01—Abstract
Summary
Summary of the 8-K filed March 11, 2025. Cited figures are marked; the original filing is the authoritative source.
On March 11, 2025, nVent Electric plc announced the appointment of Gary Corona as Executive Vice President and Chief Financial Officer, effective March 31, 2025.
Corona, age 51, is currently Senior Vice President, Corporate Finance of Medtronic plc, a role he has held since serving as Medtronic's interim Chief Financial Officer from August 2024 until March 2025. Previously he held finance roles at General Mills, Inc. over a 26-year tenure, most recently as Vice President, Corporate Finance from 2020 to 2023. Sara E.
Zawoyski, currently Executive Vice President, Chief Financial Officer and Interim President of Systems Protection (formerly Enclosures), will remain CFO until the effective date, at which point she becomes President of Systems Protection and ceases to be Chief Financial Officer. Compensation for Corona includes an annual base salary of $600,000,a a target annual incentive of 80% of base salary (pro-rated for 2025), a 2025 long-term incentive award of restricted stock units with a grant date fair value of $1,500,000 vesting ratably over three years, a $500,000 new hire cash bonus subject to repayment if he voluntarily leaves within two years, and a new hire restricted stock unit award with a grant date fair value of $2,500,000 cliff vesting four years after grant. He will also enter a Key Executive Employment and Severance Agreement, effective on his start date, providing severance and benefits after a change in control under certain termination conditions.
02—Key points
Key Highlights
- Gary Corona named EVP and Chief Financial Officer, effective March 31, 2025
- Sara E. Zawoyski to become President of Systems Protection (formerly Enclosures) and cease being CFO on the effective date
- Corona's annual base salary set at $600,000, with a target annual incentive of 80% of base salary
- 2025 long-term incentive RSU award with grant date fair value of $1,500,000, vesting ratably over three years
- New hire cash bonus of $500,000, subject to repayment if he voluntarily terminates within two years
- New hire RSU award with grant date fair value of $2,500,000, cliff vesting four years after grant
- Corona previously served as Senior Vice President, Corporate Finance at Medtronic plc and as its interim CFO from August 2024 to March 2025
03—Questions
Frequently Asked Questions
Who is replacing the current CFO and when does the change take effect?
Gary Corona will become Executive Vice President and Chief Financial Officer effective March 31, 2025. Sara E. Zawoyski remains CFO until that date.
What new role will Sara E. Zawoyski take on?
On the effective date, Zawoyski will become President of Systems Protection (formerly Enclosures) and cease to serve as Chief Financial Officer.
What is Gary Corona's background?
Corona, age 51, is Senior Vice President, Corporate Finance at Medtronic plc, where he was interim CFO from August 2024 until March 2025. Earlier he spent 26 years at General Mills, Inc., most recently as Vice President, Corporate Finance from 2020 to 2023.
What compensation has nVent approved for the new CFO?
Corona will receive a $600,000 base salary, a target annual incentive of 80% of base salary (pro-rated for 2025), a 2025 long-term RSU award with a $1,500,000 grant date fair value vesting ratably over three years, a $500,000 new hire cash bonus, and a new hire RSU award with a $2,500,000 grant date fair value cliff vesting four years after grant.
Does Corona have change-in-control severance protection?
Yes. Corona will enter a Key Executive Employment and Severance Agreement effective on his start date, under which he could receive severance and other benefits after a change in control if he is involuntarily terminated (other than for disability or cause) or resigns for good reason.
04—Continue