01—Abstract
Summary
Summary of the 8-K filed October 24, 2024. Cited figures are marked; the original filing is the authoritative source.
PPG Industries, Inc. (PPG) filed this Current Report on Form 8-K under Item 5.02, disclosing the retirement of Ramaprasad Vadlamannati as Senior Vice President, Operations.
As previously reported, Mr. Vadlamannati stepped down from that role effective October 1, 2024. Under a Separation Agreement with the Company, Mr. Vadlamannati will remain actively employed through December 31, 2024, then be placed on an unpaid leave of absence from January 1, 2025 through December 31, 2025. He will receive a separation payment of $102,000,a payable in three equal installments, and is eligible for an annual cash bonus in February 2025 for 2024 performance.
His previously awarded stock options, restricted stock units and total shareholder return contingent shares will vest according to their existing terms. The Company will also continue to provide financial counseling and specified tax preparation and tax consulting services to him.
02—Key points
Key Highlights
- Ramaprasad Vadlamannati retired as Senior Vice President, Operations, stepping down effective October 1, 2024
- Separation Agreement keeps him employed through December 31, 2024, followed by unpaid leave from January 1, 2025 through December 31, 2025
- Separation payment of $102,000, payable in three equal installments
- Eligible for an annual cash bonus in February 2025 based on 2024 performance
- Previously awarded stock options, restricted stock units and total shareholder return contingent shares vest per their original terms
- Company will provide financial counseling and specified tax preparation and tax consulting services
03—Questions
Frequently Asked Questions
Who is leaving PPG's senior leadership team?
Ramaprasad Vadlamannati, who served as Senior Vice President, Operations, has elected to retire. He stepped down from that role effective October 1, 2024.
What compensation will the former executive receive?
He will receive a separation payment of $102,000, payable in three equal installments, and is eligible for an annual cash bonus in February 2025 for 2024 performance.
What happens to his outstanding equity awards?
His previously awarded stock options, restricted stock units and total shareholder return contingent shares will vest in accordance with their existing terms.
When does his employment with PPG formally end?
He remains actively employed through December 31, 2024, then is placed on an unpaid leave of absence from January 1, 2025 through December 31, 2025, as stated in the filing.
Does the company provide any ongoing benefits to him?
Yes. The Company has agreed to continue making available financial counseling services and to provide specified tax preparation and tax consulting services to Mr. Vadlamannati.
04—Continue