K on December 11, 2017, to report a change in its Board of Directors. David P. Abney announced his retirement from the Board, effective at the conclusion of the Company's 2018 Annual Meeting of Stockholders. His departure is not due to any disagreements with the company, which is a positive signal for stability. To fill this vacancy, the Board appointed John D. Young as a new director. Mr. Young will serve a term expiring at the next annual general meeting and has also been appointed to the Audit Committee, indicating his financial expertise will be utilized. His compensation aligns with the company's standard director arrangements, including a pro-rata restricted stock unit award.
Key Highlights
- 1David P. Abney will retire from the Board of Directors at the conclusion of the 2018 Annual Meeting of Stockholders.
- 2Mr. Abney's retirement is not a result of any disagreements with the company regarding operations, policies, or practices.
- 3John D. Young has been appointed as a new member of the Board of Directors.
- 4Mr. Young's term as a director will expire at the conclusion of the next annual general meeting.
- 5John D. Young has been appointed to serve on the Audit Committee of the Board.
- 6Mr. Young received a restricted stock unit (RSU) award valued at approximately $38,750, vesting prior to the 2018 Annual Meeting.
- 7New director John D. Young has entered into standard indemnification agreements with the company and its subsidiary.