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Johnson Controls International plc 8-K Report, Executive Changes (Jan 16, 2024)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed January 16, 2024
Period End
January 9, 2024
Security
JCI
In the record · 2016–202610-K1010-Q338-K158

JCI filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’17Dec ’17
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed January 16, 2024. Cited figures are marked; the original filing is the authoritative source.

Johnson Controls International plc (JCI) has announced a significant leadership change in its finance department.

Olivier Leonetti, the current Executive Vice President and Chief Financial Officer (CFO), will be resigning from his position, effective the day after the company files its Q2 2024 Form 10-Q, expected around January 30, 2024. The company has reassured investors that Mr. Leonetti's departure is not due to any disagreements regarding the company's operations, policies, or practices. Stepping into the CFO role is Marc Vandiepenbeeck, who currently serves as Vice President and President of Building Solutions for Europe, Middle East, Africa, and Latin America.

His appointment is effective upon Mr. Leonetti's resignation. Mr. Vandiepenbeeck's compensation package includes a $750,000a base salary, participation in the fiscal year 2024 Annual Incentive Performance Program with a prorated bonus cap, and long-term equity incentive awards. This transition represents a smooth internal succession for a critical financial leadership role.

02—Key points

Key Highlights

  1. CFO Olivier Leonetti to resign effective post-Q2 2024 earnings filing.
  2. Resignation is amicable and not due to disagreements with the company.
  3. Marc Vandiepenbeeck appointed as the new Executive Vice President and CFO.
  4. Vandiepenbeeck's appointment is an internal promotion, succeeding Leonetti.
  5. Vandiepenbeeck's compensation includes $750,000 base salary, annual incentive program participation, and long-term equity awards.
  6. No reportable related-party transactions involving Marc Vandiepenbeeck.
  7. No family relationships between Vandiepenbeeck and current directors or officers.

03—Questions

Frequently Asked Questions

  1. When will Olivier Leonetti's resignation be effective?

    Mr. Leonetti's resignation will be effective on the day immediately following the filing of Johnson Controls' Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, which is anticipated to be filed around January 30, 2024.

  2. Why is Olivier Leonetti leaving Johnson Controls?

    Mr. Leonetti is leaving to take an executive role outside of the company. His resignation was not due to any disagreements with Johnson Controls regarding its operations, policies, or practices.

  3. Who is replacing Olivier Leonetti as CFO?

    Marc Vandiepenbeeck, currently the Vice President and President of Building Solutions for Europe, Middle East, Africa, and Latin America, will succeed Mr. Leonetti as the Executive Vice President and Chief Financial Officer.

  4. What is Marc Vandiepenbeeck's compensation package?

    Mr. Vandiepenbeeck will receive a base salary of $750,000, participate in the fiscal year 2024 Annual Incentive Performance Program with a prorated bonus capped at 100% of his base salary, and receive long-term equity incentive awards consistent with other executive officers. He will also remain eligible for general employee benefits and subject to the company's Severance and Change in Control Policy.

04—Continue

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