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.
Frequently Asked Questions
David P. Abney has decided not to stand for re-election at the end of his current term and will retire from the Board of Directors. The filing explicitly states that his decision was not due to any disagreements with the Company on any matter relating to its operations, policies, or practices.
John D. Young has been appointed as a new director to the Johnson Controls International plc Board. He will serve a term expiring at the next annual general meeting and has been appointed to the Audit Committee, suggesting a focus on financial oversight.
Mr. Young will receive compensation according to the Company's standard arrangements for directors. This includes a pro-rata restricted stock unit (RSU) award valued at approximately $38,750, which is set to vest one day before the 2018 Annual Meeting of Stockholders.
Based on the filing, there are no disclosed related party transactions involving Mr. Young that require disclosure, and there are no understandings or arrangements with other parties regarding his selection as a director. The company has also entered into standard indemnification agreements with him, which is typical for board members.