8-KLeadership ChangesExhibits & Filings

Johnson Controls International plc 8-K Report, Executive Changes (Aug 18, 2020)

Filed August 18, 2020For Securities:JCI

Summary

Johnson Controls International plc (JCI) announced a significant leadership transition in its finance department via an 8-K filing on August 18, 2020. Olivier Leonetti has been appointed as the new Chief Financial Officer (CFO), succeeding Brian Stief, who is retiring at the end of fiscal year 2020. Mr. Leonetti brings extensive financial leadership experience from prominent technology and manufacturing companies, including Zebra Technologies, Western Digital, and Amgen. This appointment is a key strategic move for JCI as it navigates its business. Mr. Leonetti's compensation package includes a substantial base salary, performance-based bonuses, and significant equity awards, indicating the company's confidence in his ability to drive financial performance and shareholder value. The transition plan, with Mr. Stief remaining as Vice Chairman until his retirement, suggests a focus on ensuring continuity and a smooth handover of responsibilities.

Key Highlights

  • 1Appointment of Olivier Leonetti as the new Chief Financial Officer (CFO).
  • 2Current CFO Brian Stief to retire effective December 31, 2020, after serving as Vice Chairman.
  • 3Mr. Leonetti has a strong financial background with experience at Zebra Technologies, Western Digital, and Amgen.
  • 4Mr. Leonetti's compensation includes a $740,000 base salary, potential bonus up to 200% of base salary, and significant equity awards.
  • 5Mr. Leonetti will receive a one-time cash payment of $800,000 and a $5.5 million restricted stock grant vesting over three years.
  • 6Mr. Leonetti also serves as a director on the board of Eaton Corporation.
  • 7No reportable related-party transactions or family relationships between Mr. Leonetti and JCI's directors/officers.

Frequently Asked Questions

Olivier Leonetti has been appointed as the new Chief Financial Officer (CFO) of Johnson Controls International plc. He is expected to officially assume the role following the filing of the company's annual report on Form 10-K for fiscal year 2020.

Mr. Leonetti has a comprehensive financial background. Most recently, he was the Senior Vice President and CFO of Zebra Technologies. Prior to that, he held CFO roles at Western Digital and served in various senior finance positions at Amgen and Dell Inc. He also sits on the board of Eaton Corporation.

Mr. Leonetti's compensation includes a base salary of $740,000, participation in the fiscal year 2021 Annual Incentive Performance Program with a bonus potential of up to 200% of his base salary, and long-term equity incentive awards for fiscal year 2021. Additionally, he will receive a one-time cash payment of $800,000 and a one-time restricted share grant valued at $5,500,000, which vests over three years.

Brian Stief, the current CFO, plans to retire from the company effective December 31, 2020. Following the transition to Mr. Leonetti, Mr. Stief is expected to remain with the company as Vice Chairman until his retirement.