Summary
Rockwell Automation, Inc. (ROK) filed an 8-K on April 4, 2013, to report a change in its Board of Directors. Effective April 3, 2013, the company's Board increased its size from eight to ten directors. Two new directors, J. Phillip Holloman and Lawrence D. Kingsley, were elected to fill these newly created positions. Both individuals were appointed to serve on key board committees, with Mr. Holloman joining the Audit Committee and the Technology and Corporate Responsibility Committee, and Mr. Kingsley joining the Audit Committee and the Compensation Committee. These appointments are significant as they represent an expansion of the Board's oversight capacity and potentially signal a focus on areas covered by the committees to which the new directors have been assigned. Investors should note that the new directors will receive standard equity and cash compensation for non-employee directors, aligning their interests with shareholders. Further details on director compensation are available in the company's 2013 Annual Meeting Proxy Statement.
Key Highlights
- 1Rockwell Automation's Board of Directors expanded from eight to ten members.
- 2J. Phillip Holloman and Lawrence D. Kingsley were elected as new directors.
- 3The increase in board size was effective as of April 3, 2013.
- 4Mr. Holloman was appointed to the Audit Committee and the Technology and Corporate Responsibility Committee.
- 5Mr. Kingsley was appointed to the Audit Committee and the Compensation Committee.
- 6The new directors will receive standard director compensation, including equity.
- 7There are no disclosed related-party transactions or specific arrangements concerning the selection of these directors.