01—Abstract
Summary
Summary of the 8-K filed June 10, 2024. Cited figures are marked; the original filing is the authoritative source.
Masco Corporation's Board of Directors elected Bonnie Van Etten as Vice President, Controller and Chief Accounting Officer on June 7, 2024, effective June 17, 2024.
Ms. Van Etten, 48, joins from Stellantis N.V., where she served as Senior Vice President, Group Chief Accounting Officer since 2021, and previously as Vice President, Group Accounting Officer at Fiat Chrysler Automobiles N.V. from 2017 to 2021. The filing sets out her compensation: an annual base salary of $360,000,a a one-time cash sign-on bonus of $175,000, and an initial restricted stock unit award valued at $1,000,000. She is eligible for the Company's discretionary annual performance program and its Long Term Incentive Program, each with a target opportunity of 45% of base salary and a payout cap of 200% of target.
Awards depend on individual performance and the Company's attainment of specified goals, and the LTIP uses three-year performance periods. The filing states that there are no understandings or arrangements under which Ms. Van Etten was selected, no family relationships with any director or executive officer, and no related-person transactions requiring disclosure under Item 404(a) of Regulation S-K since the beginning of the last fiscal year.
02—Key points
Key Highlights
- Bonnie Van Etten named Vice President, Controller and Chief Accounting Officer by the Board on June 7, 2024, effective June 17, 2024
- Ms. Van Etten, 48, previously served as Senior Vice President, Group Chief Accounting Officer at Stellantis N.V. since 2021
- Earlier role: Vice President, Group Accounting Officer at Fiat Chrysler Automobiles N.V. from 2017 to 2021
- Annual base salary of $360,000
- One-time cash sign-on bonus of $175,000 and initial restricted stock unit award valued at $1,000,000
- Annual performance program and Long Term Incentive Program each carry a target of 45% of base salary, capped at 200% of target
- Filing states no related-person transactions or family relationships requiring disclosure
03—Questions
Frequently Asked Questions
Who is the new Chief Accounting Officer at Masco and when does the appointment take effect?
Bonnie Van Etten, 48, was elected by the Board of Directors on June 7, 2024, as Vice President, Controller and Chief Accounting Officer. The appointment is effective June 17, 2024.
What is Ms. Van Etten's prior experience?
She served as Senior Vice President, Group Chief Accounting Officer at Stellantis N.V. since 2021, and as Vice President, Group Accounting Officer at Fiat Chrysler Automobiles N.V. from 2017 to 2021.
What compensation will Ms. Van Etten receive?
She will receive an annual base salary of $360,000, a one-time cash sign-on bonus of $175,000, and an initial restricted stock unit award with a value of $1,000,000. She is also eligible for the discretionary annual performance program and the Long Term Incentive Program, each with a target opportunity of 45% of base salary and a payout capped at 200% of target. Other executive benefits also apply, as described in the Company's April 1, 2024 Proxy Statement.
How are the incentive awards determined?
Payouts or grants under the annual performance program and the Long Term Incentive Program depend on individual performance and on the Company's attainment of specified goals. The LTIP measures goals over three-year performance periods.
Are there any undisclosed relationships or arrangements tied to the appointment?
The filing states there are no understandings or arrangements between Ms. Van Etten and any other person under which she was selected, no family relationships with any Company director or executive officer, and no transactions since the beginning of the last fiscal year requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue